vote summary report japan june 2018 · 2020-06-09 · vote summary report date range covered:...
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June 2018 Japan Voting Report
Voting report Legal & General Investment Management
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Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Capcom Co. Ltd.
Meeting Date: 06/11/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J05187109
Ticker: 9697
Primary ISIN: JP3218900003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 35
Mgmt
For
For
2.1 Elect Director Tsujimoto, Kenzo Mgmt For For
2.2 Elect Director Tsujimoto, Haruhiro Mgmt For For
2.3 Elect Director Egawa, Yoichi Mgmt For For
2.4 Elect Director Nomura, Kenkichi Mgmt For For
2.5 Elect Director Neo, Kunio Mgmt For For
2.6 Elect Director Sato, Masao Mgmt For For
2.7 Elect Director Muranaka, Toru Mgmt For For
2.8 Elect Director Mizukoshi, Yutaka Mgmt For For
3.1 Elect Director and Audit Committee Member
Hirao, Kazushi
Mgmt For For
3.2 Elect Director and Audit Committee Member
Iwasaki, Yoshihiko
Mgmt For For
3.3 Elect Director and Audit Committee Member
Matsuo, Makoto
Mgmt For For
4 Elect Alternate Director and Audit Committee
Member Kanamori, Hitoshi
Mgmt For For
Toyota Industries Corp.
Meeting Date: 06/12/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J92628106
Ticker: 6201
Primary ISIN: JP3634600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 80
Mgmt For For
2.1 Elect Director Toyoda, Tetsuro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toyota Industries Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.2
Elect Director Onishi, Akira
Mgmt
For
For
2.3 Elect Director Sasaki, Kazue Mgmt For For
2.4 Elect Director Sasaki, Takuo Mgmt For For
2.5 Elect Director Yamamoto, Taku Mgmt For For
2.6 Elect Director Sumi, Shuzo Mgmt For For
2.7 Elect Director Yamanishi, Kenichiro Mgmt For For
2.8 Elect Director Kato, Mitsuhisa Mgmt For For
2.9 Elect Director Mizuno, Yojiro Mgmt For For
2.10 Elect Director Ishizaki, Yuji Mgmt For For
3 Appoint Statutory Auditor Furukawa, Shinya Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Takeuchi,
Jun
5 Approve Annual Bonus
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
USS Co., Ltd.
Meeting Date: 06/12/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J9446Z105
Ticker: 4732
Primary ISIN: JP3944130008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 24.3
Mgmt For For
2.1 Elect Director Ando, Yukihiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Seta, Dai Mgmt For For
2.3 Elect Director Masuda, Motohiro Mgmt For For
2.4 Elect Director Yamanaka, Masafumi Mgmt For For
2.5 Elect Director Mishima, Toshio Mgmt For For
2.6 Elect Director Akase, Masayuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
USS Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7 Elect Director Ikeda, Hiromitsu Mgmt For For
2.8 Elect Director Tamura, Hitoshi Mgmt For For
2.9 Elect Director Kato, Akihiko Mgmt For For
2.10 Elect Director Takagi, Nobuko Mgmt For For
Hankyu Hanshin Holdings Inc.
Meeting Date: 06/13/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J18439109
Ticker: 9042
Primary ISIN: JP3774200004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2
3.1
Amend Articles to Remove Provisions on
Takeover Defense
Elect Director Sumi, Kazuo
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Sugiyama, Takehiro Mgmt For For
3.3 Elect Director Shin, Masao Mgmt For For
3.4 Elect Director Fujiwara, Takaoki Mgmt For For
3.5 Elect Director Inoue, Noriyuki Mgmt For For
3.6 Elect Director Mori, Shosuke Mgmt For For
3.7 Elect Director Shimatani, Yoshishige Mgmt For For
3.8 Elect Director Araki, Naoya Mgmt For For
3.9 Elect Director Nakagawa, Yoshihiro Mgmt For For
4.1 Appoint Statutory Auditor Sakaguchi, Haruo Mgmt For For
4.2 Appoint Statutory Auditor Ishii, Junzo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Keyence Corp.
Meeting Date: 06/13/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J32491102
Ticker: 6861
Primary ISIN: JP3236200006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt For Against
Blended Rationale: A vote AGAINST this proposal is warranted because:- The payout ratio has been consistently low for many
years, and the company has again failed to provide a satisfactory explanation.
2.1 Elect Director Takizaki, Takemitsu Mgmt For Against
Blended Rationale: A vote AGAINST this nominee is warranted because: - Takizaki, who is the founder of Keyence with 43-year
board tenure, should be held responsible for the company's failure to address shareholders' concern on the company's capital
policy.
2.2 Elect Director Yamamoto, Akinori Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.3 Elect Director Kimura, Keiichi Mgmt For
For
2.4 Elect Director Ideno, Tomohide Mgmt For
For
2.5 Elect Director Yamaguchi, Akiji Mgmt For
For
2.6 Elect Director Miki, Masayuki Mgmt For
For
2.7 Elect Director Kanzawa, Akira Mgmt For
For
2.8 Elect Director Fujimoto, Masato Mgmt For
For
2.9 Elect Director Tanabe, Yoichi Mgmt For
For
3 Appoint Alternate Statutory Auditor Mgmt
Yamamoto, Masaharu
For
For
Tokai Rika Co. Ltd.
Meeting Date: 06/13/2018 Country: Japan
Primary Security ID: J85968105
Meeting Type: Annual Ticker: 6995
Primary ISIN: JP3566600007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 32
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokai Rika Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Miura, Kenji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sato, Koki Mgmt For For
2.3 Elect Director Tanaka, Yoshihiro Mgmt For For
2.4 Elect Director Noguchi, Kazuhiko Mgmt For For
2.5 Elect Director Hayashi, Shigeru Mgmt For For
2.6 Elect Director Akita, Toshiki Mgmt For For
2.7 Elect Director Ono, Hideki Mgmt For For
2.8 Elect Director Imaeda, Koki Mgmt For For
2.9 Elect Director Hotta, Masato Mgmt For For
2.10 Elect Director Nishida, Hiroshi Mgmt For For
2.11 Elect Director Sato, Masahiko Mgmt For For
2.12 Elect Director Yamanaka, Yasushi Mgmt For For
2.13 Elect Director Fujioka, Kei Mgmt For For
3.1 Appoint Statutory Auditor Goto, Masakazu Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Uchiyamada,
Takeshi
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
Toyota Boshoku Corp.
Meeting Date: 06/13/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J91214106
Ticker: 3116
Primary ISIN: JP3635400009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 29
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toyota Boshoku Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Toyoda, Shuhei Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ishii, Yoshimasa Mgmt For For
2.3 Elect Director Numa, Takeshi Mgmt For For
2.4 Elect Director Suzuki, Teruo Mgmt For For
2.5 Elect Director Ito, Yoshihiro Mgmt For For
2.6 Elect Director Fueta, Yasuhiro Mgmt For For
2.7 Elect Director Ogasawara, Takeshi Mgmt For For
2.8 Elect Director Koyama, Akihiro Mgmt For For
2.9 Elect Director Sasaki, Kazue Mgmt For For
2.10 Elect Director Kato, Nobuaki Mgmt For For
3.1 Appoint Statutory Auditor Yamamoto, Sunao Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Aida, Masakazu Mgmt For
For
4 Appoint Alternate Statutory Auditor Mgmt
Kawamura, Kazuo
For
For
5 Approve Annual Bonus Mgmt For
For
Honda Motor Co. Ltd.
Meeting Date: 06/14/2018 Country: Japan
Primary Security ID: J22302111
Meeting Type: Annual Ticker: 7267
Primary ISIN: JP3854600008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Hachigo, Takahiro
Mgmt
For
For
1.2 Elect Director Kuraishi, Seiji Mgmt For For
1.3 Elect Director Matsumoto, Yoshiyuki Mgmt For For
1.4 Elect Director Mikoshiba, Toshiaki Mgmt For For
1.5 Elect Director Yamane, Yoshi Mgmt For For
1.6 Elect Director Takeuchi, Kohei Mgmt For For
1.7 Elect Director Kunii, Hideko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Honda Motor Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.8 Elect Director Ozaki, Motoki Mgmt For For
1.9 Elect Director Ito, Takanobu Mgmt For For
2 Approve Trust-Type Equity Compensation
Plan
Mgmt
For
For
MISUMI Group Inc.
Meeting Date: 06/14/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J43293109
Ticker: 9962
Primary ISIN: JP3885400006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 11.08
Mgmt For For
2.1 Elect Director Ono, Ryusei Mgmt For For
2.2
Elect Director Ikeguchi, Tokuya
Mgmt
For
For
2.3
Elect Director Otokozawa, Ichiro
Mgmt
For
For
2.4
Elect Director Sato, Toshinari
Mgmt
For
For
2.5 Elect Director Ogi, Takehiko Mgmt For For
2.6 Elect Director Nishimoto, Kosuke Mgmt For For
3 Appoint Statutory Auditor Miyamoto, Hiroshi
Mgmt
For
For
4 Appoint Alternate Statutory Auditor
Maruyama, Teruhisa
Mgmt
For
For
Toyota Motor Corp.
Meeting Date: 06/14/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J92676113
Ticker: 7203
Primary ISIN: JP3633400001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Uchiyamada, Takeshi Mgmt For Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toyota Motor Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Hayakawa, Shigeru Mgmt For For
1.3 Elect Director Toyoda, Akio Mgmt For For
1.4 Elect Director Kobayashi, Koji Mgmt For For
1.5 Elect Director Didier Leroy Mgmt For For
1.6 Elect Director Terashi, Shigeki Mgmt For For
1.7 Elect Director Sugawara, Ikuro Mgmt For For
1.8 Elect Director Sir Philip Craven Mgmt For For
1.9 Elect Director Kudo, Teiko Mgmt For For
2.1 Appoint Statutory Auditor Yasuda, Masahide Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.2 Appoint Statutory Auditor Hirano, Nobuyuki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3 Appoint Alternate Statutory Auditor Sakai,
Ryuji
Mgmt
For
For
Astellas Pharma Inc.
Meeting Date: 06/15/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J03393105
Ticker: 4503
Primary ISIN: JP3942400007
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 18
Mgmt
For
For
2 Amend Articles to Amend Business Lines -
Adopt Board Structure with Audit Committee -
Amend Provisions on Number of Directors -
Authorize Directors to Execute Day to Day
Operations without Full Board Approval -
Indemnify Directors
Mgmt For For
3.1 Elect Director Hatanaka, Yoshihiko Mgmt For For
3.2 Elect Director Yasukawa, Kenji Mgmt For For
3.3 Elect Director Aizawa, Yoshiharu Mgmt For For
3.4 Elect Director Sekiyama, Mamoru Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Astellas Pharma Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.5 Elect Director Yamagami, Keiko Mgmt For For
4.1
4.2
4.3
4.4
4.5
5
6
7
8
9
Elect Director and Audit Committee Member
Fujisawa, Tomokazu
Elect Director and Audit Committee Member
Sakai, Hiroko
Elect Director and Audit Committee Member
Kanamori, Hitoshi
Elect Director and Audit Committee Member
Uematsu, Noriyuki
Elect Director and Audit Committee Member
Sasaki, Hiro
Elect Alternate Director and Audit Committee
Member Shibumura, Haruko
Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members
Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
Approve Trust-Type Equity Compensation
Plan
Approve Annual Bonus
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
Ibiden Co. Ltd.
Meeting Date: 06/15/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J23059116
Ticker: 4062
Primary ISIN: JP3148800000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Takenaka, Hiroki
Mgmt
For
For
1.2 Elect Director Aoki, Takeshi Mgmt For For
1.3 Elect Director Kodama, Kozo Mgmt For For
1.4 Elect Director Ikuta, Masahiko Mgmt For For
1.5 Elect Director Yamaguchi, Chiaki Mgmt For For
1.6 Elect Director Mita, Toshio Mgmt For For
1.7 Elect Director Yoshihisa, Koichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
JSR Corp.
Meeting Date: 06/15/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2856K106
Ticker: 4185
Primary ISIN: JP3385980002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Koshiba, Mitsunobu Mgmt For For
2.2
Elect Director Kawasaki, Koichi
Mgmt
For
For
2.3
Elect Director Kawahashi, Nobuo
Mgmt
For
For
2.4
Elect Director Miyazaki, Hideki
Mgmt
For
For
2.5 Elect Director Matsuda, Yuzuru Mgmt For For
2.6 Elect Director Sugata, Shiro Mgmt For For
2.7
Elect Director Seki, Tadayuki
Mgmt
For
For
3 Appoint Statutory Auditor Kato, Hisako Mgmt For For
4.1
4.2
Appoint Alternate Statutory Auditor Doi,
Makoto
Appoint Alternate Statutory Auditor Chiba,
Akira
Mgmt
Mgmt
For
For
For
For
Shizuoka Bank Ltd.
Meeting Date: 06/15/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J74444100
Ticker: 8355
Primary ISIN: JP3351200005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 11
Mgmt For For
2.1 Elect Director Nakanishi, Katsunori Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Shibata, Hisashi
Mgmt
For
For
2.3
Elect Director Sugimoto, Hirotoshi
Mgmt
For
For
2.4
Elect Director Yagi, Minoru
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Shizuoka Bank Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5 Elect Director Nagasawa, Yoshihiro Mgmt For For
2.6 Elect Director Iio, Hidehito Mgmt For For
2.7 Elect Director Kobayashi, Mitsuru Mgmt For For
2.8 Elect Director Yamamoto, Toshihiko Mgmt For For
2.9 Elect Director Fujisawa, Kumi Mgmt For For
2.10 Elect Director Ito, Motoshige Mgmt For For
Toyoda Gosei Co. Ltd.
Meeting Date: 06/15/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J91128108
Ticker: 7282
Primary ISIN: JP3634200004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 28
Mgmt For For
2.1 Elect Director Miyazaki, Naoki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Hashimoto, Masakazu Mgmt For For
2.3 Elect Director Yamada, Tomonobu Mgmt For For
2.4 Elect Director Koyama, Toru Mgmt For For
2.5 Elect Director Yasuda, Hiroshi Mgmt For For
2.6 Elect Director Yokoi, Toshihiro Mgmt For For
2.7 Elect Director Oka, Masaki Mgmt For For
2.8 Elect Director Tsuchiya, Sojiro Mgmt For For
2.9 Elect Director Yamaka, Kimio Mgmt For For
3.1 Appoint Statutory Auditor Uchiyamada,
Takeshi
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Hadama, Masami Mgmt For For
4 Approve Annual Bonus Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
ZENKOKU HOSHO Co., Ltd.
Meeting Date: 06/15/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J98829104
Ticker: 7164
Primary ISIN: JP3429250008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 80
Mgmt For For
2.1 Elect Director Ishikawa, Eiji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Yamaguchi, Takashi Mgmt For For
2.3 Elect Director Aoki, Yuichi Mgmt For For
2.4 Elect Director Asada, Keiichi Mgmt For For
2.5 Elect Director Kamijo, Masahito Mgmt For For
2.6 Elect Director Nagashima, Yoshiro Mgmt For For
BANDAI NAMCO Holdings Inc.
Meeting Date: 06/18/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: Y0606D102
Ticker: 7832
Primary ISIN: JP3778630008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 111
Mgmt For For
2.1 Elect Director Taguchi, Mitsuaki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Otsu, Shuji Mgmt For For
2.3 Elect Director Asako, Yuji Mgmt For For
2.4 Elect Director Kawaguchi, Masaru Mgmt For For
2.5 Elect Director Oshita, Satoshi Mgmt For For
2.6 Elect Director Hagiwara, Hitoshi Mgmt For For
2.7 Elect Director Kawashiro, Kazumi Mgmt For For
2.8 Elect Director Miyakawa, Yasuo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
BANDAI NAMCO Holdings Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.9
Elect Director Matsuda, Yuzuru
Mgmt
For
For
2.10 Elect Director Kuwabara, Satoko Mgmt For For
2.11 Elect Director Noma, Mikiharu Mgmt For For
3.1 Appoint Statutory Auditor Nagaike, Masataka Mgmt For For
3.2 Appoint Statutory Auditor Shinoda, Toru Mgmt For For
3.3 Appoint Statutory Auditor Sudo, Osamu Mgmt For For
3.4 Appoint Statutory Auditor Kamijo, Katsuhiko Mgmt For For
4 Approve Equity Compensation Plan Mgmt For For
Daiichi Sankyo Co. Ltd.
