Votes Cast Number of meetings 362

Transcription

1 Table 1. Statistics Votes Cast Number of meetings 362 For With management Withhold 42 Against management 509 Abstain 2 Against 513 Other 7 Total Total In 22 (58%) out of 38 meetings we have cast one or more votes against management recommendation. Specific issues and related companies are highlighted in the text below. These issues are split into five categories: 1. Withheld and abstain votes. 2. Votes against management proposals. 3. Votes against shareholder proposals (in line with management recommendation). 4. Votes for shareholder proposals (against management recommendation). 5. Votes for shareholder proposals (no recommendation or not rejected by management). Only the categories which are applicable for this period are mentioned below. 1. Withheld and abstain votes. Against (re)appointment of a non-executive director who failed to perform his task in the recent past - Canadian Imperial Bank Of Commerce, Gilead Sciences, Inc. 2 Against (re)appointment of a non-executive director who is classified as an insider - M & T Bank Corp 2 Against (re)appointment of a non-independent director who sits in the audit-, remuneration- or nominating committee - Canadian Imperial Bank Of Commerce (2x) 2 Against (re)election of non-executive director with too many directorships - M & T Bank Corp 2 Withhold support from a director that has failed to perform his task - BB&T Corp. (5x), Berkshire Hathaway Inc., Comcast Corp. (2x), DTE Energy Co., Facebook Inc, Keycorp, Lowe`s Cos., Inc., Sun Life Financial, Inc., Urban Outfitters, Inc. 2 Withhold support from director who failed to attend at least 75% of the meetings of the board - Ameren Corp., Shoppers Drug Mart Corp 2 Withhold support from director who sits on too many boards - Barrick Gold Corp., Husky Energy Inc. (4x), Suncor Energy, Inc., Teck Resources Ltd 2 Withhold support from non-independent non-executive director - Ameren Corp., American Express Co., Barrick Gold Corp. (2x), CME Group Inc (2x), Devon Energy Corp., Facebook Inc, Google Inc, Pinnacle West Capital Corp. (2x), Urban Outfitters, Inc. (2x) 2 Withhold from accepting financial statements and statutory reports due to lack of information - Geberit AG, Zurich Insurance Group AG Ltd 7 2. Votes against management proposals. Against (bundled) appointment of non-executive directors based on limited information - Danaher Corp., France Telecom SA, International Business Machines Corp., Intesa Sanpaolo Spa 2 Against (re)appointment of a (slate of) non-executive director(s) due to failing independency of the supervisory board - Accor, Ajinomoto Co. Inc, Astellas Pharma Inc., Atlas Copco AB, Cheung Kong (Holdings) Ltd., Chiyoda Corporation (2x), Corning, Inc., East Japan Railway Company, Fujifilm Holdings Corp. (3x), Fukuoka Financial Group,Inc., Hankyu Hanshin Holdings, Inc., Heineken, Hino Motors Ltd (3x), Hirose

2 Electric Co. Ltd, Intuitive Surgical Inc, Japan Steel Works Ltd (2x), JGC Corporation (2x), Joyo Bank Ltd. (2x), KDDI Corp. (3x), Keyence Corporation (2x), Makita Corporation (2x), Mitsubishi Heavy Industries Ltd. (2x), Mitsubishi UFJ Financial Group, Inc. (2x), Murphy Oil Corp., NTT DoCoMo Inc (3x), Oriental Land Co. Ltd. (3x), Osaka Gas Co. Ltd., Otsuka Holdings Co.,Ltd., Ross Stores, Inc., Shin-Etsu Chemical Co. Ltd., Shizuoka Bank Ltd., Svenska Cellulosa AB, Sydney Airport, Taisei Corporation (2x), Toppan Printing Co. Ltd. (2x), Toshiba Corporation (3x), Toyo Suisan Kaisha Ltd (3x), Toyoda Gosei Co. Ltd, Wells Fargo & Co. 2 Against (re)appointment of a non-executive director who failed to perform his task in the recent past - 3M Co., A.P. Moller - Maersk AS, Adobe Systems Inc., Aetna Inc., Alcoa Inc., American International Group Inc, Antofagasta plc (2x), BP plc, Bristol- Myers Squibb Co., Carrefour, Charles Schwab Corp. (2x), Citigroup Inc (2x), Consolidated