We delegate the exercise of proxy votes to our equity investment managers in Australia and overseas. However, we still retain a right to direct voting on any matter where the Trustee considers it necessary. To support this policy, the following practices are in place:

  • Appointment of ACSI to provide engagement services and voting advice.1
  • We confirm that the managers’ proxy voting policies are reasonable and consistent with our broad values.
  • Voting activity is monitored to ensure managers are acting consistently with policy
  • We maintain a broad watch on corporate governance issues to alert the Trustee to any issues warranting intervention.

Proxy voting for financial year 2015/2016

Australian voting outcomes Quarter 3 2015 Quarter 4 2015 Quarter 1 2016 Quarter 2 2016 Total
Number of meetings 25 254 23 54 356
Number of resolutions 112 1,320 68 258 1,758
Votes For 90 1,115 47 213 1,465
Votes Against 19 202 21 44 286
Abstentions 3 3 - 1 7
Against votes
(remuneration)2
18.8% 22.5% 41.7% 31.6% 23.8%
Against votes (director)3 11.4% 12.7% 16.7% 11.5% 12.5%

International voting outcomes Quarter 3 2015 Quarter 4 2015 Quarter 1 2016 Quarter 2 2016 Total
Number of meetings 346 275 417 2,120 3,158
Number of resolutions 3,172 2,005 3,386 25,248 33,811
Votes For 2,694 1,680 3,059 22,612 30,045
Votes Against 358 315 272 2,367 3,312
Abstentions 21 10 55 269 355
Against votes
(remuneration)2
16.9% 34.5% 11.5% 12.1% 14.0%
Against votes (director)3 10.5% 12.1% 5.6% 6.4% 7.0%


1. We subscribe to ACSI Australian Voting Alert Service.
2. Votes in relation to remuneration reports, share-based remuneration grants and non-executive director remuneration.
3. Votes in relation to Director election.