Meeting Date: 06/18/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J11257102
Ticker: 4568
Primary ISIN: JP3475350009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 35
Mgmt
For
For
2.1 Elect Director Nakayama, Joji Mgmt For For
2.2 Elect Director Manabe, Sunao Mgmt For For
2.3 Elect Director Sai, Toshiaki Mgmt For For
2.4 Elect Director Fujimoto, Katsumi Mgmt For For
2.5 Elect Director Tojo, Toshiaki Mgmt For For
2.6 Elect Director Uji, Noritaka Mgmt For For
2.7 Elect Director Toda, Hiroshi Mgmt For For
2.8 Elect Director Adachi, Naoki Mgmt For For
2.9 Elect Director Fukui, Tsuguya Mgmt For For
3.1 Appoint Statutory Auditor Higuchi, Tateshi Mgmt For For
3.2 Appoint Statutory Auditor Imazu, Yukiko Mgmt For For
4 Approve Annual Bonus Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Isetan Mitsukoshi Holdings Ltd
Meeting Date: 06/18/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J25038100
Ticker: 3099
Primary ISIN: JP3894900004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 6
Mgmt
For
For
2.1 Elect Director Akamatsu, Ken Mgmt For For
2.2 Elect Director Sugie, Toshihiko Mgmt For For
2.3 Elect Director Takeuchi, Toru Mgmt For For
2.4 Elect Director Shirai, Toshinori Mgmt For For
2.5 Elect Director Muto, Takaaki Mgmt For For
2.6 Elect Director Utsuda, Shoei Mgmt For For
2.7 Elect Director Ida, Yoshinori Mgmt For For
2.8 Elect Director Nagayasu, Katsunori Mgmt For For
2.9 Elect Director Kuboyama, Michiko Mgmt For For
Japan Post Insurance Co., Ltd.
Meeting Date: 06/18/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2800E107
Ticker: 7181
Primary ISIN: JP3233250004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Uehira, Mitsuhiko
Mgmt
For
For
1.2 Elect Director Horigane, Masaaki Mgmt For For
1.3 Elect Director Sadayuki, Yasuhiro Mgmt For For
1.4 Elect Director Nagato, Masatsugu Mgmt For For
1.5 Elect Director Hattori, Shinji Mgmt For For
1.6 Elect Director Suzuki, Masako Mgmt For For
1.7 Elect Director Saito, Tamotsu Mgmt For For
1.8 Elect Director Ozaki, Michiaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan Post Insurance Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.9 Elect Director Yamada, Meyumi Mgmt For For
1.10 Elect Director Komuro, Yoshie Mgmt For For
1.11 Elect Director Harada, Kazuyuki Mgmt For For
Aisin Seiki Co. Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J00714105
Ticker: 7259
Primary ISIN: JP3102000001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 90
Mgmt For For
2.1 Elect Director Toyoda, Kanshiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Mitsuya, Makoto Mgmt For For
2.3 Elect Director Okabe, Hitoshi Mgmt For For
2.4 Elect Director Usami, Kazumi Mgmt For For
2.5 Elect Director Nishikawa, Masahiro Mgmt For For
2.6 Elect Director Uenaka, Hiroshi Mgmt For For
2.7 Elect Director Ozaki, Kazuhisa Mgmt For For
2.8 Elect Director Shimizu, Kanichi Mgmt For For
2.9 Elect Director Kobayashi, Toshio Mgmt For For
2.10 Elect Director Haraguchi, Tsunekazu Mgmt For For
2.11 Elect Director Hamada, Michiyo Mgmt For For
2.12 Elect Director Ise, Kiyotaka Mgmt For For
2.13 Elect Director Mizushima, Toshiyuki Mgmt For For
2.14 Elect Director Amakusa, Haruhiko Mgmt For For
3 Appoint Statutory Auditor Takasu, Hikaru Mgmt For For
4 Approve Annual Bonus Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Concordia Financial Group Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J08613101
Ticker: 7186
Primary ISIN: JP3305990008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Kawamura, Kenichi
Mgmt
For
For
1.2 Elect Director Oya, Yasuyoshi Mgmt For For
1.3 Elect Director Okanda,Tomo Mgmt For For
1.4 Elect Director Nozawa, Yasutaka Mgmt For For
1.5 Elect Director Morio, Minoru Mgmt For For
1.6 Elect Director Inoue, Ken Mgmt For For
1.7 Elect Director Nemoto, Naoko Mgmt For For
Hitachi Chemical Co. Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J20160107
Ticker: 4217
Primary ISIN: JP3785000005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Tanaka, Kazuyuki
Mgmt
For
For
1.2 Elect Director Oto, Takemoto Mgmt For For
1.3 Elect Director George Olcott Mgmt For For
1.4 Elect Director Sarumaru, Masayuki Mgmt For For
1.5 Elect Director Richard Dyck Mgmt For For
1.6 Elect Director Matsuda, Chieko Mgmt For For
1.7 Elect Director Kitamatsu, Yoshihito Mgmt For For
1.8 Elect Director Nomura, Yoshihiro Mgmt For For
1.9 Elect Director Maruyama, Hisashi Mgmt For For
1.10 Elect Director Tanaka, Koji Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hitachi Metals Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J20538112
Ticker: 5486
Primary ISIN: JP3786200000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Nishino, Toshikazu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent. In addition, vote
AGAINST the chairman if they sit on nominating committee.
1.2 Elect Director Igarashi, Masaru Mgmt For For
1.3 Elect Director Oka, Toshiko Mgmt For For
1.4 Elect Director Shimada, Takashi Mgmt For For
1.5 Elect Director Sasaka, Katsuro Mgmt For For
1.6 Elect Director Nakamura, Toyoaki Mgmt For For
1.7 Elect Director Hasunuma, Toshitake Mgmt For For
1.8 Elect Director Hiraki, Akitoshi Mgmt For For
Hitachi Transport Systems Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2076M106
Ticker: 9086
Primary ISIN: JP3791200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Izumoto, Sayoko Mgmt For For
1.2 Elect Director Urano, Mitsudo Mgmt For For
1.3 Elect Director Tanaka, Koji Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
1.4 Elect Director Fusayama, Tetsu Mgmt For For
1.5 Elect Director Magoshi, Emiko Mgmt For For
1.6 Elect Director Maruta, Hiroshi Mgmt For For
1.7 Elect Director Jinguji, Takashi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hitachi Transport Systems Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.8 Elect Director Nakatani, Yasuo Mgmt For Against
Blended Rationale: Vote AGAINST the president if they sit on nominating committee.
JAFCO Co. Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J25832106
Ticker: 8595
Primary ISIN: JP3389900006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Business Lines -
Change Location of Head Office
Mgmt For For
2.1 Elect Director Fuki, Shinichi Mgmt For For
2.2
Elect Director Shibusawa, Yoshiyuki
Mgmt
For
For
2.3
Elect Director Miyoshi, Keisuke
Mgmt
For
For
Japan AirLines Co. Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J25979121
Ticker: 9201
Primary ISIN: JP3705200008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 57.5
Mgmt For For
2.1 Elect Director Ueki, Yoshiharu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Akasaka, Yuji Mgmt For For
2.3 Elect Director Fujita, Tadashi Mgmt For For
2.4 Elect Director Saito, Norikazu Mgmt For For
2.5 Elect Director Kikuyama, Hideki Mgmt For For
2.6 Elect Director Shin, Toshinori Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan AirLines Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7 Elect Director Shimizu, Shinichiro Mgmt For For
2.8 Elect Director Kobayashi, Eizo Mgmt For For
2.9 Elect Director Ito, Masatoshi Mgmt For For
2.10 Elect Director Hatchoji, Sonoko Mgmt For For
3 Appoint Statutory Auditor Kubo, Shinsuke Mgmt For For
Japan Display Inc.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J26295105
Ticker: 6740
Primary ISIN: JP3389660006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Higashiiriki, Nobuhiro Mgmt For Against
Blended Rationale: A vote AGAINST this director nominee is warranted because: - The nominee should be held responsible for
the company's continued net losses.
1.2 Elect Director Tsukizaki, Yoshiyuki Mgmt For For
1.3 Elect Director Shirai, Katsuhiko Mgmt For For
1.4 Elect Director Shimokobe, Kazuhiko Mgmt For For
1.5 Elect Director Hashimoto, Takahisa Mgmt For For
1.6 Elect Director Nakano, Nobuyuki Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2 Appoint Alternate Statutory Auditor Otsuka,
Keiichi
Mgmt
For
For
Japan Post Bank Co., Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2800C101
Ticker: 7182
Primary ISIN: JP3946750001
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan Post Bank Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Accounting Transfers
Mgmt
For
For
2.1 Elect Director Ikeda, Norito Mgmt For For
2.2 Elect Director Tanaka, Susumu Mgmt For For
2.3 Elect Director Nagato, Masatsugu Mgmt For For
2.4 Elect Director Nakazato, Ryoichi Mgmt For For
2.5 Elect Director Arita, Tomoyoshi Mgmt For For
2.6 Elect Director Nohara, Sawako Mgmt For For
2.7 Elect Director Machida, Tetsu Mgmt For For
2.8 Elect Director Akashi, Nobuko Mgmt For For
2.9 Elect Director Ikeda, Katsuaki Mgmt For For
2.10 Elect Director Nomoto, Hirofumi Mgmt For Against
Blended Rationale: Vote Against as outside director nominee sit on more than 6 Japanese public company boards as of last
year.
2.11 Elect Director Chubachi, Ryoji Mgmt For For
Keihan Holdings Co.,Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J31975121
Ticker: 9045
Primary ISIN: JP3279400000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Kato, Yoshifumi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Miura, Tatsuya Mgmt For For
2.3 Elect Director Nakano, Michio Mgmt For For
2.4 Elect Director Ueno, Masaya Mgmt For For
2.5 Elect Director Inachi, Toshihiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Keihan Holdings Co.,Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.6
Elect Director Ishimaru, Masahiro
Mgmt
For
For
2.7 Elect Director Tsukuda, Kazuo Mgmt For For
2.8 Elect Director Kita, Shuji Mgmt For For
3 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: Vote AGAINST as the board is less than 1/3 independent.
Komatsu Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J35759125
Ticker: 6301
Primary ISIN: JP3304200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 48
Mgmt For For
2.1 Elect Director Noji, Kunio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ohashi, Tetsuji Mgmt For For
2.3 Elect Director Fujitsuka, Mikio Mgmt For For
2.4 Elect Director Oku, Masayuki Mgmt For For
2.5 Elect Director Yabunaka, Mitoji Mgmt For For
2.6 Elect Director Kigawa, Makoto Mgmt For For
2.7 Elect Director Ogawa, Hiroyuki Mgmt For For
2.8 Elect Director Urano, Kuniko Mgmt For For
3 Appoint Statutory Auditor Yamaguchi,
Hirohide
Mgmt For For
4 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
5 Approve Compensation Ceilings for Directors
and Statutory Auditors
6 Approve Equity Compensation Plan
Mgmt
Mgmt
For
For
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Konica Minolta Inc.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J36060119
Ticker: 4902
Primary ISIN: JP3300600008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Matsuzaki, Masatoshi Mgmt For For
1.2 Elect Director Yamana, Shoei Mgmt For For
1.3 Elect Director Tomono, Hiroshi Mgmt For For
1.4 Elect Director Nomi, Kimikazu Mgmt For For
1.5 Elect Director Hatchoji, Takashi Mgmt For For
1.6 Elect Director Fujiwara, Taketsugu Mgmt For For
1.7 Elect Director Hodo, Chikatomo Mgmt For For
1.8 Elect Director Shiomi, Ken Mgmt For For
1.9
Elect Director Ito, Toyotsugu
Mgmt
For
For
1.10 Elect Director Hatano, Seiji Mgmt For For
1.11 Elect Director Koshizuka, Kunihiro Mgmt For For
1.12
Elect Director Taiko, Toshimitsu
Mgmt
For
For
NTT Data Corp.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J59031104
Ticker: 9613
Primary ISIN: JP3165700000
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 7.5
Mgmt
For
For
2.1 Elect Director Takeuchi, Shunichi Mgmt For For
2.2 Elect Director Ito, Koji Mgmt For For
2.3 Elect Director John McCain Mgmt For For
3.1 Appoint Statutory Auditor Obata, Tetsuya Mgmt For For
3.2 Appoint Statutory Auditor Sakurada, Katsura Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NTT DoCoMo Inc.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J59399121
Ticker: 9437
Primary ISIN: JP3165650007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt For For
2.1 Elect Director Yoshizawa, Kazuhiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Asami, Hiroyasu Mgmt For For
2.3 Elect Director Tsujigami, Hiroshi Mgmt For For
2.4 Elect Director Furukawa, Koji Mgmt For For
2.5 Elect Director Nakamura, Hiroshi Mgmt For For
2.6 Elect Director Tamura, Hozumi Mgmt For For
2.7 Elect Director Maruyama, Seiji Mgmt For For
2.8 Elect Director Hirokado, Osamu Mgmt For For
2.9 Elect Director Torizuka, Shigeto Mgmt For For
2.10 Elect Director Mori, Kenichi Mgmt For For
2.11 Elect Director Atarashi, Toru Mgmt For For
2.12 Elect Director Murakami, Teruyasu Mgmt For For
2.13 Elect Director Endo, Noriko Mgmt For For
2.14 Elect Director Ueno, Shinichiro Mgmt For For
3 Appoint Statutory Auditor Kajikawa, Mikio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Omron Corp.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J61374120
Ticker: 6645
Primary ISIN: JP3197800000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Omron Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 38
Mgmt
For
For
2.1 Elect Director Tateishi, Fumio Mgmt For For
2.2 Elect Director Yamada, Yoshihito Mgmt For For
2.3 Elect Director Miyata, Kiichiro Mgmt For For
2.4 Elect Director Nitto, Koji Mgmt For For
2.5 Elect Director Ando, Satoshi Mgmt For For
2.6 Elect Director Kobayashi, Eizo Mgmt For For
2.7 Elect Director Nishikawa, Kuniko Mgmt For For
2.8 Elect Director Kamigama, Takehiro Mgmt For For
3 Appoint Alternate Statutory Auditor
Watanabe, Toru
Mgmt For For
4 Approve Annual Bonus Mgmt For For
5 Approve Performance-Based Cash
Compensation Ceiling for Directors
Mgmt For For
6 Approve Compensation Ceiling for Statutory
Auditors
Mgmt For For
Recruit Holdings Co., Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6433A101
Ticker: 6098
Primary ISIN: JP3970300004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Minegishi, Masumi
Mgmt
For
For
1.2 Elect Director Ikeuchi, Shogo Mgmt For For
1.3 Elect Director Sagawa, Keiichi Mgmt For For
1.4 Elect Director Rony Kahan Mgmt For For
1.5 Elect Director Izumiya, Naoki Mgmt For For
1.6 Elect Director Totoki, Hiroki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Recruit Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Appoint Statutory Auditor Fujiwara, Akihito Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.2 Appoint Alternate Statutory Auditor Shinkawa,
Asa
Mgmt For For
3 Approve Trust-Type Equity Compensation
Plan
Mgmt For Against
Blended Rationale: Vote AGAINST as outside directors are eligible to participate
Seven Bank Ltd
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7164A104
Ticker: 8410
Primary ISIN: JP3105220002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Futagoishi, Kensuke
Mgmt
For
For
1.2 Elect Director Funatake, Yasuaki Mgmt For For
1.3 Elect Director Ishiguro, Kazuhiko Mgmt For For
1.4 Elect Director Oizumi, Taku Mgmt For For
1.5 Elect Director Kawada, Hisanao Mgmt For For
1.6 Elect Director Inagaki, Kazutaka Mgmt For For
1.7 Elect Director Goto, Katsuhiro Mgmt For For
1.8 Elect Director Kigawa, Makoto Mgmt For For
1.9 Elect Director Itami, Toshihiko Mgmt For For
1.10 Elect Director Fukuo, Koichi Mgmt For For
1.11 Elect Director Kuroda, Yukiko Mgmt For For
2 Appoint Statutory Auditor Hirai, Isamu Mgmt For For
3 Appoint Alternate Statutory Auditor
Terashima, Hideaki
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sojitz Corporation
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7608R101
Ticker: 2768
Primary ISIN: JP3663900003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 6
Mgmt For For
2.1 Elect Director Sato, Yoji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Hara, Takashi Mgmt For For
2.3 Elect Director Fujimoto, Masayoshi Mgmt For
For
2.4 Elect Director Tanaka, Seiichi Mgmt For
For
2.5 Elect Director Nishihara, Shigeru Mgmt For
For
2.6 Elect Director Naito, Kayoko Mgmt For
For
2.7 Elect Director Otsuka, Norio Mgmt For
For
3 Approve Trust-Type Equity Compensation Mgmt
Plan
For
For
Sony Corporation
Meeting Date: 06/19/2018 Country: Japan
Primary Security ID: J76379106
Meeting Type: Annual Ticker: 6758
Primary ISIN: JP3435000009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yoshida, Kenichiro Mgmt For For
1.2 Elect Director Hirai, Kazuo Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
1.3 Elect Director Nagayama, Osamu Mgmt For For
1.4 Elect Director Harada, Eiko Mgmt For For
1.5 Elect Director Tim Schaaff Mgmt For For
1.6 Elect Director Matsunaga, Kazuo Mgmt For For
1.7 Elect Director Miyata, Koichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sony Corporation
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1.8
Elect Director John V. Roos
Mgmt
For
For
1.9 Elect Director Sakurai, Eriko Mgmt For For
1.10 Elect Director Minakawa, Kunihito Mgmt For For
1.11 Elect Director Sumi, Shuzo Mgmt For For
1.12 Elect Director Nicholas Donatiello, Jr Mgmt For For
1.13 Elect Director Oka, Toshiko Mgmt For For
2 Approve Stock Option Plan Mgmt For For
Sumitomo Dainippon Pharma Co., Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J10542116
Ticker: 4506
Primary ISIN: JP3495000006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 19
Mgmt For For
2.1 Elect Director Tada, Masayo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Nomura, Hiroshi Mgmt For For
2.3 Elect Director Odagiri, Hitoshi Mgmt For For
2.4 Elect Director Kimura, Toru Mgmt For For
2.5 Elect Director Hara, Nobuyuki Mgmt For For
2.6 Elect Director Sato, Hidehiko Mgmt For For
2.7 Elect Director Atomi, Yutaka Mgmt For For
2.8 Elect Director Arai, Saeko Mgmt For For
3.1 Appoint Statutory Auditor Kutsunai, Takashi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Iteya, Yoshio Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokyo Electron Ltd.