Edison, Inc., DBS Group Holdings Ltd, Denso Corporation, Dow Chemical Co., Express Scripts Holding Co (3x), Ford Motor Co., General Electric Co., Glaxosmithkline plc, Goldman Sachs Group, Inc., Halliburton Co., Home Depot, Inc., Hutchison Whampoa Ltd., Intel Corp. (2x), International Business Machines Corp. (2x), Johnson & Johnson (2x), JPMorgan Chase & Co. (3x), Kering, Kohl`s Corp., Lloyds Banking Group plc, Macy`s Inc, Mizuho Financial Group, Inc., Morgan Stanley, Nippon Steel Trading Co. Ltd., Norfolk Southern Corp., Omnicare Inc. (2x), Oversea-chinese Banking Corp, Pacific Gas & Electric Co, Reckitt Benckiser Group Plc (4x), Renault S.A., Schlumberger Ltd. (Netherlands Antilles), Sempra Energy (5x), Stryker Corp., Target Corp (2x), Total S.A., Toyota Motor Corporation, Travelers Companies Inc. (2x), U S Bancorp, Unitedhealth Group Inc (4x), UPM-Kymmene Oyj, Verizon Communications Inc, Wells Fargo & Co. (2x), WPP Plc (5x), Xerox Corp (2x) 2 Against (re)appointment of a non-executive director who is classified as an insider - International Business Machines Corp., Nestle SA, Nomura Asset Management Co.,Ltd., Occidental Petroleum Corp. 2 Against (re)appointment of a non-independent director who sits in the audit-, remuneration- or nominating committee - Amazon.com Inc., Consolidated Edison, Inc., Credit Agricole S.A. (2x), Cummins Inc., DBS Group Holdings Ltd, Equifax, Inc., Ford Motor Co. (2x), HSBC Holdings plc, JPMorgan Chase & Co., Kerry Properties Ltd., Stryker Corp., Swiss Re Ltd, Syngenta AG, Toshiba Corporation, Toyota Motor Corporation, United Overseas Bank Ltd (2x), UOL Group Ltd, Valero Energy Corp. 2 Against (re)appointment of non-executive director whose fixed term would be too long - Lafarge 2 Against (re)election of non-executive director who failed to attend at least 75% of the meetings of the board - Adecco SA, Ageas SA/NV, Astrazeneca plc, BNP Paribas, General Motors Company, Kazakhmys (2x), Shin-Etsu Chemical Co. Ltd., Sony Corporation., Suzuki Motor Corp., Wharf (Holdings) Ltd., WPP Plc (2x) 2 Against (re)election of non-executive director with too many directorships - Accor, Aon plc (2x), Astrazeneca plc, Barclays plc, Carrefour, Chesapeake Energy Corp., Cheung Kong (Holdings) Ltd. (2x), Coca-Cola Co (2x), Compagnie de Saint-Gobain S.A., Corning, Inc., Glaxosmithkline plc, Hutchison Whampoa Ltd. (2x), Kering, Total S.A., Wharf (Holdings) Ltd., Wheelock and Co. Ltd. 2 Against electing employee to the board (there is a better candidate) - Schneider Electric (3x), Total S.A. 2 For appointment of member(s) of board of directors - Transocean Ltd 2 For declassification of the board of directors - Travelers Companies Inc. 2 Withhold support from non-independent non-executive director - BNP Paribas 2 Against (amendment of) stock plan causing too much dilution - Hopewell Holdings Ltd. 5 Against approval of a retirement bonus for non-executives - Denso Corporation, Japan Steel Works Ltd, Suzuki Motor Corp., Toyoda Gosei Co. Ltd (2x) 5 Against approval of a stock option plan because of lack of information on performance criteria - Abbott Laboratories, Accor (2x), Adobe Systems Inc., Anheuser-Busch InBev, Barrick Gold Corp., Gamestop Corporation, Geberit AG, Life Technologies Corp, Phillips 66, Syngenta AG, Target Corp, Tullow Oil Plc 5 Against approval of an excessive one-off compensation for the board - Heineken, J Front Retailing Co Ltd 5 Against approval of an excessive stock option plan - Assicurazioni Generali Spa, Compagnie de Saint-Gobain S.A., Keycorp, PulteGroup Inc 5 Against approval of remuneration report because of proposed retesting of incentive plan(s) - Telefonica, WPP Plc 5 Against approval of remuneration report due to lack of details

