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 2016/2017

Australian voting outcomes Quarter 3 2016 Quarter 4 2016 Quarter 1 2017 Quarter 2 2017 Total
Number of meetings 19 259 10 58 346
Number of resolutions 70 1,314 55 293 1,732
Votes For 63 1,144 46 259 1,512
Votes Against 5 167 8 34 214
Abstentions 2 3 1 - 6
Against votes
(remuneration)2
14.3% 13.3% 9.09% 17.1% 13.8%
Against votes (director)3 5.9% 13.8% 33.33% 10.7% 13.6%

International voting outcomes Quarter 3 2016 Quarter 4 2016 Quarter 1 2017 Quarter 2 2017 Total
Number of meetings 366 259 227 1,444 2,296
Number of resolutions 3,228 1,882 2,535 17,786 25,431
Votes For 2,876 1,654 2,318 16,073 22,921
Votes Against 329 224 209 1,664 2,426
Abstentions 23 4 8 49 84
Against votes
(remuneration)2
25.1% 18.8% 5.2% 8.9% 10.2%
Against votes (director)3 6.4% 6.9% 3.9% 5.7% 5.7%


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.