Liontrust Responsible Capitalism Report 2024 - Flipbook - Page 113
PROXY VOTING
PROXY VOTING AUTHORITY AND RESPONSIBILITY
Liontrust is committed to voting its proxies in every case where it has
the authority to do so. The Group has the authority to vote proxies
for its pooled vehicles / funds and for segregated clients who
have delegated voting responsibility to Liontrust as stipulated within
Investment Management Agreements.
PROXY VOTING STATISTICS
Group level voting 2023
Total number
% of votable
proposals
Proposals voted
12265
98.07%
Votes FOR
10656
86.88%
Votes AGAINST
1044
8.51%
Votes to ABSTAIN
512
4.17%
Votes to WITHHOLD
117
0.95%
Votes WITH
Management
10990
89.60%
Votes AGAINST
Management
1452
11.84%
Votes WITH Policy
10238
83.47%
Liontrust’s investment teams use the following voting policies:
Votes AGAINST Policy
134
1.09%
• The Economic Advantage and Multi-Asset teams follow the
recommended guidelines of ISS.
Votes on Shareholder
Proposals
268
2.19%
• The Sustainable Investment, Cashflow Solution, Global Innovation
and Global Fundamental teams follow custom policies which
govern their voting for pooled and segregated clients.
Group level voting statistics by topic 2023
LIONTRUST’S VOTING POLICY
Each of Liontrust’s fund management teams has a distinct investment
process and this process impacts how each team votes. In each
instance, the teams have the right and responsibility to override the Group’s proxy voting advisor, ISS, in situations where
it is appropriate and in the clients’ best interest to do so. Some
teams use ISS’s research and voting recommendations to inform
their voting decisions. Other teams have formulated custom voting
policies which dictate the outcome of their voting decisions. All
fund managers have the autonomy to override the prescribed policy
on any vote instruction. All proxy voting recommendations from ISS
follow the investment team’s voting policies, as set out below.
ISS benchmarks and custom policies vary, depending on the
market capitalisation and geography of an investee company.
Clients invested in a pooled mandate cannot override the vote
instruction made by the relevant fund manager but are welcome to
direct voting in their segregated mandates where this is agreed in
advance by contract with Liontrust.
WHERE VOTING POLICIES AND RECORDS ARE PUBLISHED
• Information on the Group’s proxy voting policies can be found
from the following web page: https://www.liontrust.co.uk/
about-us/corporate-sustainability/a-responsible-investor
• Liontrust’s proxy voting records are published on its website
quarterly, one month in arrears. These reports can be found at:
https://www.liontrust.co.uk/about-us/corporate-sustainability/
a-responsible-investor
Proposals Voted (total) %
Audit Related
969
7.75%
Capitalization
1546
12.36%
Company Articles
220
1.76%
Compensation
1496
11.96%
Corporate Governance 9
0.07%
Director Election
5189
41.49%
Director Related
717
5.73%
E&S Blended
30
0.24%
Environmental
31
0.25%
Miscellaneous
53
0.42%
Mutual Funds
12
0.10%
No Research
45
0.36%
Non-Routine Business
131
1.05%
Routine Business
1374
10.98%
Social
179
1.43%
Strategic Transactions
88
0.70%
Takeover Related
177
1.42%
Total
12266
98.07%
Responsible Capitalism Report 2023 - 113