3 - Anglo American plc, Holcim Ltd, Kazakhmys 5 Against approval of restricted stock plan which is not shareholder friendly - Renault S.A. 5 Against compensation plan due to lack of details - American Express Co., Brookfield Office Properties Inc, Charles Schwab Corp., Intuitive Surgical Inc, PNC Financial Services Group, Publicis Groupe SA, Vivendi (3x) 5 Against compensation plan which is not shareholder friendly - Anadarko Petroleum Corp., Aozora Bank (2x), Blackrock Inc., Canadian Natural Resources Ltd., Capital One Financial Corp., Conoco Phillips, Credit Agricole S.A., Danaher Corp., East Japan Railway Company, EBay Inc., EMC Corp., Everest Re Group Ltd, Facebook Inc, Fidelity National Information Services, Inc., Ford Motor Co., Goldman Sachs Group, Inc., Kering, Magna International Inc., Meadwestvaco Corp., Mondelez International Inc., Morgan Stanley, Occidental Petroleum Corp., Omnicare Inc., Oversea-chinese Banking Corp, Prudential Financial Inc., Reckitt Benckiser Group Plc, Repsol S.A, Republic Services, Inc., Schneider Electric, Sempra Energy, Travelers Companies Inc., Tullow Oil Plc, United Overseas Bank Ltd, WPP Plc 5 Against appointment of a non-independent (internal) auditor - Denso Corporation, Fujifilm Holdings Corp., Fukuoka Financial Group,Inc., Hino Motors Ltd, Itochu Techno-Solutions Corp., Japan Steel Works Ltd, Keyence Corporation (2x), Mitsubishi Heavy Industries Ltd., Nippon Steel Trading Co. Ltd., NTT DoCoMo Inc, Otsuka Holdings Co.,Ltd., Shin-Etsu Chemical Co. Ltd., Sumitomo Mitsui Financial Group Inc, Takeda Pharmaceutical Co, Tokyo Gas Co. Ltd., Toyoda Gosei Co. Ltd 6 Against appointment of controversial, external auditor - CenturyLink Inc 6 Against approval of remuneration of (internal) auditors due to lack of information - Enel Spa 6 Against ratification of an auditor due to excessive non-audit fees paid - Phillips 66, Svenska Cellulosa AB (2x) 6 Against accepting financial statements and statutory reports due to concerns on board functioning - Sap AG 7 Against upfront support for management in case of transacting any other, unspecified business - Vinci 7 Against amendment of articles of association which is not in shareholders interests - LyondellBasell Industries NV, Noble Energy Inc, PulteGroup Inc 8 Against approval of increase in registered capital without stating further details - Lafarge (2x) 8 Against approval to issue new shares without pre-emptive rights (poison pill) - Merck KGAA 8 Against capital increase which is not shareholder friendly - Publicis Groupe SA 8 Against change in employee share plan which is not shareholder friendly - Kering, Vinci 8 Against excessive issuance of equity or equity-linked securities - Cheung Kong (Holdings) Ltd., Credit Agricole S.A. (5x), Hutchison Whampoa Ltd. (2x), Hysan Development Co. Ltd., Kerry Properties Ltd. (2x), Publicis Groupe SA, Wharf (Holdings) Ltd., Wheelock and Co. Ltd. 8 Against issuing shares in case of a hostile bid (antitake-over mechanism) - Anheuser-Busch InBev, Fujifilm Holdings Corp., Kikkoman Corporation, Mitsubishi Estate Company Limited, Publicis Groupe SA, Shin-Etsu Chemical Co. Ltd., Toppan Printing Co. Ltd. 8 Against management proposal due to lack of details - Unicredit Spa, United Overseas Bank Ltd 8 Against removal of important oversight mechanisms that would limit shareholders rights - Cobham plc, Glaxosmithkline plc, Kazakhmys, Unilever plc 8 Against restructuring plan due to lack of details - Schneider Electric 8 Against shares repurchase plan lacking details - Cheung Kong (Holdings) Ltd., Wharf (Holdings) Ltd., Wheelock and Co. Ltd. 8 For submission of executive compensation to shareholders vote - Facebook Inc 8