Meeting Date: 06/19/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J86957115
Ticker: 8035
Primary ISIN: JP3571400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tsuneishi, Tetsuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kawai, Toshiki Mgmt For For
1.3 Elect Director Kitayama, Hirofumi Mgmt For For
1.4 Elect Director Akimoto, Masami Mgmt For For
1.5 Elect Director Hori, Tetsuro Mgmt For For
1.6 Elect Director Sasaki, Sadao Mgmt For For
1.7 Elect Director Nagakubo, Tatsuya Mgmt For For
1.8 Elect Director Sunohara, Kiyoshi Mgmt For For
1.9 Elect Director Higashi, Tetsuro Mgmt For For
1.10 Elect Director Inoue, Hiroshi Mgmt For For
1.11 Elect Director Charles D Lake II Mgmt For For
1.12 Elect Director Sasaki, Michio Mgmt For For
2 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
3 Approve Deep Discount Stock Option Plan Mgmt For For
4 Approve Deep Discount Stock Option Plan Mgmt For For
5 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
AEON Financial Service Co., Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0021H107
Ticker: 8570
Primary ISIN: JP3131400008
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
AEON Financial Service Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Suzuki, Masaki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kawahara, Kenji Mgmt For For
1.3 Elect Director Mizuno, Masao Mgmt For
For
1.4 Elect Director Watanabe, Hiroyuki Mgmt For
For
1.5 Elect Director Wakabayashi, Hideki Mgmt For
For
1.6 Elect Director Mangetsu, Masaaki Mgmt For
For
1.7 Elect Director Yamada, Yoshitaka Mgmt For
For
1.8 Elect Director Suzuki, Kazuyoshi Mgmt For
For
1.9 Elect Director Arai, Naohiro Mgmt For
For
1.10 Elect Director Ishizuka, Kazuo Mgmt For
For
1.11 Elect Director Saito, Tatsuya Mgmt For
For
1.12 Elect Director Otsuru, Motonari Mgmt For
For
1.13 Elect Director Hakoda, Junya Mgmt For
For
1.14 Elect Director Nakajima, Yoshimi Mgmt For
For
2 Appoint Statutory Auditor Suzuki, Junichi Mgmt For
For
CALBEE, Inc.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J05190103
Ticker: 2229
Primary ISIN: JP3220580009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 42
Mgmt
For
For
2.1 Elect Director Ito, Shuji Mgmt For For
2.2 Elect Director Mogi, Yuzaburo Mgmt For For
2.3 Elect Director Takahara, Takahisa Mgmt For For
2.4 Elect Director Fukushima, Atsuko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
CALBEE, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5 Elect Director Miyauchi, Yoshihiko Mgmt For For
2.6 Elect Director Weiwei Yao Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.1 Appoint Statutory Auditor Ishida, Tadashi Mgmt For For
3.2 Appoint Statutory Auditor Demura, Taizo Mgmt For
For
4 Appoint Alternate Statutory Auditor Mataichi, Mgmt
Yoshio
For
For
5 Approve Annual Bonus Mgmt For
For
6 Approve Director Retirement Bonus Mgmt For
For
7 Approve Statutory Auditor Retirement Bonus Mgmt For
For
Credit Saison Co. Ltd.
Meeting Date: 06/20/2018 Country: Japan
Primary Security ID: J7007M109
Meeting Type: Annual Ticker: 8253
Primary ISIN: JP3271400008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 35
Mgmt For For
2.1 Elect Director Maekawa, Teruyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent. In addition, board size
exceeds 15 directors.
2.2 Elect Director Rinno, Hiroshi Mgmt For For
2.3 Elect Director Takahashi, Naoki Mgmt For For
2.4 Elect Director Yamamoto, Hiroshi Mgmt For For
2.5 Elect Director Yamashita, Masahiro Mgmt For For
2.6 Elect Director Mizuno, Katsumi Mgmt For For
2.7 Elect Director Okamoto, Tatsunari Mgmt For For
2.8 Elect Director Miura, Yoshiaki Mgmt For For
2.9 Elect Director Hirase, Kazuhiro Mgmt For For
2.10 Elect Director Matsuda, Akihiro Mgmt For For
2.11 Elect Director Baba, Shingo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Credit Saison Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.12 Elect Director Isobe, Yasuyuki Mgmt For For
2.13 Elect Director Ashikaga, Shunji Mgmt For For
2.14 Elect Director Hayashi, Kaoru Mgmt For For
2.15 Elect Director Togashi, Naoki Mgmt For For
2.16 Elect Director Otsuki, Nana Mgmt For For
3 Appoint Statutory Auditor Inada, Kazufusa Mgmt For For
4 Appoint Alternate Statutory Auditor Yokokura,
Hitoshi
Mgmt
For
For
Denso Corp.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J12075107
Ticker: 6902
Primary ISIN: JP3551500006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Arima, Koji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Maruyama, Haruya Mgmt For For
1.3 Elect Director Yamanaka, Yasushi Mgmt For For
1.4 Elect Director Wakabayashi, Hiroyuki Mgmt For For
1.5 Elect Director Tsuzuki, Shoji Mgmt For For
1.6 Elect Director George Olcott Mgmt For For
1.7 Elect Director Nawa, Takashi Mgmt For For
2 Appoint Statutory Auditor Niwa, Motomi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3 Approve Annual Bonus
Mgmt
For
For
Eisai Co. Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J12852117
Ticker: 4523
Primary ISIN: JP3160400002
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Eisai Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Naito, Haruo Mgmt For Against
Blended Rationale: A vote AGAINST this director nominee is warranted because:- Naito should be held responsible for the
company's continued failure to put its poison pill renewal to a vote.
1.2 Elect Director Naoe, Noboru Mgmt For For
1.3 Elect Director Kato, Yasuhiko Mgmt For For
1.4 Elect Director Kanai, Hirokazu Mgmt For For
1.5 Elect Director Kakizaki, Tamaki Mgmt For For
1.6 Elect Director Tsunoda, Daiken Mgmt For For
1.7 Elect Director Bruce Aronson Mgmt For For
1.8 Elect Director Tsuchiya, Yutaka Mgmt For For
1.9 Elect Director Kaihori, Shuzo Mgmt For For
1.10 Elect Director Murata, Ryuichi Mgmt For For
1.11 Elect Director Uchiyama, Hideyo Mgmt For For
Hitachi Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J20454112
Ticker: 6501
Primary ISIN: JP3788600009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt
For
For
2.1 Elect Director Ihara, Katsumi Mgmt For For
2.2 Elect Director Cynthia Carroll Mgmt For For
2.3 Elect Director Joe Harlan Mgmt For For
2.4 Elect Director George Buckley Mgmt For For
2.5 Elect Director Louise Pentland Mgmt For For
2.6 Elect Director Mochizuki, Harufumi Mgmt For For
2.7 Elect Director Yamamoto, Takatoshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hitachi Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.8
Elect Director Yoshihara, Hiroaki
Mgmt
For
For
2.9 Elect Director Tanaka, Kazuyuki Mgmt For For
2.10 Elect Director Nakanishi, Hiroaki Mgmt For For
2.11 Elect Director Nakamura, Toyoaki Mgmt For For
2.12 Elect Director Higashihara, Toshiaki Mgmt For For
Itochu Techno-Solutions Corp.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J25022104
Ticker: 4739
Primary ISIN: JP3143900003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 47.5
Mgmt For For
2.1 Elect Director Kikuchi, Satoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Matsushima, Toru Mgmt For For
2.3 Elect Director Matsuzawa, Masaaki Mgmt For For
2.4 Elect Director Okubo, Tadataka Mgmt For For
2.5 Elect Director Susaki, Takahiro Mgmt For For
2.6 Elect Director Nakamori, Makiko Mgmt For For
2.7 Elect Director Obi, Toshio Mgmt For For
2.8 Elect Director Imagawa, Kiyoshi Mgmt For For
2.9 Elect Director Yamaguchi, Tadayoshi Mgmt For For
3 Appoint Alternate Statutory Auditor Tanimoto,
Seiji
Mgmt For For
Japan Exchange Group Inc.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2740B106
Ticker: 8697
Primary ISIN: JP3183200009
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan Exchange Group Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tsuda, Hiroki Mgmt For For
1.2 Elect Director Kiyota, Akira Mgmt For Against
Blended Rationale: Vote AGAINST the president if they sit on the nominating committee.
1.3 Elect Director Miyahara, Koichiro Mgmt For For
1.4 Elect Director Yamaji, Hiromi Mgmt For For
1.5 Elect Director Miyama, Hironaga Mgmt For For
1.6 Elect Director Christina L. Ahmadjian Mgmt For For
1.7 Elect Director Endo, Nobuhiro Mgmt For For
1.8 Elect Director Ogita, Hitoshi Mgmt For For
1.9 Elect Director Kubori, Hideaki Mgmt For For
1.10 Elect Director Koda, Main Mgmt For For
1.11 Elect Director Kobayashi, Eizo Mgmt For For
1.12 Elect Director Minoguchi, Makoto Mgmt For For
1.13 Elect Director Mori, Kimitaka Mgmt For For
1.14 Elect Director Yoneda, Tsuyoshi Mgmt For For
Japan Post Holdings Co., Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2800D109
Ticker: 6178
Primary ISIN: JP3752900005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Nagato, Masatsugu Mgmt For Against
Blended Rationale: A vote against is applied following engagement under LGIM’s Climate Impact Pledge. Specific asks were
made and assessed and not met.
1.2 Elect Director Suzuki, Yasuo Mgmt For For
1.3 Elect Director Ikeda, Norito Mgmt For For
1.4 Elect Director Yokoyama, Kunio Mgmt For For
1.5 Elect Director Uehira, Mitsuhiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan Post Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.6 Elect Director Mukai, Riki Mgmt For For
1.7 Elect Director Noma, Miwako Mgmt For For
1.8 Elect Director Mimura, Akio Mgmt For For
1.9 Elect Director Yagi, Tadashi Mgmt For For
1.10 Elect Director Ishihara, Kunio Mgmt For For
1.11 Elect Director Charles D. Lake II Mgmt For For
1.12 Elect Director Hirono, Michiko Mgmt For For
1.13 Elect Director Munakata, Norio Mgmt For For
1.14 Elect Director Okamoto, Tsuyoshi Mgmt For For
1.15 Elect Director Koezuka, Miharu Mgmt For For
2 Amend Articles to Freeze Additional Disposal SH
of Shares Held by the Government
3 Amend Articles to Take the Company Private SH
by Tender Offer or Management Buyout
4 Amend Articles to Disclose Contracted SH
Delivery Fees
Against
Against
Against
Against
Against
Against
KDDI Corporation
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J31843105
Ticker: 9433
Primary ISIN: JP3496400007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 45
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Tanaka, Takashi
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Morozumi, Hirofumi Mgmt For For
3.3 Elect Director Takahashi, Makoto Mgmt For For
3.4 Elect Director Ishikawa, Yuzo Mgmt For For
3.5 Elect Director Uchida, Yoshiaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
KDDI Corporation
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.6
Elect Director Shoji, Takashi
Mgmt
For
For
3.7 Elect Director Muramoto, Shinichi Mgmt For For
3.8 Elect Director Mori, Keiichi Mgmt For For
3.9 Elect Director Morita, Kei Mgmt For For
3.10 Elect Director Yamaguchi, Goro Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.11 Elect Director Ueda, Tatsuro Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.12 Elect Director Tanabe, Kuniko Mgmt For For
3.13 Elect Director Nemoto, Yoshiaki Mgmt For For
3.14 Elect Director Oyagi, Shigeo Mgmt For For
4 Appoint Statutory Auditor Yamamoto,
Yasuhide
Mgmt For For
5 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
Koei Tecmo Holdings Co., Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J8239A103
Ticker: 3635
Primary ISIN: JP3283460008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 62
Mgmt For For
2.1 Elect Director Erikawa, Keiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Erikawa, Yoichi Mgmt For For
2.3 Elect Director Koinuma, Hisashi Mgmt For For
2.4 Elect Director Asano, Kenjiro Mgmt For For
2.5 Elect Director Hayashi, Yosuke Mgmt For For
2.6 Elect Director Sakaguchi, Kazuyoshi Mgmt For For
2.7 Elect Director Erikawa, Mei Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Koei Tecmo Holdings Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.8
Elect Director Kakihara, Yasuharu
Mgmt
For
For
2.9 Elect Director Tejima, Masao Mgmt For For
2.10 Elect Director Kobayashi, Hiroshi Mgmt For For
2.11 Elect Director Sato, Tatsuo Mgmt For For
3 Appoint Statutory Auditor Kimura, Masaki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Compensation Ceiling for Directors Mgmt For For
5 Approve Stock Option Plan Mgmt For Against
Blended Rationale: Vote AGAINST as outside directors are eligible to participate
Nidec Corp.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J52968104
Ticker: 6594
Primary ISIN: JP3734800000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Clarify Director Authority
on Shareholder Meetings - Clarify Director
Authority on Board Meetings
Mgmt For For
2.1 Elect Director Nagamori, Shigenobu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kobe, Hiroshi Mgmt For For
2.3 Elect Director Katayama, Mikio Mgmt For For
2.4 Elect Director Yoshimoto, Hiroyuki Mgmt For For
2.5 Elect Director Sato, Akira Mgmt For For
2.6 Elect Director Miyabe, Toshihiko Mgmt For For
2.7 Elect Director Onishi, Tetsuo Mgmt For For
2.8 Elect Director Sato, Teiichi Mgmt For For
2.9 Elect Director Shimizu, Osamu Mgmt For For
3 Appoint Statutory Auditor Ochiai, Hiroyuki Mgmt For For
4 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Shokubai Co. Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J55806103
Ticker: 4114
Primary ISIN: JP3715200006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 85
Mgmt
For
For
2.1 Elect Director Goto, Yujiro Mgmt For For
2.2 Elect Director Yamamoto, Masao Mgmt For For
2.3 Elect Director Takahashi, Yojiro Mgmt For For
2.4 Elect Director Matsumoto, Yukihiro Mgmt For For
2.5 Elect Director Yamada, Koichiro Mgmt For For
2.6 Elect Director Iriguchi, Jiro Mgmt For For
2.7 Elect Director Arao, Kozo Mgmt For For
2.8 Elect Director Hasebe, Shinji Mgmt For For
2.9 Elect Director Setoguchi, Tetsuo Mgmt For For
3 Appoint Statutory Auditor Taguchi, Satoshi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus
Mgmt
For
For
Nippon Yusen K.K.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J56515232
Ticker: 9101
Primary ISIN: JP3753000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Kudo, Yasumi
Mgmt
For
For
3.2
Elect Director Naito, Tadaaki
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Yusen K.K.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.3 Elect Director Nagasawa, Hitoshi Mgmt For For
3.4 Elect Director Chikaraishi, Koichi Mgmt For For
3.5 Elect Director Yoshida, Yoshiyuki Mgmt For For
3.6 Elect Director Takahashi, Eiichi Mgmt For For
3.7 Elect Director Okamoto, Yukio Mgmt For For
3.8 Elect Director Katayama, Yoshihiro Mgmt For For
3.9 Elect Director Kuniya, Hiroko Mgmt For For
Sharp Corp.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J71434112
Ticker: 6753
Primary ISIN: JP3359600008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tai Jeng-Wu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Nomura, Katsuaki Mgmt For For
1.3 Elect Director Takayama, Toshiaki Mgmt For For
1.4 Elect Director Young Liu Mgmt For For
1.5 Elect Director Chien-Erh Wang Mgmt For For
1.6 Elect Director Ishida, Yoshihisa Mgmt For For
2 Elect Director and Audit Committee Member
Aoki, Goro
Mgmt For For
3 Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members
Mgmt For For
4 Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
Mgmt For For
5 Approve Stock Option Plan Mgmt For Against
Blended Rationale: Vote AGAINST as outside directors are eligible to participate
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Shinsei Bank Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7385L129
Ticker: 8303
Primary ISIN: JP3729000004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Articles to Allow Institutional
Shareholders Who Hold Shares in Street
Name to Attend Shareholder Meetings and
Exercise Voting Rights
Mgmt
For
For
2.1 Elect Director Kudo, Hideyuki Mgmt For For
2.2 Elect Director Kozano, Yoshiaki Mgmt For For
2.3 Elect Director J. Christopher Flowers Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.4
Elect Director Ernest M. Higa
Mgmt
For
For
2.5
Elect Director Kani, Shigeru
Mgmt
For
For
2.6
Elect Director Makihara, Jun
Mgmt
For
For
2.7
Elect Director Tomimura, Ryuichi
Mgmt
For
For
3 Appoint Statutory Auditor Konno, Shiho Mgmt For For
4 Appoint Alternate Statutory Auditor Yasuda,
Makiko
5 Approve Equity Compensation Plan
Mgmt
Mgmt
For
For
For
For
6 Approve Equity Compensation Plan SH Against Against
Shionogi & Co., Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J74229105
Ticker: 4507
Primary ISIN: JP3347200002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 44
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Shionogi & Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2
3.1
Amend Articles to Limit Rights of Odd-Lot
Holders - Amend Provisions on Number of
Directors - Amend Provisions on Director
Titles - Amend Provisions on Number of
Statutory Auditors
Elect Director Shiono, Motozo
Mgmt
Mgmt
For
For
For
For
3.2
Elect Director Teshirogi, Isao
Mgmt
For
For
3.3 Elect Director Sawada, Takuko Mgmt For For
3.4 Elect Director Nomura, Akio Mgmt For For
3.5
Elect Director Mogi, Teppei
Mgmt
For
For
3.6 Elect Director Ando, Keiichi Mgmt For For
4 Appoint Statutory Auditor Fujiwara, Takaoki Mgmt For For
5 Approve Compensation Ceiling for Directors
and Equity Compensation Plan
Mgmt
For
For
SoftBank Group Corp.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J75963108
Ticker: 9984
Primary ISIN: JP3436100006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 22
Mgmt For For
2.1 Elect Director Son, Masayoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ronald Fisher Mgmt For For
2.3 Elect Director Marcelo Claure Mgmt For For
2.4 Elect Director Rajeev Misra Mgmt For For
2.5 Elect Director Miyauchi, Ken Mgmt For For
2.6 Elect Director Simon Segars Mgmt For For
2.7 Elect Director Yun Ma Mgmt For For
2.8 Elect Director Yasir O. Al-Rumayyan Mgmt For For
2.9 Elect Director Sago, Katsunori Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
SoftBank Group Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.10
Elect Director Yanai, Tadashi
Mgmt
For
For
2.11 Elect Director Mark Schwartz Mgmt For For
2.12 Elect Director Iijima, Masami Mgmt For For
3 Approve Compensation Ceiling for Directors,
Stock Option Plan and Deep Discount Stock
Option Plan
Mgmt For Against
Blended Rationale: Vote AGAINST as outside directors are eligible to participate
4 Approve Deep Discount Stock Option Plan Mgmt For Against
Blended Rationale: Vote AGAINST as outside directors are eligible to participate
Taiyo Nippon Sanso Corp.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J80143100
Ticker: 4091
Primary ISIN: JP3711600001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 12
Mgmt For For
2.1 Elect Director Ichihara, Yujiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Uehara, Masahiro Mgmt For For
2.3 Elect Director Nagata, Kenji Mgmt For For
2.4 Elect Director Yoshisato, Shoji Mgmt For For
2.5 Elect Director Yamada, Akio Mgmt For For
2.6 Elect Director Katsumaru, Mitsuhiro Mgmt For For
2.7 Elect Director Kosakai, Kenkichi Mgmt For For
3 Appoint Statutory Auditor Tai, Junzo Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Teijin Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J82270117
Ticker: 3401
Primary ISIN: JP3544000007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Suzuki, Jun
Mgmt
For
For
1.2 Elect Director Yamamoto, Kazuhiro Mgmt For For
1.3 Elect Director Uno, Hiroshi Mgmt For For
1.4 Elect Director Takesue, Yasumichi Mgmt For For
1.5 Elect Director Sonobe, Yoshihisa Mgmt For For
1.6 Elect Director Seki, Nobuo Mgmt For For
1.7 Elect Director Otsubo, Fumio Mgmt For For
1.8 Elect Director Uchinaga, Yukako Mgmt For For
1.9 Elect Director Suzuki, Yoichi Mgmt For For
Yakult Honsha Co. Ltd.
