Vote Summary Report Emerging Markets April 2020 · 2020-06-09 · Vote Summary Report Date range...
Transcript of Vote Summary Report Emerging Markets April 2020 · 2020-06-09 · Vote Summary Report Date range...
April 2020 Emerging Markets Voting Report
Voting report Legal & General Investment Management
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Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Arca Continental SAB de CV
Meeting Date: 04/02/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P0448R103
Ticker: AC
Primary ISIN: MX01AC100006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Approve CEO's Report on Operations and
Results of Company Accompanied by
Auditor's Report and Board's Opinion
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
1.2 Approve Report on Operations and Activities
Undertaken by Board and Accounting Policies
and Criteria and Information Followed in
Preparation of Financial Information
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
1.3 Approve Report of Audit and Corporate
Practices Committee; Receive Report on
Adherence to Fiscal Obligations
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Allocation of Income and Cash
Dividends of MXN 2.42 Per Share
Mgmt For For
3 Set Maximum Amount of Share Repurchase
Reserve
Mgmt For For
4 Elect Directors, Verify their Independence
Classification, Approve their Remuneration
and Elect Secretaries
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions; - The proposed director remuneration
is not disclosed; - The company has bundled the election of its directors into a single voting item; and - The board's current
level of independent under ISS policy is 15 percent, falling short of the 25-percent threshold required for Mexico.
5 Approve Remuneration of Board Committee
Members; Elect Chairman of Audit and
Corporate Practices Committee
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The proposed director remuneration is
not disclosed;- The company has bundled the election of its directors into a single voting item; and- The board's current level
of independent under ISS policy is 15 percent, falling short of the 25-percent threshold required for Mexico.
6 Appoint Legal Representatives Mgmt For For
7 Approve Minutes of Meeting
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hangzhou Tigermed Consulting Co., Ltd.
Meeting Date: 04/02/2020 Country: China
Meeting Type: Special
Primary Security ID: Y3043G100
Ticker: 300347
Primary ISIN: CNE100001KV8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Issuance of H Shares and Listing on
Main Board of Hong Kong Stock Exchange
Mgmt
For
For
APPROVE ISSUE OF H SHARES AND LISTING
ON MAIN BOARD OF HONG KONG STOCK
EXCHANGE
Mgmt
2.1 Approve Issue Type and Par Value Mgmt For For
2.2 Approve Issue Period Mgmt For For
2.3 Approve Issue Manner Mgmt For For
2.4 Approve Issue Scale Mgmt For For
2.5 Approve Pricing Method Mgmt For For
2.6 Approve Target Parties Mgmt For For
2.7 Approve Offer Sale Principles Mgmt For For
3 Approve Resolution Validity Period Mgmt For For
4 Approve Report on the Usage of Previously
Raised Funds
Mgmt For For
5 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
6 Approve Authorization of Board to Handle All
Related Matters
Mgmt For For
7 Approve Distribution Arrangement of
Cumulative Earnings
Mgmt For For
8 Approve Liability Insurance for Directors,
Supervisors and Senior Managers
Mgmt For For
9 Amend Articles of Association Mgmt For For
10 Amend Rules and Procedures Regarding
General Meetings of Shareholders
Mgmt For For
11 Amend Rules and Procedures Regarding
Meetings of Board of Directors
Mgmt For For
12 Amend Working System for Independent
Directors
Mgmt For For
13 Amend Related-Party Transaction
Management System
Mgmt For For
14 Amend Management System for Providing
External Guarantees
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hangzhou Tigermed Consulting Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
15
Amend Management System for External
Investment
Mgmt
For
For
16 Amend Management System of Raised Funds Mgmt For For
17 Amend Management System of Investment
Decision
Mgmt For For
18 Amend Rules and Procedures Regarding
Meetings of Board of Supervisors
Mgmt For For
Hengdian Group DMEGC Magnetics Co., Ltd.
Meeting Date: 04/02/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y3158L100
Ticker: 002056
Primary ISIN: CNE000001N70
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Financial Budget Report Mgmt For For
6 Approve Allocation of Income and Dividends Mgmt For For
7 Approve Appointment of Auditor Mgmt For For
8 Approve Daily Related-Party Transactions Mgmt For For
9 Approve Use of Idle Funds to Purchase
Financial Products
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
10.1 Elect He Shijin as Non-Independent Director Mgmt For For
10.2 Elect Xu Wencai as Non-Independent Director Mgmt For For
10.3 Elect Hu Tiangao as Non-Independent
Director
Mgmt For For
10.4 Elect Ren Hailiang as Non-Independent
Director
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hengdian Group DMEGC Magnetics Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
11.1 Elect Yang Liuyong as Independent Director Mgmt For For
11.2 Elect Lv Yan as Independent Director Mgmt For For
11.3 Elect Liu Baoyu as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
12.1 Elect Li Guoping as Supervisor Mgmt For For
12.2 Elect Wu Weimin as Supervisor Mgmt For For
Kasikornbank Public Co. Ltd.
Meeting Date: 04/02/2020 Country: Thailand
Meeting Type: Annual
Primary Security ID: Y4591R100
Ticker: KBANK
Primary ISIN: TH0016010009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Acknowledge Operation Results
Mgmt
2 Approve Financial Statements Mgmt For For
3 Approve Allocation of Income and Dividend
Payment
Mgmt For For
4.1 Elect Suphajee Suthumpun as Director Mgmt For For
4.2 Elect Chanin Donavanik as Director Mgmt For For
4.3 Elect Sara Lamsam as Director Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
4.4 Elect Kattiya Indaravijaya as Director Mgmt For For
4.5 Elect Patchara Samalapa as Director Mgmt For For
5 Elect Chonchanum Soonthornsaratoon as
Director
Mgmt For For
6 Approve Names and Number of Directors
Who Have Signing Authority
Mgmt For For
7 Approve Remuneration of Directors Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Kasikornbank Public Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
8 Approve KPMG Phoomchai Audit Limited as
Auditors and Authorize Board to Fix Their
Remuneration
Mgmt For Against
Blended Rationale: Auditor fees: A vote against is applied as LGIM does not expect excessive non-audit work to be conducted
by the company's external auditors as this brings into question the independence of their judgement.
9 Other Business Mgmt
Yunda Holding Co., Ltd.
Meeting Date: 04/02/2020 Country: China
Meeting Type: Special
Primary Security ID: Y62996106
Ticker: 002120
Primary ISIN: CNE100000015
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Draft and Summary of Performance
Shares Incentive Plan
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the award of incentive remuneration to non-executive directors
may impair their independence.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to
be measured over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any
holding period to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive
performance shares under the scheme are involved in the administration of the scheme.
2 Approve Methods to Assess the Performance
of Plan Participants
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive performance shares
under the scheme are involved in the administration of the scheme.
3 Approve Authorization of the Board to Handle
All Related Matters
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive performance shares
under the scheme are involved in the administration of the scheme.
360 Security Technology, Inc.
Meeting Date: 04/03/2020 Country: China
Meeting Type: Special
Primary Security ID: Y444T7106
Ticker: 601360
Primary ISIN: CNE100002RZ2
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
360 Security Technology, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
APPROVE ADJUSTMENT FOR PRIVATE
PLACEMENT OF SHARES
Mgmt
1.1 Approve Target Subscribers and Subscription
Method
Mgmt For For
1.2 Approve Issue Price and Pricing Principles Mgmt For For
1.3 Approve Lock-up Period Mgmt For For
1.4 Approve Resolution Validity Period and
Shareholders' Meeting Authorization Period
Mgmt For For
2 Approve Plan on Private Placement of Shares
(Second Revision)
Mgmt For For
3 Approve Revised Impact of Dilution of Current
Returns on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
4 Approve Purchase of Liability Insurance for
Directors, Supervisors and Senior
Management Members
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted given the non-disclosure.
ELECT INDEPENDENT DIRECTOR VIA
CUMULATIVE VOTING
5.1 Elect Xu Jingchang as Independent Director
Mgmt
Mgmt
For
For
Bank of Beijing Co., Ltd.
Meeting Date: 04/03/2020 Country: China
Meeting Type: Special
Primary Security ID: Y06958113
Ticker: 601169
Primary ISIN: CNE100000734
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Non Fixed Term Capital Bonds
Issuance
Mgmt For For
China National Nuclear Power Co., Ltd.
Meeting Date: 04/03/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1507R109
Ticker: 601985
Primary ISIN: CNE1000022N7
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China National Nuclear Power Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Investment Plan Mgmt For Against
Blended Rationale: A vote AGAINST is warranted due to lack of disclosure.
2 Approve Financial Budget Report
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted due to lack of disclosure.
APPROVE APPLICATION FOR RENEWABLE
BONDS
Mgmt
3.1 Approve Issue Scale Mgmt For For
3.2 Approve Issue Manner Mgmt For For
3.3 Approve Target Parties Mgmt For For
3.4 Approve Issue Period and Type Mgmt For For
3.5 Approve Usage of Raised Funds Mgmt For For
3.6 Approve Underwriting Method and Listing
Arrangement
Mgmt For For
3.7 Approve Issue Price Mgmt For For
3.8 Approve Guarantee Matters Mgmt For For
3.9 Approve Bond Interest Rate and
Determination Manner
Mgmt For For
3.10 Approve Issuer Renewal Options Mgmt For For
3.11 Approve Deferred Payment of Interest Mgmt For For
3.12 Approve Mandatory Interest Payment Mgmt For For
3.13 Approve Restrictions Under Interest Deferral Mgmt For For
3.14 Approve Redemption Clause Mgmt For For
3.15 Approve Resolution Validity Period Mgmt For For
3.16 Approve Authorization Matters Mgmt For For
ELECT NON-INDEPENDENT DIRECTOR VIA
CUMULATIVE VOTING
Mgmt
4.1 Elect Liu Xiuhong as Non-independent
Director
SH For For
4.2 Elect Wu Hanjing as Non-independent
Director
SH For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
5.1 Elect Fan Mengren as Supervisor SH For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Equatorial Energia SA
Meeting Date: 04/03/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P3773H104
Ticker: EQTL3
Primary ISIN: BREQTLACNOR0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Corporate Purpose Mgmt For For
2 Amend Article 3 Re: Corporate Purpose
Mgmt
For
For
3 Consolidate Bylaws
Mgmt
For
For
4 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt
For
For
RiseSun Real Estate Development Co., Ltd.
Meeting Date: 04/03/2020 Country: China
Meeting Type: Special
Primary Security ID: Y7286J101
Ticker: 002146
Primary ISIN: CNE1000005Y9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
APPROVE ISSUANCE OF CORPORATE BONDS
Mgmt
1.1 Approve Issue Scale Mgmt For For
1.2 Approve Issue Type and Period Mgmt For For
1.3 Approve Bond Interest Rate and Payment
Method
Mgmt For For
1.4 Approve Usage of Raised Funds Mgmt For For
1.5 Approve Issue Manner and Target Parties Mgmt For For
1.6 Approve Guarantee Arrangement Mgmt For For
1.7 Approve Placement Arrangement to
Shareholders
Mgmt For For
1.8 Approve Listing Transfer Method Mgmt For For
1.9 Approve Safeguard Measures of Debts
Repayment
Mgmt For For
1.10 Approve Resolution Validity Period Mgmt For For
2 Approve Authorization of the Board to Handle
All Related Matters
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Alkem Laboratories Limited
Meeting Date: 04/04/2020 Country: India
Meeting Type: Special
Primary Security ID: Y0R6P5102
Ticker: 539523
Primary ISIN: INE540L01014
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Postal Ballot - Shareholder Proposals Mgmt
1 Approve Reappointment and Remuneration of SH
Basudeo N. Singh as Executive Chairman
For
Against
Blended Rationale: A vote AGAINST this resolution is warranted in the light of the following:- The proposed fixed remuneration
of Basudeo N. Singh is high when benchmarked to industry peers and other executives in the company- He is a member of the
compensation committee which poses a potential conflict of interest with respect to the objective determination of his
remuneration- The elimination of the variable component of the remuneration may reduce accountability and cause
misalignment between the nominee's pay and company performance- The provision of high annual increments in his salary
may lead to discretionary payouts
2 Elect Sarvesh Singh as Director and Approve SH
His Appointment and Remuneration as Whole
Time Director Designated as Executive
Director
For Against
Blended Rationale: A vote AGAINST the appointment and remuneration of Sarvesh Singh as executive director is warranted
given the following concerns with regards to his remuneration:- The provision of annual increments in his salary may lead to
discretionary payouts.- There is no variable component in his pay structure which leads to lack of accountability of the nominee
with regards to the performance and growth of the company
3 Elect Narendra Kumar Aneja as Director SH For For
Future Retail Limited
Meeting Date: 04/05/2020 Country: India
Meeting Type: Special
Primary Security ID: Y0R8CN111
Ticker: 540064
Primary ISIN: INE752P01024
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Postal Ballot Mgmt
1 Approve Redesignation and Remuneration of
Kishore Biyani as Executive Chairman
Mgmt
For
Against
Blended Rationale: Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped either as a
percentage of salary or a fixed number of shares.
2 Approve Redesignation and Remuneration of
Rakesh Biyani as Managing Director
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped either as a
percentage of salary or a fixed number of shares.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Future Retail Limited
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Approve Pledging of Assets for Debt Mgmt For For
Beijing Dabeinong Technology Group Co., Ltd.
Meeting Date: 04/07/2020 Country: China
Meeting Type: Special
Primary Security ID: Y0772N108
Ticker: 002385
Primary ISIN: CNE100000N61
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Provision of Guarantee for Controlled
Subsidiary
Mgmt
For
For
2 Approve Provision Mortgage Guarantee by
Controlled Subsidiary
Mgmt For For
3 Approve Provision of Guarantee for Controlled
Subsidiary by Controlled Subsidiary
Mgmt For For
4 Approve Provision of Guarantee and Related
Party Transactions for Associate Company
Mgmt For For
5 Approve Daily Related Party Transaction Mgmt For For
6 Amend Articles of Association Mgmt For For
Hang Zhou Great Star Industrial Co. Ltd.
Meeting Date: 04/07/2020 Country: China
Meeting Type: Special
Primary Security ID: Y3037V105
Ticker: 002444
Primary ISIN: CNE100000RC5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Amendments to Articles of
Association to Expand Business Scope
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Ningxia Baofeng Energy Group Co., Ltd.
Meeting Date: 04/07/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y6S057109
Ticker: 600989
Primary ISIN: CNE100003LF5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements and Financial
Budget Report
Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Appointment of Auditor and Payment
of Remuneration
Mgmt For For
Tianma Microelectronics Co. Ltd.
Meeting Date: 04/07/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y77427105
Ticker: 000050
Primary ISIN: CNE000000HT1
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Financial Statements
Mgmt
For
For
2 Approve Annual Report and Summary Mgmt For For
3 Approve Report of the Board of Directors Mgmt For For
4 Approve Report of the Independent Directors Mgmt For For
5 Approve Report of the Board of Supervisors Mgmt For For
6 Approve Allocation of Income and Dividends Mgmt For For
7 Approve Remuneration of Chairman of the
Board
Mgmt For For
8 Approve Comprehensive Credit Line
Application
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed borrowing is considered excessive and may add to the
company's financial burden, which is deemed not in the best interests of shareholders.
9 Approve Provision of Guarantee to Shanghai
Tianma
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Tianma Microelectronics Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
10 Approve Provision of Guarantee to Xiamen
Tianma
11 Approve Financial Derivatives Trading
Business
12 Approve Financial Derivatives Trading
Feasibility Analysis Report
13 Approve Report on the Usage of Previously
Raised Funds
14 Approve Appointment of Auditor
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
TIM Participacoes SA
Meeting Date: 04/07/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P91536469
Ticker: TIMP3
Primary ISIN: BRTIMPACNOR1
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Ratify Election of Flavia Maria Bittencourt as
Director
Mgmt For For
4 Ratify Election of Carlo Filangieri as Director Mgmt For For
5 Ratify Election of Sabrina di Bartolomeo as
Director
Mgmt For For
6 Fix Number of Fiscal Council Members at
Three
Mgmt For For
7 Elect Fiscal Council Members Mgmt For For
8 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
Mgmt None Against
9 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
TIM Participacoes SA
Meeting Date: 04/07/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P91536469
Ticker: TIMP3
Primary ISIN: BRTIMPACNOR1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Prolonging of Cooperation and
Support Agreement between Telecom Italia
S.p.A and TIM S.A.
Mgmt For For
2 Authorize Capitalization of Reserves
Mgmt
For
For
3 Amend Articles and Consolidate Bylaws
Mgmt
For
For
Gulf Energy Development Public Co. Ltd.
Meeting Date: 04/08/2020 Country: Thailand
Meeting Type: Annual
Primary Security ID: Y2957T108
Ticker: GULF
Primary ISIN: TH8319010006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Acknowledge Company's Performance
Mgmt
For
For
2 Approve Financial Statements Mgmt For For
3 Approve Allocation of Income and Dividend
Payment
Mgmt For For
4.1 Elect Sommai Phasee as Director Mgmt For For
4.2 Elect Sarath Ratanavadi as Director Mgmt For For
4.3 Elect Porntipa Chinvetkitvanit as Director Mgmt For For
4.4 Elect Yupapin Wangviwat as Director Mgmt For For
5 Approve Remuneration of Directors Mgmt For For
6 Approve KPMG Phoomchai Audit Ltd. as
Auditors and Authorize Board to Fix Their
Remuneration
Mgmt For For
7 Approve Change in Par Value of Shares Mgmt For For
8 Amend Memorandum of Association to
Reflect Change in Par Value
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Gulf Energy Development Public Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
9 Other Business Mgmt For Against
Blended Rationale: Governance Concerns: A vote AGAINST this resolution is warranted given the lack of information.
Hunan Valin Steel Co., Ltd.
Meeting Date: 04/08/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y3767Q102
Ticker: 000932
Primary ISIN: CNE000001006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Daily Related-Party Transactions Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
7 Approve Fixed Assets Investment Plan Mgmt For For
8 Amend Articles of Association Mgmt For For
9 Elect Huang Shaoming as Non-Independent
Director
SH For For
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.
Meeting Date: 04/08/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9889J108
Ticker: 600872
Primary ISIN: CNE000000HK0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Report of the Board of Directors Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Jonjee Hi-Tech Industrial & Commercial Holding Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
Approve Report of the Board of Supervisors
Mgmt
For
For
3 Approve Allocation of Income and Dividends Mgmt For For
4 Approve Technology Upgrade Project Mgmt For For
5 Approve External Investment Management
System
Mgmt For For
6 Approve Annual Report and Summary Mgmt For For
7 Amend Articles of Association Mgmt For Against
Blended Rationale: A vote AGAINST is warranted given that the amendments would reduce shareholders' ability to review and
vote on material transactions at the company.
8 Approve Zhongshan Shandong Fengzhujiang Mgmt
Village Bank to Handle Deposit and
Settlement and Related Transactions
For
For
Raia Drogasil SA
Meeting Date: 04/08/2020 Country: Brazil
Primary Security ID: P7942C102
Meeting Type: Annual Ticker: RADL3
Primary ISIN: BRRADLACNOR0
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management
Mgmt For For
4 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
5.1 Elect Gilberto Lerio as Fiscal Council Member
and Flavio Stamm as Alternate
Mgmt For Against
Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of minority fiscal council candidates.
5.2 Elect Fernando Carvalho Braga as Fiscal
Council Member and Paulo Sergio Buzaid
Tohme as Alternate
Mgmt For Against
Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of minority fiscal council candidates.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Raia Drogasil SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5.3 Elect Mario Antonio Luiz Correa as Fiscal
Council Member and Vivian do Valle Souza
Leao Mikui as Alternate
Mgmt For Against
Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of minority fiscal council candidates.
6.1
6.2
7
8
Elect Felipe Elias Ribeiro David as Fiscal
Council Member and Marcello da Costa Silva
as Alternate Appointed by Minority
Shareholder
Elect Robert Juenemann as Fiscal Council
Member and Alessandra Eloy Gadelha as
Alternate Appointed by Minority Shareholder
Approve Remuneration of Fiscal Council
Members
In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
SH
SH
Mgmt
Mgmt
None
None
For
None
Against
For
For
For
Raia Drogasil SA
Meeting Date: 04/08/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P7942C102
Ticker: RADL3
Primary ISIN: BRRADLACNOR0
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Article 3 Re: Corporate Purpose
Mgmt
For
For
2 Amend Articles 7 and 8 Mgmt For For
3 Amend Articles 10 and 12 Mgmt For For
4 Amend Article 14 Mgmt For For
5 Consolidate Bylaws Mgmt For For
6 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
7 Amend Article 1 Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shenzhen Overseas Chinese Town Co., Ltd.
Meeting Date: 04/08/2020 Country: China
Meeting Type: Special
Primary Security ID: Y7582E103
Ticker: 000069
Primary ISIN: CNE000000SS0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
1.1 Elect Duan Xiannian as Non-independent
Director
Mgmt For For
1.2 Elect Yao Jun as Non-independent Director Mgmt For For
1.3 Elect Wang Xiaowen as Non-independent
Director
Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
2.1 Elect Wang Yijiang as Independent Director Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
2.2 Elect Sha Zhenquan as Independent Director Mgmt For For
2.3 Elect Song Ding as Independent Director Mgmt For For
2.4 Elect Zhang Yuming as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
3.1 Elect Chen Yuehua as Supervisor Mgmt For For
3.2 Elect Pan Fengwen as Supervisor Mgmt For For
Yunnan Energy New Material Co., Ltd.
Meeting Date: 04/08/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9881M109
Ticker: 002812
Primary ISIN: CNE100002BR3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yunnan Energy New Material Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4
Approve Profit Distribution
Mgmt
For
For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Appointment of Financial Auditor and
Internal Control Auditor
Mgmt For For
7 Approve Daily Related-Party Transactions Mgmt For For
8 Approve Comprehensive Credit Line Bank
Application
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed borrowing is considered excessive and may add to the
company's financial burden, which is deemed not in the best interests of shareholders.
9 Approve Guarantee within the Scope of
Consolidated Report
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some subsidiaries is
disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the
meeting circular.
10 Approve Performance Commitment on
Company's Acquisition by Cash and Issuance
of Shares as well as Raising Supporting Funds
Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
11.1 Elect Paul Xiaoming Lee as Non-Independent
Director
SH For Against
Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to
comprise independent directors.
11.2 Elect Li Xiaohua as Non-Independent Director SH For Against
Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of independent
directors.
11.3 Elect Yan Ma as Non-Independent Director SH For For
11.4 Elect Xu Ming as Non-Independent Director SH For For
11.5 Elect Feng Jie as Non-Independent Director SH For For
11.6 Elect Alex Cheng as Non-Independent
Director
SH For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
12.1 Elect Tang Changjiang as Independent
Director
Mgmt For For
12.2 Elect Zheng Haiying as Independent Director Mgmt For For
12.3 Elect Lu Jiankai as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
13.1 Elect Zhang Tao as Supervisor Mgmt For For
13.2 Elect Chen Tao as Supervisor Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yunnan Energy New Material Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
14 Approve Establishment of Special Board
Committee
Mgmt For For
CCR SA
Meeting Date: 04/09/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P2170M104
Ticker: CCRO3
Primary ISIN: BRCCROACNOR2
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as the auditors have expressed concerns regarding the company's
accounts.
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at 13 Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Against
5 Elect Directors Mgmt For Against
Blended Rationale: Committee independence: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.A vote AGAINST these items is warranted because:The existence of ongoing concerns regarding
egregious governance practices of the company's incumbent directors in the context of the approval of indemnification and
remuneration payments to former executives who admitted knowledge and/or participation in corruption practices;Growing
concerns of board entrenchment, following recent bylaw amendments to establish mandatory slate elections and increase the
board's term to two years and the relative low level of support of the incumbent candidates at the 2019 AGM.
6 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Ana Maria Marcondes Penido Sant'Anna as
Director and Eduarda Penido Dalla Vecchia as
Alternate
Mgmt None Abstain
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
CCR SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8.2
Percentage of Votes to Be Assigned - Elect
Fernando Luiz Aguiar Filho as Director and
Leonardo de Almeida Massa as Alternate
Mgmt
None
Abstain
8.3 Percentage of Votes to Be Assigned - Elect
Ricardo Coutinho de Sena as Director and
Jose Henrique Braga Polido Lopes as
Alternate
Mgmt None Abstain
8.4 Percentage of Votes to Be Assigned - Elect
Flavio Mendes Aidar as Director and Livio
Hagime Kuze as Alternate
Mgmt None Abstain
8.5 Percentage of Votes to Be Assigned - Elect
Paulo Roberto Reckziegel Guedes as Director
and Fernando Santos Salles as Alternate
Mgmt None Abstain
8.6 Percentage of Votes to Be Assigned - Elect
Luis Claudio Rapparini Soares as Director and
Eduardo Penido Sant'Anna as Alternate
Mgmt None Abstain
8.7 Percentage of Votes to Be Assigned - Elect
Renato Torres de Faria as Director and Paulo
Marcio de Oliveira Monteiro as Alternate
Mgmt None Abstain
8.8 Percentage of Votes to Be Assigned - Elect
Henrique Sutton de Sousa Neves as Director
and Rosa Evangelina Penido Dalla Vecchia as
Alternate
Mgmt None Abstain
8.9 Percentage of Votes to Be Assigned - Elect
Luiz Carlos Cavalcanti Dutra Junior as Director
and Nelson Tambelini Junior as Alternate
Mgmt None Abstain
8.10 Percentage of Votes to Be Assigned - Elect
Luiz Alberto Colonna Rosman as Independent
Director
Mgmt None Abstain
8.11 Percentage of Votes to Be Assigned - Elect
Leonardo Porciuncula Gomes Pereira as
Independent Director
Mgmt None Abstain
8.12 Percentage of Votes to Be Assigned - Elect
Eduardo Bunker Gentil as Independent
Director
Mgmt None For
8.13 Percentage of Votes to Be Assigned - Elect
Eliane Aleixo Lustosa de Andrade as
Independent Director
Mgmt None For
9 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
CCR SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
10 Elect Ana Maria Marcondes Penido Sant'Anna
as Board Chairman and Ricardo Coutinhode
Sena as Board Vice-Chairman
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:The existence of ongoing concerns regarding egregious
governance practices of the company's incumbent directors in the context of the approval of indemnification and remuneration
payments to former executives who admitted knowledge and/or participation in corruption practices;Growing concerns of
board entrenchment, following recent bylaw amendments to establish mandatory slate elections and increase the board's term
to two years and the relative low level of support of the incumbent candidates at the 2019 AGM.
11 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
12.1 Elect Adalgiso Fragoso de Faria as Fiscal
Council Member and Marcelo de Andrade as
Alternate
Mgmt For For
12.2 Elect Bruno Goncalves Siqueira as Fiscal
Council Member and Daniel da Silva Alves as
Alternate
Mgmt For For
12.3 Elect Piedade Mota da Fonseca as Fiscal
Council Member and Ronaldo Pires da Silva as
Alternate
Mgmt For For
13 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.A vote
AGAINST this item is warranted due to the existence of problematic pay practices.
14 Approve Remuneration of Fiscal Council
Members
Mgmt For For
China Northern Rare Earth (Group) High-Tech Co., Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Special
Primary Security ID: Y40840103
Ticker: 600111
Primary ISIN: CNE000000T18
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Amendments to Articles of
Association to Expand Business Scope
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
CSC Financial Co., Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1818Y108
Ticker: 6066
Primary ISIN: CNE100002B89
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
1 Approve Extension of the Validity Period of
the Plan for the Non-Public Issuance of A
Shares
2 Approve Extension of the Validity Period of
Full Authorization to the Board to Deal with
Relevant Matters in Relation to the Non-Public
Issuance
3 Approve General Mandate to Issue Onshore
and Offshore Debt Financing Instruments
4 Amend Articles of Association
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
CSC Financial Co., Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1818Y108
Ticker: 6066
Primary ISIN: CNE100002B89
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
CLASS MEETING FOR HOLDERS OF H SHARES Mgmt
1 Approve Extension of the Validity Period of
the Plan for the Non-Public Issuance of A
Shares
2 Approve Extension of the Validity Period of
Full Authorization to the Board to Deal with
Relevant Matters in Relation to the Non-Public
Issuance
Mgmt
Mgmt
For
For
For
For
CSC Financial Co., Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1818Y108
Ticker: 6066
Primary ISIN: CNE100002B89
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
CSC Financial Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF A SHARES Mgmt
1 Approve Extension of the Validity Period of
the Plan for the Non-Public Issuance of A
Shares
2 Approve Extension of the Validity Period of
Full Authorization to the Board to Deal with
Relevant Matters in Relation to the Non-Public
Issuance
3 Approve General Mandate to Issue Onshore
and Offshore Debt Financing Instruments
4 Amend Articles of Association
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
CSC Financial Co., Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1818Y108
Ticker: 6066
Primary ISIN: CNE100002B89
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
CLASS MEETING FOR HOLDERS OF A SHARES Mgmt
1 Approve Extension of the Validity Period of
the Plan for the Non-Public Issuance of A
Shares
2 Approve Extension of the Validity Period of
Full Authorization to the Board to Deal with
Relevant Matters in Relation to the Non-Public
Issuance
Mgmt
Mgmt
For
For
For
For
M. Dias Branco SA Industria e Comercio de Alimentos
Meeting Date: 04/09/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P64876108
Ticker: MDIA3
Primary ISIN: BRMDIAACNOR7
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
M. Dias Branco SA Industria e Comercio de Alimentos
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because:* The company's payouts in recent years have consistently
fallen below 30 percent of net income; and* The company has underperformed the country's main equity index in recent years.
3 Elect Directors Mgmt For For
4 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
5 In Case Cumulative Voting Is Adopted, Do
You Wish Distribute Your Full Position to the
Above Nominee?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 5, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
6.1 Percentage of Votes to Be Assigned - Elect
Maria Consuelo Saraiva Leao Dias Branco as
Board Chairman and Maria Regina Saraiva
Leao Dias Branco as Alternate
Mgmt None For
6.2 Percentage of Votes to Be Assigned - Elect
Francisco Claudio Saraiva Leao Dias Branco as
Board Vice-Chairman and Vera Maria
Rodrigues Ponte as Alternate
Mgmt None For
6.3 Percentage of Votes to Be Assigned - Elect
Maria das Gracas Dias Branco da Escossia as
Director and Francisco Marcos Saraiva Leao
Dias Branco as Alternate
Mgmt None For
6.4 Percentage of Votes to Be Assigned - Elect
Fernando Fontes Iunes as Independent
Director and Francisco Ivens de Sa Dias
Branco Junior as Alternate
Mgmt None For
6.5 Percentage of Votes to Be Assigned - Elect
Guilherme Affonso Ferreira as Independent
Director and Daniel Mota Gutierrez as
Alternate
Mgmt None Abstain
6.6 Percentage of Votes to Be Assigned - Elect
Daniel Perecim Funis as Independent Director
and Luiza Andrea Farias Nogueira as Alternate
Mgmt None For
7 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
M. Dias Branco SA Industria e Comercio de Alimentos
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
8 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Against
M. Dias Branco SA Industria e Comercio de Alimentos
Meeting Date: 04/09/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P64876108
Ticker: MDIA3
Primary ISIN: BRMDIAACNOR7
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Remuneration of Company's
Management Approved at the April 18, 2019,
AGM
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because the company's proposal to increase by 45.6-percent the
previously approved 2019 global compensation cap lacks transparency, preventing international institutional shareholders from
making an informed voting decision.
2 Approve Remuneration of Company's
Management
Mgmt For For
Ping An Insurance (Group) Co. of China Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y69790106
Ticker: 2318
Primary ISIN: CNE1000003X6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
AGM BALLOT FOR HOLDERS OF A SHARES
Mgmt
1 Approve 2019 Report of the Board of
Directors
Mgmt For For
2 Approve 2019 Report of the Supervisory
Committee
Mgmt For For
3 Approve 2019 Annual Report and Its
Summary
Mgmt For For
4 Approve 2019 Financial Statements and
Statutory Reports
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Ping An Insurance (Group) Co. of China Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5
Approve 2019 Profit Distribution Plan and
Distribution of Final Dividends
Mgmt
For
For
6 Approve PricewaterhouseCoopers Zhong Tian
LLP as PRC Auditor and
PricewaterhouseCoopers as International
Auditor and Authorize Board to Fix Their
Remuneration
Mgmt For For
7 Approve 2019 Performance Evaluation of
Independent Non-Executive Directors
Mgmt For For
8 Approve Issuance of Debt Financing
Instruments
Mgmt For For
9 Approve Issuance of Equity or Equity-Linked
Securities without Preemptive Rights for H
Shares
Mgmt For Against
Blended Rationale: Pre-emption rights: A vote AGAINST this resolution is warranted given that the H share issuance limit is
greater than 10 percent.
10 Amend Articles of Association Mgmt For For
11 Elect Lu Min as Director
SH For
For
Ping An Insurance (Group) Company of China, Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y69790106
Ticker: 2318
Primary ISIN: CNE1000003X6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
AGM BALLOT FOR HOLDERS OF H SHARES
Mgmt
1 Approve 2019 Report of the Board of
Directors
Mgmt For For
2 Approve 2019 Report of the Supervisory
Committee
Mgmt For For
3 Approve 2019 Annual Report and Its
Summary
Mgmt For For
4 Approve 2019 Financial Statements and
Statutory Reports
Mgmt For For
5 Approve 2019 Profit Distribution Plan and
Distribution of Final Dividends
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Ping An Insurance (Group) Company of China, Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6
Approve PricewaterhouseCoopers Zhong Tian
LLP as PRC Auditor and
PricewaterhouseCoopers as International
Auditor and Authorize Board to Fix Their
Remuneration
Mgmt
For
For
7 Approve 2019 Performance Evaluation of
Independent Non-Executive Directors
Mgmt For For
8 Approve Issuance of Debt Financing
Instruments
Mgmt For For
9 Approve Issuance of Equity or Equity-Linked
Securities without Preemptive Rights for H
Shares
Mgmt For Against
Blended Rationale: Pre-emption rights: A vote AGAINST this resolution is warranted given that the H share issuance limit is
greater than 10 percent.
10 Amend Articles of Association Mgmt For For
11 Elect Lu Min as Director
SH For
For
PT Bank Central Asia Tbk
Meeting Date: 04/09/2020 Country: Indonesia
Meeting Type: Annual
Primary Security ID: Y7123P138
Ticker: BBCA
Primary ISIN: ID1000109507
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Financial Statements, Statutory
Reports, and Discharge of Directors and
Commissioners
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Changes in Board of Directors Mgmt For For
4 Approve Remuneration and Tantiem of
Directors and Commissioners
Mgmt For For
5 Approve Auditors Mgmt For For
6 Approve Payment of Interim Dividend Mgmt For For
7 Approve Updates in the Company's Recovery
Plan
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yunnan Energy New Material Co., Ltd.
Meeting Date: 04/09/2020 Country: China
Meeting Type: Special
Primary Security ID: Y9881M109
Ticker: 002812
Primary ISIN: CNE100002BR3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Company's Eligibility for Private
Placement of Shares
Mgmt
For
For
APPROVE ISSUANCE OF SHARES VIA
PRIVATE PLACEMENT
Mgmt
2.1 Approve Issue Type and Par Value Mgmt For For
2.2 Approve Issue Manner and Period Mgmt For For
2.3 Approve Target Parties and Subscription
Method
Mgmt For For
2.4 Approve Pricing Reference Date, Issue Price
and Pricing Basis
Mgmt For For
2.5 Approve Issue Scale Mgmt For For
2.6 Approve Restriction Period Mgmt For For
2.7 Approve Distribution Arrangement of
Undistributed Earnings
Mgmt For For
2.8 Approve Resolution Validity Period Mgmt For For
2.9 Approve Listing Location Mgmt For For
2.10 Approve Usage of Raised Funds Mgmt For For
2.11 Approve Raised Funds Implementing Party
and Manner
Mgmt For For
3 Approve Plan on Private Placement of Shares Mgmt For For
4 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
5 Approve Report on the Usage of Raised Funds Mgmt For For
6 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
7 Approve Shareholder Return Plan Mgmt For For
8 Approve Special Raised Funds Account Mgmt For For
9 Approve Authorization of Board to Handle All
Related Matters
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China Fortune Land Development Co., Ltd.
Meeting Date: 04/10/2020 Country: China
Meeting Type: Special
Primary Security ID: Y98912101
Ticker: 600340
Primary ISIN: CNE000001GG8
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Issuance of Debt Financing
Instruments
Mgmt For For
Guosen Securities Co., Ltd.
Meeting Date: 04/10/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y295A2103
Ticker: 002736
Primary ISIN: CNE100001WS9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as the auditors have expressed concerns regarding the company's
accounts.
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Report of the Board of Directors
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as the auditors have expressed concerns regarding the company's
accounts.
