vote summary report asia pacific april 2018 - lgim · 2020. 6. 26. · vote summary report date...

April 2018 Asia Pacific Voting Report

Voting report Legal & General Investment Management

No warranty is given and no representation is made regarding the accuracy or completeness of the content of this report, and no liability or responsibility is accepted for the information contained in this report.

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Authorised and Regulated by the Financial Conduct Authority Copyright© Legal & General Investment Management 2018

Vote Summary Report Date range covered: 04/01/2018 to 04/30/2018

Scentre Group

Meeting Date: 04/05/2018 Country: Australia

Meeting Type: Annual

Primary Security ID: Q8351E109

Ticker: SCG

Primary ISIN: AU000000SCG8

Proposal Vote

Number Proposal Text Proponent Mgmt Rec Instruction

2

Approve Remuneration Report

Mgmt

For

3 Elect Carolyn Kay as Director Mgmt For

4 Elect Margaret Seale as Director Mgmt For

5 Approve Grant of Performance Rights to Peter

Allen

Mgmt For

6 Adopt New Constitution Mgmt For

Korea Electric Power Corp.

Meeting Date: 04/10/2018 Country: South Korea

Meeting Type: Special

Primary Security ID: Y48406105

Ticker: A015760

Primary ISIN: KR7015760002

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1.1

ELECT ONE INSIDE DIRECTOR (CEO) OUT OF

TWO NOMINEES (ITEMS 1.1 - 1.2)

Elect Kim Jong-gap as Inside Director

Mgmt

Mgmt

For

For

1.2

Elect Byeon Jun-yeon as Inside Director

Mgmt

For

Do Not

Vote

M1 Limited

Meeting Date: 04/11/2018 Country: Singapore


Primary Security ID: Y6132C104

Ticker: B2F

Primary ISIN: SG1U89935555


M1 Limited

Proposal Vote


1

Adopt Financial Statements and Directors' and

Auditors' Reports

Mgmt

For

For

2 Approve Final Dividend Mgmt For For

3 Elect Lionel Lim Chin Teck as Director Mgmt For For

4 Elect Elaine Lee Kia Jong as Director Mgmt For For

5 Elect Danny Teoh Leong Kay as Director Mgmt For For

6 Elect Tan Wah Yeow as Director Mgmt For For

7 Approve Directors' Fees Mgmt For For

8 Approve Ernst & Young LLP as Auditors and

Authorize Board to Fix Their Remuneration

Mgmt For For

9 Approve Issuance of Shares Pursuant to the

Exercise of Options Under M1 Share Option

Scheme 2002

Mgmt For Against

Blended Rationale: A vote AGAINST these resolutions is warranted given the following reasons:- the company could be

considered a mature company and the aggregate limit under the schemes and the plan is 10 percent of the company's issued

capital;- an absence of challenging performance criteria and meaningful vesting periods;- directors eligible to receive options

and awards under the schemes and plan, respectively, are involved in the administration of the schemes and plan; and- the

schemes permits options to be issued with an exercise price at a discount to the current market priceA 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.


Exercise of Options Under M1 Share Option

Scheme 2013

Mgmt For Against

Blended Rationale: A vote AGAINST these resolutions is warranted given the following reasons:- the company could be

considered a mature company and the aggregate limit under the schemes and the plan is 10 percent of the company's issued

capital;- an absence of challenging performance criteria and meaningful vesting periods;- directors eligible to receive options

and awards under the schemes and plan, respectively, are involved in the administration of the schemes and plan; and- the

schemes permits options to be issued with an exercise price at a discount to the current market priceA 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.

11 Approve Issuance of Shares Pursuant to Mgmt For Against

Awards Granted Under M1 Share Plan 2016

Blended Rationale: A vote AGAINST this resolution is warranted because:- The company could be considered a mature

company, and the limit under the proposed plan is 10 percent of the company's issued capital. The plan lacks meaningful

vesting periods.- Performance conditions have not been disclosed.- The directors eligible to receive options under the plan are

involved in the administration of the plan.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.

12 Approve Issuance of Equity or Equity-Linked Mgmt For Against Securities with or without Preemptive Rights

Blended Rationale: A vote AGAINST this resolution is warranted because the issuance request without preemptive rights

exceeds the recommended limit.


M1 Limited

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

13 Authorize Share Repurchase Program Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted given that the pricing provisions attaching to the proposed

repurchase mandate exceeds the recommended limit.