Meeting Date: 06/20/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J95468120
Ticker: 2267
Primary ISIN: JP3931600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Negishi, Takashige Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kawabata, Yoshihiro Mgmt For For
1.3 Elect Director Narita, Hiroshi Mgmt For For
1.4 Elect Director Wakabayashi, Hiroshi Mgmt For For
1.5 Elect Director Ishikawa, Fumiyasu Mgmt For For
1.6 Elect Director Tanaka, Masaki Mgmt For For
1.7 Elect Director Ito, Masanori Mgmt For For
1.8 Elect Director Doi, Akifumi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Yakult Honsha Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.9
Elect Director Hayashida, Tetsuya
Mgmt
For
For
1.10 Elect Director Richard Hall Mgmt For For
1.11 Elect Director Yasuda, Ryuji Mgmt For For
1.12 Elect Director Fukuoka, Masayuki Mgmt For For
1.13 Elect Director Maeda, Norihito Mgmt For For
1.14 Elect Director Hirano, Susumu Mgmt For For
1.15 Elect Director Pascal Yves de Petrini Mgmt For For
Autobacs Seven Co. Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J03507100
Ticker: 9832
Primary ISIN: JP3172500005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Kobayashi, Kiomi Mgmt For For
2.2
Elect Director Matsumura, Teruyuki
Mgmt
For
For
2.3
Elect Director Hirata, Isao
Mgmt
For
For
2.4
Elect Director Kumakura, Eiichi
Mgmt
For
For
2.5 Elect Director Horii, Yugo Mgmt For For
2.6 Elect Director Odamura, Hatsuo Mgmt For For
2.7
Elect Director Takayama, Yoshiko
Mgmt
For
For
2.8 Elect Director Miyake, Minesaburo Mgmt For For
3 Appoint Statutory Auditor Kakegai, Yukio Mgmt For For
Chiyoda Corp.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J06237101
Ticker: 6366
Primary ISIN: JP3528600004
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Chiyoda Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7.5
Mgmt For For
2 Amend Articles to Amend Provisions on
Number of Directors
Mgmt For Against
Blended Rationale: Vote AGAINST as the maximum board size after the meeting exceeds 15.
3.1 Elect Director Nagasaka, Katsuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Santo, Masaji Mgmt For For
3.3 Elect Director Sahara, Arata Mgmt For For
3.4 Elect Director Hayashi, Hirotsugu Mgmt For For
3.5 Elect Director Kojima, Masahiko Mgmt For For
3.6 Elect Director Shimizu, Ryosuke Mgmt For For
3.7 Elect Director Uchida, Nobuyuki Mgmt For For
3.8 Elect Director Tanaka, Nobuo Mgmt For For
3.9 Elect Director Sakuma, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
4.1 Elect Director and Audit Committee Member
Kobayashi, Mikio
Mgmt For For
4.2 Elect Director and Audit Committee Member
Kitamoto, Takahiro
Mgmt For For
4.3 Elect Director and Audit Committee Member
Yamaguchi, Hiroshi
Mgmt For For
4.4 Elect Director and Audit Committee Member
Aiba, Tetsuya
Mgmt For For
4.5 Elect Director and Audit Committee Member
Narahashi, Mika
Mgmt For For
5 Elect Alternate Director and Audit Committee
Member Okada, Masaki
Mgmt For For
Cosmo Energy Holdings Co., Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J08906109
Ticker: 5021
Primary ISIN: JP3298000005
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Cosmo Energy Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt For For
2.1 Elect Director Morikawa, Keizo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kiriyama, Hiroshi Mgmt For For
2.3 Elect Director Noji, Masayoshi Mgmt For For
2.4 Elect Director Suzuki, Yasuhiro Mgmt For For
2.5 Elect Director Uematsu, Takayuki Mgmt For For
2.6 Elect Director Musabbeh Al Kaabi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.7 Elect Director Khalifa Al Suwaidi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3 Elect Director and Audit Committee Member Mgmt
Taki, Kenichi
For
For
4 Elect Alternate Director and Audit Committee Mgmt
Member Matsushita, Hiroshi
For
For
5 Approve Compensation Ceiling for Directors Mgmt
Who Are Not Audit Committee Members
For
For
6 Approve Trust-Type Equity Compensation Mgmt
Plan
For
For
Denka Co., Ltd.
Meeting Date: 06/21/2018 Country: Japan
Primary Security ID: J1257Q100
Meeting Type: Annual
Ticker: 4061
Primary ISIN: JP3549600009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 55
Mgmt For For
2.1 Elect Director Yoshitaka, Shinsuke Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Yamamoto, Manabu
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Denka Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.3 Elect Director Ayabe, Mitsukuni Mgmt For For
2.4 Elect Director Shimizu, Norihiro Mgmt For For
2.5 Elect Director Nakano, Kenji Mgmt For For
2.6 Elect Director Sato, Yasuo Mgmt For For
2.7 Elect Director Yamamoto, Akio Mgmt For For
2.8 Elect Director Fujihara, Tatsutsugu Mgmt For For
3 Appoint Alternate Statutory Auditor Ichiki,
Gotaro
Mgmt
For
For
Fuji Oil Holdings Inc.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J14994131
Ticker: 2607
Primary ISIN: JP3816400000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Shimizu, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sakai, Mikio Mgmt For For
2.3 Elect Director Matsumoto, Tomoki Mgmt For For
2.4 Elect Director Omori, Tatsuji Mgmt For For
2.5 Elect Director Sumiya, Takehiko Mgmt For For
2.6 Elect Director Kadota, Takashi Mgmt For For
2.7 Elect Director Kida, Haruyasu Mgmt For For
2.8 Elect Director Mishina, Kazuhiro Mgmt For For
2.9 Elect Director Ueno, Yuko Mgmt For For
3 Appoint Alternate Statutory Auditor Fukuda,
Tadashi
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Fujitsu General Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J15624109
Ticker: 6755
Primary ISIN: JP3818400008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 12
Mgmt For For
2.1 Elect Director Murashima, Junichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Saito, Etsuro Mgmt For For
2.3 Elect Director Niwayama, Hiroshi Mgmt For For
2.4 Elect Director Sakamaki, Hisashi Mgmt For For
2.5 Elect Director Terasaka, Fumiaki Mgmt For For
2.6 Elect Director Kuwayama, Mieko Mgmt For For
2.7 Elect Director Hirose, Toshio Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.8 Elect Director Kosuda, Tsunenao Mgmt For For
2.9 Elect Director Ebisawa, Hisaji Mgmt For For
2.10 Elect Director Yamaichi, Norio Mgmt For For
2.11 Elect Director Yokoyama, Hiroyuki Mgmt For For
2.12 Elect Director Sugiyama, Masaki Mgmt For For
2.13 Elect Director Hasegawa, Tadashi Mgmt For For
3 Appoint Statutory Auditor Hirose, Yoichi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor
Murashima, Toshihiro
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
5 Approve Annual Bonus Mgmt For For
Fukuyama Transporting Co. Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J16212136
Ticker: 9075
Primary ISIN: JP3806800003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Fukuyama Transporting Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Komaru, Noriyuki Mgmt For For
2.2
Elect Director Komaru, Shigehiro
Mgmt
For
For
2.3
Elect Director Kumano, Hiroyuki
Mgmt
For
For
2.4
Elect Director Nagahara, Eiju
Mgmt
For
For
2.5 Elect Director Wadabayashi, Michiyoshi Mgmt For For
2.6 Elect Director Kusaka, Shingo Mgmt For For
2.7
Elect Director Arita, Tomoyoshi
Mgmt
For
For
2.8 Elect Director Maeda, Miho Mgmt For For
3.1 Appoint Statutory Auditor Momoda, Masahiro Mgmt For For
3.2
Appoint Statutory Auditor Okamoto, Katsuhiko
Mgmt
For
For
Hitachi Capital Corp.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J20286118
Ticker: 8586
Primary ISIN: JP3786600001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Hiraiwa, Koichiro
Mgmt
For
For
1.2 Elect Director Sueyoshi, Wataru Mgmt For For
1.3 Elect Director Nakamura, Takashi Mgmt For For
1.4 Elect Director Sasaki, Yuri Mgmt For For
1.5 Elect Director Omori, Shinichiro Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
1.6 Elect Director Tsuda, Yoshitaka Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
1.7 Elect Director Kobayashi, Makoto Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hitachi Capital Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.8 Elect Director Nonoguchi, Tsuyoshi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
1.9
Elect Director Miura, Kazuya
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, Vote AGAINST
the chairman if they sit on nominating committee.
1.10 Elect Director Kawabe, Seiji Mgmt For For
1.11 Elect Director Kojima, Kiyoshi Mgmt For For
Hoya Corp.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J22848105
Ticker: 7741
Primary ISIN: JP3837800006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Koeda, Itaru
Mgmt
For
For
1.2 Elect Director Uchinaga, Yukako Mgmt For For
1.3 Elect Director Urano, Mitsudo Mgmt For For
1.4 Elect Director Takasu, Takeo Mgmt For For
1.5 Elect Director Kaihori, Shuzo Mgmt For For
1.6 Elect Director Yoshihara, Hiroaki Mgmt For For
1.7 Elect Director Suzuki, Hiroshi Mgmt For For
Japan Aviation Electronics Industry Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J26273102
Ticker: 6807
Primary ISIN: JP3705600009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Akiyama, Yasutaka Mgmt For Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan Aviation Electronics Industry Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Onohara, Tsutomu Mgmt For
For
1.3 Elect Director Takeda, Kazuo Mgmt For
For
1.4 Elect Director Ogino, Yasutoshi Mgmt For
For
1.5 Elect Director Urano, Minoru Mgmt For
For
1.6 Elect Director Hirohata, Shiro Mgmt For
For
1.7 Elect Director Sakaba, Mitsuo Mgmt For
For
1.8 Elect Director Morita, Takayuki Mgmt For
For
2 Appoint Statutory Auditor Takeda, Jin Mgmt For
For
3 Approve Annual Bonus Mgmt For
For
JFE Holdings, Inc.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2817M100
Ticker: 5411
Primary ISIN: JP3386030005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt
For
For
2.1 Elect Director Hayashida, Eiji Mgmt For For
2.2 Elect Director Kakigi, Koji Mgmt For For
2.3 Elect Director Okada, Shinichi Mgmt For For
2.4 Elect Director Oda, Naosuke Mgmt For For
2.5 Elect Director Oshita, Hajime Mgmt For For
2.6 Elect Director Yoshida, Masao Mgmt For For
2.7 Elect Director Yamamoto, Masami Mgmt For For
2.8 Elect Director Kemori, Nobumasa Mgmt For For
3.1 Appoint Statutory Auditor Oyagi, Shigeo Mgmt For For
3.2 Appoint Statutory Auditor Numagami,
Tsuyoshi
Mgmt For For
4 Approve Annual Bonus Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
JFE Holdings, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5 Approve Compensation Ceilings for Directors
and Statutory Auditors
6 Approve Trust-Type Equity Compensation
Plan
7 Remove Director Koji Kakigi from Office
Mgmt
Mgmt
SH
For
For
Against
For
For
Against
Kakaku.com Inc
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J29258100
Ticker: 2371
Primary ISIN: JP3206000006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 16
Mgmt For For
2.1 Elect Director Hayashi, Kaoru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Hata, Shonosuke Mgmt For For
2.3 Elect Director Fujiwara, Kenji Mgmt For For
2.4 Elect Director Uemura, Hajime Mgmt For For
2.5 Elect Director Yuki, Shingo Mgmt For For
2.6 Elect Director Murakami, Atsuhiro Mgmt For For
2.7 Elect Director Hayakawa, Yoshiharu Mgmt For For
2.8 Elect Director Konno, Shiho Mgmt For For
2.9 Elect Director Kuretani, Norihiro Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.10 Elect Director Kato, Tomoharu Mgmt For For
3 Appoint Statutory Auditor Kajiki, Hisashi Mgmt For For
4 Appoint Alternate Statutory Auditor Yamaoka,
Shinichiro
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kawasaki Kisen Kaisha Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J31588148
Ticker: 9107
Primary ISIN: JP3223800008
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Accounting Transfers
Mgmt
For
For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1 Elect Director Asakura, Jiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Murakami, Eizo Mgmt For
For
3.3 Elect Director Aoki, Hiromichi Mgmt For
For
3.4 Elect Director Nihei, Harusato Mgmt For
For
3.5 Elect Director Asano, Atsuo Mgmt For
For
3.6 Elect Director Myochin, Yukikazu Mgmt For
For
3.7 Elect Director Okabe, Akira Mgmt For
For
3.8 Elect Director Tanaka, Seiichi Mgmt For
For
3.9 Elect Director Hosomizo, Kiyoshi Mgmt For
For
4.1 Appoint Alternate Statutory Auditor Arai, Mgmt
Kunihiko
For
For
4.2 Appoint Alternate Statutory Auditor Shiokawa, Mgmt
Junko
For
For
Kobe Steel Ltd.