4 Approve Report of the Board of Supervisors Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as the auditors have expressed concerns regarding the company's
accounts.
5 Approve Annual Report and Summary Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as the auditors have expressed concerns regarding the company's
accounts.
APPROVE RELATED PARTY TRANSACTION Mgmt
6.1 Approve Related Party Transaction with
State-owned Assets Supervision and
Administration Commission of Shenzhen
Municipal People's Government, Shenzhen
Investment Holdings Co., Ltd. and Other
Affiliated Companies
Mgmt For For
6.2 Approve Related Party Transaction with China
Resources Shenzhen State Investment Trust
Co., Ltd.
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Guosen Securities Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6.3
Approve Related Party Transaction with
Yunnan Hopewell (Group) Co., Ltd.
Mgmt
For
For
6.4 Approve Related Party Transaction with
Penghua Fund Management Co., Ltd.
Mgmt For For
6.5 Approve Related Party Transaction with Other
Related Parties
Mgmt For For
7 Approve to Appoint Auditors and to Fix Their
Remuneration
Mgmt For For
8 Approve Self-Operated Investments Mgmt For For
9 Approve Provision of Guarantee to
Wholly-owned Subsidiary by Guoxin Securities
(Hong Kong) Financial Holdings Limited
Mgmt For For
10 Amend Related-Party Transaction
Management System
Mgmt For For
Guosheng Financial Holding Inc.
Meeting Date: 04/10/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2976X106
Ticker: 002670
Primary ISIN: CNE100001D21
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
1.1 Elect Du Li as Non-Independent Director Mgmt For For
1.2 Elect Zhang Wei as Non-Independent Director Mgmt For For
1.3 Elect Zhao Cen as Non-Independent Director Mgmt For For
1.4 Elect Li Yingming as Non-Independent
Director
Mgmt For For
1.5 Elect Li E as Non-Independent Director Mgmt For For
1.6 Elect Yang Zhiping as Non-Independent
Director
Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
2.1 Elect Xu Qiangguo as Independent Director SH For For
2.2 Elect Shao Bin as Independent Director SH For For
2.3 Elect Fu Jijun as Independent Director SH For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Guosheng Financial Holding Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
3.1 Elect Ye Qiang as Supervisor Mgmt For For
3.2 Elect Wang Xiaolong as Supervisor Mgmt For For
4 Approve Allowance of Directors and
Supervisors
Mgmt For For
Jilin Aodong Pharmaceutical Group Co., Ltd.
Meeting Date: 04/10/2020 Country: China
Meeting Type: Special
Primary Security ID: Y4451E108
Ticker: 000623
Primary ISIN: CNE000000719
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
APPROVE SHARE REPURCHASE PLAN
Mgmt
1.1 Approve Purpose, Manner and Price Range of
Share Repurchase
Mgmt For For
1.2 Approve Type, Usage, Size, Proportion to
Share Capital and Total Funds to be Used for
Share Repurchase
Mgmt For For
1.3 Approve Source of Funds of Share
Repurchase
Mgmt For For
1.4 Approve Implementation Period of Share
Repurchase
Mgmt For For
1.5 Approve Resolution Validity Period Mgmt For For
1.6 Approve Relevant Arrangements for
Cancellation or Transfer According to Law
After Repurchase of Shares and
Arrangements for Preventing Infringements
on the Interests of Creditors
Mgmt For For
1.7 Approve Authorization of Board and
Company's Management to Handle All Related
Matters
Mgmt For For
Ningbo Zhoushan Port Co., Ltd.
Meeting Date: 04/10/2020 Country: China
Meeting Type: Special
Primary Security ID: Y6298E100
Ticker: 601018
Primary ISIN: CNE100000V12
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Ningbo Zhoushan Port Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Introduction to Matters Relating to
Strategic Investors
Mgmt For For
Shennan Circuits Co., Ltd.
Meeting Date: 04/10/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y774D3102
Ticker: 002916
Primary ISIN: CNE100003373
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Financial Statements Mgmt For For
3 Approve Financial Budget Report Mgmt For For
4 Approve Report of the Board of Directors Mgmt For For
5 Approve Report of the Board of Supervisors Mgmt For For
6 Approve Profit Distribution Mgmt For For
7 Approve Provision of Guarantee Mgmt For For
8 Approve Adjustment to Allowance of
Independent Directors
Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
9.1 Elect Zheng Chunyang as Supervisor SH For For
Sinoma Science & Technology Co. Ltd.
Meeting Date: 04/10/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y80025102
Ticker: 002080
Primary ISIN: CNE000001P78
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Sinoma Science & Technology Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Daily Related-Party Transactions Mgmt For For
7 Approve Loan Budget and Its Corresponding
Loan Authorizations
Mgmt For For
8 Approve Issuance of Corporate Bonds Mgmt For For
9 Approve Issuance of Medium-term Notes and
Other Bond Products
Mgmt For For
10 Approve Provision of Guarantee Mgmt For For
Chaozhou Three-Circle (Group) Co., Ltd.
Meeting Date: 04/13/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y1R99A101
Ticker: 300408
Primary ISIN: CNE100001Y42
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Allocation of Income and Dividends Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
7 Approve Remuneration of Directors,
Supervisors
Mgmt For For
8 Approve Repurchase and Cancellation of
Performance Shares
Mgmt For For
9 Approve Change in Registered Capital Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Chaozhou Three-Circle (Group) Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
10
Amend Articles of Association
Mgmt
For
For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
11.1 Elect Zhang Wanzhen as Non-independent
Director
Mgmt For For
11.2 Elect Li Gang as Non-independent Director Mgmt For For
11.3 Elect Huang Xueyun as Non-independent
Director
Mgmt For Against
Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of independent
directors.
11.4 Elect Qiu Jihua as Non-independent Director Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
12.1 Elect Gu Qun as Independent Director Mgmt For For
12.2 Elect Huang Weikun as Independent Director Mgmt For For
12.3 Elect Xu Yejun as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
13.1 Elect Zheng Kecheng as Supervisor Mgmt For For
13.2 Elect Zhang Xichong as Supervisor Mgmt For For
China Zhonghua Geotechnical Engineering Group Co., Ltd.
Meeting Date: 04/13/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1565F104
Ticker: 002542
Primary ISIN: CNE100000ZV8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Signing of Contract of Wholly-owned
Subsidiary Beijing Changdao Municipal
Engineering Group Co., Ltd.
Mgmt
For
For
2 Approve Signing of Contract of Wholly-owned
Subsidiary Beijing Quantai Technology
Development Co., Ltd.
Mgmt For For
3 Approve Provision of Guarantee Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shenzhen MTC Co., Ltd.
Meeting Date: 04/13/2020 Country: China
Meeting Type: Special
Primary Security ID: Y7744S107
Ticker: 002429
Primary ISIN: CNE100000Q50
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Guarantee Provision Plan Mgmt For For
2 Approve Provision of Guarantee for Company
Mgmt
For
For
Sunwoda Electronic Co., Ltd.
Meeting Date: 04/13/2020 Country: China
Meeting Type: Special
Primary Security ID: Y8309D105
Ticker: 300207
Primary ISIN: CNE100001260
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve External Investment Mgmt For For
2 Approve Wholly-owned Subsidiary Provision
of Counter Guarantee to Corporate Bonds of
the Company
Mgmt
For
For
Walvax Biotechnology Co., Ltd.
Meeting Date: 04/13/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9486E106
Ticker: 300142
Primary ISIN: CNE100000WN2
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Audited Financial Report Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Walvax Biotechnology Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
6 Approve Profit Distribution Mgmt For For
7 Approve Appointment of Auditor
Mgmt
For
For
Yango Group Co., Ltd.
Meeting Date: 04/13/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2653W108
Ticker: 000671
Primary ISIN: CNE000000206
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Provision of Guarantee Mgmt For For
2 Approve Supply Chain Assets for Asset
Management
Mgmt
For
For
Zhejiang Chint Electrics Co., Ltd.
Meeting Date: 04/13/2020 Country: China
Meeting Type: Special
Primary Security ID: Y988AY103
Ticker: 601877
Primary ISIN: CNE100000KD8
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Employee Share Purchase Plan Draft
and Summary
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the terms in the ESPP is deemed not in the best interest of
shareholders.
2 Approve Management Method of Employee
Share Purchase Plan
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the terms in the ESPP is deemed not in the best interest of
shareholders.
3 Approve Authorization of the Board to Handle
All Matters Related to Employee Share
Purchase Plan
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the terms in the ESPP is deemed not in the best interest of
shareholders.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Atacadao SA
Meeting Date: 04/14/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P0565P138
Ticker: CRFB3
Primary ISIN: BRCRFBACNOR2
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at Nine Mgmt For For
4 Approve Classification of Marcelo Pavao
Lacerda and Luiz Fernando Vendramini Fleury
as Independent Directors
Mgmt For For
5 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Committee independence: A vote against is applied as LGIM expects the
Committee to be comprised of independent directors.
6 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Matthieu Dominique Marie Malige as Director
Mgmt None Abstain
8.2 Percentage of Votes to Be Assigned - Elect
Edouard Balthazard Bertrand de Chavagnac as
Director
Mgmt None Abstain
8.3 Percentage of Votes to Be Assigned - Elect
Noel Frederic Georges Prioux as Director
Mgmt None Abstain
8.4 Percentage of Votes to Be Assigned - Elect
Claire Marie Du Payrat as Director
Mgmt None Abstain
8.5 Percentage of Votes to Be Assigned - Elect
Jerome Alexis Louis Nanty as Director
Mgmt None Abstain
8.6 Percentage of Votes to Be Assigned - Elect
Eduardo Pongracz Rossi as Director
Mgmt None Abstain
8.7 Percentage of Votes to Be Assigned - Elect
Abilio dos Santos Diniz as Director
Mgmt None Abstain
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Atacadao SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8.8
Percentage of Votes to Be Assigned - Elect
Luiz Fernando Vendramini Fleury as
Independent Director
Mgmt
None
For
8.9 Percentage of Votes to Be Assigned - Elect
Marcelo Pavao Lacerda as Independent
Director
Mgmt None For
9 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
10 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Against
11 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
12 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
13 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt
Mgmt
None
None
For
For
Atacadao SA
Meeting Date: 04/14/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P0565P138
Ticker: CRFB3
Primary ISIN: BRCRFBACNOR2
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Stock Option Plan Approved at the
June 26, 2017, EGM
Mgmt For Against
Blended Rationale: A vote AGAINST this request is warranted because the overall terms of the plan do not appear to
adequately align the interests of its beneficiaries and those of the shareholders.
2 Amend Article 5 to Reflect Changes in Capital Mgmt For For
3 Amend Article 18 Re: Indemnity Provision Mgmt For For
4 Amend Articles to Comply with New
Regulations of Novo Mercado of B3
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Atacadao SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5
Approve Renumbering of Articles and
Consolidate Bylaws
Mgmt
For
For
6 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
China International Capital Corporation Limited
Meeting Date: 04/14/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1R99Y109
Ticker: 3908
Primary ISIN: CNE100002359
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Plan on the Initial Public Offering
and Listing of RMB Ordinary Shares (A
Shares)
Mgmt
For
For
2 Authorize Board to Deal with All Matters in
Relation to the Initial Public Offering and
Listing of RMB Ordinary Shares (A Shares)
Mgmt For For
3 Approve Use of Proceeds from the Initial
Public Offering and Listing of RMB Ordinary
Shares (A Shares)
Mgmt For For
4 Amend Articles of Association Mgmt For For
5 Approve Dilution of Immediate Returns
Resulting from the Initial Public Offering of
RMB Ordinary Shares (A Shares) and the
Remedial Measures
Mgmt For For
6 Approve Price Stabilization Plan of A Shares
within Three Years Following the Initial Public
Offering and Listing of RMB Ordinary Shares
(A Shares)
Mgmt For For
7 Approve Undertakings on the Information
Disclosure in the Prospectus in Connection
with the Initial Public Offering and Listing of
RMB Ordinary Shares (A Shares)
Mgmt For For
8 Approve Plan for Shareholders' Return within
Three Years Following the Initial Public
Offering and Listing of RMB Ordinary Shares
(A Shares)
Mgmt For For
9 Approve Report on the Use of Previously
Raised Proceeds
Mgmt For For
10 Approve Directors' Remuneration Package Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China International Capital Corporation Limited
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
11
Approve Supervisors' Remuneration Package
Mgmt
For
For
12 Approve Purchase of Liability Insurance for
the A Shares Prospectus
Mgmt For For
13 Amend Rules and Procedures Regarding
General Meetings of Shareholders
Mgmt For For
14 Amend Rules and Procedures Regarding
Meetings of Board of Directors
Mgmt For For
15 Amend Rules and Procedures Regarding
Meetings of Supervisory Committee
Mgmt For For
China International Capital Corporation Limited
Meeting Date: 04/14/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1R99Y109
Ticker: 3908
Primary ISIN: CNE100002359
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
CLASS MEETING FOR HOLDERS OF H SHARES
Mgmt
1 Approve Plan on the Initial Public Offering
and Listing of RMB Ordinary Shares (A
Shares)
Mgmt For For
2 Authorize Board to Deal with All Matters in
Relation to the Initial Public Offering and
Listing of RMB Ordinary Shares (A Shares)
Mgmt For For
3 Approve Use of Proceeds from the Initial
Public Offering and Listing of RMB Ordinary
Shares (A Shares)
Mgmt For For
4 Approve Dilution of Immediate Returns
Resulting from the Initial Public Offering of
RMB Ordinary Shares (A Shares) and the
Remedial Measures
Mgmt For For
5 Approve Price Stabilization Plan of A Shares
within Three Years Following the Initial Public
Offering and Listing of RMB Ordinary Shares
(A Shares)
Mgmt For For
6 Approve Undertakings on the Information
Disclosure in the Prospectus in Connection
with the Initial Public Offering and Listing of
RMB Ordinary Shares (A Shares)
Mgmt For For
7 Approve Report on the Use of Previously
Raised Proceeds
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lingyi iTech (Guangdong) Co.
Meeting Date: 04/14/2020 Country: China
Meeting Type: Special
Primary Security ID: Y446BS104
Ticker: 002600
Primary ISIN: CNE1000015L5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Credit Line Application and Provision
of Guarantee
Mgmt For For
2 Approve Financing and Provision of Guarantee Mgmt For For
Lomon Billions Group Co., Ltd.
Meeting Date: 04/14/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y3122W109
Ticker: 002601
Primary ISIN: CNE1000015M3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Allocation of Income and Dividends Mgmt For For
6 Approve Internal Control Self-Evaluation
Report
Mgmt For For
7 Approve Provision of Guarantee Mgmt For For
Tibet Summit Resources Co. Ltd.
Meeting Date: 04/14/2020 Country: China
Meeting Type: Special
Primary Security ID: Y9723V101
Ticker: 600338
Primary ISIN: CNE0000016D2
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Tibet Summit Resources Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Third Quarter Profit Distribution Mgmt For For
2 Approve to Appoint Auditor
Mgmt
For
For
Yixintang Pharmaceutical Group Co., Ltd.
Meeting Date: 04/14/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y98815106
Ticker: 002727
Primary ISIN: CNE100001WJ8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Special Report on the Deposit and
Usage of Raised Funds
Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Financial Statements Mgmt For For
7 Approve Draft and Summary of Performance
Shares Incentive Plan
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to
non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible to receive
performance shares under the scheme are involved in the administration of the scheme.
8 Approve Methods to Assess the Performance
of Plan Participants
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to
non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible to receive
performance shares under the scheme are involved in the administration of the scheme.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yixintang Pharmaceutical Group Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
9 Approve Authorization of the Board to Handle
All Related Matters
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to
non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible to receive
performance shares under the scheme are involved in the administration of the scheme.
10 Approve Adjustment to Business Scope and
Amend Articles of Association
Mgmt For For
11 Approve Use of Idle Own Funds to Purchase
Financial Products
Mgmt For For
12 Approve Comprehensive Credit Line
Application and Guarantee Provision
Mgmt For For
13 Approve Daily Related-Party Transactions Mgmt For For
Great Wall Motor Company Limited
Meeting Date: 04/15/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2882P106
Ticker: 2333
Primary ISIN: CNE100000338
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
1 Approve 2020 Restricted Share and Share SH
Option Incentive Scheme (the First Revised
Draft) of Great Wall Motor Company Limited
and Its Summary
For
Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.
2 Approve Appraisal Measures for SH
Implementation of the 2020 Restricted Share
and Share Option Incentive Scheme (Revised)
of Great Wall Motor Company Limited
For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.
3 Authorize Board to Deal with All Matters in
Relation to the 2020 Restricted Share and
Share Option Incentive Scheme of the
Company
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Great Wall Motor Company Limited
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4 Approve Expected Amount of Guarantee SH
Provided by the Company to Its Holding
Subsidiaries
For Against
Blended Rationale: A vote AGAINST this resolution is warranted due to lack of information to assess and justify the risk of the
proposed guarantees to other controlling subsidiaries.
Great Wall Motor Company Limited
Meeting Date: 04/15/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2882P106
Ticker: 2333
Primary ISIN: CNE100000338
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
CLASS MEETING FOR HOLDERS OF H SHARES
Mgmt
1 Approve 2020 Restricted Share and Share
Option Incentive Scheme (the First Revised
Draft) of Great Wall Motor Company Limited
and Its Summary
SH For For
2 Approve Appraisal Measures for
Implementation of the 2020 Restricted Share
and Share Option Incentive Scheme (Revised)
of Great Wall Motor Company Limited
SH For For
3 Authorize Board to Deal with All Matters in
Relation to the 2020 Restricted Share and
Share Option Incentive Scheme of the
Company
Mgmt For For
Haitong Securities Co. Ltd.
Meeting Date: 04/15/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2988F101
Ticker: 6837
Primary ISIN: CNE1000019K9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
ORDINARY RESOLUTION Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Haitong Securities Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Dilution of Current Returns of the
Non-Public Issuance of A Shares of the
Company and the Remedial Measures
(Second Revision Proof)
Mgmt
For
For
SPECIAL RESOLUTIONS Mgmt
1 Approve Satisfaction of the Conditions of the
Non-Public Issue of A Shares of the Company
Mgmt For For
RESOLUTIONS IN RELATION TO THE
ADJUSTMENTS TO THE NON-PUBLIC
ISSUANCE OF A SHARE OF THE COMPANY
Mgmt
2.01 Approve Class and Nominal Value of Shares
to be Issued
Mgmt For For
2.02 Approve Method and Time of the Issuance Mgmt For For
2.03 Approve Target Subscribers and Subscription
Method
Mgmt For For
2.04 Approve Number of Shares to be Issued and
Amount of Proceeds to be Raised
Mgmt For For
2.05 Approve Issuance Price and Pricing Principle Mgmt For For
2.06 Approve Use of Proceeds Mgmt For For
2.07 Approve Lock-Up Period Mgmt For For
2.08 Approve Place of Listing Mgmt For For
2.09 Approve Arrangement for the Retained Profits
of the Company Prior to the Issuance
Mgmt For For
2.10 Approve Validity Period of the Resolution Mgmt For For
3 Approve Non-Public Issue of A Shares of the
Company (Second Revision Proof)
Mgmt For For
RESOLUTIONS IN RELATION TO THE
SUPPLEMENTAL AGREEMENTS TO THE
CONDITIONAL SUBSCRIPTION AGREEMENTS
ENTERED INTO WITH THE SPECIFIC TARGET
SUBSCRIBERS
Mgmt
4.01 Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Shanghai Guosheng Group Assets Co., Ltd.
and Haitong Securities Co., Ltd.
Mgmt For For
4.02 Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Shanghai Haiyan Investment Management
Company Limited and Haitong Securities Co.,
Ltd.
Mgmt For For
4.03 Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Bright Food (Group) Co., Ltd. and Haitong
Securities Co., Ltd.
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Haitong Securities Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.04
Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Shanghai Electric (Group) Corporation and
Haitong Securities Co., Ltd.
Mgmt
For
For
5 Approve Related Party Transactions Involved
in the Company's Non-Public Issue of A
Shares
Mgmt For For
6 Authorize Board to Deal with All Matters in
Relation to the Non-Public Issue of A Shares
of the Company
Mgmt For For
Haitong Securities Co. Ltd.
Meeting Date: 04/15/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2988F101
Ticker: 6837
Primary ISIN: CNE1000019K9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Satisfaction of the Conditions of the
Non-Public Issue of A Shares of the Company
Mgmt
For
For
RESOLUTIONS IN RELATION TO THE
ADJUSTMENTS TO THE NON-PUBLIC
ISSUANCE OF A SHARE OF THE COMPANY
Mgmt
2.01 Approve Class and Nominal Value of Shares
to be Issued
Mgmt For For
2.02 Approve Method and Time of the Issuance Mgmt For For
2.03 Approve Target Subscribers and Subscription
Method
Mgmt For For
2.04 Approve Number of Shares to be Issued and
Amount of Proceeds to be Raised
Mgmt For For
2.05 Approve Issuance Price and Pricing Principle Mgmt For For
2.06 Approve Use of Proceeds Mgmt For For
2.07 Approve Lock-Up Period Mgmt For For
2.08 Approve Place of Listing Mgmt For For
2.09 Approve Arrangement for the Retained Profits
of the Company Prior to the Issuance
Mgmt For For
2.10 Approve Validity Period of the Resolution Mgmt For For
3 Approve Non-Public Issue of A Shares of the
Company (Second Revision Proof)
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Haitong Securities Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
RESOLUTIONS IN RELATION TO THE
SUPPLEMENTAL AGREEMENTS TO THE
CONDITIONAL SUBSCRIPTION AGREEMENTS
ENTERED INTO WITH THE SPECIFIC TARGET
SUBSCRIBERS
Mgmt
4.01 Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Shanghai Guosheng Group Assets Co., Ltd.
and Haitong Securities Co., Ltd.
Mgmt For For
4.02 Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Shanghai Haiyan Investment Management
Company Limited and Haitong Securities Co.,
Ltd.
Mgmt For For
4.03 Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Bright Food (Group) Co., Ltd. and Haitong
Securities Co., Ltd.
Mgmt For For
4.04 Approve Supplemental Agreement to the
Subscription Agreement Entered into Between
Shanghai Electric (Group) Corporation and
Haitong Securities Co., Ltd.
Mgmt For For
5 Approve Related Party Transactions Involved
in the Company's Non-Public Issue of A
Shares
Mgmt For For
6 Approve Dilution of Current Returns of the
Non-Public Issuance of A Shares of the
Company and the Remedial Measures
(Second Revision Proof)
Mgmt For For
7 Authorize Board to Deal with All Matters in
Relation to the Non-Public Issue of A Shares
of the Company
Mgmt For For
Hualan Biological Engineering, Inc.
Meeting Date: 04/15/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y3737H125
Ticker: 002007
Primary ISIN: CNE000001JN8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hualan Biological Engineering, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution and Capitalization
of Capital Reserves
6 Approve Use of Own Funds to Invest in
Financial Products
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
7 Approve to Appoint Auditor Mgmt For For
8 Approve Waiver of Pre-emptive Right SH For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
9.1 Elect Wang Yunlong as Independent Director Mgmt For For
9.2 Elect Liu Wanli as Independent Director Mgmt For For
Industrial Securities Co., Ltd.
Meeting Date: 04/15/2020 Country: China
Meeting Type: Special
Primary Security ID: Y3994T101
Ticker: 601377
Primary ISIN: CNE100000V95
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Amendments to Articles of
Association
Mgmt For For
2 Approve Guarantee Provision Plan Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to its subsidiary is
disproportionate to the level of ownership in the said subsidiary. The company has failed to provide any justifications in the
meeting circular.
S.F. Holding Co., Ltd.
Meeting Date: 04/15/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7T80Y105
Ticker: 002352
Primary ISIN: CNE100000L63
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
S.F. Holding Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Appointment of Auditor Mgmt For For
7 Approve External Guarantee Provision Plan Mgmt For Against
Blended Rationale: A vote AGAINST Item 7 is warranted because the level of guarantee to be provided to some of the
guaranteed entities is disproportionate to the level of ownership in the said entities. The company has failed to provide any
justifications in the meeting circular.
8 Approve Use of Own Funds to Invest in
Financial Products
Mgmt For For
9 Approve Use of Idle Raised Funds to Conduct
Cash Management
Mgmt For For
10 Approve Repurchase and Cancellation of
Performance Shares
Mgmt For For
Ultrapar Participacoes SA
Meeting Date: 04/15/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P94396127
Ticker: UGPA3
Primary ISIN: BRUGPAACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management
Mgmt For For
4.1 Elect Geraldo Toffanello as Fiscal Council
Member and Marcio Augustus Ribeiro as
Alternate
Mgmt For For
4.2 Elect Marcelo Amaral Moraes as Fiscal Council
Member and Pedro Ozires Predeus as
Alternate
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Ultrapar Participacoes SA Proposal
Number Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4.3 Elect William Bezerra Cavalcanti Filho as
Fiscal Council Member and Carlos Roberto de
Albuquerque Sa as Alternate
Mgmt
For
For
5 Approve Remuneration of Fiscal Council
Members
Mgmt For For
Ultrapar Participacoes SA
Meeting Date: 04/15/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P94396127
Ticker: UGPA3
Primary ISIN: BRUGPAACNOR8
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Article 5 to Reflect Changes in Share
Capital
Mgmt For For
AECC Aviation Power Co. Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Special
Primary Security ID: Y9730A108
Ticker: 600893
Primary ISIN: CNE000000JW1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
1.1 Elect Zhang Zi as Non-independent Director SH For For
1.2 Elect Jia Dafeng as Non-independent Director SH For For
ELECT SUPERVISOR VIA CUMULATIVE
VOTING
Mgmt
2.1 Elect Mou Xin as Supervisor SH For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Alsea SAB de CV
Meeting Date: 04/16/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P0212A104
Ticker: ALSEA
Primary ISIN: MXP001391012
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements, Statutory
Reports and Allocation of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Annual Report on Operations Carried Mgmt
by Key Board Committees
For For
3 Elect or Ratify Directors, Key Management Mgmt
and Members of Board Committees
For
For
4 Approve Remuneration of Directors, Key Mgmt
Management and Members of Board
Committees
For
For
5 Set Maximum Amount of Share Repurchase Mgmt
Reserve; Present Report on Share Repurchase
For
For
6 Authorize Company to Carry out Necessary Mgmt
Actions Due to Effects of Sanitary Emergency
(COVID-19), Including Amendments to Terms
of Commercial and Financial Operations
For
For
7 Authorize Board to Ratify and Execute Mgmt
Approved Resolutions
For
For
Assore Ltd.
Meeting Date: 04/16/2020 Country: South Africa
Primary Security ID: S07525116
Meeting Type: Special Ticker: ASR
Primary ISIN: ZAE000146932
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Special Resolutions
Mgmt
1 Approve Repurchase of the Scheme Shares Mgmt For For
2 Authorise Repurchase of the General Offer
Shares in Terms of Section 48(8) of the
Companies Act
Mgmt For For
3 Authorise Specific Repurchase of the General
Offer Shares in Terms of Paragraph 5.69(b)
of the Listings Requirements
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Assore Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Ordinary Resolution Mgmt
1 Approve Delisting of All Shares from JSE Mgmt For For
Changchun High & New Technology Industries (Group), Inc.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y1293Q109
Ticker: 000661
Primary ISIN: CNE0000007J8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Allocation of Income and
Capitalization of Capital Reserves
Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
7 Approve Appoint of Internal Control Auditor Mgmt For For
8 Approve Amendments to Articles of
Association
Mgmt For For
9 Amend Rules and Procedures Regarding
General Meetings of Shareholders
Mgmt For For
10 Amend Rules and Procedures Regarding
Meetings of Board of Supervisors
Mgmt For For
11 Amend Working System for Independent
Directors
Mgmt For For
12 Elect Zhang Yuzhi as Non-Independent
Director
SH For For
13 Approve Change of 2016 Raised Funds Usage Mgmt For For
China CSSC Holdings Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1414Q103
Ticker: 600150
Primary ISIN: CNE000000W05
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China CSSC Holdings Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Acquisition
Mgmt
For
For
2 Approve Acquisition of 12.56% Equity Mgmt For For
APPROVE AMENDMENT OF ACQUISITION BY
CASH PAYMENT AND ISSUANCE OF NEW
SHARES AS WELL AS RAISING SUPPORTING
FUNDS
Mgmt
3.1 Approve Target Subscribers SH For For
3.2 Approve Pricing Basis SH For For
3.3 Approve Lock-Up Period Arrangement SH For For
COMPANIA de Transmissao de Energia Eletrica Paulista
Meeting Date: 04/16/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P30576113
Ticker: TRPL4
Primary ISIN: BRTRPLACNPR1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Meeting for Preferred Shareholders Mgmt
1 Elect Andrea Costa Amancio Negrao as Fiscal
Council Member and Daniel Beltran Motta as
Alternate Appointed by Preferred Shareholder
2 Elect Roberto Brigido do Nascimento as
Director Appointed by Preferred Shareholder
3 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
SH
SH
Mgmt
None
None
None
For
For
For
CSG Holding Co., Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1R16V105
Ticker: 200012
Primary ISIN: CNE0000002M3
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
CSG Holding Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF B SHARES
Mgmt
1 Approve Company's Eligibility for Private
Placement of Shares
Mgmt For For
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
2.1 Approve Share Type and Par Value Mgmt For For
2.2 Approve Issue Manner Mgmt For For
2.3 Approve Target Subscribers and Subscription
Method
Mgmt For For
2.4 Approve Pricing Principle and Issue Price Mgmt For For
2.5 Approve Issue Size Mgmt For For
2.6 Approve Lock-up Period Mgmt For For
2.7 Approve Amount and Use of Proceeds Mgmt For For
2.8 Approve Distribution Arrangement of
Cumulative Earnings
Mgmt For For
2.9 Approve Resolution Validity Period Mgmt For For
2.10 Approve Listing Exchange Mgmt For For
3 Approve Plan on Private Placement of Shares Mgmt For For
4 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
5 Approve the Notion that the Company Does
Not Need to Prepare Report on the Usage of
Previously Raised Funds
Mgmt For For
6 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
7 Approve Shareholder Return Plan Mgmt For For
8 Approve Authorization of Board to Handle All
Related Matters
Mgmt For For
FangDa Carbon New Material Co., Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Special
Primary Security ID: Y51720103
Ticker: 600516
Primary ISIN: CNE000001CC6
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
FangDa Carbon New Material Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Related Party Transactions Mgmt For For
Foshan Haitian Flavouring & Food Co., Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y23840104
Ticker: 603288
Primary ISIN: CNE100001SL2
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Financial Budget Report Mgmt For For
6 Approve Profit Distribution and Capitalization
of Capital Reserves
Mgmt For For
7 Approve Remuneration of Director and
Supervisors
Mgmt For For
8 Approve to Appoint Auditor Mgmt For For
9 Approve Use of Idle Funds for Entrusted
Asset Management
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
10 Approve Amendments to Articles of
Association
Mgmt For For
Jiangsu Hengrui Medicine Co., Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y4446S105
Ticker: 600276
Primary ISIN: CNE0000014W7
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Jiangsu Hengrui Medicine Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Allocation of Income and Dividends Mgmt For For
6 Approve Appointment of Auditor and Internal
Control Auditor as well as Fix Remuneration
Mgmt For For
7 Amend Articles of Association Mgmt For For
8 Approve Remuneration of Independent
Directors
Mgmt For For
Shanghai Putailai New Energy Technology Co., Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7T892106
Ticker: 603659
Primary ISIN: CNE100002TX3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Appointment of Auditor Mgmt For For
7 Approve Company's Eligibility for Private
Placement of Shares
Mgmt For For
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
8.1 Approve Share Type and Par Value Mgmt For For
8.2 Approve Issue Manner and Issue Time Mgmt For For
8.3 Approve Issue Size and Amount of Raised
Funds
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Putailai New Energy Technology Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8.4
Approve Target Subscribers and Subscription
Method
Mgmt
For
For
8.5 Approve Pricing Reference Date, Issue Price
and Pricing Principle
Mgmt For For
8.6 Approve Use of Proceeds Mgmt For For
8.7 Approve Lock-up Period Mgmt For For
8.8 Approve Listing Exchange Mgmt For For
8.9 Approve Distribution Arrangement of
Cumulative Earnings
Mgmt For For
8.10 Approve Resolution Validity Period Mgmt For For
9 Approve Plan on Private Placement of Shares Mgmt For For
10 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
11 Approve Report on the Usage of Previously
Raised Funds
Mgmt For For
12 Approve Signing of Conditional Share
Subscription Agreement and Equity Transfer
Agreement
Mgmt For For
13 Approve Related Party Transactions in
Connection to Private Placement
Mgmt For For
14 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
15 Approve Shareholder Return Plan Mgmt For For
16 Approve Independence of Appraiser, the
Validity of Hypothesis, the Relevance of
Valuation Purpose and Approach
Mgmt For For
17 Approve Authorization of Board and Its
Authorized Person to Handle All Related
Matters
Mgmt For For
Tsingtao Brewery Co., Ltd.
Meeting Date: 04/16/2020 Country: China
Meeting Type: Special
Primary Security ID: Y8997D102
Ticker: 168
Primary ISIN: CNE1000004K1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Tsingtao Brewery Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Elect Shi Kun as Director Mgmt For For
2 Approve Amendments to Articles of
Association to Expand Business Scope
Mgmt
For
For
Beijing New Building Materials Public Co., Ltd.
Meeting Date: 04/17/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y07708103
Ticker: 000786
Primary ISIN: CNE000000QS4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Allocation of Income and Dividends Mgmt For For
5 Approve Payment of Remuneration and
Appointment of Auditor
Mgmt For For
6 Approve Daily Related-Party Transactions Mgmt For For
7 Approve Credit Line Application Mgmt For For
8 Approve Provision of Guarantee Mgmt For For
9 Approve Issuance of Debt Financing
Instruments
Mgmt For For
10 Approve Financial Services Agreement Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
11 Approve Report of the Board of Supervisors Mgmt For For
Fujian Sunner Development Co., Ltd.
Meeting Date: 04/17/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2655H109
Ticker: 002299
Primary ISIN: CNE100000G78
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Fujian Sunner Development Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
7 Approve Application of Bank Credit Lines Mgmt For For
8 Approve Related Party Transactions Mgmt For For
9 Approve Remuneration of Directors,
Supervisors and Senior Management
Mgmt For For
10 Approve Use of Idle Own Funds to Invest in
Entrusted Financial Products
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
11 Approve Increase in Registered Capital and
Amend Articles of Association
Mgmt For For
Jiangsu Zhongnan Construction Group Co., Ltd.
Meeting Date: 04/17/2020 Country: China
Meeting Type: Special
Primary Security ID: Y4451G103
Ticker: 000961
Primary ISIN: CNE0000011P7
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Provision of Loan Mgmt For For
2 Approve Provision of Guarantee
Mgmt
For
For
3 Approve Issuance of Debt Financing
Instruments
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Zhejiang Huayou Cobalt Co., Ltd.
Meeting Date: 04/17/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9898D100
Ticker: 603799
Primary ISIN: CNE100001VW3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve 2019 Review of Related Party
Transactions
Mgmt For For
6 Approve 2020 Daily Related Party
Transactions
Mgmt For For
7 Approve Profit Distribution Mgmt For For
8 Approve Remuneration of Directors,
Supervisors and Senior Management Members
Mgmt For For
9 Approve Appointment of Auditor Mgmt For For
10 Approve 2020 Financing Credit Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed borrowing is considered excessive and may add to the
company's financial burden, which is deemed not in the best interests of shareholders.
11 Approve Provision of Guarantee Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of its subsidiaries is
disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the
meeting circular.
12 Approve Issuance of Non-financial Corporate
Debt Financing Instruments
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted due to lack of disclosure on the pertinent details of the proposal.
13 Approve Forward Foreign Exchange
Transactions, Currency Swaps, Foreign
Exchange Options and Other Business
Transactions
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted because the purpose of the proposed derivative transactions has not been
disclosed as of the date of this analysis.
14 Approve Report of the Independent Directors Mgmt For For
15 Approve Acceptance of Financial Assistance
from Related Parties
Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Zhejiang Huayou Cobalt Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
16.1 Elect Chen Xuehua as Non-Independent
Director
Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
16.2 Elect Chen Hongliang as Non-Independent
Director
Mgmt For For
16.3 Elect Fang Qixue as Non-Independent
Director
Mgmt For For
16.4 Elect Qian Xiaoping as Non-Independent
Director
Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
17.1 Elect Zhu Guang as Independent Director Mgmt For For
17.2 Elect Yu Weiping as Independent Director Mgmt For For
17.3 Elect Qian Bolin as Independent Director Mgmt For For
ELECT SUPERVISOR VIA CUMULATIVE
VOTING
Mgmt
18.1 Elect Yuan Zhong as Supervisor Mgmt For For
Zhongjin Gold Corp. Ltd.
