1. Share voting

Share voting

As a large super fund, we hold a significant number of shares and other investments on behalf of our members. It is our job to manage each investment appropriately and to discharge shareholder rights in the best interests of our members. 
 

Our share voting policy

It is our policy to vote on all shareholder resolutions that we are entitled to vote on. 

This can include:
 
  • the appointment of board members
  • director remuneration
  • changes to corporate policy
  • changes to company operations
 
We vote directly on shareholder resolutions for all listed Australian shares and for all unlisted directly held assets. 

For listed international shareholdings held via pooled trusts, the investment manager(s) of the pooled trusts will vote on our behalf.
 

Australian listed shares

Usually, we vote in line with the Australian Council of Superannuation Investors (ACSI) voting recommendations for all Australian listed shareholder resolutions. However, we retain sole discretion over proxy voting decisions and may vote differently in some circumstances.

For resolutions that have investment considerations (rather than governance), and where ACSI is unable to provide a voting recommendation, we will liaise with our listed equity managers before voting.

Voting record
A full record of how we exercise our share voting rights is available below. These records are updated every six months.

 Australian Listed Equity Proxy Voting Reports 
 Date Period   Download 
 July - December 2019  Download report
 January - June 2019  Download report 
 July - December 2018  Download report
 January - June 2018  Download report
July - December 2017  Download report
January - June 2017  Download report
July - December 2016  Download report
January - June 2016  Download report

July - December 2015

  Download report
January - June 2015  Download report
July - December 2014  Download report
January - June 2014  Download report
July - December 2013  Download report
January - June 2013  Download report
July - December 2012  Download report
 
For details of our largest shareholdings of listed Australian assets, go to our Top 20 listed Australian shareholdings page. 
 
Lending agreement
We have a listed Australian shares securities lending agreement with our custodian, NAB Asset Servicing. Under this agreement, any shares on loan to NAB must be returned to us in time for us to vote. We do not have any securities lending agreement in place for any other investments.
 

Unlisted investments

Apart from listed Australian shares, we also hold investments in:
 
  • unlisted infrastructure
  • private equity
  • property
  • alternatives credit
  • other assets
 
These unlisted investments may be held directly or indirectly, and governance arrangements and rights can vary between these investments. 

Where these investments represent shareholdings in corporate entities, our policy is to vote on all shareholder resolutions for which we are eligible.
 
Investor rights for unlisted investments
When entering unlisted investments, we seek the strongest possible governance, information, and representation rights available to us. 
 
For directly held unlisted assets, our investor rights may include:
 
  • the right to appoint one or more directors
  • shared appointment of a director with other like-minded investors
  • board observer status (no voting right)
  • access to information such as accounts, board papers etc
For indirectly held unlisted assets or pooled investments, our investor rights may include:
 
  • Investor Advisory Committee representation
  • unit holder voting rights under the respective Trust Deed
 
We believe that our ability to influence corporate governance within directly held unlisted investments is just as important as our influence over listed shareholdings. 

In practice, the ability to influence the governance of the unlisted holdings can be far greater. 

When we invest in unlisted investments, we generally hold a larger percentage of the investment. Usually, there are also fewer shareholders invested in the company, giving us greater control and influence of the investment (compared to a listed public company).  

For further information on the unlisted investments we hold, refer to our latest Annual Report.

Related information