Meeting Date: 06/21/2018 Country: Japan
Primary Security ID: J34555250
Meeting Type: Annual Ticker: 5406
Primary ISIN: JP3289800009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Provisions on
Director Titles - Clarify Director Authority on
Board Meetings
Mgmt For For
2.1 Elect Director Yamaguchi, Mitsugu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kobe Steel Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.2 Elect Director Onoe, Yoshinori Mgmt For For
2.3 Elect Director Koshiishi, Fusaki Mgmt For For
2.4 Elect Director Manabe, Shohei Mgmt For For
2.5 Elect Director Kitabata, Takao Mgmt For For
2.6 Elect Director Bamba, Hiroyuki Mgmt For For
2.7 Elect Director Ohama, Takao Mgmt For For
2.8 Elect Director Shibata, Koichiro Mgmt For For
2.9 Elect Director Kitagawa, Jiro Mgmt For For
2.10 Elect Director Katsukawa, Yoshihiko Mgmt For For
3.1
3.2
3.3
3.4
3.5
4
Elect Director and Audit Committee Member
Okimoto, Takashi
Elect Director and Audit Committee Member
Miyata, Yoshiiku
Elect Director and Audit Committee Member
Chimori, Hidero
Elect Director and Audit Committee Member
Ishikawa, Hiroshi
Elect Director and Audit Committee Member
Tsushima, Yasushi
Elect Alternate Director and Audit Committee
Member Miura, Kunio
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
For
For
Lintec Corp.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J13776109
Ticker: 7966
Primary ISIN: JP3977200009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Ouchi, Akihiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Nishio, Hiroyuki Mgmt For For
1.3 Elect Director Hattori, Makoto Mgmt For For
1.4 Elect Director Ebe, Kazuyoshi Mgmt For For
1.5 Elect Director Nakamura, Takashi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Lintec Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.6
Elect Director Kawamura, Gohei
Mgmt
For
For
1.7 Elect Director Mochizuki, Tsunetoshi Mgmt For For
1.8 Elect Director Morikawa, Shuji Mgmt For For
1.9 Elect Director Nishikawa, Junichi Mgmt For For
1.10 Elect Director Wakasa, Takehiko Mgmt For For
1.11 Elect Director Fukushima, Kazumori Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2 Approve Equity Compensation Plan Mgmt For For
LIXIL Group Corporation
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3893W103
Ticker: 5938
Primary ISIN: JP3626800001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Ushioda, Yoichiro Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
1.2 Elect Director Seto, Kinya Mgmt For For
1.3 Elect Director Kanamori, Yoshizumi Mgmt For For
1.4 Elect Director Kikuchi, Yoshinobu Mgmt For For
1.5 Elect Director Ina, Keiichiro Mgmt For For
1.6 Elect Director Kawaguchi, Tsutomu Mgmt For For
1.7 Elect Director Koda, Main Mgmt For For
1.8 Elect Director Barbara Judge Mgmt For For
1.9 Elect Director Yamanashi, Hirokazu Mgmt For For
1.10 Elect Director Yoshimura, Hiroto Mgmt For For
1.11 Elect Director Shirai, Haruo Mgmt For For
1.12 Elect Director Kawamoto, Ryuichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Heavy Industries, Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44002178
Ticker: 7011
Primary ISIN: JP3900000005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt
For
For
2 Amend Articles to Change Location of Head
Office - Clarify Director Authority on
Shareholder Meetings - Amend Provisions on
Number of Directors - Clarify Director
Authority on Board Meetings
Mgmt For For
3.1 Elect Director Omiya, Hideaki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Miyanaga, Shunichi Mgmt For
For
3.3 Elect Director Koguchi, Masanori Mgmt For
For
3.4 Elect Director Izumisawa, Seiji Mgmt For
For
3.5 Elect Director Shinohara, Naoyuki Mgmt For
For
3.6 Elect Director Kobayashi, Ken Mgmt For
For
4 Elect Director and Audit Committee Member Mgmt
Kato, Hiroki
For
For
Mitsui & Co.
Meeting Date: 06/21/2018 Country: Japan
Primary Security ID: J44690139
Meeting Type: Annual Ticker: 8031
Primary ISIN: JP3893600001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 40
Mgmt For For
2.1 Elect Director Iijima, Masami Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Yasunaga, Tatsuo Mgmt For For
2.3 Elect Director Suzuki, Makoto Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsui & Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.4
Elect Director Tanaka, Satoshi
Mgmt
For
For
2.5 Elect Director Fujii, Shinsuke Mgmt For For
2.6 Elect Director Kitamori, Nobuaki Mgmt For For
2.7 Elect Director Takebe, Yukio Mgmt For For
2.8 Elect Director Uchida, Takakazu Mgmt For For
2.9 Elect Director Hori, Kenichi Mgmt For For
2.10 Elect Director Muto, Toshiro Mgmt For For
2.11 Elect Director Kobayashi, Izumi Mgmt For For
2.12 Elect Director Jenifer Rogers Mgmt For For
2.13 Elect Director Takeuchi, Hirotaka Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.14 Elect Director Samuel Walsh Mgmt For For
3 Appoint Statutory Auditor Matsuyama, Haruka Mgmt For For
NTT Urban Development Corp.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J5940Z104
Ticker: 8933
Primary ISIN: JP3165690003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2.1 Elect Director Nakagawa, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kusumoto, Masayuki Mgmt For For
2.3 Elect Director Yamasawa, Hideyuki Mgmt For For
2.4 Elect Director Shinohara, Hirotoshi Mgmt For For
2.5 Elect Director Fukui, Nobuyuki Mgmt For For
2.6 Elect Director Sakaue, Tomoyuki Mgmt For For
2.7 Elect Director Ogiwara, Takeshi Mgmt For For
2.8 Elect Director Sayama, Yoshiyuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NTT Urban Development Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.9 Elect Director Hatanaka, Kazuhiko Mgmt For For
2.10 Elect Director Torigoe, Yutaka Mgmt For For
2.11 Elect Director Koizumi, Hiroshi Mgmt For For
2.12 Elect Director Komatsu, Akira Mgmt For For
2.13 Elect Director Tanikawa, Shiro Mgmt For For
2.14 Elect Director Kajiwara, Masahiro Mgmt For For
3.1 Appoint Statutory Auditor Yamane, Satoru Mgmt For For
3.2 Appoint Statutory Auditor Arimoto, Takeshi Mgmt For For
Seibu Holdings Inc.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7030Q119
Ticker: 9024
Primary ISIN: JP3417200007
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 11.5
Mgmt
For
For
2 Amend Articles to Amend Provisions on
Number of Directors
Mgmt For For
3.1 Elect Director Goto, Takashi Mgmt For For
3.2 Elect Director Takahashi, Kaoru Mgmt For For
3.3 Elect Director Nishii, Tomoyuki Mgmt For For
3.4 Elect Director Nishiyama, Ryuichiro Mgmt For For
3.5 Elect Director Wakabayashi, Hisashi Mgmt For For
3.6 Elect Director Koyama, Masahiko Mgmt For For
3.7 Elect Director Uwano, Akihisa Mgmt For For
3.8 Elect Director Tsujihiro, Masafumi Mgmt For For
4.1 Appoint Statutory Auditor Fukasawa, Isao Mgmt For For
4.2 Appoint Statutory Auditor Sakomoto, Eiji Mgmt For For
5 Approve Compensation Ceiling for Directors Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sumitomo Chemical Co. Ltd.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77153120
Ticker: 4005
Primary ISIN: JP3401400001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Provisions on
Director Titles
Mgmt For For
2.1 Elect Director Ishitobi, Osamu Mgmt For Against
Blended Rationale: AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Tokura, Masakazu Mgmt For For
2.3 Elect Director Deguchi, Toshihisa Mgmt For
For
2.4 Elect Director Nishimoto, Rei Mgmt For
For
2.5 Elect Director Nozaki, Kunio Mgmt For
For
2.6 Elect Director Ueda, Hiroshi Mgmt For
For
2.7 Elect Director Takeshita, Noriaki Mgmt For
For
2.8 Elect Director Niinuma, Hiroshi Mgmt For
For
2.9 Elect Director Iwata, Keiichi Mgmt For
For
2.10 Elect Director Ikeda, Koichi Mgmt For
For
2.11 Elect Director Tomono, Hiroshi Mgmt For
For
2.12 Elect Director Ito, Motoshige Mgmt For
For
2.13 Elect Director Muraki, Atsuko Mgmt For
For
3 Appoint Statutory Auditor Yoneda, Michio Mgmt For
For
Toyota Tsusho Corp.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J92719111
Ticker: 8015
Primary ISIN: JP3635000007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 49
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toyota Tsusho Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Karube, Jun Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kashitani, Ichiro Mgmt For For
2.3 Elect Director Yamagiwa, Kuniaki Mgmt For For
2.4 Elect Director Matsudaira, Soichiro Mgmt For For
2.5 Elect Director Oi, Yuichi Mgmt For For
2.6 Elect Director Nagai, Yasuhiro Mgmt For For
2.7 Elect Director Tominaga, Hiroshi Mgmt For For
2.8 Elect Director Iwamoto, Hideyuki Mgmt For For
2.9 Elect Director Kawaguchi, Yoriko Mgmt For For
2.10 Elect Director Fujisawa, Kumi Mgmt For For
2.11 Elect Director Komoto, Kunihito Mgmt For For
2.12 Elect Director Didier Leroy Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.1 Appoint Statutory Auditor Toyoda, Shuhei Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Shiozaki, Yasushi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.3 Appoint Statutory Auditor Yuhara, Kazuo Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.4 Appoint Statutory Auditor Tajima, Kazunori Mgmt For For
4 Approve Annual Bonus Mgmt For For
West Japan Railway Co.
Meeting Date: 06/21/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J95094108
Ticker: 9021
Primary ISIN: JP3659000008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 80
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
West Japan Railway Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Amend Articles to Reduce Directors' Term Mgmt For For
3.1 Elect Director Manabe, Seiji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, a vote
AGAINST this nominee is warranted because: - Opposing Chairman Manabe's appointment serves to convey shareholder
concerns about the company's social responsibility as a large scale transportation service provider.
3.2 Elect Director Sato, Yumiko Mgmt For For
3.3 Elect Director Murayama, Yuzo Mgmt For For
3.4 Elect Director Saito, Norihiko Mgmt For For
3.5 Elect Director Miyahara, Hideo Mgmt For For
3.6 Elect Director Takagi, Hikaru Mgmt For For
3.7 Elect Director Kijima, Tatsuo Mgmt For Against
Blended Rationale: A vote AGAINST this nominee is warranted because: - Opposing President Kijima's appointment serves to
convey shareholder concerns about the company's social responsibility as a large scale transportation service provider.
3.8 Elect Director Ogata, Fumito Mgmt For For
3.9 Elect Director Hasegawa, Kazuaki Mgmt For For
3.10 Elect Director Nikaido, Nobutoshi Mgmt For For
3.11 Elect Director Hirano, Yoshihisa Mgmt For For
3.12 Elect Director Handa, Shinichi Mgmt For For
3.13 Elect Director Kurasaka, Shoji Mgmt For For
3.14 Elect Director Nakamura, Keijiro Mgmt For For
3.15 Elect Director Matsuoka, Toshihiro Mgmt For For
4 Appoint Statutory Auditor Nishikawa, Naoki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Acom Co., Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J00105106
Ticker: 8572
Primary ISIN: JP3108600002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 1
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Acom Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Kinoshita, Shigeyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Wachi, Kaoru Mgmt For For
2.3 Elect Director Kinoshita, Masataka Mgmt For
For
2.4 Elect Director Sagehashi, Teruyuki Mgmt For
For
2.5 Elect Director Watanabe, Noriyoshi Mgmt For
For
2.6 Elect Director Hori, Naoki Mgmt For
For
Aica Kogyo Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J00252106
Ticker: 4206
Primary ISIN: JP3100800006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt
For
For
2 Amend Articles to Clarify Director Authority
on Shareholder Meetings - Amend Provisions
on Director Titles
Mgmt For For
3.1 Elect Director Ono, Yuji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Todo, Satoshi Mgmt For For
3.3 Elect Director Iwase, Yukihiro Mgmt For For
3.4 Elect Director Omura, Nobuyuki Mgmt For For
3.5 Elect Director Mori, Ryoji Mgmt For For
3.6 Elect Director Ogura, Kenji Mgmt For For
3.7 Elect Director Hanamura, Toshiiku Mgmt For For
4.1 Appoint Statutory Auditor Kosemura, Hisashi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4.2 Appoint Statutory Auditor Katagiri, Kiyoshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Alps Electric Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J01176114
Ticker: 6770
Primary ISIN: JP3126400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Kuriyama, Toshihiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors.
2.2 Elect Director Kimoto, Takashi Mgmt For For
2.3 Elect Director Sasao, Yasuo Mgmt For For
2.4 Elect Director Amagishi, Yoshitada Mgmt For For
2.5 Elect Director Kataoka, Masataka Mgmt For For
2.6 Elect Director Edagawa, Hitoshi Mgmt For For
2.7 Elect Director Daiomaru, Takeshi Mgmt For For
2.8 Elect Director Okayasu, Akihiko Mgmt For For
2.9 Elect Director Saeki, Tetsuhiro Mgmt For For
2.10 Elect Director Kega, Yoichiro Mgmt For For
2.11 Elect Director Sato, Hiroyuki Mgmt For For
2.12 Elect Director Izumi, Hideo Mgmt For For
3.1 Elect Director and Audit Committee Member
Umehara, Junichi
Mgmt For For
3.2 Elect Director and Audit Committee Member
Fujii, Yasuhiro
Mgmt For For
3.3 Elect Director and Audit Committee Member
Iida, Takashi
Mgmt For For
3.4 Elect Director and Audit Committee Member
Nakaya, Kazuya
Mgmt For For
3.5 Elect Director and Audit Committee Member
Toyoshi, Yoko
Mgmt For For
4 Elect Alternate Director and Audit Committee
Member Yamamoto, Takatoshi
Mgmt For For
5 Approve Deep Discount Stock Option Plan Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Alps Electric Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
6
7.1
7.2
7.3
7.4
7.5
7.6
8.1
8.2
8.3
8.4
8.5
8.6
Amend Articles to Change Company Name -
Amend Business Lines - Clarify Director
Authority on Shareholder Meetings - Amend
Provisions on Number of Directors - Clarify
Director Authority on Board Meetings -
Indemnify Directors
Elect Director Kuriyama, Toshihiro in
Connection with Merger
Elect Director Komeya, Nobuhiko in
Connection with Merger
Elect Director Kimoto, Takashi in Connection
with Merger
Elect Director Endo, Koichi in Connection with
Merger
Elect Director Kega, Yoichiro in Connection
with Merger
Elect Director Kinoshita, Satoshi in Connection
with Merger
Elect Director and Audit Committee Member
Umehara, Junichi in Connection with Merger
Elect Director and Audit Committee Member
Maeda, Shinji in Connection with Merger
Elect Director and Audit Committee Member
Iida, Takashi in Connection with Merger
Elect Director and Audit Committee Member
Hasegawa, Satoko in Connection with Merger
Elect Director and Audit Committee Member
Nakaya, Kazuya in Connection with Merger
Elect Director and Audit Committee Member
Toyoshi, Yoko in Connection with Merger
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
For
Ariake Japan Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J01964105
Ticker: 2815
Primary ISIN: JP3125800007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 46
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Ariake Japan Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Tagawa, Tomoki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Iwaki, Katsutoshi Mgmt For For
2.3 Elect Director Shirakawa, Naoki Mgmt For For
2.4 Elect Director Uchida, Yoshikazu Mgmt For For
2.5 Elect Director Matsumoto, Koichi Mgmt For For
2.6 Elect Director Iwaki, Koji Mgmt For For
3 Approve Annual Bonus Mgmt For For
Central Japan Railway Co.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J05523105
Ticker: 9022
Primary ISIN: JP3566800003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 70