Meeting Date: 04/17/2020 Country: China
Meeting Type: Special
Primary Security ID: Y9890R107
Ticker: 600489
Primary ISIN: CNE000001FM8
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT NON-INDEPENDENT DIRECTOR VIA
CUMULATIVE VOTING
1.1 Elect Lu Jin as Non-independent Director
Mgmt
SH
For
For
China Minsheng Banking Corp., Ltd.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1495M112
Ticker: 1988
Primary ISIN: CNE100000HF9
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China Minsheng Banking Corp., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
1 Approve Postponement of the Change of
Session of the Board of Directors
2 Approve Postponement of the Change of
Session of the Supervisory Board
Mgmt
Mgmt
For
For
For
For
China Minsheng Banking Corp., Ltd.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1495M112
Ticker: 1988
Primary ISIN: CNE100000HF9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF A SHARES Mgmt
1 Approve Postponement of the Change of
Session of the Board of Directors
2 Approve Postponement of the Change of
Session of the Supervisory Board
Mgmt
Mgmt
For
For
For
For
Dawning Information Industry Co., Ltd.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2022K108
Ticker: 603019
Primary ISIN: CNE100001TW7
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Annual Report and Summary Mgmt For For
2 Approve Profit Distribution
Mgmt
For
For
3 Approve Application of Comprehensive Bank
Credit Lines
4 Approve Daily Related Party Transactions
Mgmt
Mgmt
For
For
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Dawning Information Industry Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5
Approve Financial Statements and Financial
Budget Report
Mgmt
For
For
6 Approve Appointment of Auditor Mgmt For For
7 Approve Report of the Board of Directors Mgmt For For
8 Approve Report of the Board of Supervisors Mgmt For For
9 Amend Articles of Association Mgmt For For
ELECT NON-INDEPENDENT DIRECTOR VIA
CUMULATIVE VOTING
Mgmt
10.1 Elect Li Guojie as Non-Independent Director Mgmt For For
10.2 Elect Xu Zhiwei as Non-Independent Director Mgmt For For
10.3 Elect Li Jun as Non-Independent Director Mgmt For For
10.4 Elect Xu Wenchao as Non-Independent
Director
Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to
comprise independent directors.
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
11.1 Elect Liu Feng as Independent Director Mgmt For For
11.2 Elect Chen Lei as Independent Director Mgmt For For
11.3 Elect Yan Bingqi as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
12.1 Elect Yin Yuli as Supervisor Mgmt For For
12.2 Elect Fang Xinwo as Supervisor Mgmt For For
GigaDevice Semiconductor (Beijing), Inc.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y270BL103
Ticker: 603986
Primary ISIN: CNE1000030S9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Report of the Board of Directors Mgmt For For
2 Approve Report of the Board of Supervisors
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
GigaDevice Semiconductor (Beijing), Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3
Approve Financial Statements
Mgmt
For
For
4 Approve Profit Distribution Mgmt For For
5 Approve Special Report on the Deposit and
Usage of Raised Funds
Mgmt For For
6 Approve Annual Report and Summary Mgmt For For
7 Approve Use of Idle Raised Funds to Conduct
Cash Management
Mgmt For For
8 Approve Use of Idle Own Funds to Conduct
Cash Management
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
9 Approve Daily Related-Party Transaction
Framework Agreement and Relevant Daily
Related-Party Transaction Limits
Mgmt For For
10 Elect Cheng Taiyi as Non-Independent
Director
SH For For
11 Approve Change of Registered Capital and
Amend Articles of Association
Mgmt For For
12 Approve Report on the Usage of Previously
Raised Funds
SH For For
GRG Banking Equipment Co., Ltd.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2889S103
Ticker: 002152
Primary ISIN: CNE100000650
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Special Report on the Deposit and
Usage of Raised Funds
Mgmt For For
7 Approve to Appoint Auditor Mgmt For For
8 Approve Provision for Asset Impairment Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
GRG Banking Equipment Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
9 Approve Guarantee Provision Plan Mgmt For For
10 Elect Zhang Xiaoli as Supervisor
Mgmt
For
For
Jinyu Bio-Technology Co., Ltd.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y4085H105
Ticker: 600201
Primary ISIN: CNE000000Y37
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Report of the Board of Directors Mgmt For For
2 Approve Report of the Board of Supervisors
Mgmt
For
For
3 Approve Annual Report and Summary
Mgmt
For
For
4 Approve Financial Statements
Mgmt
For
For
5 Approve Allocation of Income and
Capitalization of Capital Reserves
6 Approve Report of the Independent Directors
Mgmt
Mgmt
For
For
For
For
7 Approve Provision of Guarantee
Mgmt
For
For
8 Approve to Appoint Auditor
Mgmt
For
For
9 Approve Amendment of Work Regulations of
Board of Directors
Mgmt
For
For
Neoenergia SA
Meeting Date: 04/20/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P7133Y111
Ticker: NEOE3
Primary ISIN: BRNEOEACNOR3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Neoenergia SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Approve Capital Budget Mgmt For For
4 Ratify Election of Directors
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
5.1 Elect Francesco Gaudio as Fiscal Council
Member and Jose Antonio Lamenza as
Alternate
Mgmt For For
5.2 Elect Eduardo Valdes Sanchez as Fiscal
Council Member and Glaucia Janice Nitsche as
Alternate
Mgmt For For
5.3 Elect Joao Guilherme Lamenza as Fiscal
Council Member and Antonio Carlos Lopes as
Alternate
Mgmt For For
5.4 Elect Iara Pasian as Fiscal Council Member
and Paulo Mauricio Mantuano de Lima as
Alternate
Mgmt For For
6 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
Neoenergia SA
Meeting Date: 04/20/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P7133Y111
Ticker: NEOE3
Primary ISIN: BRNEOEACNOR3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Long-Term Incentive Plan Mgmt For Against
Blended Rationale: A vote AGAINST this request is warranted because the proposed plan does not appear to adequately align
the interests of its beneficiaries and those of the shareholders.
2 Amend Articles and Consolidate Bylaws Mgmt For For
TCL Technology Group Corp.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y8549C107
Ticker: 000100
Primary ISIN: CNE000001GL8
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
TCL Technology Group Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Report Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Appointment of Auditor Mgmt For For
6 Approve Profit Distribution Mgmt For For
7 Approve Shareholder Dividend Return Plan Mgmt For For
8 Approve Daily Related Party Transactions Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted because the benefit of the proposal is unclear and
it may expose the company to unnecessary risks.
9 Approve Guarantee Provision Plan Mgmt For For
10 Approve Related Party Transaction in
Connection to Provision of Financial Services
and Renewed Financial Services Agreement
Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted because the benefit of the proposal is unclear and
it may expose the company to unnecessary risks.
11 Approve Repurchase and Cancellation of
Performance Shares
Mgmt For For
Yintai Gold Co., Ltd.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y1584S103
Ticker: 000975
Primary ISIN: CNE0000012L4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Report of the Independent Directors Mgmt For For
6 Approve Profit Distribution Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yintai Gold Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
7 Approve Use of Own Idle Funds to Invest in
Entrusted Financial Products
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
8 Approve Appointment of Auditor Mgmt For For
Yonyou Network Technology Co., Ltd.
Meeting Date: 04/20/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9042R104
Ticker: 600588
Primary ISIN: CNE0000017Y6
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Cash Dividend Distribution from
Capital Reserve
Mgmt For For
6 Approve Annual Report and Summary Mgmt For For
7 Approve to Appoint Auditor Mgmt For For
8 Approve Appointment of Internal Control
Auditor
Mgmt For For
9 Approve 2019 Remuneration of Directors and
2020 Remuneration Plan
Mgmt For For
10 Approve 2019 Remuneration of Supervisors
and 2020 Remuneration Plan
Mgmt For For
11 Approve Change in Registered Capital Mgmt For For
12 Amend Articles of Association Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
13.1 Elect Wang Wenjing as Non-Independent
Director
Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to
comprise independent directors.Diversity: A vote against is applied as LGIM expects a company to have a diverse board,
including at least one woman. We expect companies to increase female participation both on the board and in leadership
positions over time.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yonyou Network Technology Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
13.2 Elect Guo Xinping as Non-Independent
Director
Mgmt For Against
Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of independent
directors.
13.3 Elect Wu Zhengping as Non-Independent Mgmt
Director
13.4 Elect Chen Qiangbing as Non-Independent Mgmt
Director
For
For
For
For
ELECT INDEPENDENT DIRECTORS VIA Mgmt
CUMULATIVE VOTING
14.1 Elect Zhang Weiguo as Independent Director Mgmt For
For
14.2 Elect Zhou Jian as Independent Director Mgmt For
For
14.3 Elect Wang Feng as Independent Director Mgmt For
For
ELECT SUPERVISORS VIA CUMULATIVE Mgmt
VOTING
15.1 Elect Zhang Ke as Supervisor SH For
For
15.2 Elect Gao Zhiyong as Supervisor SH For
For
Angel Yeast Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Primary Security ID: Y3746S104
Meeting Type: Annual Ticker: 600298
Primary ISIN: CNE0000014G0
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements and Financial
Budget Report
Mgmt For For
5 Approve Report of the Independent Directors Mgmt For For
6 Approve Profit Distribution Mgmt For For
7 Approve to Appoint Auditor Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Angel Yeast Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
8 Approve Provision of Guarantee Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of its subsidiaries is
disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the meeting circular.
9 Approve Finance Lease Mgmt For For
10 Approve Foreign Exchange Risk and Interest
Rate Risk Management Business and
Establishment of Related Business
Management Systems
Mgmt For For
11 Approve Issuance of Debt Financing
Instruments
Mgmt For For
12 Approve Bill Pool Business Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details for shareholder to
effectively assess the associated risks.
13 Approve Establishment of Anqi Niute Co., Ltd. Mgmt For For
14 Approve Yeast Technical Transformation
Project
Mgmt For For
15 Approve Amendments to Articles of
Association
Mgmt For For
16 Approve Management System for
Remuneration of Director and Senior
Management Member
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped either as a
percentage of salary or a fixed number of shares.
17 Approve Remuneration Assessment Plan of
Directors and Senior Management Members
Mgmt For For
18 Approve Implementation of Enterprise
Annuities
Mgmt For For
19 Approve Internal Control Evaluation Report Mgmt For For
20 Approve Social Responsibility Report Mgmt For For
AVIC Jonhon Optronic Technology Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y14228103
Ticker: 002179
Primary ISIN: CNE1000007T5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Report of the Board of Directors Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
AVIC Jonhon Optronic Technology Co., Ltd. Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
Approve Report of the Board of Supervisors
Mgmt
For
For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Daily Related Party Transactions Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
6 Approve Annual Report and Summary Mgmt For For
7 Approve Financial Budget Mgmt For For
8 Approve Appointment of Auditor Mgmt For For
9 Approve Repurchase and Cancellation of
Performance Shares
Mgmt For For
10 Approve Amendments to Articles of
Association
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed articles amendments are not considered to adequately
provide for accountability and transparency to shareholders
11 Approve Shareholder Return Plan Mgmt For For
12 Amend Asset Write-off Management System
Mgmt
For
For
Chongqing Fuling Zhacai Group Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y1588V102
Ticker: 002507
Primary ISIN: CNE100000WX1
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Financial Budget Report Mgmt For For
6 Approve Allocation of Income and Dividends Mgmt For For
7 Approve to Appoint Auditor Mgmt For For
8 Elect Li Jing as Non-independent Director SH For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Citic Pacific Special Steel Group Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2022S101
Ticker: 000708
Primary ISIN: CNE0000008J6
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Allocation of Income and Dividends Mgmt For For
5 Approve Payment of Remuneration of
Financial and Internal Control Auditor
Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
7 Approve Financial Statements Mgmt For For
8 Approve Adjustment of Allowance of
Independent Directors
Mgmt For For
9 Approve Deposit and Loan Transactions with
CITIC Bank
Mgmt For For
10 Approve Related Party Transaction on Selling
of Pelletized Ore and Related Transactions
Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
11.1 Elect Qian Gang as Non-independent Director Mgmt For For
11.2 Elect Guo Wenliang as Non-independent
Director
Mgmt For For
11.3 Elect Luan Zhenjun as Non-independent
Director
Mgmt For For
11.4 Elect Guo Jiahua as Non-independent Director Mgmt For For
11.5 Elect Li Guozhong as Non-independent
Director
Mgmt For For
11.6 Elect Wang Wenjin as Non-independent
Director
Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
12.1 Elect Zhang Yue as Independent Director Mgmt For For
12.2 Elect Hou Degen as Independent Director Mgmt For For
12.3 Elect Zhu Zhenghong as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Citic Pacific Special Steel Group Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
13.1 Elect Jia Jinghong as Supervisor Mgmt For For
13.2 Elect Guo Peifeng as Supervisor
Mgmt
For
For
13.3 Elect Huang Jianghai as Supervisor
Mgmt
For
For
Hua Xia Bank Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Special
Primary Security ID: Y37467118
Ticker: 600015
Primary ISIN: CNE000001FW7
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT NON-INDEPENDENT DIRECTORS AND
INDEPENDENT DIRECTORS VIA CUMULATIVE
VOTING
1.1 Elect Wang Hongjun as Non-independent
Director
Mgmt
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
1.2 Elect Zou Libin as Non-independent Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
1.3 Elect Luo Qianyi as Non-independent Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
1.4 Elect Ma Xiaoyan as Non-independent
Director
Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
1.5 Elect Xie Yiqun as Non-independent Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
1.6 Elect Zhang Wei as Non-independent Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
1.7 Elect Zou Xiulian as Non-independent Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hua Xia Bank Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.8 Elect Li Minji as Non-independent Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
1.9 Elect Zhang Jianhua as Non-independent
Director
Mgmt For For
1.10 Elect Guan Wenjie as Non-independent
Director
Mgmt For For
1.11 Elect Wang Yiping as Non-independent
Director
Mgmt For For
1.12 Elect Song Jiqing as Non-independent
Director
Mgmt For For
1.13 Elect Ding Yi as Independent Director Mgmt For For
1.14 Elect Guo Qingwang as Independent Director Mgmt For For
1.15 Elect Zhao Hong as Independent Director Mgmt For For
1.16 Elect Gong Zhiqiang as Independent Director Mgmt For For
1.17 Elect Lv Wendong as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
2.1 Elect Hua Shiguo as Supervisor Mgmt For For
2.2 Elect Ding Shaohua as Supervisor Mgmt For For
2.3 Elect Lin Xin as Supervisor Mgmt For For
2.4 Elect Wu Changqi as Supervisor Mgmt For For
2.5 Elect Ma Yuanju as Supervisor Mgmt For For
2.6 Elect Zhu Xiaofang as Supervisor Mgmt For For
2.7 Elect Zhao Xijun as Supervisor Mgmt For For
3 Approve Amendments to Articles of
Association
Mgmt For For
4 Approve Formulation of Remuneration
Measures of Directors
Mgmt For For
5 Approve Formulation of Remuneration
Measures of Supervisors
Mgmt For For
6 Approve Formulation of Equity Management
Measures
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted due to lack of disclosure.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Huaibei Mining Holdings Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y013A7109
Ticker: 600985
Primary ISIN: CNE000001HH4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Financial Statements and Financial
Budget
Mgmt For For
3 Approve Allocation of Income and Dividends Mgmt For For
4 Approve Report of the Board of Directors Mgmt For For
5 Approve Report of the Board of Supervisors Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
7 Approve Related Party Transaction Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
8 Approve Application of Credit Lines Mgmt For For
9 Approve Capital Increase in Financial
Company
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted because the proposed capital injection into a group finance company may
expose the company to unnecessary risks.
10 Approve Financial Service Agreement Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted because the benefit of the proposal is unclear and
it may expose the company to unnecessary risks.
11 Approve Company's Eligibility for Corporate
Bond Issuance
Mgmt For For
APPROVE CORPORATE BOND ISSUANCE Mgmt
12.1 Approve Issue Scale Mgmt For For
12.2 Approve Par Value and Issue Price Mgmt For For
12.3 Approve Bond Period Mgmt For For
12.4 Approve Bond Interest Rate and
Determination Manner
Mgmt For For
12.5 Approve Issue Manner Mgmt For For
12.6 Approve Special Bond Provisions Mgmt For For
12.7 Approve Usage of Raised Funds Mgmt For For
12.8 Approve Target Parties Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Huaibei Mining Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
12.9
Approve Underwriting Method and Listing
Arrangement
Mgmt
For
For
12.10 Approve Guarantee Arrangement Mgmt For For
12.11 Approve Safeguard Measures of Debts
Repayment
Mgmt For For
12.12 Approve Resolution Validity Period Mgmt For For
13 Approve Authorization of the Board to Handle
All Related Matters
Mgmt For For
ELECT SUPERVISOR VIA CUMULATIVE
VOTING
Mgmt
14.1 Elect Ma Xiangdong as Supervisor SH For For
Hundsun Technologies, Inc.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Special
Primary Security ID: Y3041V109
Ticker: 600570
Primary ISIN: CNE000001GD5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT INDEPENDENT DIRECTOR VIA
CUMULATIVE VOTING
1.1 Elect Wang Xiangyao as Independent Director
Mgmt
Mgmt
For
For
Lepu Medical Technology (Beijing) Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y52384107
Ticker: 300003
Primary ISIN: CNE100000H44
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lepu Medical Technology (Beijing) Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4
Approve Profit Distribution
Mgmt
For
For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Allowance of Directors Mgmt For For
7 Approve Allowance of Supervisors Mgmt For For
8 Approve Appointment of Auditor Mgmt For For
9 Approve Company's Eligibility for Private
Placement of Shares
Mgmt For For
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
10.1 Approve Share Type and Par Value Mgmt For For
10.2 Approve Issuance Manner Mgmt For For
10.3 Approve Target Subscribers and Subscription
Method
Mgmt For For
10.4 Approve Issue Size Mgmt For For
10.5 Approve Issue Price and Pricing Principles Mgmt For For
10.6 Approve Usage of Raised Funds Mgmt For For
10.7 Approve Lock-up Period Mgmt For For
10.8 Approve Distribution Arrangement of
Undistributed Earnings
Mgmt For For
10.9 Approve Listing Exchange Mgmt For For
10.10 Approve Resolution Validity Period Mgmt For For
11 Approve Plan on Private Placement of Shares Mgmt For For
12 Approve Demonstration Analysis Report in
Connection to Private Placement
Mgmt For For
13 Approve Feasibility Analysis Report on the
Intended Usage of Raised Funds
Mgmt For For
14 Approve Report on the Usage of Previously
Raised Funds
Mgmt For For
APPROVE INTRODUCTION OF STRATEGIC
INVESTORS
Mgmt
15.1 Approve Signing of Conditional Share
Subscription Agreement and Strategic
Cooperation Agreement with Guoxin
Investment Co., Ltd.
Mgmt For For
15.2 Approve Signing of Conditional Share
Subscription Agreement and Strategic
Cooperation Agreement with Guoxin Central
Enterprise Operation (Guangzhou)
Investment Fund (Limited Partnership)
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lepu Medical Technology (Beijing) Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
15.3
Approve Signing of Conditional Share
Subscription Agreement and Strategic
Cooperation Agreement with Government of
Singapore Investment Corporation (GIC
Private Limited)
Mgmt
For
For
15.4 Approve Signing of Conditional Share
Subscription Agreement and Strategic
Cooperation Agreement with Runhui
Investment Management Hong Kong Limited
Mgmt For For
15.5 Approve Signing of Conditional Share
Subscription Agreement and Strategic
Cooperation Agreement with Qingdao Minhe
Zhiwei Investment Center (Limited
Partnership)
Mgmt For For
15.6 Approve Signing of Conditional Share
Subscription Agreement and Strategic
Cooperation Agreement with Suzhou Yipu
Suxu Investment Partnership (Limited
Partnership)
Mgmt For For
15.7 Approve Signing of Conditional Share
Subscription Agreement and Strategic
Cooperation Agreement with Shenzhen
Capital Group Co., Ltd.
Mgmt For For
16 Approve Authorization of Board to Handle All
Related Matters
Mgmt For For
17 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
18 Approve Shareholder Return Plan Mgmt For For
ELECT INDEPENDENT DIRECTOR Mgmt
19.1 Elect Wang Lihua as Independent Director Mgmt For For
20 Approve Capital Injection and Waiver of
Pre-emptive Right as well as Related Party
Transactions
SH For For
Red Star Macalline Group Corporation Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Special
Primary Security ID: Y7S99R100
Ticker: 1528
Primary ISIN: CNE100001ZS2
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Red Star Macalline Group Corporation Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1 Approve 2020 Share Option Incentive Scheme
of Red Star Macalline Group Corporation Ltd.
(Draft) and Its Summary
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
2 Approve Assessment Measures in Respect of
the the Implementation of the 2020 Share
Option Incentive Scheme
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
3 Authorize Board to Deal with All Matters in
Relation to the 2020 Share Option Incentive
Scheme
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
4 Approve Grant of Options and Issuance of
Shares Under the 2020 Share Option
Incentive Scheme
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
Red Star Macalline Group Corporation Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Special
Primary Security ID: Y7S99R100
Ticker: 1528
Primary ISIN: CNE100001ZS2
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
CLASS MEETING FOR HOLDERS OF H SHARES Mgmt
1 Approve 2020 Share Option Incentive Scheme
of Red Star Macalline Group Corporation Ltd.
(Draft) and Its Summary
Mgmt
For
Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Red Star Macalline Group Corporation Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2 Approve Assessment Measures in Respect of
the Implementation of the 2020 Share Option
Incentive Scheme
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
3 Authorize Board to Deal with All Matters in
Relation to the 2020 Share Option Incentive
Scheme
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
4 Approve Grant of Options and Issuance of
Shares Under 2020 the Share Option
Incentive Scheme
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be
measured over at least a 3 year performance period.A vote AGAINST these resolutions is warranted given that the directors
eligible to receive options under the proposed scheme are involved in the administration of the scheme.
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7686Q119
Ticker: 900932
Primary ISIN: CNE000000HH6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
EGM BALLOT FOR HOLDERS OF A SHARES
Mgmt
1 Approve Annual Report and Summary Mgmt For For
2 Approve Report of the Board of Directors,
Work Report and Work Plan Report
Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Report of the Independent Directors Mgmt For For
5 Approve Financial Statements Mgmt For For
6 Approve Financial Budget Mgmt For For
7 Approve Financing Amount Mgmt For For
8 Approve Allocation of Income and Dividends Mgmt For For
9 Approve Accept Loans from Controlling
Shareholder
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
10 Approve Related Party Transaction Mgmt For For
11 Approve to Appoint Financial Auditor and
Internal Control Auditor
Mgmt For For
12 Approve Remuneration of Directors and
Supervisors
Mgmt For For
13 Approve Shareholder Return Plan Mgmt For For
14 Approve Change in Registered Capital and
Amend Articles of Association
Mgmt For For
15 Approve Company's Eligibility for Corporate
Bond Issuance
Mgmt For For
APPROVE ISSUANCE OF CORPORATE BONDS Mgmt
16.1 Approve Issue Scale Mgmt For For
16.2 Approve Par Value and Issue Price Mgmt For For
16.3 Approve Issue Type and Period Mgmt For For
16.4 Approve Target Parties Mgmt For For
16.5 Approve Bond Interest Rate and
Determination Manner
Mgmt For For
16.6 Approve Guarantee Arrangement Mgmt For For
16.7 Approve Redemption and Resale Terms Mgmt For For
16.8 Approve Usage of Raised Funds Mgmt For For
16.9 Approve Issue Manner Mgmt For For
16.10 Approve Listing Location Mgmt For For
16.11 Approve Underwriter and Underwriting
Method
Mgmt For For
16.12 Approve Safeguard Measures of Debts
Repayment
Mgmt For For
16.13 Approve Resolution Validity Period Mgmt For For
17 Approve Authorization of the Board to Handle
All Related Matters
Mgmt For For
18 Elect Guo Rong as Non-independent Director Mgmt For For
19 Elect Li Minkun as Supervisor SH For For
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7686Q119
Ticker: 900932
Primary ISIN: CNE000000HH6
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF B SHARES
Mgmt
1 Approve Annual Report and Summary Mgmt For For
2 Approve Report of the Board of Directors,
Work Report and Work Plan Report
Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Report of the Independent Directors Mgmt For For
5 Approve Financial Statements Mgmt For For
6 Approve Financial Budget Mgmt For For
7 Approve Financing Amount Mgmt For For
8 Approve Allocation of Income and Dividends Mgmt For For
9 Approve Accept Loans from Controlling
Shareholder
Mgmt For For
10 Approve Related Party Transaction Mgmt For For
11 Approve to Appoint Financial Auditor and
Internal Control Auditor
Mgmt For For
12 Approve Remuneration of Directors and
Supervisors
Mgmt For For
13 Approve Shareholder Return Plan Mgmt For For
14 Approve Change in Registered Capital and
Amend Articles of Association
Mgmt For For
15 Approve Company's Eligibility for Corporate
Bond Issuance
Mgmt For For
APPROVE ISSUANCE OF CORPORATE BONDS Mgmt
16.1 Approve Issue Scale Mgmt For For
16.2 Approve Par Value and Issue Price Mgmt For For
16.3 Approve Issue Type and Period Mgmt For For
16.4 Approve Target Parties Mgmt For For
16.5 Approve Bond Interest Rate and
Determination Manner
Mgmt For For
16.6 Approve Guarantee Arrangement Mgmt For For
16.7 Approve Redemption and Resale Terms Mgmt For For
16.8 Approve Usage of Raised Funds Mgmt For For
16.9 Approve Issue Manner Mgmt For For
16.10 Approve Listing Location Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Lujiazui Finance & Trade Zone Development Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
16.11 Approve Underwriter and Underwriting
Method
Mgmt For For
16.12 Approve Safeguard Measures of Debts
Repayment
Mgmt For For
16.13 Approve Resolution Validity Period Mgmt For For
17 Approve Authorization of the Board to Handle
All Related Matters
Mgmt For For
18 Elect Guo Rong as Non-independent Director Mgmt For For
19 Elect Li Minkun as Supervisor SH For For
Shengyi Technology Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y20965102
Ticker: 600183
Primary ISIN: CNE000000XL5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Financial Statements
Mgmt
For
For
2 Approve Profit Distribution Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Report of the Board of Directors Mgmt For For
5 Approve Report of the Board of Supervisors Mgmt For For
6 Approve Report of the Independent Directors Mgmt For For
7 Approve Appointment of Auditor and Payment
of Remuneration
Mgmt For For
8 Approve Appointment of Internal Control
Auditor and Payment of Remuneration
Mgmt For For
APPROVE DAILY RELATED-PARTY
TRANSACTIONS
Mgmt
9.1 Approve Daily Related-Party Transactions with
Yangzhou Tianqi, Dongguan Wanrong, Miluo
Wanrong and Yongxing Pengkun
Mgmt For For
9.2 Approve Daily Related-Party Transactions with
Lianrui New Materials
Mgmt For For
10 Approve Issuance of Medium-term Notes Mgmt For For
11 Approve Authorization of the Board to Handle
All Related Matters
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yunnan Baiyao Group Co., Ltd.
Meeting Date: 04/21/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9879F108
Ticker: 000538
Primary ISIN: CNE0000008X7
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Appointment of Auditor and Internal
Control Auditor
Mgmt For For
7 Approve Draft and Summary of Stock Option
Incentive Plan
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the award of incentive remuneration to non-executive directors
may impair their independence.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to
be measured over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any
holding period to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive options
under the scheme are involved in the administration of the scheme.
8 Approve Assessment and Management
Measures of the Stock Option Incentive Plan
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the award of incentive remuneration to non-executive directors
may impair their independence.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to
be measured over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any
holding period to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive options
under the scheme are involved in the administration of the scheme.
9 Approve Company Shares Repurchase to
Implement Employee Incentive Plan
Mgmt For For
10 Approve Authorization of Board to Handle All
Matters Related to the Stock Option Incentive
Plan
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the award of incentive remuneration to non-executive directors
may impair their independence.Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to
be measured over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any
holding period to align with long-term value creation.A vote AGAINST is warranted because directors eligible to receive options
under the scheme are involved in the administration of the scheme.
11 Approve Authorize Board to Deal with All
Matters in Relation to the Share Repurchase
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
BB Seguridade Participacoes SA
Meeting Date: 04/22/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P1R1WJ103
Ticker: BBSE3
Primary ISIN: BRBBSEACNOR5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Article 1 Mgmt For For
2 Amend Articles Re: Chapter IV
Mgmt
For
Against
Blended Rationale: A vote AGAINST this request is warranted because the company has failed to present a compelling rationale
for the proposed amendments.
3 Amend Articles Re: Chapter V Mgmt For For
4 Amend Articles Re: Chapter VI Mgmt For For
5 Amend Articles Re: Chapter VII Mgmt For For
6 Amend Article 35 Mgmt For For
7 Amend Article 36 Mgmt For For
8 Amend Article 37 Mgmt For For
9 Amend Articles Re: Chapter XI Mgmt For For
Glodon Co., Ltd.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2726S100
Ticker: 002410
Primary ISIN: CNE100000PH8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve to Appoint Auditor Mgmt For For
6 Approve Allocation of Income and Dividends Mgmt For For
7 Approve Repurchase and Cancellation of
Performance Shares
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Glodon Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
8
Approve Change in Registered Capital,
Change in Business Scope and Amend Articles
of Association
Mgmt
For
For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
9.1 Elect Diao Zhizhong as Non-independent
Director
Mgmt For For
9.2 Elect Yuan Zhenggang as Non-independent
Director
Mgmt For For
9.3 Elect Wang Aihua as Non-independent
Director
Mgmt For For
9.4 Elect Liu Qian as Non-independent Director Mgmt For For
9.5 Elect He Ping as Non-independent Director Mgmt For For
9.6 Elect Wu Zuomin as Non-independent
Director
Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
10.1 Elect Guo Xinping as Independent Director Mgmt For For
10.2 Elect Ma Yongyi as Independent Director Mgmt For For
10.3 Elect Chai Mingang as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
11.1 Elect Wang Jinhong as Supervisor SH For For
11.2 Elect Liao Lianghan as Supervisor SH For For
Hangzhou Tigermed Consulting Co., Ltd.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Special
Primary Security ID: Y3043G100
Ticker: 300347
Primary ISIN: CNE100001KV8
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend External Investment Management
System
Mgmt For For
2 Amend Investment Decision Management
System
3 Approve Remuneration of Directors
Mgmt
Mgmt
For
For
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hangzhou Tigermed Consulting Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4
Approve Remuneration of Supervisors
Mgmt
For
For
5 Approve Repurchase and Cancellation of
Performance Shares
Mgmt For For
6 Amend Articles of Association Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
7.1 Elect Chen Zhimin as Supervisor Mgmt For For
7.2 Elect Zhang Binghui as Supervisor Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
8.1 Elect Ye Xiaoping as Non-Independent
Director
Mgmt For For
8.2 Elect Cao Xiaochun as Non-Independent
Director
Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
8.3 Elect ZHUAN YIN as Non-Independent Mgmt
Director
For
For
ELECT INDEPENDENT DIRECTORS VIA Mgmt
CUMULATIVE VOTING
9.1 Elect Yang Bo as Independent Director Mgmt For
For
9.2 Elect Zheng Biyun as Independent Director Mgmt For
For
9.3 Elect Liao Qiyu as Independent Director Mgmt For
For
Hypera SA
Meeting Date: 04/22/2020 Country: Brazil
Primary Security ID: P5230A101
Meeting Type: Annual Ticker: HYPE3
Primary ISIN: BRHYPEACNOR0
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Capital Budget Mgmt For For
3 Approve Allocation of Income and Dividends Mgmt For For
4 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hypera SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
Hypera SA
Meeting Date: 04/22/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P5230A101
Ticker: HYPE3
Primary ISIN: BRHYPEACNOR0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Share Matching Plan Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM does not support the use of this type of plan.
Industrias Bachoco SAB de CV
Meeting Date: 04/22/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P5508Z127
Ticker: BACHOCOB
Primary ISIN: MX01BA1D0003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve CEO's Report Including Auditor's
Opinion and Board's Opinion on CEO's Report
Mgmt
For
For
2 Approve Board's Report on Principal Policies
and Accounting Criteria Followed in
Preparation of Financial Information
Mgmt For For
3 Approve Financial Statements and Statutory
Reports
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
4 Approve Report of Audit and Corporate
Practices Committee
Mgmt For For
5 Present Report on Adherence to Fiscal
Obligations
Mgmt For For
6 Approve Allocation of Income and Cash
Dividends
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Industrias Bachoco SAB de CV Proposal
Number Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
7 Set Maximum Amount of Share Repurchase
Reserve
Mgmt
For
For
8 Elect or Ratify Directors and Secretary; Verify
Independence Classification of Board
Members
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The company has bundled the
election of its directors into a single voting item; and- The current board's level of independence of 17-percent falls short of the
25-percent threshold required for Mexico.
9 Elect or Ratify Chairman and Members of
Audit and Corporate Practices Committee
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The company has bundled the
election of its directors into a single voting item; and- The current board's level of independence of 17-percent falls short of the
25-percent threshold required for Mexico.
10 Approve Remuneration of Directors, Board
Secretary, and Audit and Corporate Practices
Committee Chairman and Members
Mgmt For For
11 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
12 Approve Minutes of Meeting Mgmt For For
Lomon Billions Group Co., Ltd.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Special
Primary Security ID: Y3122W109
Ticker: 002601
Primary ISIN: CNE1000015M3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
1.1 Elect Xu Gang as Non-Independent Director SH For For
1.2 Elect Tan Ruiqing as Non-Independent
Director
SH For For
1.3 Elect Chang Yili as Non-Independent Director SH For Against
Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to
comprise independent directors.
1.4 Elect Yang Minyue as Non-Independent SH
Director
1.5 Elect He Benliu as Non-Independent Director SH
For
For
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lomon Billions Group Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.6
1.7
1.8
2.1
Elect Shen Qingfei as Non-Independent
Director
Elect Zhang Qibin as Non-Independent
Director
Elect Zhou Xiaokui as Non-Independent
Director
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Elect Qiu Guanzhou as Independent Director
SH
SH
SH
Mgmt
Mgmt
For
For
For
For
For
For
For
For
2.2 Elect Yu Xiaohong as Independent Director
Mgmt
For
For
2.3 Elect Lin Suyue as Independent Director
Mgmt
For
For
2.4 Elect Li Li as Independent Director
Mgmt
For
For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
3.1 Elect Feng Jun as Supervisor
Mgmt
Mgmt
For
For
3.2 Elect Du Weili as Supervisor
Mgmt
For
For
Ninestar Corp.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Special
Primary Security ID: Y9892Z107
Ticker: 002180
Primary ISIN: CNE1000007W9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Provision of Guarantee Mgmt For For
2 Approve Amendments to Articles of
Association
Mgmt
For
For
SG Micro Corp.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7679C101
Ticker: 300661
Primary ISIN: CNE100002NT4
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
SG Micro Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Allocation of Income and
Capitalization of Capital Reserves
Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
7 Approve Change in Registered Capital and
Amend Articles of Association
Mgmt For For
8 Approve Use of Idle Raised Funds for Cash
Management
Mgmt For For
9 Approve Use of Idle Own Funds for Cash
Management
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
10 Approve Remuneration of Directors,
Supervisors
Mgmt For For
Shandong Hualu-Hengsheng Chemical Co., Ltd.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y76843104
Ticker: 600426
Primary ISIN: CNE000001BM7
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Report of the Independent Directors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Profit Distribution and Capitalization
of Capital Reserves
Mgmt For For
7 Approve Financial Budget Report Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shandong Hualu-Hengsheng Chemical Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8
Approve Appointment of Auditor
Mgmt
For
For
9 Approve 2020 Daily Related-Party Transaction
Forecast and Signing of Daily Related-Party
Transaction Agreement
Mgmt For For
10 Approve Use of Own Funds for Structure
Deposits
Mgmt For Against
Blended Rationale: A vote AGAINST Item 10 is warranted because the proposed investment could expose the company to
unnecessary risks
Shanghai Yuyuan Tourist Mart Group Co., Ltd.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7710N108
Ticker: 600655
Primary ISIN: CNE000000594
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements and Financial
Budget Report
Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Loan and Provision of Guarantee Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of its subsidiaries is
disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the
meeting circular.