14 Approve Mandate for Interested Person

Transactions

Mgmt For For

CIMIC Group Ltd.



Primary Security ID: Q2424E105

Ticker: CIM

Primary ISIN: AU000000CIM7

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2 Approve Remuneration Report Mgmt For

3.1 Elect Kathryn Spargo as Director Mgmt For

3.2 Elect Russell Chenu as Director Mgmt For

3.3 Elect Trevor Gerber as Director Mgmt For

3.4 Elect Peter-Wilhelm Sassenfeld as Director Mgmt For

Hutchison Port Holdings Trust



Primary Security ID: Y3780D104

Ticker: NS8U

Primary ISIN: SG2D00968206

Proposal Vote


1

Adopt Report of the Trustee-Manager,

Statement by Trustee-Manager, and Audited

Financial Statements and Independent

Auditor's Report

Mgmt

For

For

2 Approve PricewaterhouseCoopers LLP as

Auditors and Authorize Directors of

Trustee-Manager to Fix Their Remuneration

Mgmt For For

3 Approve Issuance of Equity or Equity-Linked

Securities with or without Preemptive Rights

Mgmt For For


Guotai Junan International Holdings Ltd.

Meeting Date: 04/16/2018 Country: Hong Kong


Primary Security ID: Y2961L109

Ticker: 1788

Primary ISIN: HK0000065869

Proposal Vote


1 Approve New Master Services Agreement,

Proposed Annual Caps and Related

Transactions

Mgmt For For

Suntec Real Estate Investment Trust




Ticker: T82U

Primary ISIN: SG1Q52922370

Proposal Vote


1

Adopt Report of the Trustee, Statement by

the Manager, Audited Financial Statements

and Auditors' Report

Mgmt

For

For

2 Approve KPMG LLP as Auditors and Authorize

Manager to Fix Their Remuneration

Mgmt For For

3 Elect Chew Gek Khim as Director Mgmt For Against

Blended Rationale: A vote AGAINST the election of Gek Khim Chew is warranted given that she is a non-executive director and

chairman of the board and the board does not have formal remuneration and nomination committees.

4 Elect Lim Hwee Chiang, John as Director Mgmt For For

5 Elect Chen Wei Ching, Vincent as Director Mgmt For For



Mgmt For For

7 Approve Proposed Amendment to the Trust

Deed Re: Repurchase of Units

Mgmt For For

8 Authorize Unit Repurchase Program Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted given the pricing provisions attaching to the proposed


9 Amend Trust Deed Mgmt For For


CapitaLand Mall Trust




Ticker: C38U

Primary ISIN: SG1M51904654

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Adopt Trustee's Report, Statement by the

Manager, Audited Financial Statements and

Auditors' Report

Mgmt For For





4 Authorize Unit Repurchase Program

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

5 Amend Trust Deed

Mgmt

For

For

Sembcorp Marine Ltd.



Primary Security ID: Y8231K102

Ticker: S51

Primary ISIN: SG1H97877952

Proposal Vote


1


Auditors' Reports

Mgmt

For

For


3 Elect Mohd Hassan Marican as Director Mgmt For For

4 Elect William Tan Seng Koon as Director Mgmt For For

5 Elect Neil McGregor as Director Mgmt For For



Board to Fix Their Remuneration

Mgmt For For



Mgmt For For

9 Approve Grant of Awards and Issuance of

Shares Pursuant to the Sembcorp Marine

Performance Share Plan 2010 and/or the

Sembcorp Marine Restricted Share Plan 2010

Mgmt For For


Sembcorp Marine Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Transactions

11 Authorize Share Repurchase Program

Mgmt

Mgmt

For

For

For

Against



CapitaLand Commercial Trust



Primary Security ID: Y1091N100

Ticker: C61U

Primary ISIN: SG1P32918333

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Adopt Report of the Trustee, Statement by

the Manager, Audited Financial Statements

and Auditors' Report

Mgmt For For



3 Approve Issuance of Equity or Equity- Linked


4 Authorize Unit Repurchase Program

Mgmt

Mgmt

Mgmt

For

For

For

For

For

For

5 Amend Trust Deed

Mgmt

For

For

StarHub Ltd.