Mgmt For For
2.1 Elect Director Tsuge, Koei Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors.
2.2 Elect Director Kaneko, Shin Mgmt For For
2.3 Elect Director Suyama, Yoshiki Mgmt For For
2.4 Elect Director Kosuge, Shunichi Mgmt For For
2.5 Elect Director Uno, Mamoru Mgmt For For
2.6 Elect Director Shoji, Hideyuki Mgmt For For
2.7 Elect Director Kasai, Yoshiyuki Mgmt For For
2.8 Elect Director Yamada, Yoshiomi Mgmt For For
2.9 Elect Director Mizuno, Takanori Mgmt For For
2.10 Elect Director Otake, Toshio Mgmt For For
2.11 Elect Director Ito, Akihiko Mgmt For For
2.12 Elect Director Tanaka, Mamoru Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Central Japan Railway Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.13 Elect Director Suzuki, Hiroshi Mgmt For For
2.14 Elect Director Torkel Patterson Mgmt For For
2.15 Elect Director Cho, Fujio Mgmt For For
2.16 Elect Director Koroyasu, Kenji Mgmt For For
2.17 Elect Director Saeki, Takashi Mgmt For For
3 Appoint Statutory Auditor Nasu, Kunihiro Mgmt For For
Daicel Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J08484149
Ticker: 4202
Primary ISIN: JP3485800001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 16
Mgmt For For
2.1 Elect Director Fudaba, Misao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Fukuda, Masumi Mgmt For For
2.3 Elect Director Ogawa, Yoshimi Mgmt For For
2.4 Elect Director Nishimura, Hisao Mgmt For For
2.5 Elect Director Kondo, Tadao Mgmt For For
2.6 Elect Director Nogimori, Masafumi Mgmt For For
2.7 Elect Director Okamoto,Kunie Mgmt For For
2.8 Elect Director Kitayama, Teisuke Mgmt For For
3.1 Appoint Statutory Auditor Ichida, Ryo Mgmt For For
3.2 Appoint Statutory Auditor Mizuo, Junichi Mgmt For For
4 Approve Compensation Ceiling for Directors Mgmt For For
5 Approve Compensation Ceiling for Statutory
Auditors
Mgmt For For
6 Approve Equity Compensation Plan Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Daifuku Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J08988107
Ticker: 6383
Primary ISIN: JP3497400006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tanaka, Akio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Geshiro, Hiroshi Mgmt For For
1.3 Elect Director Inohara, Mikio Mgmt For
For
1.4 Elect Director Honda, Shuichi Mgmt For
For
1.5 Elect Director Iwamoto, Hidenori Mgmt For
For
1.6 Elect Director Nakashima, Yoshiyuki Mgmt For
For
1.7 Elect Director Sato, Seiji Mgmt For
For
1.8 Elect Director Kashiwagi, Noboru Mgmt For
For
1.9 Elect Director Ozawa, Yoshiaki Mgmt For
For
1.10 Elect Director Sakai, Mineo Mgmt For
For
2.1 Appoint Statutory Auditor Kimura, Yoshihisa Mgmt For
For
2.2 Appoint Statutory Auditor Miyajima, Tsukasa Mgmt For
For
Daiichikosho Co., Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0962F102
Ticker: 7458
Primary ISIN: JP3475200006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 56
Mgmt For For
2.1 Appoint Statutory Auditor Umetsu, Hiroshi Mgmt For For
2.2
Appoint Statutory Auditor Kobayashi, Shigeki
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Daikyo Inc.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J10164119
Ticker: 8840
Primary ISIN: JP3481400004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Articles to Amend Business Lines
Mgmt
For
For
2.1 Elect Director Kojima, Kazuo Mgmt For For
2.2 Elect Director Kimura, Tsukasa Mgmt For For
2.3 Elect Director Hambayashi, Toru Mgmt For For
2.4 Elect Director Washio, Tomoharu Mgmt For For
2.5 Elect Director Yamamoto, Yuji Mgmt For For
3 Elect Alternate Director Fukaya, Toshinari Mgmt For For
East Japan Railway Co.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J1257M109
Ticker: 9020
Primary ISIN: JP3783600004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 70
Mgmt For For
2.1 Elect Director Tomita, Tetsuro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ogata, Masaki Mgmt For For
2.3 Elect Director Fukasawa, Yuji Mgmt For For
2.4 Elect Director Kawanobe, Osamu Mgmt For For
2.5 Elect Director Nakai, Masahiko Mgmt For For
2.6 Elect Director Maekawa, Tadao Mgmt For For
2.7 Elect Director Ota, Tomomichi Mgmt For For
2.8 Elect Director Arai, Kenichiro Mgmt For For
2.9 Elect Director Matsuki, Shigeru Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
East Japan Railway Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.10
Elect Director Akaishi, Ryoji
Mgmt
For
For
2.11 Elect Director Kise, Yoichi Mgmt For For
2.12 Elect Director Nishino, Fumihisa Mgmt For For
2.13 Elect Director Hamaguchi, Tomokazu Mgmt For For
2.14 Elect Director Ito, Motoshige Mgmt For For
2.15 Elect Director Amano, Reiko Mgmt For For
Furukawa Electric Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J16464117
Ticker: 5801
Primary ISIN: JP3827200001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 80
Mgmt For For
2.1 Elect Director Shibata, Mitsuyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kobayashi, Keiichi Mgmt For For
2.3 Elect Director Fujita, Sumitaka Mgmt For For
2.4 Elect Director Soma, Nobuyoshi Mgmt For For
2.5 Elect Director Tsukamoto, Osamu Mgmt For For
2.6 Elect Director Teratani, Tatsuo Mgmt For For
2.7 Elect Director Nakamoto, Akira Mgmt For For
2.8 Elect Director Kozuka, Takamitsu Mgmt For For
2.9 Elect Director Kimura, Takahide Mgmt For For
2.10 Elect Director Ogiwara, Hiroyuki Mgmt For For
2.11 Elect Director Kuroda, Osamu Mgmt For For
2.12 Elect Director Maki, Ken Mgmt For For
3.1 Appoint Statutory Auditor Amano, Nozomu Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Furukawa Electric Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.2 Appoint Statutory Auditor Kashiwagi, Takahiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.3 Appoint Statutory Auditor Sakai, Kunihiko Mgmt For For
4 Appoint Alternate Statutory Auditor Kiuchi, Mgmt
Shinichi
For
For
5 Appoint Deloitte Touche Tohmatsu LLC as Mgmt
New External Audit Firm
For
For
H2O Retailing Corp.
Meeting Date: 06/22/2018 Country: Japan
Primary Security ID: J2358J102
Meeting Type: Annual Ticker: 8242
Primary ISIN: JP3774600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Suzuki, Atsushi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Araki, Naoya Mgmt For For
1.3 Elect Director Hayashi, Katsuhiro Mgmt For For
1.4 Elect Director Yagi, Makoto Mgmt For For
1.5 Elect Director Sumi, Kazuo Mgmt For For
1.6 Elect Director Shijo, Haruya Mgmt For For
1.7 Elect Director Mori, Tadatsugu Mgmt For For
2.1 Elect Director and Audit Committee Member
Konishi, Toshimitsu
Mgmt For For
2.2 Elect Director and Audit Committee Member
Ban, Naoshi
Mgmt For For
2.3 Elect Director and Audit Committee Member
Nakano, Kenjiro
Mgmt For For
2.4 Elect Director and Audit Committee Member
Ishihara, Mayumi
Mgmt For For
3 Approve Annual Bonus Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hachijuni Bank Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J17976101
Ticker: 8359
Primary ISIN: JP3769000005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7
Mgmt For For
2.1 Elect Director Yamaura, Yoshiyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Sato, Yuichi
Mgmt
For
For
2.3
Elect Director Tashita, Kayo
Mgmt
For
For
3 Appoint Statutory Auditor Kitazawa, Yoshimi
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Hikari Tsushin Inc
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J1949F108
Ticker: 9435
Primary ISIN: JP3783420007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Shigeta, Yasumitsu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Tamamura, Takeshi Mgmt For For
1.3 Elect Director Wada, Hideaki Mgmt For For
1.4 Elect Director Gido, Ko Mgmt For For
1.5 Elect Director Owada, Seiya Mgmt For For
1.6 Elect Director Takahashi, Masato Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hitachi High-Technologies Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J20416103
Ticker: 8036
Primary ISIN: JP3678800008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kitayama, Ryuichi Mgmt For Against
Blended Rationale: Vote AGAINST the chairman who sit on nominating committee.
1.2 Elect Director Miyazaki, Masahiro Mgmt For Against
Blended Rationale: Vote AGAINST the president who sit on nominating committee.
1.3 Elect Director Nakashima, Ryuichi Mgmt For For
1.4 Elect Director Hayakawa, Hideyo Mgmt For For
1.5 Elect Director Toda, Hiromichi Mgmt For For
1.6 Elect Director Nishimi, Yuji Mgmt For For
1.7 Elect Director Tamura, Mayumi Mgmt For For
Hokuhoku Financial Group Inc.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J21903109
Ticker: 8377
Primary ISIN: JP3842400008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 44
Mgmt For For
2.1 Elect Director Ihori, Eishin Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sasahara, Masahiro Mgmt For For
2.3 Elect Director Mugino, Hidenori Mgmt For For
2.4 Elect Director Kanema, Yuji Mgmt For For
2.5 Elect Director Yoshida, Takeshi Mgmt For For
2.6 Elect Director Asabayashi, Takashi Mgmt For For
2.7 Elect Director Kaji, Takayuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
IHI Corporation
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2398N113
Ticker: 7013
Primary ISIN: JP3134800006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Saito, Tamotsu Mgmt For For
2.2
Elect Director Mitsuoka, Tsugio
Mgmt
For
For
2.3
Elect Director Otani, Hiroyuki
Mgmt
For
For
2.4
Elect Director Shikina, Tomoharu
Mgmt
For
For
2.5 Elect Director Yamada, Takeshi Mgmt For For
2.6 Elect Director Fujiwara, Taketsugu Mgmt For For
2.7
Elect Director Kimura, Hiroshi
Mgmt
For
For
2.8 Elect Director Ishimura, Kazuhiko Mgmt For For
2.9 Elect Director Tanaka, Yayoi Mgmt For For
2.10
Elect Director Mizumoto, Nobuko
Mgmt
For
For
2.11
Elect Director Nagano, Masafumi
Mgmt
For
For
2.12 Elect Director Murakami, Koichi Mgmt For For
Itochu Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2501P104
Ticker: 8001
Primary ISIN: JP3143600009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 38
Mgmt
For
For
2 Amend Articles to Clarify Director Authority
on Shareholder Meetings
Mgmt For For
3.1 Elect Director Okafuji, Masahiro Mgmt For For
3.2 Elect Director Suzuki, Yoshihisa Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Itochu Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3.3
Elect Director Yoshida, Tomofumi
Mgmt
For
For
3.4 Elect Director Kobayashi, Fumihiko Mgmt For For
3.5 Elect Director Hachimura, Tsuyoshi Mgmt For For
3.6 Elect Director Muraki, Atsuko Mgmt For For
3.7 Elect Director Mochizuki, Harufumi Mgmt For For
3.8 Elect Director Kawana, Masatoshi Mgmt For For
4 Appoint Statutory Auditor Tsuchihashi,
Shuzaburo
Mgmt For For
5 Amend Articles to Authorize Cancellation of
the Company's Treasury Shares at
Shareholder Meetings
SH Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The company fails to present specific
plans to use its treasury shares.- The company fails to provide reasons why it believes that cancellation of treasury shares
would make it difficult to conduct future share issuances or share exchanges.- The cancellation of treasury shares will reduce
shareholder concerns about dilution.
6 Cancel the Company's Treasury Shares SH Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The company fails to present specific
plans to use its treasury shares.- The company fails to provide reasons why it believes that cancellation of treasury shares
would make it difficult to conduct future share issuances or share exchanges.- The cancellation of treasury shares will reduce
shareholder concerns about dilution.
Kintetsu Group Holdings Co., Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3S955116
Ticker: 9041
Primary ISIN: JP3260800002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt For For
2.1 Elect Director Kobayashi, Tetsuya Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent. In addition, the board
size exceeds 15 directors. Further, vote AGAINST when the executive holds three or more outside directorships or board
positions elsewhere.
2.2 Elect Director Yoshida, Yoshinori Mgmt For For
2.3 Elect Director Yasumoto, Yoshihiro Mgmt For For
2.4 Elect Director Morishima, Kazuhiro Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kintetsu Group Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5
Elect Director Kurahashi, Takahisa
Mgmt
For
For
2.6 Elect Director Shirakawa, Masaaki Mgmt For For
2.7 Elect Director Yoneda, Akimasa Mgmt For For
2.8 Elect Director Murai, Hiroyuki Mgmt For For
2.9 Elect Director Wakai, Takashi Mgmt For For
2.10 Elect Director Miyake, Sadayuki Mgmt For For
2.11 Elect Director Wadabayashi, Michiyoshi Mgmt For For
2.12 Elect Director Yoshimoto, Isao Mgmt For For
2.13 Elect Director Okamoto, Kunie Mgmt For For
2.14 Elect Director Araki, Mikio Mgmt For For
2.15 Elect Director Ueda, Tsuyoshi Mgmt For For
2.16 Elect Director Murata, Ryuichi Mgmt For For
2.17 Elect Director Nakayama, Tsutomu Mgmt For For
3.1 Appoint Statutory Auditor Sakurai, Hisakatsu Mgmt For For
3.2 Appoint Statutory Auditor Tabuchi, Hirohisa Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Komeri Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3590M101
Ticker: 8218
Primary ISIN: JP3305600003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Sasage, Yuichiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Ishizawa, Noboru Mgmt For For
1.3 Elect Director Tanabe, Tadashi Mgmt For For
1.4 Elect Director Matsuda, Shuichi Mgmt For For
1.5 Elect Director Kiuchi, Masao Mgmt For For
1.6 Elect Director Hayakawa, Hiroshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Komeri Co. Ltd. Proposal
Number Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.7 Elect Director Suzuki, Katsushi Mgmt For For
1.8 Elect Director Hosaka, Naoshi Mgmt For For
KYORIN Holdings Inc
Meeting Date: 06/22/2018 Country: Japan Primary Security ID: J37996113
Meeting Type: Annual Ticker: 4569
Primary ISIN: JP3247090008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yamashita, Masahiro Mgmt For For
1.2 Elect Director Hogawa, Minoru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.3 Elect Director Ogihara, Yutaka Mgmt For For
1.4 Elect Director Ogihara, Shigeru Mgmt For For
1.5 Elect Director Akutsu, Kenji Mgmt For For
1.6 Elect Director Sasahara, Tomiya Mgmt For For
1.7 Elect Director Onota, Michiro Mgmt For For
1.8 Elect Director Hagihara, Koichiro Mgmt For For
1.9 Elect Director Shikanai, Noriyuki Mgmt For For
1.10 Elect Director Shigematsu, Ken Mgmt For For
1.11 Elect Director Goto, Yo Mgmt For For
2.1 Appoint Statutory Auditor Matsumoto,
Tomiharu
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.2 Appoint Statutory Auditor Tamaki, Shugo Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.3 Appoint Statutory Auditor Obata, Masaji Mgmt For For
2.4 Appoint Statutory Auditor Kamei, Naohiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kyowa Exeo Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J38232104
Ticker: 1951
Primary ISIN: JP3254200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Funabashi, Tetsuya Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent.