7 Approve Appointment of Auditor and Payment
of Remuneration
Mgmt For For
8 Approve Appointment of Internal Control
Auditor and Payment of Remuneration
Mgmt For For
9 Approve Authorization for Total Investment in
Composite Real Estate Business
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because there is insufficient information for shareholder to decide on the
fairness of terms.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Yuyuan Tourist Mart Group Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
10 Approve 2019 Daily Related Party
Transactions in Relation to Sale and Purchase
of Goods, Provision and Acceptance of
Services, Rent and Lease, Deposits and Loans
of Related Companies and 2020 Daily Related
Party Transactions
Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
11 Approve 2019 Daily Related Party
Transactions Relating to Property Lease and
2020 Daily Related Party Transactions
Mgmt For For
12 Approve Purchase of Liability Insurance for
Directors, Supervisors and Senior
Management Members
Mgmt For For
13 Approve Equity Acquisition Mgmt For For
14 Approve White Wash Waiver and Related
Transactions
Mgmt For For
15 Approve Authorization of Board to Handle All
Related Matters Regarding White Wash
Waiver and Related Transactions
Mgmt For For
16 Approve Company's Eligibility for Corporate
Bond Issuance
Mgmt For For
APPROVE CORPORATE BOND ISSUANCE Mgmt
17.1 Approve Issue Size Mgmt For For
17.2 Approve Issue Manner Mgmt For For
17.3 Approve Bond Maturity and Type Mgmt For For
17.4 Approve Par Value, Issue Price and Bond
Coupon Rate
Mgmt For For
17.5 Approve Use of Proceeds Mgmt For For
17.6 Approve Guarantee Manner Mgmt For For
17.7 Approve Safeguard Measures of Debts
Repayment
Mgmt For For
17.8 Approve Target Subscribers Mgmt For For
17.9 Approve Listing Arrangement Mgmt For For
17.10 Approve Authorization Matters Mgmt For For
17.11 Approve Resolution Validity Period Mgmt For For
18 Approve Use of Short-term Idle Funds for
Integrated Management
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Yuyuan Tourist Mart Group Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
19 Approve Signing of Management Incentive
Agreement
Mgmt For For
Wuhu Shunrong Sanqi Interactive Entertainment Co., Ltd.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9717X105
Ticker: 002555
Primary ISIN: CNE1000010N2
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Appointment of Financial Report
Auditor and Internal Control Auditor
Mgmt For For
7 Approve Guarantee Provision Between
Company and Subsidiaries
Mgmt For For
8 Approve Company's Eligibility for Private
Placement of Shares
Mgmt For For
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
9.1 Approve Share Type and Par Value Mgmt For For
9.2 Approve Issue Manner and Issue Time Mgmt For For
9.3 Approve Issue Price and Pricing Principle Mgmt For For
9.4 Approve Issue Size Mgmt For For
9.5 Approve Target Subscribers and Subscription
Method
Mgmt For For
9.6 Approve Use of Proceeds Mgmt For For
9.7 Approve Lock-up Period Mgmt For For
9.8 Approve Listing Exchange Mgmt For For
9.9 Approve Distribution Arrangement of
Undistributed Earnings
Mgmt For For
9.10 Approve Validity Period Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Wuhu Shunrong Sanqi Interactive Entertainment Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
10
Approve Plan on Private Placement of Shares
Mgmt
For
For
11 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
12 Approve Report on the Usage of Previously
Raised Funds
Mgmt For For
13 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
14 Approve Shareholder Dividend Return Plan Mgmt For For
15 Approve Authorization of Board to Handle All
Related Matters
Mgmt For For
WUS Printed Circuit (Kunshan) Co., Ltd.
Meeting Date: 04/22/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9716K104
Ticker: 002463
Primary ISIN: CNE100000SP5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Appointment of Auditor Mgmt For For
7 Approve Amendments to Articles of
Association
Mgmt For For
8 Amend Rules and Procedures Regarding
General Meetings of Shareholders
Mgmt For For
9 Amend Rules and Procedures Regarding
Meetings of Board of Supervisors
Mgmt For For
10 Approve Comprehensive Credit Line
Application
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China Jushi Co. Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y5642X103
Ticker: 600176
Primary ISIN: CNE000000YM1
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Cash Dividend Distribution from
Capital Reserve
Mgmt For For
7 Approve Appointment of Auditor and Internal
Control Auditor as well as Payment of
Remuneration for Auditor
Mgmt For For
APPROVE DAILY RELATED-PARTY
TRANSACTIONS
Mgmt
8.1 Approve Daily Related-Party Transactions with
CNBM International Corporation
Mgmt For For
8.2 Approve Daily Related-Party Transactions with
Lianyungang Zhongfu Lianzhong Composites
Group Co., Ltd.
Mgmt For For
8.3 Approve Daily Related-Party Transactions with
CNBM Technology Co., Ltd.
Mgmt For For
8.4 Approve Related Party Transactions with
Zhenshi Holding Group Co., Ltd. and Its Direct
and Indirect Controlling Company
Mgmt For For
8.5 Approve Daily Related-Party Transactions with
Zhejiang Hengshi Fiber Base Industry Co.,
Ltd. and Its Direct and Indirect Controlling
Company
Mgmt For For
9 Approve Financing Credit Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed credit line is considered excessive and may add to the
company's financial burden, which is deemed not in the best interests of shareholders.
10 Approve Provision of Guarantee Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details of this loan
guarantee request.
11 Approve Issuance of Corporate Bonds and
Debt Financing Instruments
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details of this debt
financing request.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China Jushi Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
12 Approve Forward Foreign Exchange
Transactions, Currency Interest Rate Swaps,
and and Precious Metals Futures Trading
Business
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the company failed to disclose the purpose of the proposal, which
may include derivative investment scheme for speculation purpose deviating from the company's core business and expose the
company to unnecessary risks.
China National Medicines Co., Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y1499V100
Ticker: 600511
Primary ISIN: CNE000001D56
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve 2019 Daily Related Party
Transactions and 2020 Daily Related Party
Transactions
Mgmt For For
7 Approve Entrusted Loan Application and
Related Party Transactions
Mgmt For For
8 Approve Comprehensive Credit Line Bank
Application
Mgmt For For
9 Approve Provision of Internal Loan to
Wholly-Owned Subsidiary and Controlled
Subsidiary
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of loan to be provided to some of the receiving entities is
disproportionate to the company's ownership in the said entities. The company has failed to provide any justifications in the
meeting circular.
10 Approve Provision of Internal Loan to Beijing
Tianxingpuxin Bio-med Sinopharm Holding
Co., Ltd. and Related Party Transactions
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of loan to be provided to the receiving entity is
disproportionate to the company's ownership in the said entity. The company has failed to provide any justifications in the
meeting circular.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China National Medicines Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
11
Approve Provision of Guarantee to Sinopharm
Airport (Beijing) International Trade Co., Ltd.
Mgmt
For
For
12 Amend Articles of Association Mgmt For For
13 Approve Major Asset Restructuring Profit
Forecast Report
Mgmt For For
14 Approve Special Report on the Deposit and
Usage of Raised Funds
Mgmt For For
15 Approve Internal Control Audit Report and
Internal Control Self-Evaluation Report
Mgmt For For
16 Approve Appointment of Auditor Mgmt For For
Cia de Saneamento do Parana
Meeting Date: 04/23/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P3058Y103
Ticker: SAPR4
Primary ISIN: BRSAPRACNPR6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Meeting for Holders of Units
Mgmt
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Against
5.1 Elect Claudio Stabile as Director Mgmt For For
5.2 Elect Eduardo Francisco Sciarra as Director Mgmt For For
5.3 Elect Jacques Geovani Schinemann as
Director
Mgmt For For
5.4 Elect Marcia Carla Pereira Ribeiro as Director Mgmt For For
5.5 Elect Rodrigo Sanchez Rios as Director Mgmt For For
5.6 Elect Vilson Ribeiro de Andrade as
Independent Director
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Cia de Saneamento do Parana
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6
In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt
None
For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
7.1 Percentage of Votes to Be Assigned - Elect
Claudio Stabile as Director
Mgmt None For
7.2 Percentage of Votes to Be Assigned - Elect
Eduardo Francisco Sciarra as Director
Mgmt None For
7.3 Percentage of Votes to Be Assigned - Elect
Jacques Geovani Schinemann as Director
Mgmt None For
7.4 Percentage of Votes to Be Assigned - Elect
Marcia Carla Pereira Ribeiro as Director
Mgmt None For
7.5 Percentage of Votes to Be Assigned - Elect
Rodrigo Sanchez Rios as Director
Mgmt None For
7.6 Percentage of Votes to Be Assigned - Elect
Vilson Ribeiro de Andrade as Independent
Director
Mgmt None For
8 Elect Adriano Cives Seabra as Director
Appointed by Minority Shareholder
SH None For
9 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt None For
10 Elect Joel Musman as Director Appointed by
Preferred Shareholder
SH None For
11 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt None For
12 Designate Newspapers to Publish Company's
Legal Announcements
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Companhia Brasileira de Distribuicao
Meeting Date: 04/23/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P30558103
Ticker: PCAR3
Primary ISIN: BRPCARACNOR3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Amend Articles and Consolidate Bylaws
Mgmt
For
For
2 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Companhia Brasileira de Distribuicao
Meeting Date: 04/23/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P30558103
Ticker: PCAR3
Primary ISIN: BRPCARACNOR3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt
For
Against
Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed
4 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
5 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
DHC Software Co., Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2080B107
Ticker: 002065
Primary ISIN: CNE000001NL4
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
DHC Software Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Termination of Ultimate Controller's
Capital Injection Plan
Mgmt For For
Energy Absolute Public Co. Ltd.
Meeting Date: 04/23/2020 Country: Thailand
Meeting Type: Annual
Primary Security ID: Y2290P151
Ticker: EA
Primary ISIN: TH3545010003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Minutes of Previous Meeting
Mgmt
For
For
2 Acknowledge Directors' Report and Annual
Report
Mgmt
3 Approve Financial Statements Mgmt For For
4 Approve Cancellation of Issuance of the
Remaining Unissued Debentures
Mgmt For For
5 Approve New Issuance and Offering of
Debentures
Mgmt For For
6.1 Approve Investment in Land Prosperity
Holding Co., Ltd. by Acquiring Ordinary
Shares from Prosperity Gain Holdings Ltd.
Mgmt For For
6.2 Approve Acquisition of the Leasehold Right
Over the Land Held by Amita Technology
(Thailand) Co., Ltd.
Mgmt For For
7 Approve Allocation of Income and Dividend
Payment
Mgmt For For
8 Approve Remuneration of Directors Mgmt For For
9.1 Elect Somchainuk Engtrakul as Director Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over
time.Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not to hold too
many external roles to ensure they can undertake their duties effectively.
9.2 Elect Amornsuk Noparumpa as Director Mgmt For For
9.3 Elect Phatcharavat Wongsuwan as Director
Mgmt
For
Against
Blended Rationale: A vote AGAINST Phatcharavat Wongsuwan (Item 9.3) is warranted because he attended less than 75
percent of board and committee meetings over the most recent fiscal year, without a satisfactory explanation.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Energy Absolute Public Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
10 Elect Somphop Keerasuntonpong as Director Mgmt For For
11 Approve PricewaterhouseCoopers ABAS
Limited as Auditors and Authorize Board to
Fix Their Remuneration
Mgmt
For
For
Grupo Aeroportuario del Sureste SA de CV
Meeting Date: 04/23/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P4950Y100
Ticker: ASURB
Primary ISIN: MXP001661018
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a
Approve CEO's and Auditor's Reports on
Operations and Results of Company, and
Board's Opinion on Reports
Mgmt
For
For
1b Approve Board's Report on Accounting
Policies and Criteria for Preparation of
Financial Statements
Mgmt For For
1c Approve Report on Activities and Operations
Undertaken by Board
Mgmt For For
1d Approve Individual and Consolidated Financial
Statements
Mgmt For For
1e Approve Report of Audit Committee's
Activities and Report on Company's
Subsidiaries
Mgmt For For
1f Approve Report on Adherence to Fiscal
Obligations
Mgmt For For
2a Approve Increase in Legal Reserve by MXN
274.13 Million
Mgmt For For
2b Approve Cash Dividends of MXN 8.21 Per
Series B and BB Shares
Mgmt For For
2c Set Maximum Amount of MXN 2.75 Billion for
Share Repurchase; Approve Policy Related to
Acquisition of Own Shares
Mgmt For For
3a Approve Discharge of Board of Directors and
CEO
Mgmt For For
3b.1 Elect/Ratify Fernando Chico Pardo as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.Board mandates: A vote against is applied as LGIM expects a
CEO/CFO/FD or a non-executive director not to hold too many external roles to ensure they can undertake their duties
effectively.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Aeroportuario del Sureste SA de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3b.2 Elect/Ratify Jose Antonio Perez Anton as
Director
Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3b.3 Elect/Ratify Luis Chico Pardo as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3b.4 Elect/Ratify Aurelio Perez Alonso as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3b.5 Elect/Ratify Rasmus Christiansen as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3b.6 Elect/Ratify Francisco Garza Zambrano as
Director
Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.
3b.7 Elect/Ratify Ricardo Guajardo Touche as
Director
Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element for a board to protect shareholders' interests.Board mandates: A vote against is applied as LGIM expects a
CEO/CFO/FD or a non-executive director not to hold too many external roles to ensure they can undertake their duties
effectively.
3b.8 Elect/Ratify Guillermo Ortiz Martinez as
Director
Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
3b.9 Elect/Ratify Barbara Garza Laguera Gonda as
Director
Mgmt For For
3b.10 Elect/Ratify Rafael Robles Miaja as Secretary
(Non-Member) of Board
Mgmt For For
3b.11 Elect/Ratify Ana Maria Poblanno Chanona as
Alternate Secretary (Non-Member) of Board
Mgmt For For
3c.1 Elect/Ratify Ricardo Guajardo Touche as
Chairman of Audit Committee
Mgmt For For
3d.1 Elect/Ratify Fernando Chico Pardo as Member
of Nominations and Compensations
Committee
Mgmt For For
3d.2 Elect/Ratify Jose Antonio Perez Anton as
Member of Nominations and Compensations
Committee
Mgmt For For
3d.3 Elect/Ratify Barbara Garza Laguera Gonda as
Member of Nominations and Compensations
Committee
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Aeroportuario del Sureste SA de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3e.1
Approve Remuneration of Directors in the
Amount of MXN 72,600
Mgmt
For
For
3e.2 Approve Remuneration of Operations
Committee in the Amount of MXN 72,600
Mgmt For For
3e.3 Approve Remuneration of Nominations and
Compensations Committee in the Amount of
MXN 72,600
Mgmt For For
3e.4 Approve Remuneration of Audit Committee in
the Amount of MXN 102,850
Mgmt For For
3e.5 Approve Remuneration of Acquisitions and
Contracts Committee in the Amount of MXN
24,200
Mgmt For For
4a Authorize Claudio R. Gongora Morales to
Ratify and Execute Approved Resolutions
Mgmt For For
4b Authorize Rafael Robles Miaja to Ratify and
Execute Approved Resolutions
Mgmt For For
4c Authorize Ana Maria Poblanno Chanona to
Ratify and Execute Approved Resolutions
Mgmt For For
Guangdong HEC Technology Holding Co., Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y13066108
Ticker: 600673
Primary ISIN: CNE000000BL1
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Report of the Independent Directors Mgmt For For
6 Approve Profit Distribution Mgmt For For
7 Approve Related-party Transaction Mgmt For For
8 Approve Appointment of Financial Auditor and
Internal Control Auditor
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Guangdong HEC Technology Holding Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9 Approve Provision of Guarantee Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of its subsidiaries is
disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the
meeting circular.
10 Approve Bill Pool Business Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because there is lack of disclosure on the pertinent details for shareholder to
effectively assess the associated risks.
11 Approve Shareholder Return Plan Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
12.1 Elect Qin Jiwei as Independent Director Mgmt For For
12.2 Elect Fu Hailiang as Independent Director Mgmt For For
Hongta Securities Co., Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y3507C108
Ticker: 601236
Primary ISIN: CNE100003PY7
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Allocation of Income and Dividends Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Shareholder Return Plan Mgmt For For
APPROVE RELATED PARTY TRANSACTION Mgmt
7.1 Approve Related Party Transaction with
Yunnan Hopewell (Group) Co., Ltd.
Mgmt For For
7.2 Approve Related Party Transaction with
Hongta Tobacco (Group) Co., Ltd.
Mgmt For For
7.3 Approve Related Party Transaction with
Yunnan Tobacco Industry Co., Ltd.
Mgmt For For
7.4 Approve Related Party Transaction with Other
Legal Persons or Other Organizations Holding
More Than 5% of the Company's Shares
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hongta Securities Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
7.5
Approve Related Party Transaction with Other
Related Legal Persons
Mgmt
For
For
7.6 Approve Related Party Transaction with
Related Natural Persons
Mgmt For For
7.7 Approve Related Party Transaction with Other
Related Parties
Mgmt For For
8 Approve to Appoint Auditor Mgmt For For
9 Approve Authorization and Implementation of
Debt Financing
Mgmt For For
10 Approve Debt Financing Involving Related
Party
Mgmt For For
11 Elect Hua Shiguo as Non-independent
Director
Mgmt For For
12 Elect Wei Feng as Independent Director Mgmt For For
Industrias Penoles SAB de CV
Meeting Date: 04/23/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P55409141
Ticker: PE&OLES
Primary ISIN: MXP554091415
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Approve Board's Report Mgmt For For
1.2 Approve CEO's Report and Auditors' Opinion
Mgmt
For
For
1.3 Approve Individual and Consolidated Financial
Statements
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
1.4 Approve Report on Principal Policies and
Accounting Criteria and Information Followed
in Preparation of Financial Information
Mgmt For For
1.5 Approve Audit and Corporate Practices
Committee's Report
Mgmt For For
2 Resolutions on Allocation of Income Mgmt For For
3 Set Aggregate Nominal Amount of Share
Repurchase Reserve
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Industrias Penoles SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4 Elect or Ratify Directors; Verify Director's
Independence Classification; Approve Their
Respective Remuneration
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions; - The proposed director remuneration
is not disclosed; and - The company has bundled the election of its directors into a single voting item.
5 Elect or Ratify Chairman of Audit and
Corporate Practices Committee
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The proposed director remuneration is
not disclosed; and- The company has bundled the election of its directors into a single voting item.
6 Appoint Legal Representatives Mgmt For For
7 Approve Minutes of Meeting Mgmt For For
Jiangsu Expressway Company Limited
Meeting Date: 04/23/2020 Country: China
Meeting Type: Special
Primary Security ID: Y4443L103
Ticker: 177
Primary ISIN: CNE1000003J5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
1 Approve Loan Agreement Between the
Company and Wufengshan Toll Bridge
Company, Use of Proceeds Raised from
Corporate Bonds and Authorize Sun Xibin to
Deal with Related Matters Including Contract
Signing and Approval of Fund Allocation
Mgmt
For
Against
Blended Rationale: A vote AGAINST these resolutions is warranted given the lack of compelling rationale that justifies the
financial risk connected with the provision of loan.
2 Approve Loan Agreement Between the
Company and Changyi Company and Yichang
Company, Use of Proceeds Raised from
Corporate Bonds and Authorize Sun Xibin to
Deal with Related Matters Including Contract
Signing and Approval of Fund Allocation
Mgmt For Against
Blended Rationale: A vote AGAINST these resolutions is warranted given the lack of compelling rationale that justifies the
financial risk connected with the provision of loan.
3 Approve Merger by Absorption of
Wholly-Owned Subsidiary
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Jiangsu Expressway Company Limited
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4 Elect Cheng Xiaoguang as Director and
Approve the Signing of a Service Contract
between the Company and Cheng Xiaoguang
Mgmt For For
Liaoning Cheng Da Co., Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y5279J104
Ticker: 600739
Primary ISIN: CNE000000LY3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Allocation of Income and
Capitalization of Capital Reserves
Mgmt For For
6 Approve Report of the Independent Directors Mgmt For For
7 Approve Provision of Guarantee Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of its subsidiaries is
disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the
meeting circular.
8 Approve Purchase of Short-term Financial
Products
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
9 Approve Application for Financing Mgmt For For
10 Approve to Appoint Financial and Internal
Control Auditors and to Fix Their
Remuneration
Mgmt For For
11 Elect Xu Biao as Non-independent Director SH For For
12 Elect Qu Dongbo as Non-independent Director SH For For
13 Elect Liu Jiwei as Independent Director Mgmt For For
14 Approve the Company's Spin-off of Its
Subsidiaries to the Science and Technology
Board Continued to Comply with the "Several
Provisions on the Pilot Domestic Listing of
Subsidies of Listed Companies"
SH For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Liaoning Cheng Da Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
15
Approve Company's Spin-off Subsidiary
Liaoning Chengda Biotechnology Co.,Ltd. to
Science and Technology Board Listing Plan
(Revised)
SH
For
For
APPROVE THE COMPANY'S SUBSIDIARY
ISSUED AN IPO OF RMB ORDINARY SHARES
(A SHARES) ON THE SCIENCE AND
TECHNOLOGY BOARD
Mgmt
16.1 Approve The Purpose, Commercial Rationality
and Necessity of this Spin-off Listing
SH For For
16.2 Approve Types of Shares Issued SH For For
16.3 Approve Par Value of Shares Issued SH For For
16.4 Approve Issue Size SH For For
16.5 Approve Issue Manner SH For For
16.6 Approve Target Subscribers SH For For
16.7 Approve Pricing Method SH For For
16.8 Approve Use of Proceeds SH For For
16.9 Approve Underwriting Manner SH For For
16.10 Approve Listing Exchange and Sectors SH For For
16.11 Approve Issuance and Listing Time SH For For
16.12 Approve Increase Registered Capital SH For For
16.13 Approve Issuance Expenses SH For For
16.14 Approve Issue Plan Validity SH For For
17 Approve the Company's Spin-off Subsidiary
Liaoning Chengda Biotechnology Co.,Ltd. was
Listed on the Science and Technology Board
in Compliance with Relevant Laws and
Regulations
SH For For
18 Approve the Spin-off of Liaoning Chengda
Biotechnology Co.,Ltd.'s Listing on the
Science and Technology Board is Conducive
to Safeguarding the Legitimate Rights and
Interests of Shareholders and Creditors
SH For For
19 Approve the Company Maintains its
Independence and Ability to Continue
Operations
SH For For
20 Approve Liaoning Chengda Biotechnology
Co.,Ltd. has the Corresponding Standard
Operation Capabilities
SH For For
21 Approve the Completeness and Compliance of
Implementation of Legal Proceedings of the
Transactions and Validity of the Submitted
Legal Documents Regarding this Transaction
SH For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Liaoning Cheng Da Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
22 Approve the Explanation on Whether or Not SH
the Stock Price Volatility Achieve the Relevant
Standards in Article 5 Stated in the Notice
Regulating the Information Disclosure of
Listed Companies and the Acts of All the
Related Parties
23 Approve Authorization of the Board and Its SH
Authorized Person to Handle All Related
Matters
For
For
For
For
Localiza Rent A Car SA
Meeting Date: 04/23/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P6330Z111
Ticker: RENT3
Primary ISIN: BRRENTACNOR4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management
Mgmt For For
4 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt Against For
Blended Rationale: A vote FOR this item is warranted because the installation of a fiscal council could potentially improve the
company's governance and bring greater corporate oversight.
Localiza Rent A Car SA
Meeting Date: 04/23/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P6330Z111
Ticker: RENT3
Primary ISIN: BRRENTACNOR4
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles Mgmt For For
2 Consolidate Bylaws
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Megacable Holdings SAB de CV
Meeting Date: 04/23/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P652AE117
Ticker: MEGACPO
Primary ISIN: MX01ME090003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Only Mexican Nationals Who hold A and CPO
Shares Can Vote
1 Approve CEO's Report
Mgmt
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Receive Directors' Opinions on CEO's Report
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
3 Approve Board of Directors' Report
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
4 Approve Reports of Corporate Practices and
Audit Committees Chairmen
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
5 Approve Allocation of Income Mgmt For For
6 Approve Repurchase Transactions of CPOs Mgmt For For
7 Set Maximum Amount of Share Repurchase
Reserve
Mgmt For For
8 Elect or Ratify Directors, Secretary and their
Respective Alternates
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions; - The company has bundled the
election of its directors into a single voting item; and - The company's current board contains no directors considered
independent under ISS voting guidelines.
9 Classification of Principal and Alternate Board
Members' Independence
Mgmt For Against
Blended Rationale: Independence: A vote AGAINST these items is warranted because:- The names of the director nominees are
not disclosed prior to the time that institutional shareholders are required to submit vote instructions;- The company has
bundled the election of its directors into a single voting item; and- The company's current board contains no directors
considered independent under the voting guidelines.
10 Elect or Ratify Chairman of Audit Committee
and Corporate Practices Committee
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The company has bundled the
election of its directors into a single voting item; and- The company's current board contains no directors considered
independent under ISS voting guidelines.
11 Approve Remuneration of Directors,
Secretary, and Members of Audit and
Corporate Practices Committees
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Megacable Holdings SAB de CV
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
12 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Nanjing Securities Co., Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Special
Primary Security ID: Y619BG102
Ticker: 601990
Primary ISIN: CNE1000031R9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Company's Eligibility for Private
Placement of Shares
Mgmt
For
For
APPROVE AMENDMENT FOR PRIVATE
PLACEMENT OF SHARES
Mgmt
2.1 Approve Share Type and Par Value Mgmt For For
2.2 Approve Issue Manner and Issue Time Mgmt For For
2.3 Approve Target Subscribers and Subscription
Method
Mgmt For For
2.4 Approve Issue Price and Pricing Method Mgmt For For
2.5 Approve Issue Size Mgmt For For
2.6 Approve Amount and Usage of Raised Funds Mgmt For For
2.7 Approve Lock-up Period Mgmt For For
2.8 Approve Listing Exchange Mgmt For For
2.9 Approve Distribution Arrangement of
Undistributed Earnings
Mgmt For For
2.10 Approve Resolution Validity Period Mgmt For For
3 Approve Plan on Private Placement of Shares
(Revised)
Mgmt For For
APPROVE RELATED PARTY TRANSACTIONS
IN CONNECTION TO PRIVATE PLACEMENT
Mgmt
4.1 Approve Related Party Transaction with
Nanjing Zijin Investment Group Co., Ltd.
Mgmt For For
4.2 Approve Related Party Transaction with
Nanjing Xingong Investment Group Co., Ltd.
Mgmt For For
4.3 Approve Related Party Transaction with
Nanjing Traffic Construction Investment
Holdings (Group) Co., Ltd.
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Nanjing Securities Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
APPROVE SIGNING OF SUPPLEMENTAL
AGREEMENT TO THE CONDITIONAL SHARE
SUBSCRIPTION AGREEMENT
Mgmt
5.1 Approve Signing of Supplemental Agreement
to the Conditional Share Subscription
Agreement between Company and Nanjing
Zijin Investment Group Co., Ltd.
Mgmt For For
5.2 Approve Signing of Supplemental Agreement
to the Conditional Share Subscription
Agreement between Company and Nanjing
Xingong Investment Group Co., Ltd.
Mgmt For For
5.3 Approve Signing of Supplemental Agreement
to the Conditional Share Subscription
Agreement between Company and Nanjing
Traffic Construction Investment Holdings
(Group) Co., Ltd.
Mgmt For For
6 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken (Revised)
Mgmt For For
7 Approve Authorization of Board and Board
Delegated Person to Handle All Related
Matters
Mgmt For For
ELECT INDEPENDENT DIRECTOR VIA
CUMULATIVE VOTING
Mgmt
8.1 Elect Li Xindan as Independent Director Mgmt For For
Tangshan Jidong Cement Co. Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y8534M102
Ticker: 000401
Primary ISIN: CNE000000GX5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Appointment of Financial Auditor and
Payment of Remuneration
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Tangshan Jidong Cement Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
7
Approve Appointment of Internal Control
Auditor and Payment of Remuneration
Mgmt
For
For
8 Approve Remuneration of Non-Independent
Directors
Mgmt For For
9 Approve Remuneration of Supervisors Mgmt For For
10 Approve Provision of Guarantee Mgmt For For
11 Approve Related Party Transaction in
Connection to Handling Financial Leasing
Business
Mgmt For For
12 Approve Company's Eligibility for Issuance of
Convertible Bonds
Mgmt For For
APPROVE ISSUANCE OF CONVERTIBLE
BONDS
Mgmt
13.1 Approve Type of Securities Mgmt For For
13.2 Approve Issue Scale Mgmt For For
13.3 Approve Par Value and Issue Price Mgmt For For
13.4 Approve Bond Maturity Mgmt For For
13.5 Approve Bond Interest Rate Mgmt For For
13.6 Approve Terms and Method of Debt
Repayment
Mgmt For For
13.7 Approve Conversion Period Mgmt For For
13.8 Approve Determination and Adjustment of
Conversion Price
Mgmt For For
13.9 Approve Terms for Downward Adjustment of
Conversion Price
Mgmt For For
13.10 Approve Method on Handling Fractional
Shares Upon Conversion
Mgmt For For
13.11 Approve Terms of Redemption Mgmt For For
13.12 Approve Terms of Sell-Back Mgmt For For
13.13 Approve Dividend Distribution Post
Conversion
Mgmt For For
13.14 Approve Issue Manner and Target Subscribers Mgmt For For
13.15 Approve Placing Arrangement for
Shareholders
Mgmt For For
13.16 Approve Matters Relating to Meetings of
Bondholders
Mgmt For For
13.17 Approve Raised Funds Management and
Deposit Account
Mgmt For For
13.18 Approve Guarantee Matters Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Tangshan Jidong Cement Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
13.19
Approve Resolution Validity Period
Mgmt
For
For
13.20 Approve Use of Proceeds Mgmt For For
14 Approve Plan on Issuance of Convertible
Bonds
Mgmt For For
15 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
16 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
17 Approve Rules and Procedures Regarding
General Meetings of Convertible Bondholders
Mgmt For For
18 Approve Shareholder Dividend Return Plan Mgmt For For
19 Approve Authorization of Board and Its
Authorized Persons to Handle All Related
Matters
Mgmt For For
20 Approve Issuance of Medium-term Notes Mgmt For For
21 Approve Company's Eligibility for Corporate
Bonds Issuance
Mgmt For For
APPROVE CORPORATE BONDS ISSUANCE Mgmt
22.1 Approve Issue Type Mgmt For For
22.2 Approve Issue Scale Mgmt For For
22.3 Approve Par Value and Issue Price Mgmt For For
22.4 Approve Bond Period and Type Mgmt For For
22.5 Approve Bond Interest Rate Mgmt For For
22.6 Approve Issuance Method and Target
Subscribers
Mgmt For For
22.7 Approve Use of Proceeds Mgmt For For
22.8 Approve Placement Arrangement to
Shareholders
Mgmt For For
22.9 Approve Listing Exchange Mgmt For For
22.10 Approve Guarantee Arrangement Mgmt For For
22.11 Approve Safeguard Measures of Debts
Repayment
Mgmt For For
22.12 Approve Resolution Validity Period Mgmt For For
23 Approve Authorization of Board or Board
Authorized Persons to Handle All Related
Matters
Mgmt For For
24 Approve Daily Related-Party Transactions with
BBMG Group Co., Ltd. and Its Subsidiaries
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Tangshan Jidong Cement Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
25 Approve Daily Related-Party Transactions with
Jilin Cement (Group) Co., Ltd.
26 Approve Deposit Transactions with BBMG
Finance Co., Ltd.
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
27 Approve Loan Transactions with BBMG
Finance Co., Ltd.
28 Approve Financial Assistance Provision
Mgmt
Mgmt
For
For
For
For
Yuan Longping High-Tech Agriculture Co., Ltd.
Meeting Date: 04/23/2020 Country: China
Meeting Type: Special
Primary Security ID: Y9862T107
Ticker: 000998
Primary ISIN: CNE000001360
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Company's Eligibility for Private
Placement of Shares
Mgmt
For
For
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
2.1 Approve Share Type and Par Value Mgmt For For
2.2 Approve Issue Manner and Issue Time Mgmt For For
2.3 Approve Target Subscribers and Subscription
Method
Mgmt For For
2.4 Approve Issue Price and Pricing Principle Mgmt For For
2.5 Approve Issue Size Mgmt For For
2.6 Approve Amount and Usage of Raised Funds Mgmt For For
2.7 Approve Lock-up Period Mgmt For For
2.8 Approve Listing Exchange Mgmt For For
2.9 Approve Distribution Arrangement of
Cumulative Earnings
Mgmt For For
2.10 Approve Resolution Validity Period Mgmt For For
3 Approve Plan on Private Placement of Shares Mgmt For For
4 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Yuan Longping High-Tech Agriculture Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5 Approve Report on the Usage of Previously
Raised Funds
6 Approve Verification Report on the Usage of
Previously Raised Funds
7 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
8 Approve Special Self-inspection Report on
Company's Real Estate Business
9 Approve Commitment of Relevant Parties in
Relation to the Company's Real Estate
Business
10 Approve Shareholder Return Plan
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
For
For
11 Approve Authorization of Board to Handle All
Related Matters
12 Elect Peng Guangjian as Supervisor
Mgmt
Mgmt
For
For
For
For
Ambev SA
Meeting Date: 04/24/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P0273U106
Ticker: ABEV3
Primary ISIN: BRABEVACNOR1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at 11 Mgmt For For
4 Elect Directors
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Board mandates: A vote against is applied as LGIM expects a CEO or a
non-executive director not to hold too many external roles to ensure they can undertake their duties effectively.
5 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
6 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Ambev SA
Proposal
Number Proposal Text
Vote
Instruction Proponent Mgmt Rec
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
7.1 Percentage of Votes to Be Assigned - Elect
Victorio Carlos de Marchi as Director
Mgmt None Abstain
7.2 Percentage of Votes to Be Assigned - Elect
Carlos Alves de Brito as Director
Mgmt None Abstain
7.3 Percentage of Votes to Be Assigned - Elect
Milton Seligman as Director
Mgmt None Abstain
7.4 Percentage of Votes to Be Assigned - Elect
Jose Heitor Attilio Gracioso as Director
Mgmt None Abstain
7.5 Percentage of Votes to Be Assigned - Elect
Vicente Falconi Campos as Director
Mgmt None Abstain
7.6 Percentage of Votes to Be Assigned - Elect
Luis Felipe Pedreira Dutra Leite as Director
Mgmt None Abstain
7.7 Percentage of Votes to Be Assigned - Elect
Roberto Moses Thompson Motta as Director
Mgmt None Abstain
7.8 Percentage of Votes to Be Assigned - Elect
Nelson Jose Jamel as Director
Mgmt None Abstain
7.9 Percentage of Votes to Be Assigned - Elect
Cecilia Sicupira as Director
Mgmt None Abstain
7.10 Percentage of Votes to Be Assigned - Elect
Antonio Carlos Augusto Ribeiro Bonchristiano
as Independent Director
Mgmt None Abstain
7.11 Percentage of Votes to Be Assigned - Elect
Marcos de Barros Lisboa as Independent
Director
Mgmt None For
7.12 Percentage of Votes to Be Assigned - Elect
Carlos Eduardo Klutzenschell Lisboa as
Alternate Director
Mgmt None Abstain
7.13 Percentage of Votes to Be Assigned - Elect
Michel Dimitrios Doukeris as Alternate
Director
Mgmt None Abstain
8 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Against
9 Elect Fiscal Council Members Mgmt For Against
Blended Rationale: An AGAINST vote is recommended for the management's fiscal council nominees, to allow minority
shareholders to concentrate their votes on the election of a minority fiscal council candidate, as further discussed under Item
11 of this meeting agenda.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Ambev SA
Proposal
Number Proposal Text
Vote
Instruction Proponent Mgmt Rec
10 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
11 Elect Vinicius Balbino Bouhid as Fiscal Council
Member and Carlos Tersandro Fonseca
Adeodato as Alternate Appointed by Minority
Shareholder
12 Approve Remuneration of Company's
Management
13 Approve Remuneration of Fiscal Council
Members
14 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt
SH
Mgmt
Mgmt
Mgmt
None
None
For
For
None
Against
For
For
For
For
Ambev SA
Meeting Date: 04/24/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P0273U106
Ticker: ABEV3
Primary ISIN: BRABEVACNOR1
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Article 5 to Reflect Changes in Capital
Mgmt
For
For
2 Amend Article 8 Mgmt For For
3 Amend Articles 11, 15, 16, 17, 18 and 19 Mgmt For For
4 Amend Article 21 Mgmt For For
5 Amend Articles 22 to 34 Mgmt For For
6 Consolidate Bylaws Mgmt For For
7 Amend Restricted Stock Plan Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM expects restricted stock units to be held for a minimum of
3 yearsA vote AGAINST this request is warranted because the proposed plan does not appear to adequately align the interests
of its beneficiaries and those of the shareholders.
8 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
America Movil SAB de CV
Meeting Date: 04/24/2020 Country: Mexico
Meeting Type: Special
Primary Security ID: P0280A101
Ticker: AMXL
Primary ISIN: MXP001691213
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Only Series L Shareholders Have Voting
Rights
Mgmt
1 Elect or Ratify Directors for Series L
Shareholders
Mgmt For For
2 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
CSSC Offshore & Marine Engineering (Group) Co., Ltd.