Primary Security ID: Y8152F132

Ticker: CC3

Primary ISIN: SG1V12936232

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Adopt Financial Statements and Directors' and

Auditors' Reports

Mgmt For For

2 Elect Michelle Lee Guthrie as Director Mgmt For For

3 Elect Naoki Wakai as Director

Mgmt

For

For


StarHub Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

4 Elect Steven Terrell Clontz as Director Mgmt For Against

Blended Rationale: A vote AGAINST the election of Steven Terrell Clontz is warranted given he is part of the nomination

committee in a board where independent non-executive directors represent less than one-half of the board and the chairman is not an independent non-executive director.

5 Elect Nihal Vijaya Devadas Kaviratne as

Director

Mgmt For For

6 Elect Nasser Marafih as Director Mgmt For For





Mgmt For For



Mgmt For Against



11 Approve Grant of Awards and Issuance of Mgmt

Shares Under the StarHub Performance Share

Plan 2014 and/or the StarHub Restricted

Stock Plan 2014

For

For

StarHub Ltd.



Meeting Type: Special Ticker: CC3

Primary ISIN: SG1V12936232

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction





Transactions

Mgmt For For

Woodside Petroleum Ltd.



Primary Security ID: 980228100

Ticker: WPL

Primary ISIN: AU000000WPL2


Woodside Petroleum Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2a

Elect Melinda Cilento as Director

Mgmt

For

2b Elect Christopher Haynes as Director Mgmt For

2c Elect Gene Tilbrook as Director Mgmt For

2d Elect Richard Goyder as Director Mgmt For


Keppel Corporation Limited



Primary Security ID: Y4722Z120

Ticker: BN4

Primary ISIN: SG1U68934629

Proposal Vote


1


Auditors' Reports

Mgmt

For

For


3 Elect Lee Boon Yang as Director Mgmt For For

4 Elect Tan Puay Chiang as Director Mgmt For For

5 Elect Veronica Eng as Director Mgmt For For



Auditors and Authorize Board to Fix Their

Remuneration

Mgmt For For



Mgmt For For





Transactions

Mgmt For For


Sembcorp Industries Limited




Ticker: U96

Primary ISIN: SG1R50925390

Proposal Vote


1


Auditors' Reports

Mgmt

For

For


3 Elect Ang Kong Hua as Director Mgmt For For

4 Elect Margaret Lui as Director Mgmt For For

5 Elect Teh Kok Peng as Director Mgmt For For

6 Elect Jonathan Asherson OBE as Director Mgmt For For




Mgmt For For



Mgmt For For


Shares Under the Sembcorp Industries

Performance Share Plan 2010 and/or the

Sembcorp Industries Restricted Share Plan

2010

Mgmt For Against

Blended Rationale: 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.


Transactions


Mgmt

Mgmt

For

For

For

For

Singapore Technologies Engineering Ltd.



Primary Security ID: Y7996W103

Ticker: S63

Primary ISIN: SG1F60858221


Singapore Technologies Engineering Ltd.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Auditors' Reports

Mgmt For For


3 Elect Kwa Chong Seng as Director

Mgmt

For

Against

Blended Rationale: 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 Elect Stanley Lai Tze Chang as Director Mgmt For For

5 Elect Beh Swan Gin as Director Mgmt For For

6 Elect Neo Kian Hong as Director Mgmt For For




Mgmt For For



Mgmt For For


Shares Under the Singapore Technologies

Engineering Performance Share Plan 2010

and the Singapore Technologies Engineering

Restricted Share Plan 2010

Mgmt For For


Transactions

Mgmt For For

12 Authorize Share Repurchase Program Mgmt For For

United Overseas Bank Limited



Primary Security ID: Y9T10P105

Ticker: U11

Primary ISIN: SG1M31001969

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Auditors' Reports

Mgmt For For

2 Approve Final and Special Dividends Mgmt For For

3 Approve Directors' Fees

Mgmt

For

For


United Overseas Bank Limited

Proposal Vote


4

Approve Fee to Wee Cho Yaw, Chairman

Emeritus and Adviser of the Bank for the

Period from January 2017 to December 2017

Mgmt

For

For



Mgmt For For

6 Elect Lim Hwee Hua as Director Mgmt For For

7 Elect Wong Kan Seng as Director Mgmt For For

8 Elect Alexander Charles Hungate as Director Mgmt For For

9 Elect Michael Lien Jown Leam as Director Mgmt For For

10 Elect Alvin Yeo Khirn Hai as Director Mgmt For For



Mgmt For For


UOB Scrip Dividend Scheme

Mgmt For For




Iluka Resources Ltd.