2.2 Elect Director Kohara, Yasushi Mgmt For For
2.3 Elect Director Hashimoto, Wataru Mgmt For For
2.4 Elect Director Kumamoto, Toshihiko Mgmt For For
2.5 Elect Director Ue, Toshiro Mgmt For For
3 Appoint Statutory Auditor Aramaki, Tomoko Mgmt For For
4 Approve Stock Option Plan Mgmt For For
Kyushu Railway Company
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J41079104
Ticker: 9142
Primary ISIN: JP3247010006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 44
Mgmt
For
For
2 Amend Articles to Abolish Board Structure
with Statutory Auditors - Adopt Board
Structure with Audit Committee - Amend
Provisions on Number of Directors - Authorize
Directors to Execute Day to Day Operations
without Full Board Approval
Mgmt For For
3.1 Elect Director Karaike, Koji Mgmt For For
3.2 Elect Director Aoyagi, Toshihiko Mgmt For For
3.3 Elect Director Maeda, Hayato Mgmt For For
3.4 Elect Director Tanaka, Ryuji Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kyushu Railway Company
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.5 Elect Director Furumiya, Yoji Mgmt For For
3.6 Elect Director Hirokawa, Masaya Mgmt For For
3.7 Elect Director Toshima, Koji Mgmt For For
3.8 Elect Director Nuki, Masayoshi Mgmt For For
3.9 Elect Director Kuwano, Izumi Mgmt For For
4.1
4.2
4.3
4.4
5
6
Elect Director and Audit Committee Member
Kuga, Eiichi
Elect Director and Audit Committee Member
Goto, Yasuko
Elect Director and Audit Committee Member
Ide, Kazuhide
Elect Director and Audit Committee Member
Eto, Yasunori
Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members
Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
For
For
Maeda Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J39315106
Ticker: 1824
Primary ISIN: JP3861200008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 16
Mgmt For For
2.1 Elect Director Obara, Koichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Maeda, Soji Mgmt For For
2.3 Elect Director Fukuta, Kojiro Mgmt For For
2.4 Elect Director Nagao, Makoto Mgmt For For
2.5 Elect Director Sekimoto, Shogo Mgmt For For
2.6 Elect Director Adachi, Hiromi Mgmt For For
2.7 Elect Director Kondo, Seiichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Maeda Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.8 Elect Director Imaizumi, Yasuhiko Mgmt For For
2.9 Elect Director Kibe, Kazunari Mgmt For For
2.10 Elect Director Okawa, Naoya Mgmt For For
2.11 Elect Director Nakashima, Nobuyuki Mgmt For For
2.12 Elect Director Watanabe, Akira Mgmt For For
2.13 Elect Director Dobashi, Akio Mgmt For For
3 Approve Equity Compensation Plan Mgmt For For
Marubeni Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J39788138
Ticker: 8002
Primary ISIN: JP3877600001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Asada, Teruo Mgmt For For
1.2 Elect Director Kokubu, Fumiya Mgmt For For
1.3 Elect Director Matsumura, Yukihiko Mgmt For For
1.4 Elect Director Kakinoki, Masumi Mgmt For For
1.5 Elect Director Yabe, Nobuhiro Mgmt For For
1.6 Elect Director Miyata, Hirohisa Mgmt For For
1.7 Elect Director Kitabata, Takao Mgmt For For
1.8 Elect Director Takahashi, Kyohei Mgmt For For
1.9
Elect Director Fukuda, Susumu
Mgmt
For
For
1.10 Elect Director Okina, Yuri Mgmt For For
Miraca Holdings Inc
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4352B101
Ticker: 4544
Primary ISIN: JP3822000000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Miraca Holdings Inc
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Takeuchi, Shigekazu Mgmt For Against
Blended Rationale: Vote AGAINST the president if they sit on nominating committee.
1.2 Elect Director Kitamura, Naoki Mgmt For For
1.3 Elect Director Ishiguro, Miyuki Mgmt For For
1.4 Elect Director Ito, Ryoji Mgmt For For
1.5 Elect Director Yamauchi, Susumu Mgmt For For
1.6 Elect Director Amano, Futomichi Mgmt For For
1.7 Elect Director Aoyama, Shigehiro Mgmt For For
Mitsubishi Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J43830116
Ticker: 8058
Primary ISIN: JP3898400001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 63
Mgmt For For
2.1 Elect Director Kobayashi, Ken Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kakiuchi, Takehiko Mgmt For For
2.3 Elect Director Nishiura, Kanji Mgmt For For
2.4 Elect Director Masu, Kazuyuki Mgmt For For
2.5 Elect Director Toide, Iwao Mgmt For For
2.6 Elect Director Murakoshi, Akira Mgmt For For
2.7 Elect Director Sakakida, Masakazu Mgmt For For
2.8 Elect Director Icho, Mitsumasa Mgmt For For
2.9 Elect Director Nishiyama, Akihiko Mgmt For For
2.10 Elect Director Omiya, Hideaki Mgmt For For
2.11 Elect Director Oka, Toshiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.12 Elect Director Saiki, Akitaka Mgmt For For
2.13 Elect Director Tatsuoka, Tsuneyoshi Mgmt For For
3 Appoint Statutory Auditor Uchino, Shuma Mgmt For For
4 Approve Annual Bonus Mgmt For For
Mitsubishi Materials Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44024107
Ticker: 5711
Primary ISIN: JP3903000002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Takeuchi, Akira Mgmt For Against
Blended Rationale: A vote AGAINST this nominee is warranted because:- Top management should be held responsible for the
group-wide inspection data manipulation.
1.2 Elect Director Iida, Osamu Mgmt For For
1.3 Elect Director Ono, Naoki Mgmt For For
1.4 Elect Director Suzuki, Yasunobu Mgmt For For
1.5 Elect Director Kishi, Kazuhiro Mgmt For For
1.6 Elect Director Shibata, Makoto Mgmt For For
1.7 Elect Director Tokuno, Mariko Mgmt For For
1.8 Elect Director Watanabe, Hiroshi Mgmt For For
1.9 Elect Director Sugi, Hikaru Mgmt For For
2.1 Appoint Statutory Auditor Kasai, Naoto Mgmt For For
2.2 Appoint Statutory Auditor Wakabayashi,
Tatsuo
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Mitsubishi Motors Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44131167
Ticker: 7211
Primary ISIN: JP3899800001
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Motors Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Carlos Ghosn
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2
Elect Director Masuko, Osamu
Mgmt
For
Against
Blended Rationale: A vote AGAINST this nominee is warranted because as the top executive who has been on the board since
2004, became the president in 2005, and the chairman and CEO in 2014, CEO Masuko should be held responsible for the fuel
economy test data falsification incident.
3.3 Elect Director Miyanaga, Shunichi Mgmt For For
3.4 Elect Director Kobayashi, Ken Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.5
Elect Director Kawaguchi, Hitoshi
Mgmt
For
Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.6
Elect Director Karube, Hiroshi
Mgmt
For
Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.7
Elect Director Egami, Setsuko
Mgmt
For
For
3.8
Elect Director Koda, Main
Mgmt
For
For
4.1
Appoint Statutory Auditor Shiraji, Kozo
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4.2
Appoint Statutory Auditor Nagayasu,
Katsunori
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Mitsubishi Tanabe Pharma Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4448H104
Ticker: 4508
Primary ISIN: JP3469000008
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Tanabe Pharma Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 28
Mgmt For For
2.1 Elect Director Mitsuka, Masayuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kobayashi, Takashi Mgmt For For
2.3 Elect Director Ishizaki, Yoshiaki Mgmt For For
2.4 Elect Director Murakami, Seiichi Mgmt For For
2.5 Elect Director Tabaru, Eizo Mgmt For For
2.6 Elect Director Tanaka, Takashi Mgmt For For
2.7 Elect Director Matsumoto,Takeshi Mgmt For For
2.8 Elect Director Hattori, Shigehiko Mgmt For For
2.9 Elect Director Iwane, Shigeki Mgmt For For
2.10 Elect Director Kamijo, Tsutomu Mgmt For For
3 Appoint Statutory Auditor Enoki, Hiroshi Mgmt For For
4 Appoint Alternate Statutory Auditor Ichida,
Ryo
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
Mizuho Financial Group Inc.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4599L102
Ticker: 8411
Primary ISIN: JP3885780001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Sakai, Tatsufumi
Mgmt
For
For
1.2 Elect Director Nishiyama, Takanori Mgmt For For
1.3 Elect Director Umemiya, Makoto Mgmt For For
1.4 Elect Director Shibata, Yasuyuki Mgmt For For
1.5 Elect Director Kikuchi, Hisashi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mizuho Financial Group Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1.6
Elect Director Sato, Yasuhiro
Mgmt
For
For
1.7 Elect Director Aya, Ryusuke Mgmt For For
1.8 Elect Director Funaki, Nobukatsu Mgmt For For
1.9 Elect Director Seki, Tetsuo Mgmt For For
1.10 Elect Director Kawamura, Takashi Mgmt For For
1.11 Elect Director Kainaka, Tatsuo Mgmt For For
1.12 Elect Director Abe, Hirotake Mgmt For For
1.13 Elect Director Ota, Hiroko Mgmt For For
1.14 Elect Director Kobayashi, Izumi Mgmt For For
2 Amend Articles to Require Individual
Compensation Disclosure for Directors
SH Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The proposed disclosure would promote
accountability and help shareholders make better-informed decisions.
3 Amend Articles to Separate Chairman of the SH
Board and CEO
Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The addition of the language to the
articles is not detrimental to shareholders and it will add credence to the company that it will continue the current practice to
separate the roles of chair of the board and CEO.
4 Amend Articles to Require Company to Urge SH
Subsidiaries Owning Shares in Allied Firms to
Vote Shares Appropriately
Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- Constructive, well-considered voting
serves the interests of both the shareholder and the portfolio company.
5 Amend Articles to Establish Corporate Ethics SH
Code regarding Acts of Purchasing Sexual
Services from Minors and Other Similar Acts
6 Amend Articles to Create Platform for SH
Dialogue between Shareholders and the
Company Using Blockchain
Against
Against
Against
Against
Nagase & Co., Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J47270103
Ticker: 8012
Primary ISIN: JP3647800006
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nagase & Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 23
Mgmt For For
2.1 Elect Director Nagase, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Nagase, Reiji Mgmt For For
2.3 Elect Director Asakura, Kenji Mgmt For For
2.4 Elect Director Naba, Mitsuro Mgmt For For
2.5 Elect Director Morishita, Osamu Mgmt For For
2.6 Elect Director Wakabayashi, Ichiro Mgmt For For
2.7 Elect Director Yamauchi, Takanori Mgmt For For
2.8 Elect Director Nishi, Hidenori Mgmt For For
2.9 Elect Director Kemori, Nobumasa Mgmt For For
2.10 Elect Director Ikemoto, Masaya Mgmt For For
3 Appoint Statutory Auditor Matsui, Gan Mgmt For For
4 Appoint Alternate Statutory Auditor Miyaji,
Hidekado
Mgmt For For
Nankai Electric Railway Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J48431134
Ticker: 9044
Primary ISIN: JP3653000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt For For
Nifco Inc.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: 654101104
Ticker: 7988
Primary ISIN: JP3756200006
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nifco Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 64
Mgmt For For
2 Amend Articles to Reduce Directors' Term Mgmt For For
3.1
Elect Director Yamamoto, Toshiyuki
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Iwasaki, Fukuo Mgmt For For
3.3 Elect Director Shibao, Masaharu Mgmt For
For
3.4 Elect Director Yauchi, Toshiki Mgmt For
For
3.5 Elect Director Gyoten, Toyo Mgmt For
For
4 Appoint Statutory Auditor Suzuki, Akinobu Mgmt For
For
5 Appoint Alternate Statutory Auditor Mgmt
Wakabayashi, Masakazu
For
For
Nippo Corp.
Meeting Date: 06/22/2018 Country: Japan
Primary Security ID: J5192P101
Meeting Type: Annual Ticker: 1881
Primary ISIN: JP3750200002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 40
Mgmt For For
2.1 Elect Director Iwata, Hiromi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Takahashi, Akitsugu Mgmt For For
2.3 Elect Director Yoshikawa, Yoshikazu Mgmt For For
2.4 Elect Director Miyazaki, Masahiro Mgmt For For
2.5 Elect Director Hashimoto, Yuji Mgmt For For
2.6 Elect Director Arai, Akio Mgmt For For
2.7 Elect Director Numajiri, Osamu Mgmt For For
2.8 Elect Director Kawada, Junichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippo Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.9 Elect Director Kimura, Tsutomu Mgmt For For
2.10 Elect Director Ueda, Muneaki Mgmt For For
Nitto Denko Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J58472119
Ticker: 6988
Primary ISIN: JP3684000007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 80
Mgmt For For
2 Approve Annual Bonus Mgmt For For
3.1
Elect Director Takasaki, Hideo
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Umehara, Toshiyuki Mgmt For For
3.3 Elect Director Takeuchi, Toru Mgmt For
For
3.4 Elect Director Nakahira, Yasushi Mgmt For
For
3.5 Elect Director Todokoro, Nobuhiro Mgmt For
For
3.6 Elect Director Miki, Yosuke Mgmt For
For
3.7 Elect Director Furuse, Yoichiro Mgmt For
For
3.8 Elect Director Hatchoji, Takashi Mgmt For
For
3.9 Elect Director Fukuda, Tamio Mgmt For
For
4 Approve Two Types of Equity Compensation Mgmt
Plans
For
For
Nomura Holdings Inc.
Meeting Date: 06/22/2018 Country: Japan
Primary Security ID: J58646100
Meeting Type: Annual Ticker: 8604
Primary ISIN: JP3762600009
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nomura Holdings Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Koga, Nobuyuki Mgmt For Against
Blended Rationale: Vote AGAINST the chairman if they sit on nominating committee.
1.2 Elect Director Nagai, Koji Mgmt For For
1.3 Elect Director Nagamatsu, Shoichi Mgmt For For
1.4 Elect Director Miyashita, Hisato Mgmt For For
1.5 Elect Director Kimura, Hiroshi Mgmt For For
1.6 Elect Director Ishimura, Kazuhiko Mgmt For For
1.7 Elect Director Shimazaki, Noriaki Mgmt For For
1.8 Elect Director Sono, Mari Mgmt For For
1.9 Elect Director Michael Lim Choo San Mgmt For For
1.10 Elect Director Laura Simone Unger Mgmt For For
Nomura Research Institute Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J5900F106
Ticker: 4307
Primary ISIN: JP3762800005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Shimamoto, Tadashi
Mgmt
For
For
1.2 Elect Director Konomoto, Shingo Mgmt For For
1.3 Elect Director Ueno, Ayumu Mgmt For For
1.4 Elect Director Usumi, Yoshio Mgmt For For
1.5 Elect Director Doi, Miwako Mgmt For For
1.6 Elect Director Matsuzaki, Masatoshi Mgmt For For
1.7 Elect Director Omiya, Hideaki Mgmt For For
2.1 Appoint Statutory Auditor Sato, Kohei Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.2 Appoint Statutory Auditor Yamazaki, Kiyotaka Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nomura Research Institute Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Approve Equity Compensation Plan Mgmt For For
NS Solutions Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J59332106
Ticker: 2327
Primary ISIN: JP3379900008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Change Company Name Mgmt For For
2.1 Elect Director Shashiki, Munetaka Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kitamura, Koichi Mgmt For For
2.3 Elect Director Kondo, Kazumasa Mgmt For For
2.4 Elect Director Oshiro, Takashi Mgmt For For
2.5 Elect Director Morita, Hiroyuki Mgmt For For
2.6 Elect Director Kunimoto, Mamoru Mgmt For For
2.7 Elect Director Fukushima, Tetsuji Mgmt For For
2.8 Elect Director Tamaoki, Kazuhiko Mgmt For For
2.9 Elect Director Kamoshida, Akira Mgmt For For
2.10 Elect Director Aoshima, Yaichi Mgmt For For
NSK Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J55505101
Ticker: 6471
Primary ISIN: JP3720800006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Uchiyama, Toshihiro Mgmt For Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NSK Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent. In addition, vote
AGAINST the president if they sit on nominating committee.