Meeting Date: 04/24/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1824H107
Ticker: 317
Primary ISIN: CNE100000395
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
1 Approve Transfer of Equity Interest in CSSC
Chengxi Yangzhou Shipbuilding Company
Limited
Mgmt
For
For
Estacio Participacoes SA
Meeting Date: 04/24/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P3784E132
Ticker: YDUQ3
Primary ISIN: BRYDUQACNOR3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Accept Management Statements for Fiscal
Year Ended Dec. 31, 2019
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Estacio Participacoes SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3
Approve Capital Budget
Mgmt
For
For
4 Approve Allocation of Income and Dividends Mgmt For For
5 Fix Number of Directors at Nine Mgmt For For
6 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
7 Elect Directors Mgmt For For
8 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
9 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 9, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
10.1 Percentage of Votes to Be Assigned - Elect
Juan Pablo Zucchini as Independent Director
Mgmt None For
10.2 Percentage of Votes to Be Assigned - Elect
Mauricio Luis Luchetti as Independent
Director
Mgmt None For
10.3 Percentage of Votes to Be Assigned - Elect
Igor Xavier Correia Lima as Independent
Director
Mgmt None For
10.4 Percentage of Votes to Be Assigned - Elect
Eduardo Luiz Wurzmann as Independent
Director
Mgmt None For
10.5 Percentage of Votes to Be Assigned - Elect
Osvaldo Burgos Schirmer as Independent
Director
Mgmt None For
10.6 Percentage of Votes to Be Assigned - Elect
Flavio Benicio Jansen Ferreira as Independent
Director
Mgmt None For
10.7 Percentage of Votes to Be Assigned - Elect
Jackson Medeiros de Farias Schneider as
Independent Director
Mgmt None For
10.8 Percentage of Votes to Be Assigned - Elect
Brenno Raiko de Souza as Independent
Director
Mgmt None For
10.9 Percentage of Votes to Be Assigned - Elect
Claudia Sender Ramirez as Independent
Director
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Estacio Participacoes SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
11
As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt
None
For
12 Approve Classification of Independent
Directors
Mgmt For Against
Blended Rationale: A vote AGAINST this request is warranted because:- The company has presented this requested under a
single agenda item, thus preventing shareholders from voting on the independence classification of each nominee individually;-
Incumbent vice-chairman Mauricio Luis Luchetti has been serving on the board for 12 years and is, therefore, classified as
non-independent.
13 Install Fiscal Council Mgmt For For
14 Fix Number of Fiscal Council Members at
Three
Mgmt For For
15.1 Elect Jorge Roberto Manoel as Fiscal Council
Member and Gustavo Matioli Vieira Janer as
Alternate
Mgmt For For
15.2 Elect Pedro Wagner Pereira Coelho as Fiscal
Council Member and Saulo de Tarso Alves
Lara as Alternate
Mgmt For For
15.3 Elect Regina Longo Sanchez as Fiscal Council
Member and Julio Cesar Garcia Pina
Rodrigues as Alternate
Mgmt For For
16 As an Ordinary Shareholder, Would You Like
to Request a Separate Election of a Member
of the Fiscal Council, Under the Terms of
Article 161 of the Brazilian Corporate Law?
Mgmt None Against
17 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For For
Estacio Participacoes SA
Meeting Date: 04/24/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P3784E132
Ticker: YDUQ3
Primary ISIN: BRYDUQACNOR3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Change Company Name to YDUQS
Participacoes S.A. and Amend Article 1
Accordingly
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Estacio Participacoes SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2 Amend and Renumber Articles Mgmt For Against
Blended Rationale: A vote AGAINST Item 2 is warranted because:- The company has bundled unrelated article amendments not
allowing shareholders to vote separately on each proposal; and- The company has not provided a rationale for the amendment
to grant board authority to approve extraordinary in-kind dividend (to be paid with company's assets and goods), which
prevents international institutional shareholders from adequately assessing the impact of such bylaw amendment.
3 Consolidate Bylaws Mgmt For For
4 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt
For
For
Gruma SAB de CV
Meeting Date: 04/24/2020 Country: Mexico
Meeting Type: Special
Primary Security ID: P4948K121
Ticker: GRUMAB
Primary ISIN: MXP4948K1056
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Extraordinary Business
Mgmt
1 Authorize Cancellation of 15.47 Million Series
B Class I Repurchased Shares and
Consequently Reduction in Fixed Portion of
Capital; Amend Article 6
Mgmt For For
2 Consolidate Bylaws Mgmt For Against
Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the company has not published the
full text of the proposed bylaw amendments, preventing international institutional shareholders from making an informed
voting decision.
3 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Gruma SAB de CV
Meeting Date: 04/24/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P4948K121
Ticker: GRUMAB
Primary ISIN: MXP4948K1056
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Ordinary Business Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Gruma SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1 Approve Financial Statements and Statutory
Reports
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Allocation of Income and Dividends Mgmt For For
3 Set Maximum Amount of Share Repurchase
Reserve and Present Report of Operations
with Treasury Shares
Mgmt For For
4 Elect Directors, Secretary, and Alternates,
Verify Independence Classification of
Directors and Approve Their Remuneration;
Approve Remuneration of Audit and
Corporate Practices Committees
Mgmt For For
5 Elect Chairmen of Audit and Corporate
Practices Committees
Mgmt For For
6 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Grupo Financiero Banorte SAB de CV
Meeting Date: 04/24/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P49501201
Ticker: GFNORTEO
Primary ISIN: MXP370711014
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.a
Approve CEO's Report on Financial
Statements and Statutory Reports
Mgmt
For
For
1.b Approve Board's Report on Policies and
Accounting Information and Criteria Followed
in Preparation of Financial Information
Mgmt For For
1.c Approve Board's Report on Operations and
Activities Undertaken by Board
Mgmt For For
1.d Approve Report on Activities of Audit and
Corporate Practices Committee
Mgmt For For
1.e Approve All Operations Carried out by
Company and Ratify Actions Carried out by
Board, CEO and Audit and Corporate Practices
Committee
Mgmt For For
2 Approve Allocation of Income Mgmt For For
3 Receive Auditor's Report on Tax Position of
Company
Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Financiero Banorte SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.a1
Elect Carlos Hank Gonzalez as Board
Chairman
Mgmt
For
For
4.a2 Elect Juan Antonio Gonzalez Moreno as
Director
Mgmt For For
4.a3 Elect David Juan Villarreal Montemayor as
Director
Mgmt For For
4.a4 Elect Jose Marcos Ramirez Miguel as Director Mgmt For For
4.a5 Elect Carlos de la Isla Corry as Director Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
4.a6 Elect Everardo Elizondo Almaguer as Director Mgmt For For
4.a7 Elect Carmen Patricia Armendariz Guerra as
Director
Mgmt For For
4.a8 Elect Hector Federico Reyes Retana y Dahl as
Director
Mgmt For For
4.a9 Elect Alfredo Elias Ayub as Director Mgmt For For
4.a10 Elect Adrian Sada Cueva as Director Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
4.a11 Elect David Penaloza Alanis as Director Mgmt For For
4.a12
Elect Jose Antonio Chedraui Eguia as Director
Mgmt
For
For
4.a13
Elect Alfonso de Angoitia Noriega as Director
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
4.a14 Elect Thomas Stanley Heather Rodriguez as
Director
Mgmt For For
4.a15 Elect Graciela Gonzalez Moreno as Alternate
Director
Mgmt For For
4.a16 Elect Juan Antonio Gonzalez Marcos as
Alternate Director
Mgmt For For
4.a17 Elect Alberto Halabe Hamui as Alternate
Director
Mgmt For For
4.a18 Elect Gerardo Salazar Viezca as Alternate
Director
Mgmt For For
4.a19 Elect Alberto Perez-Jacome Friscione as
Alternate Director
Mgmt For For
4.a20 Elect Diego Martinez Rueda-Chapital as
Alternate Director
Mgmt For For
4.a21 Elect Roberto Kelleher Vales as Alternate
Director
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Financiero Banorte SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.a22
Elect Clemente Ismael Reyes Retana Valdes
as Alternate Director
Mgmt
For
For
4.a23 Elect Isaac Becker Kabacnik as Alternate
Director
Mgmt For For
4.a24 Elect Jose Maria Garza Trevino as Alternate
Director
Mgmt For For
4.a25 Elect Carlos Cesarman Kolteniuk as Alternate
Director
Mgmt For For
4.a26 Elect Humberto Tafolla Nunez as Alternate
Director
Mgmt For For
4.a27 Elect Guadalupe Phillips Margain as Alternate
Director
Mgmt For For
4.a28 Elect Ricardo Maldonado Yanez as Alternate
Director
Mgmt For For
4.b Elect Hector Avila Flores (Non-Member) as
Board Secretary
Mgmt For For
4.c Approve Directors Liability and
Indemnification
Mgmt For For
5 Approve Remuneration of Directors Mgmt For For
6 Elect Hector Federico Reyes Retana y Dahl as
Chairman of Audit and Corporate Practices
Committee
Mgmt For For
7.1 Approve Report on Share Repurchase Mgmt For For
7.2 Set Aggregate Nominal Amount of Share
Repurchase Reserve
Mgmt For For
8 Approve Certification of the Company's
Bylaws
Mgmt For For
9 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Heilongjiang Agriculture Co., Ltd.
Meeting Date: 04/24/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y3120A109
Ticker: 600598
Primary ISIN: CNE0000019Z9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Report of the Board of Directors Mgmt For For
2 Approve Report of the Board of Supervisors
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Heilongjiang Agriculture Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3 Approve Annual Report and Summary Mgmt For For
4 Approve Report of the Independent Directors
Mgmt
For
For
5 Approve Profit Distribution
Mgmt
For
For
6 Approve Annual Budget Report
Mgmt
For
For
7 Approve Daily Related-Party Transactions
Mgmt
For
For
8 Approve Appointment of Auditor and Payment
of Remuneration
9 Approve Remuneration of the Person in
Charge
Mgmt
Mgmt
For
For
For
For
Novolipetsk Steel
Meeting Date: 04/24/2020 Country: Russia
Meeting Type: Annual
Primary Security ID: X58996103
Ticker: NLMK
Primary ISIN: RU0009046452
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Annual Report
Mgmt
For
For
2 Approve Annual Financial Statements Mgmt For For
3 Approve Allocation of Income and Dividends
of RUB 19.40 per Share
Mgmt For For
Elect Nine Directors via Cumulative Voting Mgmt
4.1 Elect Oleg Bagrin as Director Mgmt None Against
4.2 Elect Thomas Veraszto as Director Mgmt None For
4.3 Elect Nikolai Gagarin as Director Mgmt None Against
4.4 Elect Sergei Kravchenko as Director Mgmt None For
4.5 Elect Joachim Limberg as Director Mgmt None For
4.6 Elect Vladimir Lisin as Director Mgmt None Against
4.7 Elect Marjan Oudeman as Director Mgmt None For
4.8 Elect Karen Sarkisov as Director Mgmt None Against
4.9 Elect Stanislav Shekshnia as Director Mgmt None For
4.10 Elect Benedict Sciortino as Director Mgmt None Against
5 Elect Grigorii Fedorishin as President Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Novolipetsk Steel
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6 Approve Remuneration of Directors Mgmt For For
7.1 Ratify PricewaterhouseCoopers Audit as RAS
Auditor
7.2 Ratify PricewaterhouseCoopers Audit as IFRS
Auditor
Mgmt
Mgmt
For
For
For
For
Yango Group Co., Ltd.
Meeting Date: 04/24/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2653W108
Ticker: 000671
Primary ISIN: CNE000000206
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Provision of Guarantee to Hangzhou
Biguang Real Estate Development Co., Ltd.
Mgmt
For
For
2 Approve Provision of Guarantee to Xuchang
Tiantu Real Estate Co., Ltd.
Mgmt For For
3 Approve Provision of Guarantee to Qixing
Guanhongji Real Estate Development Co., Ltd.
Mgmt For For
4 Approve Establishment of CMBN Asset Backed
Notes
Mgmt For For
5 Approve Debt Financing Mgmt For For
Zhejiang Huahai Pharmaceutical Co., Ltd.
Meeting Date: 04/24/2020 Country: China
Meeting Type: Special
Primary Security ID: Y9891X103
Ticker: 600521
Primary ISIN: CNE000001DL5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Company's Eligibility for Issuance of
Convertible Bonds
APPROVE ISSUANCE OF CONVERTIBLE
BONDS
Mgmt For For
Mgmt
2.1 Approve Issue Type Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Zhejiang Huahai Pharmaceutical Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.2
Approve Issue Scale
Mgmt
For
For
2.3 Approve Par Value and Issue Price Mgmt For For
2.4 Approve Bond Maturity Mgmt For For
2.5 Approve Bond Interest Rate Mgmt For For
2.6 Approve Method and Term for the Repayment
of Principal and Interest
Mgmt For For
2.7 Approve Guarantee Matters Mgmt For For
2.8 Approve Conversion Period Mgmt For For
2.9 Approve Method for Determining the Number
of Shares for Conversion
Mgmt For For
2.10 Approve Determination and Adjustment of
Conversion Price
Mgmt For For
2.11 Approve Terms for Downward Adjustment of
Conversion Price
Mgmt For For
2.12 Approve Redemption Mgmt For For
2.13 Approve Sell-Back Mgmt For For
2.14 Approve Dividend Distribution Post
Conversion
Mgmt For For
2.15 Approve Issue Manner and Target Subscribers Mgmt For For
2.16 Approve Placing Arrangement for
Shareholders
Mgmt For For
2.17 Approve Bondholders and Bondholders
Meeting
Mgmt For For
2.18 Approve Use of Proceeds Mgmt For For
2.19 Approve Raised Funds Deposit Account Mgmt For For
2.20 Approve Resolution Validity Period Mgmt For For
3 Approve Plan for Issuance of Convertible
Bonds
Mgmt For For
4 Approve Feasibility Analysis Report on the
Intended Usage of Raised Funds
Mgmt For For
5 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
6 Approve Formulation of Rules and Procedures
Regarding Convertible Corporate Bondholders
Meeting
Mgmt For For
7 Approve Report on the Usage of Previously
Raised Funds
Mgmt For For
8 Approve Shareholder Return Plan Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Zhejiang Huahai Pharmaceutical Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9 Approve Authorization of Board and Its
Authorized Persons to Handle All Related
Matters
10 Approve Amendments to Articles of
Association
Mgmt
Mgmt
For
For
For
For
Banco del Bajio SA
Meeting Date: 04/27/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P1R2ZN117
Ticker: BBAJIOO
Primary ISIN: MX41BB000000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Approve Report of Audit and Corporate
Practices Committee
Mgmt
For
For
1.2 Approve Board's Opinion on CEO's Report Mgmt For For
1.3 Approve Auditor's Report Mgmt For For
1.4 Approve Commissioner's Report Mgmt For For
1.5 Approve Board's Report on Policies and
Accounting Criteria Followed in Preparation of
Financial Information
Mgmt For For
1.6 Approve Report on Operations and Activities
Undertaken by Board
Mgmt For For
2 Approve Report on Adherence to Fiscal
Obligations
Mgmt For For
3 Approve Allocation of Income Mgmt For For
4 Set Maximum Amount of Share Repurchase
for FY 2020; Approve Board's Report on
Share Repurchase for FY 2019
Mgmt For For
5.1a Elect Salvador Onate Ascencio as Director Mgmt For For
5.1b Elect Gerardo Plascencia Reyes as Alternate
Director
Mgmt For For
5.1c Elect Hector Armando Martinez Martinez as
Director
Mgmt For For
5.1d Elect Alejandro Martinez Martinez as Alternate
Director
Mgmt For For
5.1e Elect Rolando Uziel Candiotti as Director Mgmt For For
5.1f Elect Carlos Minvielle Lagos as Alternate
Director
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Banco del Bajio SA Proposal
Number Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5.1g Elect Salvador Onate Barron as Director
Mgmt
For
For
5.1h Elect Javier Marina Tanda as Alternate
Director
Mgmt For For
5.1i Elect Carlos de la Cerda Serrano as Director Mgmt For For
5.1j Elect Fabian Federico Uribe Fernandez as
Alternate Director
Mgmt For For
5.1k Elect Barbara Jean Mair Rowberry as Director Mgmt For For
5.1l Elect Jorge Arturo Martinez Gonzalez as
Director
Mgmt For For
5.1m Elect Jose Oliveres Vidal as Director Mgmt For For
5.1n Elect Gabriel Ramirez Fernandez as Director Mgmt For For
5.1o Elect Fernando de Ovando Pacheco as
Director
Mgmt For For
5.1p Elect Dan Ostrosky Shejet as Director Mgmt For For
5.1q Elect Alfredo Emilio Colin Babio as Director Mgmt For For
5.1r Elect Ramon Santoyo Vazquez as Director Mgmt For For
5.1t Elect Genaro Carlos Leal Martinez as
Honorary Director
Mgmt For For
5.1u Elect Benjamin Zermeno Padilla as Honorary
Director
Mgmt For For
5.2 Approve Remuneration of Directors Mgmt For For
6.1a Elect Salvador Onate Ascencio as Board
Chairman
Mgmt For For
6.1b Elect Blanca Veronica Casillas Placencia as
Secretary (Non-Member) of Board
Mgmt For For
6.1c Elect Eduardo Gomez Navarro as
Commissioner
Mgmt For For
6.1d Elect Arturo Rabago Fonseca as Alternate
Commissioner
Mgmt For For
7 Ratify Gabriel Ramirez Fernandez as
Chairman of Audit and Corporate Practices
Committee
Mgmt For For
8 Authorize Joaquin David Dominguez Cuenca
and/or Blanca Veronica Casillas Placencia to
Ratify and Execute Approved Resolutions
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
BRF SA
Meeting Date: 04/27/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P1905C100
Ticker: BRFS3
Primary ISIN: BRBRFSACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
and Approve Treatment of Net Loss
Mgmt
For
For
2 Fix Number of Directors at Ten Mgmt For For
3 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Abstain
4 Elect Directors Mgmt For Against
Blended Rationale: Chair Independence: A vote against is applied as LGIM expects the Board Chair to be independent at the
time of appointment and therefore does not support a company's outgoing CEO taking on the role of Board Chair.Board
mandates: A vote against is applied as LGIM expects a CEO or a non-executive director not to hold too many external roles to
ensure they can undertake their duties effectively.
5 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
6 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None Abstain
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
7.1 Percentage of Votes to Be Assigned - Elect
Augusto Marques da Cruz Filho as
Independent Director
Mgmt None For
7.2 Percentage of Votes to Be Assigned - Elect
Dan loschpe as Independent Director
Mgmt None Abstain
7.3 Percentage of Votes to Be Assigned - Elect
Flavia Buarque de Almeida as Independent
Director
Mgmt None For
7.4 Percentage of Votes to Be Assigned - Elect
Flavia Maria Bittencourt as Independent
Director
Mgmt None For
7.5 Percentage of Votes to Be Assigned - Elect
Jose Luiz Osorio as Independent Director
Mgmt None For
7.6 Percentage of Votes to Be Assigned - Elect
Luiz Fernando Furlan as Independent Director
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
BRF SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
7.7
7.8
7.9
7.10
8
9
10.1
10.2
10.3
11
Percentage of Votes to Be Assigned - Elect
Pedro Pullen Parente as Independent Director
Percentage of Votes to Be Assigned - Elect
Ivandre Motiel da Silva as Director
Percentage of Votes to Be Assigned - Elect
Roberto Rodrigues as Independent Director
Percentage of Votes to Be Assigned - Elect
Marcelo F. Bacci as Independent Director
Elect Pedro Pullen Parente as Board Chairman
and Augusto Marques da Cruz Filho as Board
Vice-Chairman
Approve Remuneration of Company's
Management
Elect Attilio Guaspari as Fiscal Council
Member and Susana Hanna Stiphan Jabra as
Alternate
Elect Maria Paula Soares Aranha as Fiscal
Council Member and Monica Hojaij Carvalho
Molina as Alternate
Elect Andre Vicentini as Fiscal Council
Member and Valdecyr Maciel Gomes as
Alternate
Approve Remuneration of Fiscal Council
Members
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
None
None
None
None
For
For
For
For
For
For
Abstain
For
For
For
For
For
For
For
For
For
BRF SA
Meeting Date: 04/27/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P1905C100
Ticker: BRFS3
Primary ISIN: BRBRFSACNOR8
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Article 21 Mgmt For For
2 Approve Indemnification Agreement between
the Company and New Elected Directors
3 Amend Stock Option Plan and Share Matching
Plan
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: A vote AGAINST this request is warranted because the proposed plan does not appear to adequately align
the interests of its beneficiaries and those of the shareholders.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
EVE Energy Co., Ltd.
Meeting Date: 04/27/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2303F109
Ticker: 300014
Primary ISIN: CNE100000GS4
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Guarantee Provision Plan Mgmt For For
Guangdong Electric Power Development Co., Ltd.
Meeting Date: 04/27/2020 Country: China
Meeting Type: Special
Primary Security ID: Y2923E110
Ticker: 200539
Primary ISIN: CNE000000HW5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF B SHARES Mgmt
1 Approve Daily Related Party Transaction
Mgmt
For
For
2 Approve Signing of Financial Services
Framework Agreement
Mgmt
For
Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
3 Approve Signing of Financial Lease Mgmt
Cooperation Framework Agreement
For For
4 Approve Signing of Insurance and Risk Mgmt
Management Services Cooperation
Framework Agreement
For For
5 Approve Issuance of Super Short-term Mgmt
Commercial Papers
For For
6 Approve Signing of Withdrawal of Mgmt
State-owned Land Use Right Agreement
For For
SDIC Capital Co., Ltd.
Meeting Date: 04/27/2020 Country: China
Primary Security ID: Y8045P107
Meeting Type: Annual Ticker: 600061
Primary ISIN: CNE000000Q11
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
SDIC Capital Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Report on the Usage of Previously
Raised Funds and Verification Report
Mgmt For For
7 Approve Annual Work Report of the Board of
Directors Remuneration and Appraisal
Committee
Mgmt For For
8 Approve Company's Three-Year Development
Plan
Mgmt For For
9 Approve Daily Related-Party Transaction Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
10 Approve Credit Line Application Mgmt For For
11 Approve General Authorization to Issue
Domestic Debt Financing Instruments
Mgmt
For
For
Sealand Securities Co., Ltd.
Meeting Date: 04/27/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2941X108
Ticker: 000750
Primary ISIN: CNE0000008K4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Profit Distribution Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Sealand Securities Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6
Approve Securities Investment Scale and Risk
Limit
Mgmt
For
For
7 Approve Daily Related-Party Transactions Mgmt For For
8 Approve Appointment of Financial Auditor and
Internal Control Auditor
Mgmt For For
9 Amend Related-Party Transaction
Management System
Mgmt For For
10 Elect Wang Hongping as Supervisor SH For For
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Meeting Date: 04/27/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y774E3101
Ticker: 300760
Primary ISIN: CNE100003G67
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Social Responsibility Report Mgmt For For
7 Approve Termination of Partial Raised Funds
Investment Project
Mgmt For For
8 Approve Appointment of Auditor Mgmt For For
9 Approve Amendments to Articles of
Association
Mgmt For For
10 Amend Rules and Procedures Regarding
General Meetings of Shareholders
Mgmt For For
11 Amend Related Party Transaction
Decision-making System
Mgmt For For
12 Amend Remuneration Management System of
Directors, Supervisors and Senior
Management Members
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
TOTVS SA
Meeting Date: 04/27/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P92184103
Ticker: TOTS3
Primary ISIN: BRTOTSACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Capital Budget Mgmt For For
3 Approve Allocation of Income and Dividends Mgmt For For
4 Fix Number of Directors at Seven Mgmt For For
5 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
6.1 Elect Eduardo Mazzilli de Vassimon as
Independent Director
Mgmt For For
6.2 Elect Gilberto Mifano as Independent Director Mgmt For For
6.3 Elect Guilherme Stocco Filho as Independent
Director
Mgmt For For
6.4 Elect Laercio Jose de Lucena Cosentino as
Director
Mgmt For For
6.5 Elect Maria Leticia de Freitas Costa as
Independent Director
Mgmt For For
6.6 Elect Mauro Gentile Rodrigues da Cunha as
Independent Director
Mgmt For For
6.7 Elect Sylvia de Souza Leao Wanderley as
Independent Director
Mgmt For For
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Eduardo Mazzilli de Vassimon as Independent
Director
Mgmt None For
8.2 Percentage of Votes to Be Assigned - Elect
Gilberto Mifano as Independent Director
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
TOTVS SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8.3
Percentage of Votes to Be Assigned - Elect
Guilherme Stocco Filho as Independent
Director
Mgmt
None
For
8.4 Percentage of Votes to Be Assigned - Elect
Laercio Jose de Lucena Cosentino as Director
Mgmt None For
8.5 Percentage of Votes to Be Assigned - Elect
Maria Leticia de Freitas Costa as Independent
Director
Mgmt None For
8.6 Percentage of Votes to Be Assigned - Elect
Mauro Gentile Rodrigues da Cunha as
Independent Director
Mgmt None For
8.7 Percentage of Votes to Be Assigned - Elect
Sylvia de Souza Leao Wanderley as
Independent Director
Mgmt None For
9 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
awards to be assessed against performance conditions to ensure alignment of remuneration with company
performance.Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.A vote
AGAINST this item is warranted because:- There are ongoing concerns regarding problematic pay practices specifically related
to the terms of its equity compensation and the remuneration of its non-independent chair, who is also TOTVS' founder, former
CEO, and significant shareholder.
10 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
11 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt
Mgmt
None
None
For
For
TOTVS SA
Meeting Date: 04/27/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P92184103
Ticker: TOTS3
Primary ISIN: BRTOTSACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve 3-for-1 Stock Split and Amend Article
5 Accordingly
Mgmt
For
For
2 Amend Article 5 to Reflect Changes in Capital
and Consolidate Bylaws
Mgmt For For
3 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
TOTVS SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Wanhua Chemical Group Co. Ltd.
Meeting Date: 04/27/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9520G109
Ticker: 600309
Primary ISIN: CNE0000016J9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Financial Statements Mgmt For For
2 Approve Profit Distribution
Mgmt
For
For
3 Approve 2019 Investment Plan and 2020
Investment Plan
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted due to lack of disclosure.
4 Approve Annual Report and Summary Mgmt For For
5 Approve Report of the Board of Directors Mgmt For For
6 Approve Report of the Board of Supervisors Mgmt For For
7 Approve Report of the Independent Directors Mgmt For For
8 Approve Payment of Remuneration to
Auditors
Mgmt For For
9 Approve Appointment of Auditor Mgmt For For
10 Approve Daily Related-Party Transactions Mgmt For For
11 Approve Provision of Guarantee to
Subsidiaries and Mutual Guarantees between
Subsidiaries
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of its subsidiaries is
disproportionate to the level of ownership in the said subsidiaries. The company has failed to provide any justifications in the
meeting circular.
12 Approve Guarantee Provision Plan Mgmt For For
13 Approve Amendments to Articles of
Association
Mgmt For For
14 Approve Increase in Super Short-term
Commercial Papers Registration Limit
Mgmt For For
15 Elect Sun Xiao as External Supervisor Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Wanhua Chemical Group Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
16
Elect Liu Zhijun as Supervisor
Mgmt
For
For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
17.1 Elect Liao Zengtai as Non-Independent
Director
Mgmt For For
17.2 Elect Kou Guangwu as Non-Independent
Director
Mgmt For For
17.3 Elect Hua Weiqi as Non-Independent Director Mgmt For For
17.4 Elect Rong Feng as Non-Independent Director Mgmt For For
17.5 Elect Chen Dianxin as Non-Independent
Director
Mgmt For For
17.6 Elect Qi Guishan as Non-Independent Director Mgmt For For
17.7 Elect Guo Xingtian as Non-Independent
Director
Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
18.1 Elect Bao Yongjian as Independent Director Mgmt For For
18.2 Elect Zhang Xiaorong as Independent Director Mgmt For For
18.3 Elect Zhang Wanbin as Independent Director Mgmt For For
18.4 Elect Li Zhongxiang as Independent Director Mgmt For For
Winning Health Technology Group Co. Ltd.
Meeting Date: 04/27/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7685K105
Ticker: 300253
Primary ISIN: CNE1000016F5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Winning Health Technology Group Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
7
Approve Report on the Usage of Previously
Raised Funds (As of December 31, 2019)
Mgmt
For
For
8 Approve 2016 Repurchase Cancellation of
Performance Shares
Mgmt For For
9 Approve 2019 Repurchase Cancellation of
Performance Shares
Mgmt For For
10 Amend Related Party Transaction
Management System
Mgmt For For
Zhengzhou Yutong Bus Co., Ltd.
Meeting Date: 04/27/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y98913109
Ticker: 600066
Primary ISIN: CNE000000PY4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Daily Related Party Transaction Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
6 Approve Annual Report and Summary Mgmt For For
7 Approve Payment of Remuneration and
Appointment of Auditor
Mgmt For For
8 Amend Articles of Association Mgmt For For
AMEND COMPANY SYSTEMS Mgmt
9.1 Amend Rules and Procedures Regarding
General Meetings of Shareholders
Mgmt For For
9.2 Amend Rules and Procedures Regarding
Meetings of Board of Directors
Mgmt For For
9.3 Amend Rules and Procedures Regarding
Meetings of Board of Supervisors
Mgmt For For
9.4 Amend Rules and Procedures of Independent
Directors
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Zhengzhou Yutong Bus Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9.5 Amend Management System of Raised Funds Mgmt For For
10 Approve Financing Authorization
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted due to lack of disclosure.
11 Approve Provision of Repurchase Liability Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
12.1 Elect Tang Yuxiang as Non-Independent
Director
Mgmt For For
12.2 Elect Cao Jianwei as Non-Independent
Director
Mgmt For For
12.3 Elect Yu Li as Non-Independent Director Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against has been applied because LGIM expects the Committee to
comprise independent directors.
12.4 Elect Lu Xinlei as Non-Independent Director Mgmt For
For
ELECT INDEPENDENT DIRECTORS VIA Mgmt
CUMULATIVE VOTING
13.1 Elect Li Keqiang as Independent Director Mgmt For
For
13.2 Elect Yin Xiaohua as Independent Director Mgmt For
For
13.3 Elect Gu Xiujuan as Independent Director Mgmt For
For
ELECT SUPERVISORS VIA CUMULATIVE Mgmt
VOTING
14.1 Elect Zhang Tao as Supervisor Mgmt For
For
14.2 Elect Zhang Guohui as Supervisor Mgmt For
For
14.3 Elect Wei Yihui as Supervisor Mgmt For
For
AVIC Aircraft Co. Ltd.
Meeting Date: 04/28/2020 Country: China
Primary Security ID: Y9723E109
Meeting Type: Annual Ticker: 000768
Primary ISIN: CNE000000RF9
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Annual Report and Summary Mgmt For For
2 Approve Report of the Board of Directors
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
AVIC Aircraft Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements
Mgmt
For
For
5 Approve Financial Budget Report
Mgmt
For
For
6 Approve Profit Distribution
Mgmt
For
For
7 Approve Capital Injection
SH For
For
Banco BTG Pactual SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P1S6B2119
Ticker: BPAC5
Primary ISIN: BRBPACACNPA0
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income Mgmt For For
3 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Abstain
4.1 Elect Roberto Balls Sallouti as Director Mgmt For Against
Blended Rationale: Committee independence: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.Board mandates: A vote against is applied as LGIM expects a CEO or a non-executive director not to hold
too many external roles to ensure they can undertake their duties effectively.
4.2 Elect Claudio Eugenio Stiller Galeazzi as
Independent Director
Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Committee independence: A vote against is applied as LGIM expects the
Committee to be comprised of independent directors.
4.3 Elect John Huw Gwili Jenkins as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
4.4 Elect Mark Clifford Maletz as Independent
Director
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Banco BTG Pactual SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.5 Elect Nelson Azevedo Jobim as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Diversity: A vote against is applied as LGIM expects a company to have a diverse
board, including at least one woman. We expect companies to further increase female participation on the board and
leadership positions over time.
4.6 Elect Guillermo Ortiz Martinez as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
4.7 Elect Eduardo Henrique de Mello Motta Loyo
as Director
Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
5 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None Abstain
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 5, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
6.1 Percentage of Votes to Be Assigned - Elect
Roberto Balls Sallouti as Director
Mgmt None Abstain
6.2 Percentage of Votes to Be Assigned - Elect
Claudio Eugenio Stiller Galeazzi as
Independent Director
Mgmt None Abstain
6.3 Percentage of Votes to Be Assigned - Elect
John Huw Gwili Jenkins as Director
Mgmt None Abstain
6.4 Percentage of Votes to Be Assigned - Elect
Mark Clifford Maletz as Independent Director
Mgmt None For
6.5 Percentage of Votes to Be Assigned - Elect
Nelson Azevedo Jobim as Director
Mgmt None Abstain
6.6 Percentage of Votes to Be Assigned - Elect
Guillermo Ortiz Martinez as Director
Mgmt None Abstain
6.7 Percentage of Votes to Be Assigned - Elect
Eduardo Henrique de Mello Motta Loyo as
Director
Mgmt None Abstain
7 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
8 As a Preferred Shareholder, Would You like to
Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Banco BTG Pactual SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9
In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt
None
For
10 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed.
11 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt
None
For
Banco BTG Pactual SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P1S6B2119
Ticker: BPAC5
Primary ISIN: BRBPACACNPA0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Article 24 Mgmt For For
2 Consolidate Bylaws
Mgmt
For
For
Beijing Capital Co., Ltd.
Meeting Date: 04/28/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y07716106
Ticker: 600008
Primary ISIN: CNE000001295
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Independent Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Beijing Capital Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5
Approve Profit Distribution
Mgmt
For
For
6 Approve Annual Report and Summary Mgmt For For
7 Approve Remuneration of Financial Auditor Mgmt For For
8 Approve Remuneration of Internal Control
Auditor
Mgmt For For
9 Approve Appointment of Financial Auditor Mgmt For For
10 Approve Appointment of Internal Control
Auditor
Mgmt For For
11 Amend Articles of Association Mgmt For For
12 Approve Purchase of Liability Insurance for
Directors, Supervisors and Senior
Management Members
Mgmt For For
13 Approve Provision of Entrusted Loan and
Related Transactions
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of loan to be provided to the receiving entity is
disproportionate to the company's ownership in the said entity. The company has failed to provide any justifications in the
meeting circular.