4 3. Votes against shareholder proposals (in line with management recommendation). Against a too far-reaching shareholder proposal (company has good governance provisions in place) - Abbott Laboratories, American Electric Power Company Inc., AT&T, Inc. (2x), Canadian Imperial Bank Of Commerce (4x), Chesapeake Energy Corp., Citigroup Inc, EBay Inc. (2x), General Electric Co. (2x), Goldman Sachs Group, Inc., McDonald`s Corp (2x), Mondelez International Inc., Telefonaktiebolaget LM Ericsson, Wells Fargo & Co. (2x) 2 Against approval of regulations on supervisory board - American International Group Inc 2 Against dismissal of non-executive director(s) without compelling reason - East Japan Railway Company (5x) 2 Against establishing special board committee to review particular company practices - Chesapeake Energy Corp., East Japan Railway Company (2x), Goldman Sachs Group, Inc., Total S.A. 2 Against too far-reaching, irrelevant prescriptions on the board s composition - CF Industries Holdings Inc, Hess Corporation, Telefonaktiebolaget LM Ericsson 2 Withhold support from director who sits on too many boards - Svenska Cellulosa AB 2 Against too far-reaching requests from activists - Aetna Inc., Bank Of America Corp. (4x), Berkshire Hathaway Inc., Chubb Corp., Cvs Caremark Corp, East Japan Railway Company (2x), EMC Corp., Entergy Corp., Exxon Mobil Corp. (2x), Goldman Sachs Group, Inc., Halliburton Co., Home Depot, Inc., International Paper Co., Johnson & Johnson, JPMorgan Chase & Co., Kohl`s Corp., Kraft Foods Group, Inc, Kroger Co. (2x), Merck & Co Inc (3x), Mizuho Financial Group, Inc. (5x), Mondelez International Inc., Motorola Solutions Inc (2x), NextEra Energy Inc, Total S.A. (3x), Transocean Ltd, Union Pacific Corp., Verizon Communications Inc, Wellpoint Inc. 3 Against compensation plan which is not shareholder friendly - Travelers Companies Inc. 5 Against irrational limitation on executive compensation - CenturyLink Inc, East Japan Railway Company, Mizuho Financial Group, Inc. 5 Against irrelevant or too far-reaching disclosure asked by shareholder - 3M Co., Abbott Laboratories, Allstate Corp., Anadarko Petroleum Corp., CenturyLink Inc, Cigna Corp., Citigroup Inc, Conoco Phillips (2x), Cvs Caremark Corp (2x), DTE Energy Co., Entergy Corp., Exxon Mobil Corp., General Motors Company, Goldman Sachs Group, Inc., Google Inc (3x), Home Depot, Inc., JPMorgan Chase & Co., Kroger Co., McDonald`s Corp (2x), Spectra Energy Corp (2x), Target Corp, Unitedhealth Group Inc, Valero Energy Corp., Verizon Communications Inc 7 Against upfront support for management in case of transacting any other, unspecified business - Adecco SA, Swiss Life Holding, Swiss Re Ltd, Syngenta AG, Telefonaktiebolaget LM Ericsson 7 Against allowing the board to use speculative financial instruments without sufficient safeguards - General Electric Co. 8 Against amendment of articles of association which is not in shareholders interests - Mizuho Financial Group, Inc. 8 Against proposal which is already being handled by the company - Abbott Laboratories, Ameren Corp., Chubb Corp., Coca-Cola Co, International Business Machines Corp., PNC Financial Services Group, Verizon Communications Inc 8 Against shareholder proposal which would limit the company s strategic options - Bank Of Nova Scotia (3x), Danaher Corp., Dow Chemical Co., GDF Suez, Intel Corp., Toronto Dominion Bank (6x) 8 Against too far reaching amendments of terms on capital structure - Abbott Laboratories, General Electric Co., Pfizer Inc. 8 Against too far-reaching interference in day-to-day business - Allstate Corp., Biogen Idec inc, CenturyLink Inc, Citigroup Inc, Colgate-Palmolive Co., Consolidated Edison, Inc., East Japan Railway Company, Fiserv, Inc., International Business Machines Corp., Johnson & Johnson, JPMorgan Chase & Co., Lowe`s Cos., Inc., Time Warner Cable Inc, Total S.A. 8