Primary Security ID: Q4875J104

Ticker: ILU

Primary ISIN: AU000000ILU1

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Elect Robert Cole as Director Mgmt For

2 Elect James (Hutch) Ranck as Director Mgmt For

3 Approve the Remuneration Report Mgmt For

4 Approve Grant of Securities to Tom O'Leary Mgmt For

OZ Minerals Ltd



Primary Security ID: Q7161P122

Ticker: OZL

Primary ISIN: AU000000OZL8


OZ Minerals Ltd

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

2 Elect Peter Wasow as Director Mgmt For


4 Approve Grant of Performance Rights to

Andrew Cole

Mgmt For

Venture Corporation Limited




Ticker: V03

Primary ISIN: SG0531000230

Proposal Vote


1


Auditors' Reports

Mgmt

For

For


3 Elect Kay Kuok Oon Kwong as Director Mgmt For For

4a Elect Goon Kok Loon as Director Mgmt For For

4b Elect Wong Yew Meng as Director Mgmt For For


6 Approve Deloitte & Touche LLP as Auditors

and Authorize Board to Fix Their

Remuneration

Mgmt For For



Mgmt For For

8 Approve Grant of Options and Awards and

Issuance of Shares Under The Venture

Corporation Executives' Share Option

Schemes and the Venture Corporation

Restricted Share Plan

Mgmt For Against

Blended Rationale: A vote AGAINST this resolution is warranted because:- The maximum dilution level for the SOS 2004, the

SOS 2015, and the RSP exceeds 5 percent of issued capital for a mature company.- The performance conditions for the vesting

of options and/or restricted shares have not been disclosed.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.





Venture Corporation Limited

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

10 Adopt New Constitution Mgmt For For

City Developments Limited



Primary Security ID: V23130111

Ticker: C09

Primary ISIN: SG1R89002252

Proposal Vote


1


Auditors' Reports

Mgmt

For

For



4a Elect Kwek Leng Beng as Director Mgmt For For

4b Elect Kwek Leng Peck as Director Mgmt For Against

Blended Rationale: 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.

4c Elect Chan Soon Hee Eric as Director Mgmt For For



Mgmt For For



Mgmt For For





Transactions

Mgmt For For

DBS Group Holdings Ltd.




Ticker: D05

Primary ISIN: SG1L01001701


DBS Group Holdings Ltd.

Proposal Vote


1


Auditors' Reports

Mgmt

For

For

2 Approve Final Dividend and Special Dividend Mgmt For For




Remuneration

Mgmt For For

5 Elect Peter Seah Lim Huat as Director Mgmt For For

6 Elect Piyush Gupta as Director Mgmt For For

7 Elect Andre Sekulic as Director Mgmt For For

8 Elect Olivier Lim Tse Ghow as Director Mgmt For For


Shares Under the DBSH Share Plan

Mgmt For Against



creation.



Mgmt For For

11 Approve Issuance of Shares Under the DBSH

Scrip Dividend Scheme

Mgmt For For


Hong Kong Exchanges and Clearing Ltd



Primary Security ID: Y3506N139

Ticker: 388


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Accept Financial Statements and Statutory

Reports

Mgmt For For


3a Elect Chan Tze Ching, Ignatius as Director

Mgmt

For

Against

Blended Rationale: A vote against is applied as the board does not comprise at least 33% independent directors.


Hong Kong Exchanges and Clearing Ltd

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

3b Elect Hu Zuliu, Fred as Director Mgmt For For

3c Elect John Mackay McCulloch Williamson as

Director

Mgmt

For

Against


4 Approve PricewaterhouseCoopers as Auditors Mgmt


Remuneration

For For

5 Authorize Repurchase of Issued Share Capital Mgmt For

For

6 Approve Issuance of Equity or Equity-Linked Mgmt

Securities without Preemptive Rights

For

For

7 Approve Remuneration Payable to the Mgmt

Chairman and Non-executive Directors

For

For

UOL Group Limited


Primary Security ID: Y9299W103

Meeting Type: Annual Ticker: U14

Primary ISIN: SG1S83002349

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Auditors' Reports

Mgmt For For

2 Approve First and Final Dividend Mgmt For For

3 Approve Directors' Fees

Mgmt

For

For

4 Elect Wee Cho Yaw as Director

Mgmt

For

Against

Blended Rationale: 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.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 Elect Tan Tiong Cheng as Director Mgmt For For

6 Elect Wee Ee-chao as Director Mgmt For For



Remuneration

Mgmt For For


UOL Group Limited

Proposal Vote


8 Approve Grant of Options and Issuance of

Shares Under the UOL 2012 Share Option

Scheme

Mgmt For Against


company, and the limit under the scheme is 10 percent of the company's issued capital.- Performance conditions and

meaningful vesting periods have not been disclosed.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.