China Railway Construction Corporation Limited
Meeting Date: 04/28/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1508P110
Ticker: 1186
Primary ISIN: CNE100000981
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
EGM BALLOT FOR HOLDERS OF H SHARES
Mgmt
1 Approve Initial Public Offering and Listing of
China Railway Construction Heavy Industry
Corporation Limited on the Science and
Technology Innovation Board of Shanghai
Stock Exchange
Mgmt For For
2 Approve Spin-Off and Listing of the Subsidiary
of the Company Continuously in Compliance
with the Relevant Conditions Under Certain
Provisions on Pilot Domestic Listing of
Spin-Off Subsidiaries of Listed Companies
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China Railway Construction Corporation Limited
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3
Approve Spin-Off of China Railway
Construction Heavy Industry Corporation
Limited on the Science and Technology
Innovation Board which Benefits the
Safeguarding of Legal Rights and Interests of
Shareholders and Creditors
Mgmt
For
For
4 Approve Ability to Maintain Independence and
Sustainable Operation Ability of the Company
Mgmt For For
5 Approve Corresponding Standardized
Operation Ability of China Railway
Construction Heavy Industry Corporation
Limited
Mgmt For For
6 Approve Spin-Off and Listing of Subsidiary on
the Science and Technology Innovation Board
in Compliance with Relevant Laws and
Regulations
Mgmt For For
7 Approve Explanation of the Completeness and
Compliance of Statutory Procedures and the
Validity of the Legal Documents Submitted in
the Spin-Off
Mgmt For For
8 Approve Objective, Business Reasonableness,
Necessity and Feasibility of the Spin-Off
Mgmt For For
9 Approve Consideration and Approval of the
Plan for the Spin-Off and Listing of China
Railway Construction Heavy Industry
Corporation Limited on the Science and
Technology Innovation Board of China
Railway Construction Corporation Limited
(Revised)
Mgmt For For
10 Approve Authorization to the Board and Its
Authorized Persons to Deal with Matters
Relating to the Listing of CRCHI on the
Science and Technology Innovation Board at
their Full Discretion
Mgmt For For
China Railway Construction Corporation Limited
Meeting Date: 04/28/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1508P110
Ticker: 1186
Primary ISIN: CNE100000981
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF A SHARES Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China Railway Construction Corporation Limited
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Initial Public Offering and Listing of
China Railway Construction Heavy Industry
Corporation Limited on the Science and
Technology Innovation Board of Shanghai
Stock Exchange
Mgmt
For
For
2 Approve Spin-Off and Listing of the Subsidiary
of the Company Continuously in Compliance
with the Relevant Conditions Under Certain
Provisions on Pilot Domestic Listing of
Spin-Off Subsidiaries of Listed Companies
Mgmt For For
3 Approve Spin-Off of China Railway
Construction Heavy Industry Corporation
Limited on the Science and Technology
Innovation Board which Benefits the
Safeguarding of Legal Rights and Interests of
Shareholders and Creditors
Mgmt For For
4 Approve Ability to Maintain Independence and
Sustainable Operation Ability of the Company
Mgmt For For
5 Approve Corresponding Standardized
Operation Ability of China Railway
Construction Heavy Industry Corporation
Limited
Mgmt For For
6 Approve Spin-Off and Listing of Subsidiary on
the Science and Technology Innovation Board
in Compliance with Relevant Laws and
Regulations
Mgmt For For
7 Approve Explanation of the Completeness and
Compliance of Statutory Procedures and the
Validity of the Legal Documents Submitted in
the Spin-Off
Mgmt For For
8 Approve Objective, Business Reasonableness,
Necessity and Feasibility of the Spin-Off
Mgmt For For
9 Approve Consideration and Approval of the
Plan for the Spin-Off and Listing of China
Railway Construction Heavy Industry
Corporation Limited on the Science and
Technology Innovation Board of China
Railway Construction Corporation Limited
(Revised)
Mgmt For For
10 Approve Authorization to the Board and Its
Authorized Persons to Deal with Matters
Relating to the Listing of CRCHI on the
Science and Technology Innovation Board at
their Full Discretion
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P2R268136
Ticker: SBSP3
Primary ISIN: BRSBSPACNOR5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
4 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
5.1 Elect Mario Engler Pinto Junior as Board
Chairman
Mgmt For For
5.2 Elect Benedito Pinto Ferreira Braga Junior as
Director
Mgmt For For
5.3 Elect Wilson Newton de Mello Neto as
Director
Mgmt For For
5.4 Elect Reinaldo Guerreiro as Director Mgmt For For
5.5 Elect Claudia Polto da Cunha as Director Mgmt For For
5.6 Elect Francisco Vidal Luna as Independent
Director
Mgmt For For
5.7 Elect Lucas Navarro Prado as Independent
Director
Mgmt For For
5.8 Elect Francisco Luiz Sibut Gomide as
Independent Director
Mgmt For For
5.9 Elect Eduardo de Freitas Teixeira as
Independent Director
Mgmt For For
6 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
7.1 Percentage of Votes to Be Assigned - Elect
Mario Engler Pinto Junior as Board Chairman
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Companhia de Saneamento Basico do Estado de Sao Paulo SABESP
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
7.2
Percentage of Votes to Be Assigned - Elect
Benedito Pinto Ferreira Braga Junior as
Director
Mgmt
None
For
7.3 Percentage of Votes to Be Assigned - Elect
Wilson Newton de Mello Neto as Director
Mgmt None For
7.4 Percentage of Votes to Be Assigned - Elect
Reinaldo Guerreiro as Director
Mgmt None For
7.5 Percentage of Votes to Be Assigned - Elect
Claudia Polto da Cunha as Director
Mgmt None For
7.6 Percentage of Votes to Be Assigned - Elect
Francisco Vidal Luna as Independent Director
Mgmt None For
7.7 Percentage of Votes to Be Assigned - Elect
Lucas Navarro Prado as Independent Director
Mgmt None For
7.8 Percentage of Votes to Be Assigned - Elect
Francisco Luiz Sibut Gomide as Independent
Director
Mgmt None For
7.9 Percentage of Votes to Be Assigned - Elect
Eduardo de Freitas Teixeira as Independent
Director
Mgmt None For
8.1 Elect Fabio Bernacchi Maia as Fiscal Council
Member and Marcio Cury Abumussi as
Alternate
Mgmt For For
8.2 Elect Pablo Andres Fernandez Uhart as Fiscal
Council Member and Cassiano Quevedo Rosas
de Avila as Alternate
Mgmt For For
8.3 Elect Edson Tomas de Lima Filho as Fiscal
Council Member and Nanci Cortazzo Mendes
Galuzio as Alternate
Mgmt For For
8.4 Elect Angelo Luiz Moreira Grossi as Fiscal
Council Member and Andrea Martins Botaro
as Alternate
Mgmt For For
9 Fix Number of Directors at Nine Mgmt For For
10 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For For
Companhia Paranaense de Energia
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P30557139
Ticker: CPLE6
Primary ISIN: BRCPLEACNPB9
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Companhia Paranaense de Energia
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management and Fiscal Council Member
4 Designate Newspapers to Publish Company
Announcements
Mgmt
Mgmt
For
For
For
For
Energisa SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P3R69R155
Ticker: ENGI4
Primary ISIN: BRENGIACNPR7
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
2 Amend Article 18 Mgmt For For
3 Designate Diario Oficial da Uniao and Diario Mgmt
do Comercio de Minas Gerais as Newspapers
to Publish Company's Legal Announcements
For
For
4 Consolidate Bylaws Mgmt For
For
Energisa SA
Meeting Date: 04/28/2020 Country: Brazil
Primary Security ID: P3R69R155
Meeting Type: Annual Ticker: ENGI4
Primary ISIN: BRENGIACNPR7
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Meeting for Holders of Units Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Energisa SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Alternate Directors at Four Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
5 Elect Directors Mgmt For For
6 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Ivan Muller Botelho as Director and Mauricio
Perez Botelho and/or Marcelo Silveira da
Rocha as Alternate
Mgmt None For
8.2 Percentage of Votes to Be Assigned - Elect
Ricardo Perez Botelho as Director and
Mauricio Perez Botelho and/or Marcelo
Silveira da Rocha as Alternate
Mgmt None For
8.3 Percentage of Votes to Be Assigned - Elect
Antonio Jose de Almeida Carneiro as Director
and Mauricio Perez Botelho and/or Marcelo
Silveira da Rocha as Alternate
Mgmt None For
8.4 Percentage of Votes to Be Assigned - Elect
Marcilio Marques Moreira as Independent
Director and Andre La Saigne de Botton as
Alternate
Mgmt None For
8.5 Percentage of Votes to Be Assigned - Elect
Omar Carneiro da Cunha Sobrinho as
Independent Director and Andre La Saigne de
Botton as Alternate
Mgmt None For
8.6 Percentage of Votes to Be Assigned - Elect
Jose Luiz Alqueres as Independent Director
and Andre La Saigne de Botton as Alternate
Mgmt None For
9 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Energisa SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
10
In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt
None
For
11 As a Preferred Shareholder, Would You like to
Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
12 Elect Luciana de Oliveira Cezar Coelho as
Independent Director and Pedro Renato
Arruda Stevaux as Alternate Appointed by
Preferred Shareholder
SH None Against
13 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt None For
14 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
15 Elect Fiscal Council Members Mgmt For Against
Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of a minority fiscal council candidate as further discussed under
of this meeting agenda.
16 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
Mgmt None Against
17.1 Elect Artemio Bertholini as Fiscal Council
Member and Atilio Gerson Bertoldi as
Alternate Appointed by Preferred Shareholder
SH None For
17.2 Elect Vania Andrade de Souza as Fiscal
Council Member and Antonio Eduardo Bertolo
as Alternate Appointed by Preferred
Shareholder
SH None For
ENGIE Brasil Energia SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P37625103
Ticker: EGIE3
Primary ISIN: BREGIEACNOR9
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
ENGIE Brasil Energia SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Employees' Bonuses Mgmt For For
4 Approve Remuneration of Company's
Management
Mgmt For For
5 Designate Noticias do Dia as Newspaper to
Publish Company's Legal Announcements
Mgmt For For
6 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
7 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
8 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None Abstain
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 8, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
9.1 Percentage of Votes to Be Assigned - Elect
Mauricio Stolle Bahr as Director and Gustavo
Henrique Labanca Novo as Alternate
Mgmt None Abstain
9.2 Percentage of Votes to Be Assigned - Elect
Karin Koogan Breitman as Independent
Director and Manoel Arlindo Zaroni Torres as
Alternate
Mgmt None For
9.3 Percentage of Votes to Be Assigned - Elect
Richard Jacques Dumas as Director and
Leonardo Augusto Serpa as Alternate
Mgmt None Abstain
9.4 Percentage of Votes to Be Assigned - Elect
Paulo Jorge Tavares Almirante as Director
and Raphael Vincent Philippe Barreau as
Alternate
Mgmt None Abstain
9.5 Percentage of Votes to Be Assigned - Elect
Dirk Achiel Marc Beeuwsaert as Director and
Gil de Methodio Maranhao Neto as Alternate
Mgmt None Abstain
9.6 Percentage of Votes to Be Assigned - Elect
Simone Cristina de Paola Barbieri as Director
and Pierre Jean Bernard Guiollot as Alternate
Mgmt None Abstain
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
ENGIE Brasil Energia SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
9.7
9.8
9.9
10
Percentage of Votes to Be Assigned - Elect
Paulo de Resende Salgado as Independent
Director and Antonio Alberto Gouvea Vieira as
Alternate
Percentage of Votes to Be Assigned - Elect
Jose Pais Rangel as Independent Director and
Raquel da Fonseca Cantarino as Alternate
Percentage of Votes to Be Assigned - Elect
Adir Flavio Sviderskei as Director and Rubens
Jose Nascimento as Alternate
Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt
Mgmt
Mgmt
Mgmt
None
None
None
None
For
Abstain
Abstain
For
Grupo Televisa SAB
Meeting Date: 04/28/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P4987V137
Ticker: TLEVISACPO
Primary ISIN: MXP4987V1378
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Meeting for Holders of Series A and B Shares
(Held Directly or Through CPOs) Who are
Mexican Nationals May Vote in this Meeting
Mgmt
1 Approve Financial Statements and Statutory
Reports as Required by Article 28 of Mexican
Securities Law, Approve Financial Statements;
Approve Discharge of Directors, CEO and
Board Committees
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.Additionally, a vote
AGAINST this proposal is warranted because:- The company has bundled the request to approve its financial statements and
the discharge of directors and CEO under the same proposal, preventing shareholders from voting on such key resolutions
separately;- The company is currently subject to multiple class action lawsuits, related to the investigations regarding alleged
payment of bribes to executives of FIFA, to secure broadcasting rights for upcoming World Cup tournaments;- The corruption
allegations, and the ongoing investigations, raise concerns regarding potential governance failure and breach of fiduciary duty
of the company's administrators and, although the company has denied any wrong doing, no additional information regarding
measures taken to address such concerns and other mitigating factors, if any, have been disclosed; and
2 Present Report on Compliance with Fiscal
Obligations
3 Approve Allocation of Income
Mgmt
Mgmt
For
For
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Televisa SAB
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4.1 Set Aggregate Nominal Amount of Share
Repurchase Reserve
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because:- The company has not yet disclosed its proposed share
repurchase reserve; and- The company's most recent authority exceeded 10 percent of market capitalization, the threshold
recommended under ISS policy.
4.2 Receive Report on Policies and Board's
Decisions on Share Repurchase and Sale of
Treasury Shares
Mgmt For For
5 Elect or Ratify Members of Board, Secretary
and Other Officers
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- There are material concerns regarding potential
governance failure and breach of fiduciary duty in light of corruption investigations involving the company's administrators;-
The names of the director nominees are not disclosed prior to the time that institutional shareholders are required to submit
vote instructions; and- The company has bundled the election of its directors into a single voting item.
6 Elect or Ratify Members of Executive
Committee
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- There are material concerns regarding potential
governance failure and breach of fiduciary duty in light of corruption investigations involving the company's administrators;-
The names of the director nominees are not disclosed prior to the time that institutional shareholders are required to submit
vote instructions; and- The company has bundled the election of its directors into a single voting item.
7 Elect or Ratify Chairman of Audit Committee Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- There are material concerns regarding potential
governance failure and breach of fiduciary duty in light of corruption investigations involving the company's administrators;-
The names of the director nominees are not disclosed prior to the time that institutional shareholders are required to submit
vote instructions; and- The company has bundled the election of its directors into a single voting item.
8 Elect or Ratify Chairman of Corporate
Practices Committee
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- There are material concerns regarding potential
governance failure and breach of fiduciary duty in light of corruption investigations involving the company's administrators;-
The names of the director nominees are not disclosed prior to the time that institutional shareholders are required to submit
vote instructions; and- The company has bundled the election of its directors into a single voting item.
9 Approve Remuneration of Board Members,
Executive, Audit and Corporate Practices
Committees, and Secretaries
Mgmt For For
10 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Guoyuan Securities Co., Ltd.
Meeting Date: 04/28/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y0771H102
Ticker: 000728
Primary ISIN: CNE000000QZ9
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Guoyuan Securities Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Financial Statements
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Report of the Board of Directors Mgmt For For
4 Approve Report of the Board of Supervisors Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Remuneration of Directors and
Special Assessment Report
Mgmt For For
7 Approve Remuneration of Supervisors and
Special Assessment Report
Mgmt For For
8 Approve Remuneration of Senior Management
Members and Special Assessment Report
Mgmt For For
9 Amend Articles of Association Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed articles amendments are not considered to adequately
provide for accountability and transparency to shareholders.
10 Amend Rules and Procedures Regarding
Meetings of Board of Directors
Mgmt For For
11 Amend Rules and Procedures Regarding
Meetings of Board of Supervisors
Mgmt For For
12 Approve Appointment of Auditor Mgmt For For
13 Approve Report on the Usage of Previously
Raised Funds
Mgmt For For
APPROVE DAILY RELATED PARTY
TRANSACTIONS
Mgmt
14.1 Approve Related Party Transaction with Anhui
Guoyuan Financial Holding Group Co., Ltd.
and Its Controlled Entities
Mgmt For For
14.2 Approve Related Party Transaction with
Jian'an Investment Holding Group Co., Ltd.
and Its Controlled Entities
Mgmt For For
14.3 Approve Related Party Transaction with
Changsheng Fund Management Co., Ltd.
Mgmt For For
14.4 Approve Related Party Transaction with
Huishang Bank Co., Ltd.
Mgmt For For
14.5 Approve Related Party Transaction with Other
Affiliates
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hapvida Participacoes e Investimentos SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P5R526106
Ticker: HAPV3
Primary ISIN: BRHAPVACNOR4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Abstain
4 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Diversity: A vote against is applied as LGIM expects a company to have a diverse
board, including at least one woman. We expect companies to further increase female participation on the board and
leadership positions over time.Committee independence: A vote against is applied as LGIM expects the Committee to be
comprised of independent directors.
5 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
6 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None Abstain
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
7.1 Percentage of Votes to Be Assigned - Elect
Candido Pinheiro Koren de Lima as Director
Mgmt None Abstain
7.2 Percentage of Votes to Be Assigned - Elect
Jorge Fontoura Pinheiro Koren de Lima as
Director
Mgmt None For
7.3 Percentage of Votes to Be Assigned - Elect
Candido Pinheiro Koren de Lima Junior as
Director
Mgmt None For
7.4 Percentage of Votes to Be Assigned - Elect
Wilson Carnevalli Filho as Director
Mgmt None Abstain
7.5 Percentage of Votes to Be Assigned - Elect
Geraldo Luciano Mattos Junior as Director
Mgmt None Abstain
7.6 Percentage of Votes to Be Assigned - Elect
Roberto Antonio Mendes as Independent
Director
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Hapvida Participacoes e Investimentos SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
7.7
Percentage of Votes to Be Assigned - Elect
Marcio Luiz Simoes Utsch as Director
Mgmt
None
For
8 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
9 Approve Remuneration of Company's
Management
Mgmt For For
10 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
11 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Hapvida Participacoes e Investimentos SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P5R526106
Ticker: HAPV3
Primary ISIN: BRHAPVACNOR4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Share Repurchase Program and
Reissuance of Repurchased Shares Re:
Acquisition of Remaining Shares of RN
Metropolitan Ltda.
Mgmt
For
For
2 Amend Article 36 Mgmt For For
3 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Itau Unibanco Holding SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P5968U113
Ticker: ITUB4
Primary ISIN: BRITUBACNPR1
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Itau Unibanco Holding SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at 12 Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
5.1 Elect Alfredo Egydio Setubal as Director Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or a non-executive director not to hold
too many external roles to ensure they can undertake their duties effectively.
5.2 Elect Ana Lucia de Mattos Barretto Villela as
Director
Mgmt For For
5.3 Elect Fabio Colletti Barbosa as Independent
Director
Mgmt For For
5.4 Elect Frederico Trajano Inacio as Independent
Director
Mgmt For For
5.5 Elect Gustavo Jorge Laboissiere Loyola as
Independent Director
Mgmt For Against
Blended Rationale: Committee independence: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
5.6 Elect Joao Moreira Salles as Director Mgmt For For
5.7 Elect Jose Gallo as Independent Director Mgmt For For
5.8 Elect Marco Ambrogio Crespi Bonomi as
Independent Director
Mgmt For For
5.9 Elect Pedro Luiz Bodin de Moraes as
Independent Director
Mgmt For For
5.10 Elect Pedro Moreira Salles as Director Mgmt For For
5.11 Elect Ricardo Villela Marino as Director Mgmt For For
5.12 Elect Roberto Egydio Setubal as Director Mgmt For For
6 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Itau Unibanco Holding SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
7.1
Percentage of Votes to Be Assigned - Elect
Alfredo Egydio Setubal as Director
Mgmt
None
Abstain
7.2 Percentage of Votes to Be Assigned - Elect
Ana Lucia de Mattos Barretto Villela as
Director
Mgmt None For
7.3 Percentage of Votes to Be Assigned - Elect
Fabio Colletti Barbosa as Independent
Director
Mgmt None For
7.4 Percentage of Votes to Be Assigned - Elect
Frederico Trajano Inacio as Independent
Director
Mgmt None For
7.5 Percentage of Votes to Be Assigned - Elect
Gustavo Jorge Laboissiere Loyola as
Independent Director
Mgmt None Abstain
7.6 Percentage of Votes to Be Assigned - Elect
Joao Moreira Salles as Director
Mgmt None For
7.7 Percentage of Votes to Be Assigned - Elect
Jose Gallo as Independent Director
Mgmt None For
7.8 Percentage of Votes to Be Assigned - Elect
Marco Ambrogio Crespi Bonomi as
Independent Director
Mgmt None For
7.9 Percentage of Votes to Be Assigned - Elect
Pedro Luiz Bodin de Moraes as Independent
Director
Mgmt None For
7.10 Percentage of Votes to Be Assigned - Elect
Pedro Moreira Salles as Director
Mgmt None For
7.11 Percentage of Votes to Be Assigned - Elect
Ricardo Villela Marino as Director
Mgmt None For
7.12 Percentage of Votes to Be Assigned - Elect
Roberto Egydio Setubal as Director
Mgmt None For
8 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
9 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt None For
10.1 Elect Alkimar Ribeiro Moura as Fiscal Council
Member and Joao Costa as Alternate
Mgmt For For
10.2 Elect Jose Caruso Cruz Henriques as Fiscal
Council Member and Reinaldo Guerreiro as
Alternate
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Itau Unibanco Holding SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
11 Approve Remuneration of Company's
Management
12 Approve Remuneration of Fiscal Council
Members
Mgmt
Mgmt
For
For
For
For
Itau Unibanco Holding SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P5968U113
Ticker: ITUB4
Primary ISIN: BRITUBACNPR1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles Re: Indemnity Provision Mgmt For Against
Blended Rationale: A vote AGAINST these proposals is warranted because shareholders are being asked to approve a broad
statutory indemnification provision in the absence of key information, including the mechanisms to address the potential
conflict of interest, acts that would be considered ineligible for indemnification, the financial impact of such provision, and the
specific terms of coverage in the event of a plea deal agreement signed by the company's administrators.
2 Consolidate Bylaws Mgmt For Against
Blended Rationale: A vote AGAINST these proposals is warranted because shareholders are being asked to approve a broad
statutory indemnification provision in the absence of key information, including the mechanisms to address the potential
conflict of interest, acts that would be considered ineligible for indemnification, the financial impact of such provision, and the
specific terms of coverage in the event of a plea deal agreement signed by the company's administrators.
Itau Unibanco Holding SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P5968U113
Ticker: ITUB4
Primary ISIN: BRITUBACNPR1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Meeting for Preferred Shareholders Mgmt
1 As a Preferred Shareholder, Would You like to
Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt
None
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Itau Unibanco Holding SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt
None
For
3 Elect Eduardo Azevedo do Valle as Fiscal
Council Member and Rene Guimaraes Andrich
as Alternate Appointed by Preferred
Shareholder
SH None For
Jafron Biomedical Co., Ltd.
Meeting Date: 04/28/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y417B8109
Ticker: 300529
Primary ISIN: CNE100002995
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Financial Report Mgmt For For
6 Approve Profit Distribution Mgmt For For
7 Approve Remuneration of Directors and
Senior Management Members
Mgmt For For
8 Approve Remuneration of Independent
Directors
Mgmt For For
9 Approve Remuneration of Non-Employee
Representative Supervisors
Mgmt For For
10 Approve Remuneration of Employee
Representative Supervisors
Mgmt For For
11 Approve Appointment of Auditor Mgmt For For
12 Approve Signing of Medical Device Industry
(Blood Purification) Project Investment
Cooperation Agreement
Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Jafron Biomedical Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
13.1 Elect Dong Fan as Non-Independent Director Mgmt For Against
Blended Rationale: Audit Committee: A vote against is applied as LGIM expects the Committee to be comprised of independent
directors.Remuneration Committee: A vote against has been applied because LGIM expects the Committee to comprise
independent directors.Joint Chair/CEO: A vote against is applied as LGIM expects the roles of Board Chair and CEO to be
separate. These two roles are substantially different and a division of responsibilities ensures there is a proper balance of
authority and responsibility on the board.
13.2 Elect Lei Wen as Non-Independent Director Mgmt For For
13.3 Elect Tang Xianmin as Non-Independent Mgmt
Director
For
For
13.4 Elect Zhang Guanghai as Non-Independent Mgmt
Director
For
For
13.5 Elect Zeng Kai as Non-Independent Director Mgmt For
For
13.6 Elect Li Feng as Non-Independent Director Mgmt For
For
ELECT INDEPENDENT DIRECTORS VIA Mgmt
CUMULATIVE VOTING
14.1 Elect Cui Songning as Independent Director Mgmt For
For
14.2 Elect Zhou Linghong as Independent Director Mgmt For
For
14.3 Elect Yang Bai as Independent Director Mgmt For
For
ELECT SUPERVISORS VIA CUMULATIVE Mgmt
VOTING
15.1 Elect Peng Xiaohong as Supervisor Mgmt For
For
15.2 Elect Fang Lihua as Supervisor Mgmt For
For
JBS SA
Meeting Date: 04/28/2020 Country: Brazil
Primary Security ID: P59695109
Meeting Type: Annual Ticker: JBSS3
Primary ISIN: BRJBSSACNOR8
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Fiscal Council Members at Four Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
JBS SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4
As an Ordinary Shareholder, Would You Like
to Request a Separate Election of a Member
of the Fiscal Council, Under the Terms of
Article 161 of the Brazilian Corporate Law?
Mgmt
None
Against
5.1 Elect Adrian Lima da Hora as Fiscal Council
Member and Andre Alcantara Ocampos as
Alternate
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The nominees are appointed for reelection by the
controlling shareholders; and - There are serious concerns regarding governance failures and potential breach of fiduciary duty
by the company's administrators, in light of ongoing investigations regarding corruption practices.
5.2 Elect Demetrius Nichele Macei as Fiscal
Council Member and Marcos Godoy Brogiato
as Alternate
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The nominees are appointed for reelection by the
controlling shareholders; and - There are serious concerns regarding governance failures and potential breach of fiduciary duty
by the company's administrators, in light of ongoing investigations regarding corruption practices.
5.3 Elect Jose Paulo da Silva Filho as Fiscal
Council Member and Sandro Domingues
Raffai as Alternate
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The nominees are appointed for reelection by the
controlling shareholders; and - There are serious concerns regarding governance failures and potential breach of fiduciary duty
by the company's administrators, in light of ongoing investigations regarding corruption practices.
5.4 Elect Mauricio Wanderley Estanislau da Costa
as Fiscal Council Member and Francisco
Vicente Santana Silva Telles as Alternate
Mgmt For For
6 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
JBS SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P59695109
Ticker: JBSS3
Primary ISIN: BRJBSSACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Agreement to Absorb Midup
Participacoes Ltda. (Midup)
Mgmt
For
For
2 Ratify Factum - Avaliacoes e Consultoria S/S -
EPP (Factum) as Independent Firm to
Appraise Proposed Transaction
Mgmt For For
3 Approve Independent Firm's Appraisal Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
JBS SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4 Approve Absorption of Midup Participacoes
Ltda. (Midup) and Authorize Executives to
Ratify and Execute Approved Resolutions
5 Re-Ratify Absorption of Midtown Participacoes
Ltda., Tannery do Brasil S.A. and IM Pecus
Industria e Comercio de Couros e Derivados
Ltda. for Regularization of Certain Company's
Real Estate Properties
Mgmt
Mgmt
For
For
For
For
Joyoung Co., Ltd.
Meeting Date: 04/28/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y4466H104
Ticker: 002242
Primary ISIN: CNE100000BQ9
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Appointment of Auditor Mgmt For For
7 Approve Use of Funds to Purchase Financial
Products
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed investment could expose the company to unnecessary
risks.
8 Approve Remuneration of Directors Mgmt For For
9 Approve Remuneration of Supervisors Mgmt For For
10 Approve Daily Related Party Transaction Mgmt For For
11 Approve Repurchase and Cancellation of
Performance Shares
Mgmt For For
12 Approve Adjustment of Performance Indicator
for Performance Share Incentive Plan
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to
non-executive directors may impair their independence.
13 Approve Decrease in Registered Capital
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Joyoung Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
14
Amend Articles of Association
Mgmt
For
For
15 Approve Allowance of Independent Directors Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS Mgmt
16.1 Elect Wang Xuning as Non-Independent
Director
Mgmt For For
16.2 Elect Jiang Guangyong as Non-Independent
Director
Mgmt For For
16.3 Elect Yang Ningning as Non-Independent
Director
Mgmt For For
16.4 Elect Han Run as Non-Independent Director Mgmt For For
ELECT INDEPENDENT DIRECTORS Mgmt
17.1 Elect Han Shiyuan as Independent Director Mgmt For For
17.2 Elect Liu Hongxia as Independent Director Mgmt For For
17.3 Elect Wu Aiqi as Independent Director Mgmt For For
ELECT SUPERVISORS Mgmt
18.1 Elect Zhu Hongtao as Supervisor Mgmt For For
18.2 Elect Zhu Zechun as Supervisor Mgmt For For
Lens Technology Co., Ltd.
Meeting Date: 04/28/2020 Country: China
Meeting Type: Special
Primary Security ID: Y5227A106
Ticker: 300433
Primary ISIN: CNE100001YW7
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Company's Eligibility for Private
Placement of Shares
Mgmt
For
For
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
2.1 Approve Issue Type and Par Value Mgmt For For
2.2 Approve Issue Manner and Issue Period Mgmt For For
2.3 Approve Pricing Reference Date, Issue Price
and Pricing Principles
Mgmt For For
2.4 Approve Target Parties and Subscription
Manner
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lens Technology Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.5
Approve Issue Scale
Mgmt
For
For
2.6 Approve Restriction Period Mgmt For For
2.7 Approve Amount and Usage of Raised Funds Mgmt For For
2.8 Approve Listing Location Mgmt For For
2.9 Approve Distribution Arrangement of
Undistributed Earnings
Mgmt For For
2.10 Approve Resolution Validity Period Mgmt For For
3 Approve Plan on Private Placement of Shares Mgmt For For
4 Approve Demonstration Analysis Report in
Connection to Private Placement
Mgmt For For
5 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For For
6 Approve Report on the Usage of Previously
Raised Funds
Mgmt For For
7 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For For
8 Approve Shareholder Return Plan Mgmt For For
9 Approve Authorization of Board to Handle All
Related Matters
Mgmt For For
10 Approve Change in Business Scope Mgmt For For
11 Approve Amendments to Articles of
Association
Mgmt For For
Moscow Exchange MICEX-RTS PJSC
Meeting Date: 04/28/2020 Country: Russia
Meeting Type: Annual
Primary Security ID: X6983N101
Ticker: MOEX
Primary ISIN: RU000A0JR4A1
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Annual Report Mgmt For For
2 Approve Financial Statements
Mgmt
For
For
3 Approve Allocation of Income and Dividends
of RUB 7.93 per Share
Elect Directors by Cumulative Voting
Mgmt
Mgmt
For
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Moscow Exchange MICEX-RTS PJSC
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.1
Elect Ramon Adarraga Morales as Director
Mgmt
None
For
4.2 Elect Paul Bodart as Director Mgmt None For
4.3 Elect Anatolii Braverman as Director Mgmt None Against
4.4 Elect Oleg Viugin as Director Mgmt None For
4.5 Elect Andrei Golikov as Director Mgmt None Against
4.6 Elect Mariia Gordon as Director Mgmt None For
4.7 Elect Valerii Goregliad as Director Mgmt None Against
4.8 Elect Dmitrii Eremeev as Director Mgmt None For
4.9 Elect Bella Zlatkis as Director Mgmt None Against
4.10 Elect Aleksandr Izosimov as Director Mgmt None For
4.11 Elect Maksim Krasnykh as Director Mgmt None For
4.12 Elect Vadim Kulik as Director Mgmt None Against
4.13 Elect Oskar Hartmann as Director Mgmt None For
5 Ratify Auditor Mgmt For For
6 Approve New Edition of Charter Mgmt For For
7 Approve New Edition of Regulations on
General Meetings
Mgmt For For
8 Approve New Edition of Regulations on Board
of Directors
Mgmt For For
Elect Three Members of Audit Commission Mgmt
9.1 Elect Mikhail Kireev as Member of Audit
Commission
Mgmt For For
9.2 Elect Natalia Perchatkina as Member of Audit
Commission
Mgmt For For
9.3 Elect Olga Romantsova as Member of Audit
Commission
Mgmt For For
10 Approve Remuneration of Directors Mgmt For For
11 Approve Remuneration of Members of Audit
Commission
Mgmt For For
12 Approve Termination of Company's
Membership in Russian Bank Association
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
New Hope Liuhe Co., Ltd.
Meeting Date: 04/28/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7933V101
Ticker: 000876
Primary ISIN: CNE000000VB0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Appointment of Financial Auditor Mgmt For For
6 Amend Articles of Association Mgmt For For
7 Amend Rules and Procedures Regarding
Meetings of Board of Supervisors
Mgmt For For
8 Approve Provision of Guarantee for Raw
Material Procurement
Mgmt For For
9 Approve Financial Guarantee Mgmt For For
10 Approve Related Party Transaction with
Xinwang Financial Leasing (Tianjin) Co., Ltd.
Mgmt For For
11 Approve Related Party Transaction with
Xinxiwang (Tianjin) Commercial Factoring
Co., Ltd.
Mgmt For For
12 Approve Issuance of Medium-term Notes Mgmt For For
13 Approve Signing of Daily Related Party
Transaction Agreement
Mgmt For For
14 Approve Company's Eligibility for Issuance of
Renewable Corporate Bonds
Mgmt For For
APPROVE PLAN ON ISSUANCE OF
RENEWABLE CORPORATE BONDS
Mgmt
15.1 Approve Issue Size Mgmt For For
15.2 Approve Bond Maturity Mgmt For For
15.3 Approve Bond Interest Rate and Method of
Determination
Mgmt For For
15.4 Approve Deferred Payment of Interests Mgmt For For
15.5 Approve Mandatory Interest Payment Mgmt For For
15.6 Approve Deferred Interest Restrictions Mgmt For For
15.7 Approve Redemption Option Mgmt For For
15.8 Approve Repayment Order Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
New Hope Liuhe Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
15.9
Approve Par Value and Issue Price
Mgmt
For
For
15.10 Approve Issue Manner, Target Subscribers
and Placement Regulation
Mgmt For For
15.11 Approve Payment of Capital and Interest Mgmt For For
15.12 Approve Use of Proceeds Mgmt For For
15.13 Approve Guarantee Method Mgmt For For
15.14 Approve Underwriting Manner and Listing
Arrangement
Mgmt For For
15.15 Approve Safeguard Measures of Debts
Repayment
Mgmt For For
15.16 Approve Resolution Validity Period Mgmt For For
16 Approve Authorization of Board to Handle All
Related Matters Regarding Renewable
Corporate Bonds
Mgmt For For
17 Approve Company's Eligibility for Private
Placement of Shares
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
18.1 Approve Share Type and Par Value
Mgmt
For
Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.2 Approve Issue Manner and Time Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.3 Approve Target Subscribers and Subscription
Method
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.4 Approve Pricing Reference Date, Issue Price
and Pricing Basis
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.5 Approve Issue Size Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
New Hope Liuhe Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
18.6 Approve Lock-up Period Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.7 Approve Use of Proceeds Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.8 Approve Deposit Account of Raised Funds Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.9 Approve Distribution Arrangement of
Cumulative Earnings
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.10 Approve Listing Exchange Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
18.11 Approve Resolution Validity Period Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
19 Approve Plan for Private Placement of New
Shares
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
20 Approve Report on the Usage of Previously
Raised Funds
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
21 Approve Feasibility Analysis Report on the
Use of Proceeds
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
New Hope Liuhe Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
22 Approve Authorization of Board to Handle All
Related Matters Regarding Private Placement
of New Shares
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
23 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the proposed private placement, once approved, will allow the
company to issue new shares to controlling shareholder and its controlled subsidiary at a significant discount to the market
price, which is seen not in the best interests of minority shareholders.
24 Approve Signing of Shares Subscription
Agreement
Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted because the proposed private placement, once
approved, will allow the company to issue new shares to controlling shareholder and its controlled subsidiary at a significant
discount to the market price, which is seen not in the best interests of minority shareholders.
25 Approve Related Party Transactions in
Connection to Private Placement
Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted because the proposed private placement, once
approved, will allow the company to issue new shares to controlling shareholder and its controlled subsidiary at a significant
discount to the market price, which is seen not in the best interests of minority shareholders.
26 Approve Authorization of Board to Handle All
Related Matters Regarding Share Repurchase
Plan
Mgmt For Against
Blended Rationale: A vote AGAINST is warranted due to a lack of disclosure.
OdontoPrev SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P7344M104
Ticker: ODPV3
Primary ISIN: BRODPVACNOR4
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management
Mgmt
For
Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
OdontoPrev SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4 Fix Number of Fiscal Council Members at
Three
5 Elect Fiscal Council Members
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: An AGAINST vote recommendation is warranted for the management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of a minority fiscal council candidate, as further discussed
under Item 7 of this meeting agenda.
6 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
Mgmt None Against
7 Elect Ivan Maluf Junior as Fiscal Council
Member and Eduardo da Gama Godoy as
Alternate Appointed by Minority Shareholder
SH None For
8 Approve Remuneration of Fiscal Council
Members
Mgmt For For
9 Fix Number of Directors at Eight Mgmt For For
10 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Against
11 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Committee independence: A vote against is applied as LGIM expects the
Committee to be comprised of independent directors.Diversity: A vote against is applied as LGIM expects a company to have a
diverse board, including at least one woman. We expect companies to further increase female participation on the board and
leadership positions over time.
