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
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.
A full record of how we exercise our share voting rights is available below. These records are updated every six months.
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.
Apart from listed Australian shares, we also hold investments in:
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.