Mgmt For Against






Wilmar International Limited




Ticker: F34

Primary ISIN: SG1T56930848

Proposal Vote


1


Auditors' Reports

Mgmt

For

For



4 Elect Martua Sitorus as Director Mgmt For For

5 Elect Kuok Khoon Ean as Director Mgmt For For

6 Elect Juan Ricardo Luciano as Director Mgmt For For

7 Elect Lim Siong Guan as Director Mgmt For For

8 Elect Weijian Shan as Director Mgmt For For



Mgmt For For



Mgmt For Against




Wilmar International Limited

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

11 Approve Grant of Options and Issuance of

Shares Under the Wilmar Executives Share

Option Scheme 2009

Mgmt For Against


company, and the limit under the scheme is 15 percent of the company's issued capital.- The scheme permits stock options to

be issued with an exercise price at a discount to the current market price.- Performance conditions and meaningful vesting

periods have not been disclosed.- The directors eligible to receive options under the scheme are involved in the administration

of the scheme.A vote against is applied as LGIM expects remuneration to be measured over at least a 3 year performance


creation.


Transactions


Mgmt

Mgmt

For

For

For

Against



ComfortDelGro Corporation Limited



Primary Security ID: Y1690R106

Ticker: C52

Primary ISIN: SG1N31909426

Proposal Vote


1


Auditors' Reports

Mgmt

For

For

2 Declare Final Dividend Mgmt For For


4 Elect Ong Ah Heng as Director Mgmt For For

5 Elect Yang Ban Seng as Director Mgmt For For

6 Elect Lee Khai Fatt, Kyle as Director Mgmt For For

7 Elect Tham Ee Mern, Lilian as Director Mgmt For For

8 Approve Deloitte & Touche LLP as Auditors


Remuneration

Mgmt For For




10 Adopt ComfortDelGro Executive Share Award

Scheme

Mgmt For For


ComfortDelGro Corporation Limited

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

11 Adopt New Constitution Mgmt For For

12 Approve Deletion of the Objects Clause of the

Constitution

Mgmt

For

For

Hang Lung Group Limited




Ticker: 10


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Reports

Mgmt For For


3a Elect Pak Wai Liu as Director

Mgmt

For

Against

Blended Rationale: A vote against is applied as LGIM expects a company to have at least one female on the board.

3b Elect George Ka Ki Chang as Director

Mgmt

For

Against


3c Elect Roy Yang Chung Chen as Director

Mgmt

For

Against


3d Elect Philip Nan Lok Chen as Director Mgmt For For

3e Authorize Board to Fix Remuneration of

Directors

Mgmt For For

4 Approve KPMG as Auditors and Authorize


Mgmt For For

5 Authorize Repurchase of Issued Share Capital Mgmt For For



Mgmt For Against

Blended Rationale: A vote AGAINST these resolutions is warranted for the following:- The aggregate share issuance limit is

greater than 10 percent.- The company has not specified the discount limit.

7 Authorize Reissuance of Repurchased Shares Mgmt For Against




Hang Lung Properties Ltd.




Ticker: 101


Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction


Reports

Mgmt For For


3a Elect Ronald Joseph Arculli as Director

Mgmt

For

Against

Blended Rationale: A vote AGAINST the election of Ronald Joseph Arculli is warranted given that he has attended less than 75

percent of board and committee meetings in the most recent fiscal year, without a satisfactory explanation.A vote against is

applied as LGIM expects non-executive directors not to hold too many external roles to ensure they can undertake their duties

effectively.A vote against is applied as the board does not comprise at least 33% independent directors.

3b Elect Ronnie Chichung Chan as Director Mgmt For For

3c Elect Hau Cheong Ho as Director Mgmt For For

3d Authorize Board to Fix Remuneration of

Directors

Mgmt For For

4 Approve KPMG as Auditors and Authorize


Mgmt For Against

Blended Rationale: 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 will bring into question the independence of their judgment.