12 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
13 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 13,
Votes Will Be Automatically Distributed in
Equal % Amongst The Nominees voted FOR
below. If You Vote AGST, Contact Your Client
Service Rep to Disproportionately Allocate %
of Votes
Mgmt
14.1 Percentage of Votes to Be Assigned - Elect
Luiz Carlos Trabuco Cappi as Director and
Vinicius Marinho da Cruz as Alternate
Mgmt None Abstain
14.2 Percentage of Votes to Be Assigned - Elect
Octavio de Lazari Junior as Director and
Flavio Bitter as Alternate
Mgmt None Abstain
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
OdontoPrev SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
14.3
Percentage of Votes to Be Assigned - Elect
Manoel Antonio Peres as Director and
Americo Pinto Gomes as Alternate
Mgmt
None
Abstain
14.4 Percentage of Votes to Be Assigned - Elect
Ivan Luiz Gontijo Junior as Director
Mgmt None Abstain
14.5 Percentage of Votes to Be Assigned - Elect
Samuel Monteiro dos Santos Junior as
Director
Mgmt None Abstain
14.6 Percentage of Votes to Be Assigned - Elect
Vinicius Jose de Almeida Albernaz as Director
Mgmt None Abstain
14.7 Percentage of Votes to Be Assigned - Elect
Cesar Suaki dos Santos as Director and David
Casimiro Moreira as Alternate
Mgmt None For
14.8 Percentage of Votes to Be Assigned - Elect
Murilo Cesar Lemos dos Santos Passos as
Director and Jorge Kalache Filho as Alternate
Mgmt None Abstain
15 Elect Director Appointed by Minority
Shareholder
SH None Against
16 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt None For
17 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Orbia Advance Corporation SAB de CV
Meeting Date: 04/28/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P7S81Y105
Ticker: ORBIA
Primary ISIN: MX01OR010004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Accept CEO's Report and Board's Report on
Operations and Results
Mgmt
For
For
1.2 Accept Individual and Consolidated Financial
Statements
Mgmt For For
1.3 Accept Report on Compliance of Fiscal
Obligations
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Orbia Advance Corporation SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
Accept Report of Audit Committee
Mgmt
For
For
3 Accept Report of Corporate Practices
Committee
Mgmt For For
4.1 Approve Individual and Consolidated Net
Profit after Minority Interest in the Amount of
USD 206.73 Million
Mgmt For For
4.2 Approve Allocation of Individual and or
Consolidated Profits and or Losses Referred
to in Previous Item to the Accumulated Net
Income Account
Mgmt For For
5.1 Ratify Antonio Del Valle Ruiz as Honorary and
Lifetime Board Chairman
Mgmt For For
5.2a Elect or Ratify Juan Pablo Del Valle Perochena
as Board Member
Mgmt For Against
Blended Rationale: Remuneration Committee: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
5.2b Elect or Ratify Adolfo Del Valle Ruiz as Board
Member
Mgmt For For
5.2c Elect or Ratify Ignacio Del Valle Ruiz as Board
Member
Mgmt For Against
Blended Rationale: A vote AGAINST the reelection of Ignacio del Valle Ruiz, presented under Item 5.2c, is warranted because
the proposed incumbent nominee was fined by the Mexican Securities Regulator (CNBV) in relation to insider trading violations,
raising governance concerns regarding potential breach of fiduciary duty.
5.2d Elect or Ratify Antonio Del Valle Perochena as
Board Member
Mgmt For For
5.2e Elect or Ratify Maria Guadalupe Del Valle
Perochena as Board Member
Mgmt For For
5.2f Elect or Ratify Jaime Ruiz Sacristan as Board
Member
Mgmt For For
5.2g Elect or Ratify Fernando Ruiz Sahagun as
Board Member
Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
5.2h Elect or Ratify Eugenio Santiago Clariond
Reyes as Board Member
Mgmt For For
5.2i Elect or Ratify Eduardo Tricio Haro as Board
Member
Mgmt For For
5.2j Elect or Ratify Guillermo Ortiz Martinez as
Board Member
Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO/CFO/FD or a non-executive director not
to hold too many external roles to ensure they can undertake their duties effectively.
5.2k Elect or Ratify Divo Milan Haddad as Board
Member
Mgmt For For
5.2l Elect or Ratify Alma Rosa Moreno Razo as
Board Member
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Orbia Advance Corporation SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5.2m
Elect or Ratify Maria Teresa Altagracia Arnal
Machado as Board Member
Mgmt
For
For
5.2n Elect or Ratify Jack Goldstein as Board
Member
Mgmt For For
5.2o Elect or Ratify Anil Menon as Board Member Mgmt For For
5.3a Elect or Ratify Juan Pablo Del Valle Perochena
as Chairman of Board of Directors
Mgmt For For
5.3b Elect or Ratify Juan Pablo Del Rio Benitez as
Secretary (Non-Member) of Board
Mgmt For For
5.3c Elect or Ratify Sheldon Hirt as Alternate
Secretary (Non-Member) of Board
Mgmt For For
5.4a Elect or Ratify Fernando Ruiz Sahagun as
Chairman of Audit Committee
Mgmt For For
5.4b Elect or Ratify Eugenio Santiago Clariond
Reyes as Chairman of Corporate Practices
Committee
Mgmt For For
6 Approve Remuneration of Chairman of Board,
Audit Committee and Corporate Practices
Committee; Approve Remuneration of
Members of Board and Members of Audit
Committee and Corporate Practices
Committee
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the award of incentive remuneration to non-executive directors
may impair their independence.A vote AGAINST this item is warranted because:- The company has not provided the criteria to
be considered for a significant performance-based remuneration for the board chair; and- The company has not provided a
rationale for granting a significant annual remuneration to the honorary chair, a non-voting member of the board.
7.1 Approve Cancellation of Balance of Amount
Approved to be Used for Acquisition of
Company's Shares
Mgmt For For
7.2 Set Aggregate Nominal Amount of Share
Repurchase Reserve at USD 400 Million
Mgmt For For
8 Accept Report on Adoption or Modification of
Policies in Share Repurchases of Company
Mgmt For For
9 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Usinas Siderurgicas de Minas Gerais SA-Usiminas
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P9632E117
Ticker: USIM5
Primary ISIN: BRUSIMACNPA6
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Usinas Siderurgicas de Minas Gerais SA-Usiminas
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Meeting for Preferred Shareholders Mgmt
1 As a Preferred Shareholder, Would You like to
Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
2 Elect Tiago Curi Isaac as Director and Adriana
de Andrade Sole as Alternate Appointed by
Preferred Shareholder
3 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
4 Elect Fabricio Santos Debortoli as Fiscal
Council Member and Wilsa Figueiredo as
Alternate Appointed by Preferred Shareholder
Mgmt
SH
Mgmt
SH
None
None
None
None
For
For
For
For
WEG SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P9832B129
Ticker: WEGE3
Primary ISIN: BRWEGEACNOR0
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Capital Budget, Allocation of Income
and Dividends
Mgmt For For
3 Approve Classification of Dan Ioschpe as
Independent Director
Mgmt For For
4 Approve Classification of Miguel Normando
Abdalla Saad as Independent Director
Mgmt For For
5 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
WEG SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
7 Elect Directors
Mgmt
Mgmt
None
For
Abstain
Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Diversity: A vote against is applied as LGIM expects a company to have a diverse
board, including at least one woman. We expect companies to further increase female participation on the board and
leadership positions over time.Board mandates: A vote against is applied as LGIM expects a CEO or a non-executive director
not to hold too many external roles to ensure they can undertake their duties effectively.
8 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
9 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 9, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
10.1 Percentage of Votes to Be Assigned - Elect
Dan Ioschpe as Independent Director
Mgmt None Abstain
10.2 Percentage of Votes to Be Assigned - Elect
Decio da Silva as Director
Mgmt None Abstain
10.3 Percentage of Votes to Be Assigned - Elect
Martin Werninghaus as Director
Mgmt None Abstain
10.4 Percentage of Votes to Be Assigned - Elect
Miguel Normando Abdalla Saad as
Independent Director
Mgmt None For
10.5 Percentage of Votes to Be Assigned - Elect
Nildemar Secches as Director
Mgmt None Abstain
10.6 Percentage of Votes to Be Assigned - Elect
Sergio Luiz Silva Schwartz as Director
Mgmt None Abstain
10.7 Percentage of Votes to Be Assigned - Elect
Siegfried Kreutzfeld as Director
Mgmt None For
11 Approve Remuneration of Company's
Management
Mgmt For For
12 Elect Fiscal Council Members Mgmt For Abstain
Blended Rationale: An ABSTAIN recommendation is warranted for management's fiscal council nominees, to allow minority
shareholders to concentrate their votes on the election of a minority fiscal council candidate, as further discussed under Item
14 of this meeting agenda.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
WEG SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
13 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
14 Elect Adelino Dias Pinho as Fiscal Council
Member and Jose Luiz Ribeiro de Carvalho as
Alternate Appointed by Minority Shareholder
15 Approve Remuneration of Fiscal Council
Members
16 Designate Newspapers to Publish Company
Announcements
Mgmt
SH
Mgmt
Mgmt
None
None
For
For
Against
For
For
For
WEG SA
Meeting Date: 04/28/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P9832B129
Ticker: WEGE3
Primary ISIN: BRWEGEACNOR0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Comply with New
Regulations of Novo Mercado of B3
Mgmt For Against
Blended Rationale: A vote AGAINST these proposals is warranted because: - The company has presented unrelated article
amendments under a single resolution, not allowing shareholders to vote on the proposed article amendments separately. and
- Among the bundled article amendments, the company seeks to establish a mandatory requirement for slate elections, which
is not required under the Brazilian Corporate Law and would negatively impact the company's governance standards in the
absence of a compelling rationale.
2 Validate the Amendment of Articles to Adapt
the Resolutions Approved in the Meeting in
Relation to the Previous Item
Mgmt For Against
Blended Rationale: A vote AGAINST these proposals is warranted because: - The company has presented unrelated article
amendments under a single resolution, not allowing shareholders to vote on the proposed article amendments separately. and
- Among the bundled article amendments, the company seeks to establish a mandatory requirement for slate elections, which
is not required under the Brazilian Corporate Law and would negatively impact the company's governance standards in the
absence of a compelling rationale.
Western Securities Co., Ltd.
Meeting Date: 04/28/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y9382Q104
Ticker: 002673
Primary ISIN: CNE100001D96
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Western Securities Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Investment Business Scale and Risk
Limit
Mgmt For For
APPROVE DAILY RELATED PARTY
TRANSACTIONS
Mgmt
6.1 Approve Related Party Transactions with
Shaanxi Investment Group Co., Ltd.
Mgmt For For
6.2 Approve Related Party Transactions with
Shaanxi Huaqin Investment Group Co., Ltd.
Mgmt For For
6.3 Approve Related Party Transactions with
Western Trust Co., Ltd.
Mgmt For For
6.4 Approve Related Party Transactions with
Shaanxi Jintai Hengye Real Estate Co., Ltd.
and Shanghai Jinshan Industrial Development
Co., Ltd.
Mgmt For For
6.5 Approve Related Party Transactions with Xi'an
Renmin Dasha Co., Ltd.
Mgmt For For
6.6 Approve Related Party Transactions with
Sofitel Xian Renmin Hotel
Mgmt For For
6.7 Approve Related Party Transactions with
Shaanxi Jinxin Industry Development Co., Ltd.
Mgmt For For
6.8 Approve Related Party Transactions with
Shaanxi Jinxin Catering Management Co., Ltd.
Mgmt For For
6.9 Approve Related Party Transactions with
Shaanxi Huashan Venture Co., Ltd. and Its
Subsidiary
Mgmt For For
6.10 Approve Related Party Transactions with
Macau Huashan Venture International
Economic and Technical Cooperation and
Trade Co., Ltd.
Mgmt For For
6.11 Approve Related Party Transactions with
Shaanxi Shantou Capital Management Co.,
Ltd.
Mgmt For For
6.12 Approve Related Party Transactions with
Shaanxi Coalfield Geology Group Co., Ltd.
Mgmt For For
6.13 Approve Related Party Transactions with
Shaanxi Coalfield Wutan Surveying And
Mapping Co., Ltd.
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Western Securities Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6.14
Approve Related Party Transactions with
Shaanxi Aviation Industry Development
Corporation
Mgmt
For
For
6.15 Approve Related Party Transactions with
Shaanxi Energy Zhaoshipan Coal and
Electricity Co., Ltd.
Mgmt For For
6.16 Approve Related Party Transactions with
Shaanxi Hydroelectric Power Development
Co., Ltd.
Mgmt For For
6.17 Approve Related Party Transactions with
Shaanxi Huisen Coal Industry Transportation
Co., Ltd.
Mgmt For For
6.18 Approve Related Party Transactions with
Shaanxi Investment Group International
Trade Co., Ltd.
Mgmt For For
6.19 Approve Related Party Transactions with
Shaanxi Investment Group Finance Co., Ltd.
Mgmt For For
6.20 Approve Related Party Transactions with
Shaanxi Juncheng Financial Leasing Co., Ltd.
Mgmt For For
6.21 Approve Related Party Transactions with
Shaanxi Electric Power Construction
Investment Development Company
Mgmt For For
6.22 Approve Related Party Transactions with
Shaanxi Aviation Industry Asset Management
Co., Ltd.
Mgmt For For
6.23 Approve Related Party Transactions with
Shaanxi Qinlong Electric Power Co., Ltd.
Mgmt For For
7 Approve Appointment of Auditor Mgmt For For
8 Approve Company's Eligibility for Private
Placement of Shares
Mgmt For For
APPROVE PRIVATE PLACEMENT OF SHARES Mgmt
9.1 Approve Type and Par Value Mgmt For For
9.2 Approve Issue Manner and Time Mgmt For For
9.3 Approve Issue Price and Pricing Basis Mgmt For For
9.4 Approve Target Subscribers and Subscription
Method
Mgmt For For
9.5 Approve Issue Size Mgmt For For
9.6 Approve Lock-up Period Mgmt For For
9.7 Approve Raised Funds Investment Mgmt For For
9.8 Approve Distribution Arrangement of
Cumulative Earnings
Mgmt For For
9.9 Approve Listing Exchange Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Western Securities Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9.10 Approve Resolution Validity Period Mgmt For For
10 Approve Plan for Private Placement of New
Shares
11 Approve Transaction Constitute as
Related-Party Transaction and Signing of
Shares Subscription Agreement
12 Approve Feasibility Analysis Report on the
Use of Proceeds
13 Approve Report on the Usage of Previously
Raised Funds
14 Approve White Wash Waiver
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
15 Approve Shareholder Return Plan
Mgmt
For
For
16 Approve Impact of Dilution of Current Returns
on Major Financial Indicators and the
Relevant Measures to be Taken
17 Approve Authorization of Board to Handle All
Related Matters Regarding Private Placement
of New Shares
Mgmt
Mgmt
For
For
For
For
Azul SA
Meeting Date: 04/29/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P0R0AQ105
Ticker: AZUL4
Primary ISIN: BRAZULACNPR4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Meeting for Preferred Shareholders
Mgmt
1 Approve Remuneration of Company's
Management
Mgmt For For
2 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
China Railway Group Limited
Meeting Date: 04/29/2020 Country: China
Meeting Type: Special
Primary Security ID: Y1509D116
Ticker: 390
Primary ISIN: CNE1000007Z2
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
China Railway Group Limited
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
1 Elect Wang Shiqi as Director
Mgmt
For
For
Datang International Power Generation Co., Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Special
Primary Security ID: Y20020106
Ticker: 991
Primary ISIN: CNE1000002Z3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
EGM BALLOT FOR HOLDERS OF H SHARES
Mgmt
1 Approve Merger by Absorption of Datang
International Nuclear Power Company Limited
Mgmt For For
2 Approve Financial Proposal of Datang
International as the Parent Company for the
Year of 2020
Mgmt For For
ELECT DIRECTORS Mgmt
3.1 Elect Qu Bo as Director SH For For
3.2 Elect Niu Dongxiao as Director SH For For
3.3 Approve Retirement of Wang Xin as Director SH For For
3.4 Approve Resignation of Feng Genfu as
Director
SH For For
Datang International Power Generation Co., Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Special
Primary Security ID: Y20020106
Ticker: 991
Primary ISIN: CNE1000002Z3
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF A SHARES Mgmt
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Datang International Power Generation Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Merger by Absorption of Datang
International Nuclear Power Company Limited
2 Approve Financial Proposal of Datang
International as the Parent Company for the
Year of 2020
ELECT DIRECTORS
Mgmt
Mgmt
Mgmt
For
For
For
For
3.1 Elect Qu Bo as Director
SH For
For
3.2 Elect Niu Dongxiao as Director
SH For
For
3.3 Approve Retirement of Wang Xin as Director SH
For
For
3.4 Approve Resignation of Feng Genfu as SH
Director
For
For
Embraer SA
Meeting Date: 04/29/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P3700H201
Ticker: EMBR3
Primary ISIN: BREMBRACNOR4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Treatment of Net Loss Mgmt For For
3 Elect Fiscal Council Members Mgmt For For
4 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
Mgmt None Against
5 Approve Remuneration of Company's
Management
Mgmt For For
6 Approve Remuneration of Fiscal Council
Members
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Embraer SA
Meeting Date: 04/29/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P3700H201
Ticker: EMBR3
Primary ISIN: BREMBRACNOR4
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles Mgmt For Against
Blended Rationale: A vote AGAINST these proposals is warranted because the company seeks to amend the composition of its
board committees from currently 100 percent independent to majority independent, therefore, negatively impacting the overall
independence of such committees.
2 Amend Articles Re: Indemnity Provision Mgmt For Against
Blended Rationale: A vote AGAINST this request is warranted because shareholders are being asked to approve a broad
statutory provision in the absence of key information, such as the mechanisms to address the potential conflict of interest, the
financial impact of such provision, and the specific terms of coverage in the event of a plea deal agreement signed by the
company's administrators. In addition, the company is re-introducing the proposed amendment, which previously rejected by
shareholders at the May 27, 2019, EGM, without materially altering the proposal.
3 Consolidate Bylaws Mgmt For Against
Blended Rationale: A vote AGAINST these proposals is warranted because the company seeks to amend the composition of its
board committees from currently 100 percent independent to majority independent, therefore, negatively impacting the overall
independence of such committees.
4 Approve Long-Term Incentive Plan Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM does not support the use of this type of plan.
Eneva SA
Meeting Date: 04/29/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P3719N116
Ticker: ENEV3
Primary ISIN: BRENEVACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income Mgmt For For
3 Fix Number of Directors at Seven Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Abstain
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Eneva SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Committee independence: A vote against is applied as LGIM expects the
Committee to be comprised of independent directors.
6 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Jerson Kelman as Director
Mgmt None For
8.2 Percentage of Votes to Be Assigned - Elect
Jose Aurelio Drummond Jr. as Director
Mgmt None Abstain
8.3 Percentage of Votes to Be Assigned - Elect
Marcelo Pereira Lopes de Medeiros as
Independent Director
Mgmt None Abstain
8.4 Percentage of Votes to Be Assigned - Elect
Guilherme Bottura as Independent Director
Mgmt None Abstain
8.5 Percentage of Votes to Be Assigned - Elect
Renato Antonio Secondo Mazzola as
Independent Director
Mgmt None Abstain
8.6 Percentage of Votes to Be Assigned - Elect
Felipe Gottlieb as Independent Director
Mgmt None Abstain
8.7 Percentage of Votes to Be Assigned - Elect
Lavinia Hollanda as Independent Director
Mgmt None For
9 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
10 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt
None
For
Eneva SA
Meeting Date: 04/29/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P3719N116
Ticker: ENEV3
Primary ISIN: BRENEVACNOR8
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Eneva SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Stock Option Plan Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM expects remuneration to be measured over at least a 3
year performance period.A vote AGAINST this request is warranted because the proposed plan does not appear to adequately
align the interests of its beneficiaries and those of the shareholders.
2 Re-Ratify Remuneration of Company's
Management for 2019
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because: - The board has failed to provide a compelling rationale for
the material increase of 84.1-percent proposed for the 2019 global remuneration cap previously approved by shareholders; and
- The company has not provided specific information related to the bonus and to the equity compensation payments reported
for FY2019, which are significantly higher than the respective estimate figures disclosed prior to the 2019 AGM.
G-Bits Network Technology (Xiamen) Co., Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2688G102
Ticker: 603444
Primary ISIN: CNE100002GK7
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Use of Idle Own Funds for Cash
Management
Mgmt For For
7 Approve to Appoint Auditor Mgmt For For
8 Approve Decrease of Registered Capital and
Amend Articles of Association
Mgmt For For
9 Approve Completion of Raised Funds
Investment Project and Use of Remaining
Raised Funds to Supplement Working Capital
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Bimbo SAB de CV
Meeting Date: 04/29/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P4949B104
Ticker: BIMBOA
Primary ISIN: MXP495211262
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Individual and Consolidated Financial
Statements and Statutory Reports
Mgmt
For
For
2 Approve Report on Adherence to Fiscal
Obligations
Mgmt For For
3 Approve Allocation of Income Mgmt For For
4 Approve Dividends of MXN 0.50 Per Share Mgmt For For
5 Elect or Ratify Directors and Approve their
Remuneration
Mgmt For For
6 Elect or Ratify Chairman and Members of
Audit and Corporate Practices Committee and
Approve their Remuneration
Mgmt For For
7 Approve Report on Repurchase of Shares and
Set Aggregate Nominal Amount of Share
Repurchase Reserve
Mgmt For For
8 Appoint Legal Representatives Mgmt For For
Grupo Financiero Inbursa SAB de CV
Meeting Date: 04/29/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P4950U165
Ticker: GFINBURO
Primary ISIN: MXP370641013
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Ordinary Business
Mgmt
1.1 Approve CEO's Report and Auditor's Report;
Board's Opinion on Reports
Mgmt For For
1.2 Approve Board's Report on Accounting
Policies and Criteria Followed in Preparation
of Financial Statements
Mgmt For For
1.3 Approve Report on Activities and Operations
Undertaken by Board
Mgmt For For
1.4 Approve Individual and Consolidated Financial
Statements
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Financiero Inbursa SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1.5
2
Approve Report on Activities Undertaken by
Audit and Corporate Practices Committees
Approve Allocation of Income
Mgmt
Mgmt
For
For
For
For
3 Elect or Ratify Directors and Company
Secretary
Mgmt
For
Against
Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The company has bundled the
election of its directors into a single voting item; and- The board's current level of independence of 17 percent under ISS voting
guidelines, falls short of the 25-percent threshold required in Mexico.
4 Approve Remuneration of Directors and
Company Secretary
Mgmt For For
5 Elect or Ratify Members of Corporate
Practices and Audit Committees
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The company has bundled the
election of its directors into a single voting item; and- The board's current level of independence of 17 percent under ISS voting
guidelines, falls short of the 25-percent threshold required in Mexico.
6 Approve Remuneration of Members of
Corporate Practices and Audit Committees
Mgmt For For
7 Set Maximum Amount of Share Repurchase
Reserve; Approve Share Repurchase Report
Mgmt For For
8 Approve Granting/Withdrawal of Powers Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because the company has not provided any details on the content of
the proposal.
9 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Grupo Financiero Inbursa SAB de CV
Meeting Date: 04/29/2020 Country: Mexico
Meeting Type: Special
Primary Security ID: P4950U165
Ticker: GFINBURO
Primary ISIN: MXP370641013
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Extraordinary Business Mgmt
1 Amend Article 2
Mgmt
For
Against
Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the contents of the proposed
amendment have not been disclosed.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Financiero Inbursa SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted in light of the vote recommendation for the previous item.
Jinke Property Group Co., Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Special
Primary Security ID: Y4463Q107
Ticker: 000656
Primary ISIN: CNE000000073
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Issuance of Debt Financing
Instruments
Mgmt
For
For
APPROVE PLAN OF ISSUANCE OF DEBT
FINANCING INSTRUMENTS
Mgmt
2.1 Approve Issue Size Mgmt For For
2.2 Approve Issue Manner and Issue Time Mgmt For For
2.3 Approve Issue Period and Type Mgmt For For
2.4 Approve Use of Proceeds Mgmt For For
2.5 Approve Issue Cost Mgmt For For
2.6 Approve Resolution Validity Period Mgmt For For
3 Approve Authorization of Board to Handle All
Related Matters Regarding Issuance of Debt
Financing Instruments
Mgmt For For
4 Approve Use of Surplus Funds of Subsidiary
by the Company and its Partners According to
Shareholding Equity
Mgmt For For
5 Approve Cancellation of Guarantee of
Companies Participating in Real Estate
Projects and New Guarantee Amount
Mgmt For For
6 Approve Employee Share Purchase Plan
(Draft) and Summary
SH For Against
Blended Rationale: A vote AGAINST is warranted because the terms in the ESPP is deemed not in the best interest of
shareholders.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lojas Renner SA
Meeting Date: 04/29/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P6332C102
Ticker: LREN3
Primary ISIN: BRLRENACNOR1
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at Eight Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None Against
5.1 Elect Jose Gallo as Director Mgmt For Against
Blended Rationale: Chair Independence: A vote against is applied as LGIM expects the Board Chair to be independent at the
time of appointment and therefore does not support a company's outgoing CEO taking on the role of Board Chair.
5.2 Elect Osvaldo Burgos Schirmer as
Independent Director
Mgmt For For
5.3 Elect Carlos Fernando Couto de Oliveira Souto
as Independent Director
Mgmt For For
5.4 Elect Fabio de Barros Pinheiro as Independent
Director
Mgmt For For
5.5 Elect Thomas Bier Herrmann as Independent
Director
Mgmt For For
5.6 Elect Juliana Rozenbaum Munemori as
Independent Director
Mgmt For For
5.7 Elect Christiane Almeida Edington as
Independent Director
Mgmt For For
5.8 Elect Alexandre Vartuli Gouvea as
Independent Director
Mgmt For For
6 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
7.1 Percentage of Votes to Be Assigned - Elect
Jose Gallo as Director
Mgmt None Abstain
7.2 Percentage of Votes to Be Assigned - Elect
Osvaldo Burgos Schirmer as Independent
Director
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lojas Renner SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
7.3 Percentage of Votes to Be Assigned - Elect
Carlos Fernando Couto de Oliveira Souto as
Independent Director
Mgmt None For
7.4 Percentage of Votes to Be Assigned - Elect
Fabio de Barros Pinheiro as Independent
Director
Mgmt None For
7.5 Percentage of Votes to Be Assigned - Elect
Thomas Bier Herrmann as Independent
Director
Mgmt None For
7.6 Percentage of Votes to Be Assigned - Elect
Juliana Rozenbaum Munemori as Independent
Director
Mgmt None For
7.7 Percentage of Votes to Be Assigned - Elect
Christiane Almeida Edington as Independent
Director
Mgmt None For
7.8 Percentage of Votes to Be Assigned - Elect
Alexandre Vartuli Gouvea as Independent
Director
Mgmt None For
8 As a Shareholder, Would You like to Request
the Election of a Board Representative in
Accordance with Article 17 of the Company's
Bylaws?
Mgmt None Against
9 Approve Remuneration of Company's
Management
Mgmt For For
10 Fix Number of Fiscal Council Members at
Three
Mgmt For For
11.1 Elect Joarez Jose Piccinini as Fiscal Council
Member and Roberto Zeller Branchi as
Alternate
Mgmt For For
11.2 Elect Ricardo Zaffari Grechi as Fiscal Council
Member and Roberto Frota Decourt as
Alternate
Mgmt For For
11.3 Elect Estela Maris Vieira de Souza as Fiscal
Council Member and Isabel Cristina
Bittencourt Santiago as Alternate
Mgmt For For
12 Approve Remuneration of Fiscal Council
Members
Mgmt For For
Metallurgical Corp. of China Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Special
Primary Security ID: Y5949Y119
Ticker: 1618
Primary ISIN: CNE100000FF3
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Metallurgical Corp. of China Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF H SHARES Mgmt
1 Elect Ng Kar Ling, Johnny as Director SH
For
For
2 Approve Adjustment to the Remuneration of
Independent Non-executive Directors
Mgmt
For
For
Shanghai Baosight Software Co., Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Special
Primary Security ID: Y7691Z104
Ticker: 900926
Primary ISIN: CNE000000GG0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF A SHARES Mgmt
1 Approve Draft and Summary of Performance
Share Incentive Plan
Mgmt
For
Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to
non-executive directors may impair their independence.Remuneration: A vote against is applied as LGIM expects all incentive
plans to be capped either as a percentage of salary or a fixed number of shares.Additionally, a vote AGAINST the company's
performance share incentive plan is warranted because directors eligible to receive performance shares under the scheme are
involved in the administration of the scheme.
2 Approve Methods to Assess the Performance
of Plan Participants
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to
non-executive directors may impair their independence.Remuneration: A vote against is applied as LGIM expects all incentive
plans to be capped either as a percentage of salary or a fixed number of shares.Additionally, a vote AGAINST the company's
performance share incentive plan is warranted because directors eligible to receive performance shares under the scheme are
involved in the administration of the scheme.
3 Approve Authorization of Board to Handle All
Matters Related to Performance Share
Incentive Plan
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as the award of incentive remuneration to
non-executive directors may impair their independence.Remuneration: A vote against is applied as LGIM expects all incentive
plans to be capped either as a percentage of salary or a fixed number of shares.Additionally, a vote AGAINST the company's
performance share incentive plan is warranted because directors eligible to receive performance shares under the scheme are
involved in the administration of the scheme.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Baosight Software Co., Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Special
Primary Security ID: Y7691Z104
Ticker: 900926
Primary ISIN: CNE000000GG0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
EGM BALLOT FOR HOLDERS OF B SHARES Mgmt
1 Approve Draft and Summary of Performance
Share Incentive Plan
Mgmt
For
Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped
either as a percentage of salary or a fixed number of shares.Remuneration: A vote against is applied as the award of incentive
remuneration to non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible
to receive performance shares under the scheme are involved in the administration of the scheme.
2 Approve Methods to Assess the Performance
of Plan Participants
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped
either as a percentage of salary or a fixed number of shares.Remuneration: A vote against is applied as the award of incentive
remuneration to non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible
to receive performance shares under the scheme are involved in the administration of the scheme.
3 Approve Authorization of Board to Handle All
Matters Related to Performance Share
Incentive Plan
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period. We encourage a period longer than 3 years to be set, excluding any holding period
to align with long-term value creation.Remuneration: A vote against is applied as LGIM expects all incentive plans to be capped
either as a percentage of salary or a fixed number of shares.Remuneration: A vote against is applied as the award of incentive
remuneration to non-executive directors may impair their independence.A vote AGAINST is warranted because directors eligible
to receive performance shares under the scheme are involved in the administration of the scheme.
Shanghai Electric Power Co., Ltd.
Meeting Date: 04/29/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y7T829116
Ticker: 600021
Primary ISIN: CNE000001G53
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Report of the Board of Directors Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Shanghai Electric Power Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
Approve Report of the Board of Supervisors
Mgmt
For
For
3 Approve Financial Statements and Financial
Budget Report
Mgmt For For
4 Approve Annual Report Mgmt For For
5 Approve Profit Distribution Mgmt For For
6 Approve Daily Related-party Transactions Mgmt For Against
Blended Rationale: Related party transaction: A vote AGAINST is warranted since:- The proposed related-party transactions
include a financial service agreement with the group finance company, which may expose the company to unnecessary risks.-
There are inherent risks associated with the financial services to be provided under this proposal.
7 Approve External Guarantees Mgmt For Against
Blended Rationale: A vote AGAINST is warranted because the level of guarantee to be provided to some of the guaranteed
entities is disproportionate to the level of ownership in the said entities. The company has failed to provide any justifications in
the meeting circular.
8 Approve Issuance of Super Short-term
Commercial Papers
Mgmt For For
9 Approve to Appoint Auditor Mgmt For For
10 Elect He Lianhui as Non-Independent Director SH For For
11 Amend Rules and Procedures Regarding
Meetings of Board of Directors
Mgmt For For
Aliansce Shopping Centers SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P0R623102
Ticker: ALSO3
Primary ISIN: BRALSOACNOR5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income Mgmt For For
3 Fix Number of Directors at Seven Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Aliansce Shopping Centers SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Chair Independence: A vote against is applied as LGIM expects the Board Chair to
be independent at the time of appointment and therefore does not support a company's outgoing CEO taking on the role of
Board Chair.
6 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Renato Feitosa Rique as Director
Mgmt None Abstain
8.2 Percentage of Votes to Be Assigned - Elect
Peter Ballon as Director
Mgmt None Abstain
8.3 Percentage of Votes to Be Assigned - Elect
Marcela Drigo as Director
Mgmt None Abstain
8.4 Percentage of Votes to Be Assigned - Elect
Fernando Maria Guedes Machado Antunes de
Oliveira as Director
Mgmt None Abstain
8.5 Percentage of Votes to Be Assigned - Elect
Volker Kraft as Director
Mgmt None Abstain
8.6 Percentage of Votes to Be Assigned - Elect
Luiz Alves Paes de Barros as Independent
Director and Alexandre Silveira Dias as
Alternate
Mgmt None For
8.7 Percentage of Votes to Be Assigned - Elect
German Pasquale Quiroga Vilardo as
Independent Director
Mgmt None For
9 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
10 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed.
11 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt
None
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Aliansce Shopping Centers SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
12 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Aliansce Shopping Centers SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P0R623102
Ticker: ALSO3
Primary ISIN: BRALSOACNOR5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Article 16 Re: Board Term Mgmt For For
Aliansce Shopping Centers SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P0R623102
Ticker: ALSO3
Primary ISIN: BRALSOACNOR5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Re-Ratify Remuneration of Company's
Management for 2019
Mgmt
For
For
2 Designate Valor Economico as Newspaper to
Publish Company Announcements
Mgmt For For
3 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Aliansce Shopping Centers SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P0R623102
Ticker: ALSO3
Primary ISIN: BRALSOACNOR5
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Aliansce Shopping Centers SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Stock Option and Share Based
Incentive Plan
Mgmt For Against
Blended Rationale: A vote AGAINST this request is warranted because the proposed plan does not appear to adequately align
the interests of its beneficiaries and those of the shareholders.
Alpargatas SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P0246W106
Ticker: ALPA4
Primary ISIN: BRALPAACNPR7
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Meeting for Preferred Shareholders
Mgmt
1 As a Preferred Shareholder, Would You like to
Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
2 Elect Director Appointed by Preferred
Shareholder
SH None Against
3 In Case Neither Class of Shares Reaches the
Minimum Quorum Required by the Brazilian
Corporate Law to Elect a Board
Representative in Separate Elections, Would
You Like to Use Your Votes to Elect the
Candidate with More Votes to Represent Both
Classes?
Mgmt None For
4 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
5 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Asymchem Laboratories (Tianjin) Co., Ltd.
Meeting Date: 04/30/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y0370S103
Ticker: 002821
Primary ISIN: CNE100002BZ6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Annual Report and Summary
Mgmt
For
For
2 Approve Report of the Board of Directors Mgmt For For
3 Approve Report of the Board of Supervisors Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Allocation of Income and Dividends Mgmt For For
6 Approve to Appoint Auditor Mgmt For For
7 Approve Remuneration of Directors,
Supervisors and Senior Management
Mgmt For For
8 Approve Internal Control Evaluation Report Mgmt For For
9 Approve Implementation of Self-check
Internal Control Rules
Mgmt For For
10 Approve Special Report on the Deposit and
Usage of Raised Funds
Mgmt For For
11 Approve Repurchase and Cancellation of 2016
Performance Shares
Mgmt For For
12 Approve Repurchase and Cancellation of 2018
Performance Shares
Mgmt For For
13 Approve Repurchase and Cancellation of 2019
Performance Shares
Mgmt For For
14 Approve Amendments to Articles of
Association
Mgmt For For
Avary Holding (Shenzhen) Co., Ltd.
Meeting Date: 04/30/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y0R9JY100
Ticker: 002938
Primary ISIN: CNE100003GF5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Report of the Board of Directors Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Avary Holding (Shenzhen) Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2
Approve Report of the Board of Supervisors
Mgmt
For
For
3 Approve Annual Report and Summary Mgmt For For
4 Approve Financial Statements Mgmt For For
5 Approve Financial Budget Report Mgmt For For
6 Approve Profit Distribution Mgmt For For
7 Approve Related Party Transactions Mgmt For For
8 Approve to Appoint Auditor Mgmt For For
9 Approve Remuneration of Directors and
Supervisors
Mgmt For For
10 Approve Purchase of Liability Insurance for
Directors, Supervisors and Senior
Management Members
Mgmt For For
11 Approve Amendments to Articles of
Association
Mgmt For For
12 Amend Rules and Procedures Regarding
Meetings of Board of Directors
Mgmt For For
ELECT NON-INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
13.1 Elect Shen Qingfang as Non-Independent
Director
Mgmt For For
13.2 Elect You Zhehong as Non-Independent
Director
Mgmt For For
13.3 Elect Huang Chongxing as Non-Independent
Director
Mgmt For For
13.4 Elect Long Long as Non-Independent Director Mgmt For For
ELECT INDEPENDENT DIRECTORS VIA
CUMULATIVE VOTING
Mgmt
14.1 Elect Xu Renshou as Independent Director Mgmt For For
14.2 Elect Zhang Bo as Independent Director Mgmt For For
14.3 Elect Zhao Tianyang as Independent Director Mgmt For For
ELECT SUPERVISORS VIA CUMULATIVE
VOTING
Mgmt
15.1 Elect Ke Chengen as Supervisor Mgmt For For
15.2 Elect Zang Xiuqing as Supervisor Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
B2W Companhia Digital
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P19055113
Ticker: BTOW3
Primary ISIN: BRBTOWACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Remuneration of Company's
Management
Mgmt For For
3 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
B2W Companhia Digital
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P19055113
Ticker: BTOW3
Primary ISIN: BRBTOWACNOR8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Corporate Purpose
Mgmt
For
For
2 Amend Article 5 to Reflect Changes in Capital Mgmt For For
3 Amend Article 9 Mgmt For For
4 Consolidate Bylaws Mgmt For For
5 Ratify Acquisition of SuperNow Portal e
Servicos de Internet Ltda
Mgmt For For
B3 SA-Brasil, Bolsa, Balcao
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P1909G107
Ticker: B3SA3
Primary ISIN: BRB3SAACNOR6
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
B3 SA-Brasil, Bolsa, Balcao
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management
Mgmt For For
4 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt None For
5 Elect Fiscal Council Members Mgmt For For
6 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
Mgmt None Against
7 Approve Remuneration of Fiscal Council
Members
Mgmt For For
B3 SA-Brasil, Bolsa, Balcao
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P1909G107
Ticker: B3SA3
Primary ISIN: BRB3SAACNOR6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Articles to Reflect Changes in Capital
Mgmt
For
For
2 Amend Corporate Purpose Mgmt For For
3 Amend Article Mgmt For For
4 Remove Transitory Disposition in Article 79 Mgmt For For
5 Approve Renumbering of Articles Mgmt For For
6 Consolidate Bylaws Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Banco Santander (Brasil) SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P1505Z160
Ticker: SANB11
Primary ISIN: BRSANBCDAM13
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management
Mgmt
For
Against
Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed.