5 4. Votes for shareholder proposals (against management recommendation). For declassification of the board of directors - Transocean Ltd 2 For requiring the chairman to be an independent director - Abbott Laboratories, Aetna Inc., American Express Co., AT&T, Inc., Cummins Inc., Exxon Mobil Corp., General Electric Co., General Motors Company, Gilead Sciences, Inc., International Business Machines Corp., Kohl`s Corp., Kroger Co., Pacific Gas & Electric Co, Sempra Energy, Staples, Inc., Target Corp, U S Bancorp, Urban Outfitters, Inc. 2 For separation of CEO and chairman position - JPMorgan Chase & Co. 2 For a low cost report on green house gasses without propietary information - Exxon Mobil Corp. 3 For inclusion of non-discrimination language into employment policy statement - Conoco Phillips, Exxon Mobil Corp. 3 For preparation of a sustainability report - CF Industries Holdings Inc, Yahoo Inc. 3 For proposal on board diversity - Urban Outfitters, Inc. 3 For providing details on the impact on company s projects on society and/or the environment - Exxon Mobil Corp. 3 For report on lobbying activities - Devon Energy Corp., Marathon Oil Corporation 3 For report on political contributions - Amazon.com Inc., Bank Of America Corp., BB&T Corp., CF Industries Holdings Inc, Danaher Corp., Hess Corporation, Republic Services, Inc., Time Warner Cable Inc, Yahoo Inc. 3 For (better) linking executive compensation to shareholders interests - PulteGroup Inc 5 For submission of supplemental executive compensation or retirement plans to shareholder vote - General Electric Co., Toronto Dominion Bank (2x) 5 Against the ability for shareholders to raise a vote to issues not disclosed before the meeting - Telefonaktiebolaget LM Ericsson 7 For abolishment of supermajority vote requirements - Aetna Inc., Dover Corp., Hess Corporation 8 for amendments to charter of the company which are in shareholders interests - Hess Corporation 8 For giving shareholders the right to vote on severance agreements when there is a change in control - CenturyLink Inc 8 For providing all shares with equal voting rights - Comcast Corp. 8 For requiring majority vote for election of board members - BB&T Corp., CF Industries Holdings Inc, Devon Energy Corp., Exxon Mobil Corp., Illinois Tool Works, Inc., PulteGroup Inc 8 For shareholder proposal which is in shareholders general interests - 3M Co., Abbott Laboratories, AT&T, Inc., Cabot Oil & Gas Corp., Charles Schwab Corp. (2x), Chesapeake Energy Corp., CME Group Inc, Comcast Corp., Devon Energy Corp., East Japan Railway Company (2x), Flowserve Corp., Ford Motor Co. (2x), Gilead Sciences, Inc., Google Inc, International Business Machines Corp., Johnson & Johnson, Merck & Co Inc, Mizuho Financial Group, Inc. (2x), Occidental Petroleum Corp., Pfizer Inc., PPG Industries, Inc., PPL Corp, Prudential Financial Inc., Public Service Enterprise Group Inc., Republic Services, Inc., Staples, Inc., Telefonaktiebolaget LM Ericsson, Toshiba Corporation, Verizon Communications Inc (3x), Wells Fargo & Co. 8

6 5. Votes for shareholder proposals (no recommendation or not rejected by management). For shareholder proposal which is in shareholders general interests - Canadian Oil Sands Ltd., Encana Corporation 8 Disclaimer Robeco Institutional Asset Management B.V. ( Robeco ) distributes voting reports as a service to its clients and other interested parties. Robeco also uses these reports to demonstrate its compliance with the principles and best practices of the Tabaksblat Code which are relevant to Robeco. Although Robeco compiles these reports with utmost care on the basis of several internal and external sources which are deemed to be reliable, Robeco cannot guarantee the completeness, correctness or timeliness of this information. Nor can Robeco guarantee that the use of this information will lead to the right analyses, results and/or that this information is suitable for specific purposes. Robeco can therefore never be held responsible for issues such as, but not limited to, possible omissions, inaccuracies and/or changes made at a later stage. Without written prior consent from Robeco you are not allowed to use this report for any purpose other than the specific one for which it was compiled by Robeco.