5 Authorize Repurchase of Issued Share Capital Mgmt For For



Mgmt

For

Against



7 Authorize Reissuance of Repurchased Shares Mgmt For Against



Jardine Cycle & Carriage Limited




Ticker: C07

Primary ISIN: SG1B51001017


Jardine Cycle & Carriage Limited

Proposal Vote


1


Auditors' Reports

Mgmt

For

For



4a Elect Lim Hwee Hua as Director Mgmt For For

4b Elect Alexander Newbigging as Director Mgmt For For

4c Elect Anthony Nightingale as Director Mgmt For Against

Blended Rationale: 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.

4d Elect Michael Kok as Director Mgmt For For

4e Elect Boon Yoon Chiang as Director Mgmt For Against

Blended Rationale: Boon Yoon Chiang attended less than 75 percent of board and committee meetings in the most recent fiscal

year, without a satisfactory explanation.



Remuneration

Mgmt For For

6a Approve Issuance of Equity or Equity-Linked


Mgmt For Against



6b Authorize Share Repurchase Program Mgmt For Against



6c Approve Mandate for Interested Person

Transactions

Mgmt For For

Hyosung Corp.

Meeting Date: 04/27/2018 Country: South Korea


Primary Security ID: Y3818Y120

Ticker: A004800

Primary ISIN: KR7004800009

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

1 Approve Spin-Off Agreement Mgmt For Against


Hyosung Corp.

Proposal

Number

Proposal Text

Proponent

Mgmt Rec

Vote

Instruction

Blended Rationale: A vote AGAINST this resolution is warranted as the spin-off transaction includes the articles of incorporation

of spun-off entities that include following features:- The proposed authorized capital would result in less than 30 percent of the

proposed authorized capital on issue;- The issuance of new securities allowed by the proposal well exceeds the 20 percent

guideline and the risk of dilution to existing shareholders is significant;- The removal of provisions regarding the company's

duty to notify shareholders in advance of third-party allotment is viewed as damage to shareholders' right to be informed of the

company's financial activity;- The proposal would enable the board to approve income allocation, and potentially take away

shareholders' right to approve the company's dividend payment decisions without any countervailing benefits;- The proposal

would deprive minority shareholders of the ability to request cumulative voting and take away a measure designed to monitor

potential abuses by controlling shareholders;- The new notice period may be too short, preventing outside directors from

attending the meeting, and therefore reduce independent oversight of board resolutions.

CapitaLand Limited




Ticker: C31

Primary ISIN: SG1J27887962

Proposal Vote


1


Auditors' Reports

Mgmt

For

For

2 Approve First and Final Dividend Mgmt For For


4a Elect Amirsham Bin A Aziz as Director Mgmt For For

4b Elect Kee Teck Koon as Director Mgmt For For

5a Elect Anthony Lim Weng Kin as Director Mgmt For For

5b Elect Gabriel Lim Meng Liang as Director Mgmt For For

5c Elect Goh Swee Chen as Director Mgmt For For



Mgmt For For



Mgmt For For


Shares Under the CapitaLand Performance

Share Plan 2010 and/or CapitaLand Restricted

Share Plan 2010

Mgmt For For



Oversea-Chinese Banking Corporation Limited




Ticker: O39

Primary ISIN: SG1S04926220

Proposal Vote


1


Auditors' Reports

Mgmt

For

For

2a Elect Ooi Sang Kuang as Director Mgmt For For

2b Elect Lai Teck Poh as Director Mgmt For For

2c Elect Pramukti Surjaudaja as Director Mgmt For For

3 Elect Chua Kim Chiu as Director Mgmt For For


5a Approve Directors' Fees Mgmt For For

5b Approve Issuance of 6,000 Shares to Each

Non-Executive Director for the Year Ended

Dec. 31, 2017

Mgmt For For

6 Approve KPMG LLG as Auditors and Authorize


Mgmt For For



Mgmt For For

8 Approve Grant of Options and/or Rights and

Issuance of Shares Pursuant to the OCBC

Share Option Scheme 2001 and OCBC

Employee Share Purchase Plan

Mgmt For Against



creation.

9 Approve Issuance of Shares Pursuant to the Mgmt For For

Oversea-Chinese Banking Corporation Limited

10

Scrip Dividend Scheme

Authorize Share Repurchase Program

Mgmt

For

Against



vote summary report asia pacific april 2018 - lgim · 2020. 6. 26. · vote summary report date...

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