4 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt
None
For
Banco Santander (Brasil) SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P1505Z160
Ticker: SANB11
Primary ISIN: BRSANBCDAM13
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles 2, 21, 22 and 24 Mgmt For For
2 Consolidate Bylaws
Mgmt
For
For
Companhia Siderurgica Nacional
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P8661X103
Ticker: CSNA3
Primary ISIN: BRCSNAACNOR6
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Companhia Siderurgica Nacional
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt
For
Against
Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed.
4 Designate Diario Oficial da Uniao (DOU) to
Publish Company Announcements
5 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
6 Elect Valmir Pedro Rossi as Fiscal Council
Member and Maria Aparecida Matanias
Hallack as Alternate Appointed by Minority
Shareholder
Mgmt
Mgmt
SH
For
None
None
For
For
For
Duratex SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P3593G146
Ticker: DTEX3
Primary ISIN: BRDTEXACNOR3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at Eight Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
5 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.Committee independence: A vote against is applied as LGIM expects the
Committee to be comprised of independent directors.Board mandates: A vote against is applied as LGIM expects a CEO or a
non-executive director not to hold too many external roles to ensure they can undertake their duties effectively.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Duratex SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6
In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt
None
Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Alfredo Egydio Arruda Villela Filho as Director
and Ana Lucia de Mattos Barretto Villela as
Alternate
Mgmt None Abstain
8.2 Percentage of Votes to Be Assigned - Elect
Alfredo Egydio Setubal as Director and Paula
Lucas Setubal as Alternate
Mgmt None Abstain
8.3 Percentage of Votes to Be Assigned - Elect
Helio Seibel as Director and Andrea Laserna
Seibel as Alternate
Mgmt None Abstain
8.4 Percentage of Votes to Be Assigned - Elect
Juliana Rozenbaum Munemori as Independent
Director
Mgmt None For
8.5 Percentage of Votes to Be Assigned - Elect
Raul Calfat as Independent Director
Mgmt None For
8.6 Percentage of Votes to Be Assigned - Elect
Ricardo Egydio Setubal as Director and Paula
Lucas Setubal as Alternate
Mgmt None Abstain
8.7 Percentage of Votes to Be Assigned - Elect
Rodolfo Villela Marino as Director and Ana
Lucia de Mattos Barretto Villela as Alternate
Mgmt None Abstain
8.8 Percentage of Votes to Be Assigned - Elect
Salo Davi Seibel as Director and Andrea
Laserna Seibel as Alternate
Mgmt None Abstain
9 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
10 Elect Director Appointed by Minority
Shareholder
SH None For
11 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as the highest paid director’s details have not been disclosed.
12 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt
None
For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Duratex SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
13 Approve Minutes of Meeting Summary Mgmt For For
14 Approve Minutes of Meeting with Exclusion of
Shareholder Names
Mgmt
For
For
Duratex SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P3593G146
Ticker: DTEX3
Primary ISIN: BRDTEXACNOR3
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Article 24
Mgmt
For
For
2 Consolidate Bylaws Mgmt For For
3 Amend Long-Term Incentive Plan Mgmt For Against
Blended Rationale: A vote AGAINST this request is warranted because the overall terms of the plan do not appear to
adequately align the interests of its beneficiaries and those of the shareholders.
4 Approve Minutes of Meeting Summary Mgmt For For
5 Approve Minutes of Meeting with Exclusion of
Shareholder Names
Mgmt
For
For
East Money Information Co., Ltd.
Meeting Date: 04/30/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y2234B102
Ticker: 300059
Primary ISIN: CNE100000MD4
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Annual Report and Summary Mgmt For For
5 Approve Appointment of Auditor Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
East Money Information Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6 Approve Capitalization of Capital Reserves
and Profit Distribution
7 Approve Formulation of Shareholder Dividend
Return Plan
8 Approve Guarantee Provision Plan
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
Fibra Uno Administracion SA de CV
Meeting Date: 04/30/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P3515D163
Ticker: FUNO11
Primary ISIN: MXCFFU000001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Meeting for Holders of REITs - ISIN
MXCFFU000001
Mgmt
1.i Accept Reports of Audit, Corporate Practices,
Nominating and Remuneration Committees
Mgmt For For
1.ii Accept Technical Committee Report on
Compliance in Accordance to Article 172 of
General Mercantile Companies Law
Mgmt For For
1.iii Accept Report of Trust Managers in
Accordance to Article 44-XI of Securities
Market Law, Including Technical Committee's
Opinion on that Report
Mgmt For For
1.iv Accept Technical Committee Report on
Operations and Activities Undertaken
Mgmt For For
2 Approve Financial Statements and Allocation
of Income
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
3.a Elect or Ratify Ignacio Trigueros Legarreta as
Member of Technical Committee (Proposed
by Nominations and Compensations
Committee)
Mgmt For For
3.b Elect or Ratify Antonio Hugo Franck Cabrera
as Member of Technical Committee (Proposed
by Nominations and Compensations
Committee)
Mgmt For For
3.c Elect or Ratify Ruben Goldberg Javkin as
Member of Technical Committee (Proposed
by Nominations and Compensations
Committee)
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Fibra Uno Administracion SA de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3.d Elect or Ratify Herminio Blanco Mendoza as
Member of Technical Committee (Proposed
by Nominations and Compensations
Committee)
Mgmt For Against
Blended Rationale: Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at least
one woman. We expect companies to increase female participation both on the board and in leadership positions over time.
3.e Elect or Ratify Alberto Felipe Mulas Alonso as
Member of Technical Committee (Proposed
by Nominations and Compensations
Committee)
Mgmt For For
4 Elect or Ratify Members, Alternates and
Secretary (Non-Member) of Technical
Committee; Verify Independence
Classification
Mgmt For Against
Blended Rationale: A vote AGAINST Item 4 is warranted because the company has not disclosed the technical committee
nominees to be presented under this item.
5 Approve Remuneration of Technical
Committee Members
Mgmt For For
6 Appoint Legal Representatives Mgmt For For
7 Approve Minutes of Meeting Mgmt For For
GMexico Transportes SAB de CV
Meeting Date: 04/30/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P4R1BE119
Ticker: GMXT
Primary ISIN: MX01GM1Z0019
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.a
Approve Reports and Opinion Referred to in
Article 28-IV of Securities Market Law
Mgmt
For
For
1.b Approve Board's Report on Policies and
Accounting Information and Criteria Followed
in Preparation of Financial Information
Mgmt For For
1.c Approve Individual and Consolidated Financial
Statements
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
1.d Approve Report on Compliance with Fiscal
Obligations
Mgmt For For
1.e Approve Allocation of Income Mgmt For For
2.a Approve Discharge of Board and CEO Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
GMexico Transportes SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.b Elect or Ratify Members of Board, Chairman
of Audit and Corporate Practices Committee,
Committee Members, CEO and Secretary
(Non-Member)
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions; and- The company has bundled the
election of its directors into a single voting item.
2.c Approve their Remuneration Mgmt For For
3.a Set Maximum Amount of Share Repurchase
Reserve
Mgmt For For
3.b Approve Report on Policies of Share
Repurchase
Mgmt For For
4 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Grupo Carso SAB de CV
Meeting Date: 04/30/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P46118108
Ticker: GCARSOA1
Primary ISIN: MXP461181085
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Ordinary Meeting for Only Mexican Series A1
Shareholders Have Voting Rights
1 Accept Financial Statements and Statutory
Reports
Mgmt
Mgmt
For
Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Approve Allocation of Income and Cash
Dividends of MXN 0.96 per Share to be
Distributed in Two Installments of MXN 0.48
per Share
Mgmt For For
3 Approve Discharge of Board of Directors and
CEO
Mgmt For For
4 Elect or Ratify Directors, Chairman and
Members of Audit and Corporate Practices
Committee; Verify Independence of Directors;
Approve Their Respective Remuneration
Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because:- The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions;- The proposed director remuneration is
not disclosed; and- The current board contains no members considered independent under voting guidelines.
5 Set Maximum Amount of Share Repurchase
Reserve
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Carso SAB de CV
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
6 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Grupo Carso SAB de CV
Meeting Date: 04/30/2020 Country: Mexico
Meeting Type: Special
Primary Security ID: P46118108
Ticker: GCARSOA1
Primary ISIN: MXP461181085
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Extraordinary Meeting for Only Mexican Series
A1 Shareholders Have Voting Rights
1 Amend Articles 26, 27 and 28
Mgmt
Mgmt
For
Against
Blended Rationale: Governance Concerns: A vote AGAINST this item is warranted because the contents of the proposed
amendments have not been disclosed.
2 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For Against
Blended Rationale: A vote AGAINST this closing formality is warranted in light of the vote recommendation for the prior agenda
item.
Grupo Mexico S.A.B. de C.V.
Meeting Date: 04/30/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P49538112
Ticker: GMEXICOB
Primary ISIN: MXP370841019
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Consolidated Financial Statements
and Statutory Reports
Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
2 Present Report on Compliance with Fiscal
Obligations
Mgmt For For
3 Approve Allocation of Income Mgmt For For
4 Approve Policy Related to Acquisition of Own
Shares; Set Aggregate Nominal Amount of
Share Repurchase Reserve
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Grupo Mexico S.A.B. de C.V.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5
Approve Discharge of Board of Directors,
Executive Chairman and Board Committees
Mgmt
For
For
6 Ratify Auditors Mgmt For For
7 Elect or Ratify Directors; Verify Independence
of Board Members; Elect or Ratify Chairmen
and Members of Board Committees
Mgmt For Against
Blended Rationale: Future World Protection List: A vote against is applied as the company meets the criteria for inclusion in
LGIM’s Future World Protection List. Companies are incorporated into the List if they fail to meet minimum standards of
globally accepted business practices. This includes: companies involved in the manufacture and production of controversial
weapons; perennial violators of the United Nations Global Compact (UNGC); and pure coal miners.
8 Approve Remuneration of Directors and
Members of Board Committees
Mgmt For For
9 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Infraestructura Energetica Nova SAB de CV
Meeting Date: 04/30/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P5R19K107
Ticker: IENOVA
Primary ISIN: MX01IE060002
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Consolidated Financial Statements
and Statutory Reports
Mgmt
For
For
2 Approve Report on Compliance with Fiscal
Obligations
Mgmt For For
3 Approve Allocation of Income Mgmt For For
4 Elect or Ratify Directors and Secretary; Verify
Independence Classification of Directors
Mgmt For For
5 Elect or Ratify Members and Chairmen of
Audit and Corporate Practices Committees
Mgmt For For
6 Approve Remuneration of Directors Mgmt For Against
Blended Rationale: A vote AGAINST this item is warranted because although the company provided the proposed remuneration
of the independent directors, it includes equity compensation as part of a long-term incentive plan, whose terms are not
disclosed.
7 Set Maximum Amount of Share Repurchase
Reserve
Mgmt For For
8 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lojas Americanas SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P6329M105
Ticker: LAME4
Primary ISIN: BRLAMEACNPR6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Capital Budget Mgmt For For
3 Approve Allocation of Income and Dividends Mgmt For For
4 Fix Number of Directors at Seven Mgmt For For
5 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
6 Elect Directors Mgmt For For
7 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
8 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 8, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
9.1 Percentage of Votes to Be Assigned - Elect
Carlos Alberto da Veiga Sicupira as Director
Mgmt None For
9.2 Percentage of Votes to Be Assigned - Elect
Claudio Moniz Barreto Garcia as Director
Mgmt None For
9.3 Percentage of Votes to Be Assigned - Elect
Eduardo Saggioro Garcia as Director
Mgmt None For
9.4 Percentage of Votes to Be Assigned - Elect
Paulo Alberto Lemann as Director
Mgmt None For
9.5 Percentage of Votes to Be Assigned - Elect
Paulo Veiga Ferraz Pereira as Independent
Director
Mgmt None For
9.6 Percentage of Votes to Be Assigned - Elect
Sidney Victor da Costa Breyer as Independent
Director
Mgmt None For
9.7 Percentage of Votes to Be Assigned - Elect
Vanessa Claro Lopes as Independent Director
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Lojas Americanas SA
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
10 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
11 Approve Remuneration of Company's
Management
12 Approve Remuneration of Fiscal Council
Members
Mgmt
Mgmt
Mgmt
None
For
For
For
For
For
Lojas Americanas SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P6329M105
Ticker: LAME4
Primary ISIN: BRLAMEACNPR6
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Article 4 Re: Corporate Purpose
Mgmt
For
For
2 Amend Articles Mgmt For For
3 Amend Article 5 to Reflect Changes in Capital Mgmt For For
4 Consolidate Bylaws Mgmt For For
Multiplan Empreendimentos Imobiliarios SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P69913187
Ticker: MULT3
Primary ISIN: BRMULTACNOR5
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at Seven Mgmt For For
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Multiplan Empreendimentos Imobiliarios SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5.1 Elect Jose Paulo Ferraz do Amaral as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
5.2 Elect Jose Isaac Peres as Director Mgmt For For
5.3 Elect Eduardo Kaminitz Peres as Director Mgmt For For
5.4 Elect Ana Paula Kaminitz Peres as Director Mgmt For For
5.5 Elect John Michael Sullivan as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
5.6 Elect Duncan George Osborne as Director Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
5.7 Elect Gustavo Henrique de Barroso Franco as
Independent Director
Mgmt For For
6 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 6, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
7.1 Percentage of Votes to Be Assigned - Elect
Jose Paulo Ferraz do Amaral as Director
Mgmt None Abstain
7.2 Percentage of Votes to Be Assigned - Elect
Jose Isaac Peres as Director
Mgmt None For
7.3 Percentage of Votes to Be Assigned - Elect
Eduardo Kaminitz Peres as Director
Mgmt None For
7.4 Percentage of Votes to Be Assigned - Elect
Ana Paula Kaminitz Peres as Director
Mgmt None For
7.5 Percentage of Votes to Be Assigned - Elect
John Michael Sullivan as Director
Mgmt None Abstain
7.6 Percentage of Votes to Be Assigned - Elect
Duncan George Osborne as Director
Mgmt None Abstain
7.7 Percentage of Votes to Be Assigned - Elect
Gustavo Henrique de Barroso Franco as
Independent Director
Mgmt None For
8 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Multiplan Empreendimentos Imobiliarios SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9 Approve Remuneration of Company's
Management
10 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt
Mgmt
For
None
For
For
Multiplan Empreendimentos Imobiliarios SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P69913187
Ticker: MULT3
Primary ISIN: BRMULTACNOR5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Ratify Remuneration of Company's
Management for 2019
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.A vote
AGAINST this item is warranted because:- Most of the proposed increase is related to the company's phantom share plan,
which includes concerning features.
2 Approve Postponement of Payment Date of
Dividends and Interest-on-Capital-Stock
Mgmt For For
Natura &Co Holding SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P7S8B6105
Ticker: NTCO3
Primary ISIN: BRNTCOACNOR5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Treatment of Net Loss Mgmt For For
3 Fix Number of Directors at 12 Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Natura &Co Holding SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4
Approve Classification of Carla Schmitzberger,
Gilberto Mifano, Fabio Colletti Barbosa,
Jessica DiLullo Herrin, Ian Martin Bickley,
Nancy Killefer, W. Don Cornwell and Andrew
George McMaster Jr. as Independent
Directors
Mgmt
For
For
5 Elect Directors Mgmt For Against
Blended Rationale: Committee independence: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
6 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Pedro Luiz Barreiros Passos as Director
Mgmt None For
8.2 Percentage of Votes to Be Assigned - Elect
Antonio Luiz da Cunha Seabra as Director
Mgmt None For
8.3 Percentage of Votes to Be Assigned - Elect
Guilherme Peirao Leal as Director
Mgmt None For
8.4 Percentage of Votes to Be Assigned - Elect
Carla Schmitzberger as Independent Director
Mgmt None For
8.5 Percentage of Votes to Be Assigned - Elect
Roberto de Oliveira Marques as Director
Mgmt None Abstain
8.6 Percentage of Votes to Be Assigned - Elect
Gilberto Mifano as Independent Director
Mgmt None For
8.7 Percentage of Votes to Be Assigned - Elect
Fabio Colletti Barbosa as Independent
Director
Mgmt None For
8.8 Percentage of Votes to Be Assigned - Elect
Jessica DiLullo Herrin as Independent Director
Mgmt None For
8.9 Percentage of Votes to Be Assigned - Elect
Ian Martin Bickley as Independent Director
Mgmt None For
8.10 Percentage of Votes to Be Assigned - Elect
Nancy Killefer as Independent Director
Mgmt None For
8.11 Percentage of Votes to Be Assigned - Elect W.
Don Cornwell as Independent Director
Mgmt None For
8.12 Percentage of Votes to Be Assigned - Elect
Andrew George McMaster Jr. as Independent
Director
Mgmt None For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Natura &Co Holding SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9
As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt
None
For
10 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
11 Approve Remuneration of Company's
Management
Mgmt For For
12 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
Mgmt Abstain For
Blended Rationale: A vote FOR this item is warranted because the installation of a fiscal council could potentially improve the
company's governance and bring greater corporate oversight.
13 In the Event of a Second Call, the Voting Mgmt None For Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Natura &Co Holding SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P7S8B6105
Ticker: NTCO3
Primary ISIN: BRNTCOACNOR5
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Treatment of Net Loss Mgmt For For
2 Amend Articles
Mgmt
For
Against
Blended Rationale: A vote AGAINST this request is warranted because: - The company proposes to increase its board term to
two years, which would prevent shareholders from holding directors accountable on an annual basis; and - The proposal allows
the same person to accumulate the CEO and chairman of the board positions, creating a chair-CEO structure that is not
considered good corporate governance practice.
3 Amend Articles Mgmt For For
4 Approve Creation of Operational Committee
and Amend Articles Accordingly
Mgmt For For
5 Amend Articles 41 and 42 Mgmt For For
6 Amend Article 5 to Reflect Changes in Capital
and Consolidate Bylaws
Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Natura &Co Holding SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
7 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt None For
Nestle (Malaysia) Berhad
Meeting Date: 04/30/2020 Country: Malaysia
Meeting Type: Annual
Primary Security ID: Y6269X103
Ticker: 4707
Primary ISIN: MYL4707OO005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Elect Mohd. Rafik Bin Shah Mohamad as
Director
Mgmt
For
For
2 Approve Ernst & Young PLT as Auditors and
Authorize Board to Fix Their Remuneration
Mgmt For For
3 Approve Interim Dividend Mgmt
4 Approve Directors' Fees Mgmt For For
5 Approve Directors' Benefits Mgmt For For
6 Approve Mohd. Rafik Bin Shah Mohamad to
Continue Office as Independent Director
Mgmt For For
7 Approve Shareholders' Mandate for Recurrent
Related Party Transactions
Mgmt For For
Qualicorp Consultoria e Corretora de Seguros SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P7S21H105
Ticker: QUAL3
Primary ISIN: BRQUALACNOR6
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Fix Number of Directors at Seven Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Qualicorp Consultoria e Corretora de Seguros SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
5 Elect Directors
Mgmt
Mgmt
None
For
For
Against
Blended Rationale: Committee independence: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.Diversity: A vote against is applied as LGIM expects a company to have a diverse board, including at
least one woman. We expect companies to further increase female participation on the board and leadership positions over
time.The company proposes to elect a seven-member board, presented as a slate, for a new one-year term. The slate includes
one incumbent director, Wilson Olivieri, involved in the support and approval of a non-compete agreement on Oct. 1, 2018,
signed with the company's CEO at the time and founder Jose Seripieri Filho, considered an egregious governance practice as it
granted material extraordinary compensation to the company's CEO to not compete with the company he works for. Both the
agreement and the directors who approved such practice, including incumbent nominee Wilson Olivieri, are under investigation
by the Brazilian Securities Regulator (CVM) and the Sao Paulo Public Prosecutor Office. Although the company has renewed
the majority of its board members, in light of the existing concerns regarding breach of fiduciary duty and egregious
governance practices surrounding the incumbent director, a vote AGAINST this bundled board election is recommended.
6 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
7 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 7, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
8.1 Percentage of Votes to Be Assigned - Elect
Wilson Olivieri as Independent Director
Mgmt None Abstain
8.2 Percentage of Votes to Be Assigned - Elect
Murilo Ramos Neto as Independent Director
Mgmt None For
8.3 Percentage of Votes to Be Assigned - Elect
Roberto Martins de Souza as Independent
Director
Mgmt None For
8.4 Percentage of Votes to Be Assigned - Elect
Arthur Farme de D'Amoed Neto as
Independent Director
Mgmt None For
8.5 Percentage of Votes to Be Assigned - Elect
Heraclito de Brito Gomes Junior as
Independent Board Chairman
Mgmt None Abstain
8.6 Percentage of Votes to Be Assigned - Elect
Mauro Teixeira Sampaio as Independent
Director
Mgmt None For
8.7 Percentage of Votes to Be Assigned - Elect
Otavio de Garcia Lazcano as Independent
Director
Mgmt None Abstain
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Qualicorp Consultoria e Corretora de Seguros SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
10 Approve Remuneration of Company's
Management
11 Do You Wish to Request Installation of a
Fiscal Council, Under the Terms of Article 161
of the Brazilian Corporate Law?
12 Elect Fiscal Council Members
Mgmt
Mgmt
Mgmt
Mgmt
None
For
None
For
For
For
For
For
13 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
14 Approve Remuneration of Fiscal Council
Members
15 In the Event of a Second Call, the Voting
Instructions Contained in this Remote Voting
Card May Also be Considered for the Second
Call?
Mgmt
Mgmt
Mgmt
None
For
None
Against
For
For
Telesites SAB de CV
Meeting Date: 04/30/2020 Country: Mexico
Meeting Type: Annual
Primary Security ID: P90355135
Ticker: SITESB.1
Primary ISIN: MX01SI080038
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Approve CEO's Report Including External
Auditor's Report and Board's Opinion on
CEO's Report
Mgmt
For
For
1.2 Approve Board Report on Principal Accounting
Policies and Criteria Followed in Preparation
of Financial Information
Mgmt For For
1.3 Approve Report on Activities and Operations
Undertaken by Board
Mgmt For For
1.4 Approve Consolidated Financial Statements Mgmt For Against
Blended Rationale: Accounts: A vote against is applied as LGIM expects the accounts to be audited.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Telesites SAB de CV
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1.5
Approve Audit and Corporate Practices
Committee's Report
Mgmt
For
For
2 Approve Allocation of Income Mgmt For For
3 Elect or Ratify Directors and Company
Secretary and Deputy Secretary; Verify
Independence of Directors
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions; and - The company has bundled the
election of its directors into a single voting item.
4 Approve Remuneration of Directors and
Company Secretary and Deputy Secretary
Mgmt For For
5 Elect or Ratify Members of Audit and
Corporate Practices Committee
Mgmt For Against
Blended Rationale: A vote AGAINST these items is warranted because: - The names of the director nominees are not disclosed
prior to the time that institutional shareholders are required to submit vote instructions; and - The company has bundled the
election of its directors into a single voting item.
6 Approve Remuneration of Audit and
Corporate Practices Committee
Mgmt For For
7 Authorize Board to Ratify and Execute
Approved Resolutions
Mgmt For For
Tianjin Zhonghuan Semiconductor Co., Ltd.
Meeting Date: 04/30/2020 Country: China
Meeting Type: Annual
Primary Security ID: Y88171106
Ticker: 002129
Primary ISIN: CNE1000000B8
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Report of the Board of Directors
Mgmt
For
For
2 Approve Report of the Board of Supervisors Mgmt For For
3 Approve Financial Statements Mgmt For For
4 Approve Profit Distribution Mgmt For For
5 Approve Annual Report and Summary Mgmt For For
6 Approve Special Report on the Deposit and
Usage of Raised Funds
Mgmt For For
7 Approve Amendments to Articles of
Association and Related Company System
Mgmt For Against
Blended Rationale: Governance Concerns: A vote AGAINST is warranted given that the amendments would reduce
shareholders' ability to review and vote on material transactions at the company.
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Tianjin Zhonghuan Semiconductor Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8
Amend Equity Incentive Fund Plan
Mgmt
For
For
9 Approve to Appoint Auditor Mgmt For For
10 Approve Related Party Transaction Mgmt For For
11 Elect Zhang Yonghong as Non-Independent
Director
SH For For
Transmissora Alianca de Energia Eletrica SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P9T5CD126
Ticker: TAEE11
Primary ISIN: BRTAEECDAM10
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Meeting for Holders of Units
Mgmt
1 Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt For For
2 Approve Allocation of Income and Dividends Mgmt For For
3 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
4.1 Elect Bernardo Vargas Gibsone as Director Mgmt For For
4.2 Elect Cesar Augusto Ramirez Rojas as
Director
Mgmt For For
4.3 Elect Fernando Augusto Rojas Pinto as
Director
Mgmt For Against
Blended Rationale: Committee independence: A vote against is applied as LGIM expects the Committee to be comprised of
independent directors.
4.4 Elect Fernando Bunker Gentil as Director Mgmt For For
4.5 Elect Hermes Jorge Chipp as Independent
Director
Mgmt For For
4.6 Elect Celso Maia de Barros as Independent
Director
Mgmt For For
4.7 Elect Daniel Faria Costa as Director Mgmt For For
4.8 Elect Paulo Mota Henriques as Director Mgmt For For
4.9 Elect Jose Joao Abdalla Filho as Director Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Transmissora Alianca de Energia Eletrica SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.10
Elect Francois Moreau as Independent
Director
Mgmt
For
For
4.11 Elect Reynaldo Passanezi Filho as Director Mgmt For For
4.12 Elect Rafael Falcao Noda as Director Mgmt For For
4.13 Elect Luis Augusto Barcelos Barbosa as
Independent Director
Mgmt For For
5 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 5, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
6.1 Percentage of Votes to Be Assigned - Elect
Bernardo Vargas Gibsone as Director
Mgmt None For
6.2 Percentage of Votes to Be Assigned - Elect
Cesar Augusto Ramirez Rojas as Director
Mgmt None For
6.3 Percentage of Votes to Be Assigned - Elect
Fernando Augusto Rojas Pinto as Director
Mgmt None Abstain
6.4 Percentage of Votes to Be Assigned - Elect
Fernando Bunker Gentil as Director
Mgmt None For
6.5 Percentage of Votes to Be Assigned - Elect
Hermes Jorge Chipp as Independent Director
Mgmt None For
6.6 Percentage of Votes to Be Assigned - Elect
Celso Maia de Barros as Independent Director
Mgmt None For
6.7 Percentage of Votes to Be Assigned - Elect
Daniel Faria Costa as Director
Mgmt None For
6.8 Percentage of Votes to Be Assigned - Elect
Paulo Mota Henriques as Director
Mgmt None For
6.9 Percentage of Votes to Be Assigned - Elect
Jose Joao Abdalla Filho as Director
Mgmt None For
6.10 Percentage of Votes to Be Assigned - Elect
Francois Moreau as Independent Director
Mgmt None For
6.11 Percentage of Votes to Be Assigned - Elect
Reynaldo Passanezi Filho as Director
Mgmt None For
6.12 Percentage of Votes to Be Assigned - Elect
Rafael Falcao Noda as Director
Mgmt None For
6.13 Percentage of Votes to Be Assigned - Elect
Luis Augusto Barcelos Barbosa as
Independent Director
Mgmt None For
7 Fix Number of Fiscal Council Members Mgmt For For
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Transmissora Alianca de Energia Eletrica SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8.1 Elect Manuel Domingues de Jesus e Pinho as
Fiscal Council Member and Joao Henrique
deSouza Brum as Alternate
Mgmt For Against
Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of a minority fiscal council candidates, as further discussed
under Items 9.1-9.2 of this meeting agenda.
8.2 Elect Custodio Antonio de Mattos as Fiscal
Council Member and Eduardo Jose de Souza
as Alternate
Mgmt For Against
Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of a minority fiscal council candidates, as further discussed
under Items 9.1-9.2 of this meeting agenda.
8.3 Elect Carlos Julia Figueiredo Goytacaz
SantAnna as Fiscal Council Member and Luiz
Felipeda Silva Veloso as Alternate
Mgmt For Against
Blended Rationale: An AGAINST vote recommendation is warranted for management's fiscal council nominees, to allow
minority shareholders to concentrate their votes on the election of a minority fiscal council candidates, as further discussed
under Items 9.1-9.2 of this meeting agenda.
9.1 Elect Marcello Joaquim Pacheco as Fiscal
Council Member and Alberto Jorge Oliveira da
Costa as Alternate Appointed by Minority
Shareholder
SH None For
9.2 Elect Rodrigo de Mesquita Pereira as Fiscal
Council Member and Octavio Rene
Lebarbenchon Neto as Alternate Appointed by
Minority Shareholder
SH None Against
10.1 Elect Murici dos Santos as Fiscal Council
Member and Renato Venicius da Silva as
Alternate Appointed by Preferred Shareholder
SH None For
10.2 Elect Luciano Luiz Barsi as Fiscal Council
Member and Marcos Aurelio Pamplona da
Silva as Alternate Appointed by Preferred
Shareholder
SH None Against
11 Approve Remuneration of Company's
Management
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed decision.
12 Approve Remuneration of Fiscal Council
Members
Mgmt
For
For
Vale SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Annual
Primary Security ID: P9661Q155
Ticker: VALE3
Primary ISIN: BRVALEACNOR0
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Vale SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Accept Financial Statements and Statutory
Reports for Fiscal Year Ended Dec. 31, 2019
Mgmt
For
For
2 Do You Wish to Adopt Cumulative Voting for
the Election of the Members of the Board of
Directors, Under the Terms of Article 141 of
the Brazilian Corporate Law?
Mgmt None For
3 Elect Directors Mgmt For Against
Blended Rationale: Independence: A vote against is applied as the board is not sufficiently independent which is a critical
element of a board to protect shareholders.
4 In Case There is Any Change to the Board
Slate Composition, May Your Votes Still be
Counted for the Proposed Slate?
Mgmt None Against
5 In Case Cumulative Voting Is Adopted, Do
You Wish to Equally Distribute Your Votes
Amongst the Nominees below?
Mgmt None For
APPLIES ONLY IF CUMULATIVE VOTING IS
ADOPTED - If You Vote FOR on Item 5, Votes
Will Be Automatically Distributed in Equal %
Amongst The Nominees voted FOR below. If
You Vote AGST, Contact Your Client Service
Rep to Disproportionately Allocate % of Votes
Mgmt
6.1 Percentage of Votes to Be Assigned - Elect
Jose Mauricio Pereira Coelho as Director and
Arthur Prado Silva as Alternate
Mgmt None Abstain
6.2 Percentage of Votes to Be Assigned - Elect
Fernando Jorge Buso Gomes as Director and
Johan Albino Ribeiro as Alternate
Mgmt None Abstain
6.3 Percentage of Votes to Be Assigned - Elect
Oscar Augusto Camargo Filho as Director and
Ken Yasuhara as Alternate
Mgmt None Abstain
6.4 Percentage of Votes to Be Assigned - Elect
Jose Luciano Duarte Penido as Director
Mgmt None Abstain
6.5 Percentage of Votes to Be Assigned - Elect
Eduardo de Oliveira Rodrigues Filho as
Director
Mgmt None Abstain
6.6 Percentage of Votes to Be Assigned - Elect
Marcel Juviniano Barros as Director and
Marcia Fragoso Soares as Alternate
Mgmt None Abstain
6.7 Percentage of Votes to Be Assigned - Elect
Toshiya Asahi as Director and Hugo Serrado
Stoffel as Alternate
Mgmt None Abstain
6.8 Percentage of Votes to Be Assigned - Elect
Roger Allan Downey as Director and Ivan Luiz
Modesto Schara as Alternate
Mgmt None Abstain
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Vale SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
6.9
Percentage of Votes to Be Assigned - Elect
Murilo Cesar Lemos dos Santos Passos as
Director and Joao Ernesto de Lima Mesquita
as Alternate
Mgmt
None
Abstain
6.10 Percentage of Votes to Be Assigned - Elect
Isabella Saboya de Albuquerque as
Independent Director and Adriano Cives
Seabra as Alternate
Mgmt None For
6.11 Percentage of Votes to Be Assigned - Elect
Sandra Maria Guerra de Azevedo as
Independent Director
Mgmt None For
6.12 Percentage of Votes to Be Assigned - Elect
Marcelo Gasparino da Silva as Independent
Director and Nuno Maria Pestana de Almeida
Alves as Alternate
Mgmt None For
7 As an Ordinary Shareholder, Would You like
to Request a Separate Minority Election of a
Member of the Board of Directors, Under the
Terms of Article 141 of the Brazilian
Corporate Law?
Mgmt None For
8 Elect Fiscal Council Members Mgmt For For
9 In Case One of the Nominees Leaves the
Fiscal Council Slate Due to a Separate
Minority Election, as Allowed Under Articles
161 and 240 of the Brazilian Corporate Law,
May Your Votes Still Be Counted for the
Proposed Slate?
Mgmt None Against
10 Approve Remuneration of Company's
Management and Fiscal Council
Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied due to insufficient disclosure to make an informed
decision.Additionally, a vote AGAINST this proposal is warranted as the company registered net losses for 2019 in light of the
recognition of the impacts of the collapse of the Brumadinho dam, is not distributing dividends to shareholders for the second
year in a row, and investigations and legal cases are ongoing, while, under the 2020 global remuneration cap, Vale seeks
shareholder approval to distribute the 2019 variable remuneration to its executives which had been suspended in light of the
January 2019 deadly dam disaster.
Vale SA
Meeting Date: 04/30/2020 Country: Brazil
Meeting Type: Special
Primary Security ID: P9661Q155
Ticker: VALE3
Primary ISIN: BRVALEACNOR0
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles and Consolidate Bylaws Mgmt For Against
Vote Summary Report
Date range covered: 04/01/2020 to 04/30/2020
Vale SA
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
Blended Rationale: A vote AGAINST this request is warranted because: - The company has bundled unrelated article
amendments not allowing shareholders to vote on the proposed changes separately; and - While the majority of the proposed
amendments are positive in nature, among the bundled resolution, the company proposes to grant the board authority to
appoint "other persons" to replace resigning board members, despite the existence of alternate members elected by
shareholders, which raises potential concerns regarding material changes to the board composition that had been previously
elected by shareholders.
2 Approve Agreement to Absorb Ferrous
Resources do Brasil S.A. (Ferrous) and
Mineracao Jacuipe S.A. (Jacuipe)
Mgmt For For
3 Ratify Premiumbravo Auditores
Independentes as Independent Firm to
Appraise Proposed Transaction
Mgmt For For
4 Approve Independent Firm's Appraisals Mgmt For For
5 Approve Absorption of Ferrous Resources do
Brasil S.A. (Ferrous) and Mineracao Jacuipe
S.A. (Jacuipe)
Mgmt For For
6 Approve Agreement to Absorb Minas da Serra
Geral S.A. (MSG), MSE - Servicos de
Operacao, Manutencao e Montagens Ltda.
(MSE), Retiro Novo Reflorestamento Ltda.
(Retiro Novo) and Mineracao Guariba Ltda.
(Guariba)
Mgmt For For
7 Ratify Macso Legate Auditores Independentes
as Independent Firm to Appraise Proposed
Transaction
Mgmt For For
8 Approve Independent Firm's Appraisals Mgmt For For
9 Approve Absorption of Minas da Serra Geral
S.A. (MSG), MSE - Servicos de Operacao,
Manutencao e Montagens Ltda. (MSE), Retiro
Novo Reflorestamento Ltda. (Retiro Novo)
and Mineracao Guariba Ltda. (Guariba)
Mgmt For For