1.2 Elect Director Nogami, Saimon Mgmt For For
1.3 Elect Director Suzuki, Shigeyuki Mgmt For For
1.4 Elect Director Kamio, Yasuhiro Mgmt For For
1.5 Elect Director Goto, Nobuo Mgmt For For
1.6 Elect Director Ichii, Akitoshi Mgmt For For
1.7 Elect Director Enomoto, Toshihiko Mgmt For For
1.8 Elect Director Kama, Kazuaki Mgmt For For
1.9 Elect Director Furukawa, Yasunobu Mgmt For For
1.10 Elect Director Ikeda, Teruhiko Mgmt For For
1.11 Elect Director Bada, Hajime Mgmt For For
1.12 Elect Director Mochizuki, Akemi Mgmt For For
Ono Pharmaceutical Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J61546115
Ticker: 4528
Primary ISIN: JP3197600004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 20
Mgmt
For
For
2.1 Elect Director Sagara, Gyo Mgmt For For
2.2 Elect Director Awata, Hiroshi Mgmt For For
2.3 Elect Director Sano, Kei Mgmt For For
2.4 Elect Director Kawabata, Kazuhito Mgmt For For
2.5 Elect Director Ono, Isao Mgmt For For
2.6 Elect Director Kato, Yutaka Mgmt For For
2.7 Elect Director Kurihara, Jun Mgmt For For
2.8 Elect Director Nomura, Masao Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Paltac Corporation
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6349W106
Ticker: 8283
Primary ISIN: JP3782200004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Mikita, Kunio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2
Elect Director Morinaga, Tadashi
Mgmt
For
For
1.3
Elect Director Ninomiya, Kunio
Mgmt
For
For
1.4
Elect Director Kasutani, Seiichi
Mgmt
For
For
1.5
Elect Director Tashiro, Masahiko
Mgmt
For
For
1.6 Elect Director Tsujimoto, Yukinori Mgmt For For
1.7 Elect Director Wada, Osamu Mgmt For For
1.8
Elect Director Noma, Masahiro
Mgmt
For
For
1.9 Elect Director Yogo, Katsutoshi Mgmt For For
1.10 Elect Director Matsumoto, Ryu Mgmt For For
1.11
Elect Director Oishi, Kaori
Mgmt
For
For
Resona Holdings, Inc.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6448E106
Ticker: 8308
Primary ISIN: JP3500610005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Articles to Remove Provisions on
Non-Common Shares
Mgmt
For
For
2.1 Elect Director Higashi, Kazuhiro Mgmt For For
2.2 Elect Director Iwanaga, Shoichi Mgmt For For
2.3 Elect Director Fukuoka, Satoshi Mgmt For For
2.4 Elect Director Isono, Kaoru Mgmt For For
2.5 Elect Director Arima, Toshio Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Resona Holdings, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.6
Elect Director Sanuki, Yoko
Mgmt
For
For
2.7 Elect Director Urano, Mitsudo Mgmt For For
2.8 Elect Director Matsui, Tadamitsu Mgmt For For
2.9 Elect Director Sato, Hidehiko Mgmt For For
2.10 Elect Director Baba, Chiharu Mgmt For For
Ricoh Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J64683105
Ticker: 7752
Primary ISIN: JP3973400009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 7.5
Mgmt
For
For
2 Amend Articles to Amend Business Lines -
Reduce Directors' Term
Mgmt For For
3.1 Elect Director Yamashita, Yoshinori Mgmt For For
3.2 Elect Director Inaba, Nobuo Mgmt For For
3.3 Elect Director Matsuishi, Hidetaka Mgmt For For
3.4 Elect Director Sakata, Seiji Mgmt For For
3.5 Elect Director Azuma, Makoto Mgmt For For
3.6 Elect Director Iijima, Masami Mgmt For For
3.7 Elect Director Hatano, Mutsuko Mgmt For For
3.8 Elect Director Mori, Kazuhiro Mgmt For For
Rohto Pharmaceutical Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J65371106
Ticker: 4527
Primary ISIN: JP3982400008
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Rohto Pharmaceutical Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yamada, Kunio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Yoshino, Toshiaki Mgmt For For
1.3 Elect Director Lekh Raj Juneja Mgmt For For
1.4 Elect Director Saito, Masaya Mgmt For For
1.5 Elect Director Kambara, Yoichi Mgmt For For
1.6 Elect Director Kunisaki, Shinichi Mgmt For For
1.7 Elect Director Yamada, Tetsumasa Mgmt For For
1.8 Elect Director Uemura, Hideto Mgmt For For
1.9 Elect Director Rikiishi, Masako Mgmt For For
1.10 Elect Director Segi, Hidetoshi Mgmt For For
1.11 Elect Director Yamada, Yasuhiro Mgmt For For
1.12 Elect Director Matsunaga, Mari Mgmt For For
1.13 Elect Director Torii, Shingo Mgmt For For
2 Appoint Statutory Auditor Masumoto, Takeshi Mgmt For For
Sega Sammy Holdings Inc.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7028D104
Ticker: 6460
Primary ISIN: JP3419050004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Business Lines -
Change Location of Head Office
Mgmt For For
2.1 Elect Director Satomi, Hajime Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Satomi, Haruki
Mgmt
For
For
2.3
Elect Director Tsurumi, Naoya
Mgmt
For
For
2.4
Elect Director Fukazawa, Koichi
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sega Sammy Holdings Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5 Elect Director Okamura, Hideki Mgmt For For
2.6 Elect Director Natsuno, Takeshi Mgmt For Against
Blended Rationale: Vote AGAINST as outside director nominee sit on more than 6 Japanese public company boards as of last
year.
2.7 Elect Director Katsukawa, Kohei Mgmt For For
2.8 Elect Director Onishi, Hiroshi Mgmt For For
SKY Perfect JSAT Holdings Inc
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J75606103
Ticker: 9412
Primary ISIN: JP3396350005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Takada, Shinji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Nito, Masao Mgmt For For
1.3 Elect Director Koyama, Koki Mgmt For For
1.4 Elect Director Yokomizu, Shinji Mgmt For For
1.5 Elect Director Komaki, Jiro Mgmt For For
1.6 Elect Director Yonekura, Eiichi Mgmt For For
1.7 Elect Director Nakatani, Iwao Mgmt For For
1.8 Elect Director Iijima, Kazunobu Mgmt For For
1.9 Elect Director Kosaka, Kiyoshi Mgmt For For
1.10 Elect Director Kosugi, Yoshinobu Mgmt For For
1.11 Elect Director Fujiwara, Hiroshi Mgmt For For
2 Appoint Statutory Auditor Kokubu, Mikio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sony Financial Holdings Inc.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J76337104
Ticker: 8729
Primary ISIN: JP3435350008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt For For
2.1 Elect Director Ishii, Shigeru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kiyomiya, Hiroaki Mgmt For For
2.3 Elect Director Ito, Yutaka Mgmt For For
2.4 Elect Director Hagimoto, Tomo Mgmt For For
2.5 Elect Director Niwa, Atsuo Mgmt For For
2.6 Elect Director Sumimoto, Yuichiro Mgmt For For
2.7 Elect Director Kambe, Shiro Mgmt For For
2.8 Elect Director Yamamoto, Isao Mgmt For For
2.9 Elect Director Kuniya, Shiro Mgmt For For
2.10 Elect Director Ito, Takatoshi Mgmt For For
3 Appoint Alternate Statutory Auditor Saegusa,
Takaharu
Mgmt For For
Square Enix Holdings Co., Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7659R109
Ticker: 9684
Primary ISIN: JP3164630000
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1 Amend Articles to Adopt Board Structure with
Audit Committee - Amend Provisions on
Number of Directors - Authorize Directors to
Execute Day to Day Operations without Full
Board Approval
Mgmt For Against
Blended Rationale: Vote AGAINST as the proposed maximum board size will exceed 15 directors
2.1
Elect Director Matsuda, Yosuke
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Square Enix Holdings Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.2
Elect Director Chida, Yukinobu
Mgmt
For
For
2.3 Elect Director Yamamura, Yukihiro Mgmt For For
2.4 Elect Director Nishiura, Yuji Mgmt For For
2.5 Elect Director Ogawa, Masato Mgmt For For
3.1 Elect Director and Audit Committee Member
Kobayashi, Ryoichi
Mgmt For For
3.2 Elect Director and Audit Committee Member
Matsuda, Ryuji
Mgmt For For
3.3 Elect Director and Audit Committee Member
Toyoshima, Tadao
Mgmt For For
4 Elect Alternate Director and Audit Committee
Member Fujii, Satoshi
Mgmt For For
5 Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members
Mgmt For For
6 Approve Deep Discount Stock Option Plan Mgmt For Against
Blended Rationale: Vote AGAINST as outside directors are eligible to participate
7 Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
Mgmt
For
For
Subaru Corp
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7676H100
Ticker: 7270
Primary ISIN: JP3814800003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 72
Mgmt
For
For
2 Amend Articles to Clarify Director Authority
on Shareholder Meetings - Amend Provisions
on Director Titles
Mgmt For For
3.1 Elect Director Yoshinaga, Yasuyuki Mgmt For Against
Blended Rationale: A vote against is applied following engagement under LGIM’s Climate Impact Pledge. Specific asks were
made and assessed and not met.
3.2 Elect Director Nakamura, Tomomi Mgmt For For
3.3 Elect Director Okawara, Masaki Mgmt For For
3.4 Elect Director Okada, Toshiaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Subaru Corp
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.5 Elect Director Kato, Yoichi Mgmt For For
3.6 Elect Director Onuki, Tetsuo Mgmt For For
3.7 Elect Director Komamura, Yoshinori Mgmt For For
3.8 Elect Director Aoyama, Shigehiro Mgmt For For
4 Appoint Alternate Statutory Auditor
Tamazawa, Kenji
Mgmt
For
For
Sumitomo Corp.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77282119
Ticker: 8053
Primary ISIN: JP3404600003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 34
Mgmt
For
For
2 Amend Articles to Amend Business Lines -
Change Location of Head Office
Mgmt For For
3.1 Elect Director Nakamura, Kuniharu Mgmt For For
3.2 Elect Director Hyodo, Masayuki Mgmt For For
3.3 Elect Director Iwasawa, Hideki Mgmt For For
3.4 Elect Director Fujita, Masahiro Mgmt For For
3.5 Elect Director Takahata, Koichi Mgmt For For
3.6 Elect Director Yamano, Hideki Mgmt For For
3.7 Elect Director Tanaka, Yayoi Mgmt For For
3.8 Elect Director Ehara, Nobuyoshi Mgmt For For
3.9 Elect Director Ishida, Koji Mgmt For For
3.10 Elect Director Iwata, Kimie Mgmt For For
3.11 Elect Director Yamazaki, Hisashi Mgmt For For
4 Appoint Statutory Auditor Murai, Toshiaki Mgmt For For
5 Approve Annual Bonus Mgmt For For
6 Approve Compensation Ceiling for Directors Mgmt For For
7 Approve Equity Compensation Plan Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sumitomo Forestry Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77454122
Ticker: 1911
Primary ISIN: JP3409800004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Yano, Ryu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ichikawa, Akira Mgmt For For
2.3 Elect Director Sasabe, Shigeru Mgmt For For
2.4 Elect Director Sato, Tatsuru Mgmt For For
2.5 Elect Director Wada, Ken Mgmt For For
2.6 Elect Director Mitsuyoshi, Toshiro Mgmt For For
2.7 Elect Director Fukuda, Akihisa Mgmt For For
2.8 Elect Director Kawata, Tatsumi Mgmt For For
2.9 Elect Director Hirakawa, Junko Mgmt For For
2.10 Elect Director Yamashita, Izumi Mgmt For For
3.1 Appoint Statutory Auditor Hayano, Hitoshi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Tetsu, Yoshimasa Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.3 Appoint Statutory Auditor Matsuo, Makoto Mgmt For
For
4 Approve Annual Bonus Mgmt For
For
5 Approve Equity Compensation Plan Mgmt For
For
Sysmex Corp
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7864H102
Ticker: 6869
Primary ISIN: JP3351100007
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sysmex Corp
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 36
Mgmt For For
2.1 Elect Director Ietsugu, Hisashi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Nakajima, Yukio Mgmt For For
2.3 Elect Director Asano, Kaoru Mgmt For
For
2.4 Elect Director Tachibana, Kenji Mgmt For
For
2.5 Elect Director Obe, Kazuya Mgmt For
For
2.6 Elect Director Watanabe, Mitsuru Mgmt For
For
2.7 Elect Director Yamamoto, Junzo Mgmt For
For
2.8 Elect Director Nishiura, Susumu Mgmt For
For
2.9 Elect Director Takahashi, Masayo Mgmt For
For
3.1 Elect Director and Audit Committee Member Mgmt
Kamao, Yukitoshi
For
For
3.2 Elect Director and Audit Committee Member Mgmt
Onishi, Koichi
For
For
3.3 Elect Director and Audit Committee Member Mgmt
Kajiura, Kazuhito
For
For
Terumo Corp.
Meeting Date: 06/22/2018 Country: Japan
Primary Security ID: J83173104
Meeting Type: Annual Ticker: 4543
Primary ISIN: JP3546800008
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 27
Mgmt
For
For
2.1 Elect Director Mimura, Takayoshi Mgmt For For
2.2 Elect Director Sato, Shinjiro Mgmt For For
2.3 Elect Director Takagi, Toshiaki Mgmt For For
2.4 Elect Director Hatano, Shoji Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Terumo Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5 Elect Director David Perez Mgmt For For
2.6 Elect Director Mori, Ikuo Mgmt For For
2.7 Elect Director Ueda, Ryuzo Mgmt For For
2.8 Elect Director Kuroda,Yukiko Mgmt For For
3 Elect Alternate Director and Audit Committee
Member Sakaguchi, Koichi
Mgmt
For
For
Tobu Railway Co. Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J84162148
Ticker: 9001
Primary ISIN: JP3597800006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 17.5
Mgmt
For
For
2 Amend Articles to Amend Provisions on
Number of Directors - Amend Provisions on
Director Titles
Mgmt For For
3.1 Elect Director Nezu, Yoshizumi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Tsunoda, Kenichi Mgmt For For
3.3 Elect Director Miwa, Hiroaki Mgmt For For
3.4 Elect Director Sekiguchi, Koichi Mgmt For For
3.5 Elect Director Onodera, Toshiaki Mgmt For For
3.6 Elect Director Kobiyama, Takashi Mgmt For For
3.7 Elect Director Yamamoto, Tsutomu Mgmt For For
3.8 Elect Director Shibata, Mitsuyoshi Mgmt For For
3.9 Elect Director Ando, Takaharu Mgmt For For
4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: Vote AGAINST as the board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokuyama Corporation
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J86506110
Ticker: 4043
Primary ISIN: JP3625000009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Kusunoki, Masao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Yokota, Hiroshi Mgmt For For
2.3 Elect Director Nakahara, Takeshi Mgmt For For
2.4 Elect Director Adachi, Hideki Mgmt For For
2.5 Elect Director Hamada, Akihiro Mgmt For For
2.6 Elect Director Sugimura, Hideo Mgmt For For
3 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: Vote AGAINST as the board is less than 1/3 independent.
TS TECH Co., Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J9299N100
Ticker: 7313
Primary ISIN: JP3539230007
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 42
Mgmt
For
For
2 Amend Articles to Clarify Director Authority
on Shareholder Meetings - Clarify Director
Authority on Board Meetings
Mgmt For For
3.1 Elect Director Inoue, Michio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Yui, Yoshiaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
TS TECH Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3.3
Elect Director Yasuda, Masanari
Mgmt
For
For
3.4 Elect Director Maeda, Minoru Mgmt For For
3.5 Elect Director Nakajima, Yoshitaka Mgmt For For
3.6 Elect Director Yoshida, Hitoshi Mgmt For For
3.7 Elect Director Mase, Koichi Mgmt For For
3.8 Elect Director Hayashi, Akihiko Mgmt For For
3.9 Elect Director Hasegawa, Kenichi Mgmt For For
3.10 Elect Director Arai, Yutaka Mgmt For For
3.11 Elect Director Igaki, Atsushi Mgmt For For
3.12 Elect Director Ariga, Yoshikazu Mgmt For For
3.13 Elect Director Kitamura, Shizuo Mgmt For For
3.14 Elect Director Mutaguchi, Teruyasu Mgmt For For
4 Appoint Statutory Auditor Motoda, Tatsuya Mgmt For For
5 Appoint Alternate Statutory Auditor
Wasemoto, Kazunori
Mgmt For For
Zensho Holdings Co., Ltd.
Meeting Date: 06/22/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J9885X108
Ticker: 7550
Primary ISIN: JP3429300001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 9
Mgmt For For
2 Appoint Statutory Auditor Takeuchi, Koji Mgmt For For
Benesse Holdings Inc
Meeting Date: 06/23/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0429N102
Ticker: 9783
Primary ISIN: JP3835620000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Benesse Holdings Inc
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Adachi, Tamotsu
Mgmt
For
For
1.2 Elect Director Iwata, Shinjiro Mgmt For For
1.3 Elect Director Fukuhara, Kenichi Mgmt For For
1.4 Elect Director Kobayashi, Hitoshi Mgmt For For
1.5 Elect Director Takiyama, Shinya Mgmt For For
1.6 Elect Director Yamasaki, Masaki Mgmt For For
1.7 Elect Director Tsujimura, Kiyoyuki Mgmt For For
1.8 Elect Director Fukutake, Hideaki Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
1.9
Elect Director Yasuda, Ryuji
Mgmt
For
For
1.10
Elect Director Kuwayama, Nobuo
Mgmt
For
For
DeNA Co Ltd
Meeting Date: 06/23/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J1257N107
Ticker: 2432
Primary ISIN: JP3548610009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 32
Mgmt
For
For
2.1 Elect Director Namba, Tomoko Mgmt For For
2.2 Elect Director Moriyasu, Isao Mgmt For For
2.3 Elect Director Harada, Akinori Mgmt For For
2.4 Elect Director Otsuka, Hiroyuki Mgmt For For
2.5 Elect Director Domae, Nobuo Mgmt For For
3 Appoint Statutory Auditor Kondo, Yukinao Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sundrug Co. Ltd.
Meeting Date: 06/23/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J78089109
Ticker: 9989
Primary ISIN: JP3336600006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 33
Mgmt For For
2.1 Elect Director Saitsu, Tatsuro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Akao, Kimiya Mgmt For For
2.3 Elect Director Tsuruta, Kazuhiro Mgmt For
For
2.4 Elect Director Sadakata, Hiroshi Mgmt For
For
2.5 Elect Director Sakai, Yoshimitsu Mgmt For
For
2.6 Elect Director Tada, Takashi Mgmt For
For
2.7 Elect Director Tada, Naoki Mgmt For
For
2.8 Elect Director Sugiura, Nobuhiko Mgmt For
For
2.9 Elect Director Fujiwara, Kenji Mgmt For
For
2.10 Elect Director Matsumoto, Masato Mgmt For
For
Matsui Securities
Meeting Date: 06/24/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4086C102
Ticker: 8628
Primary ISIN: JP3863800003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 27
Mgmt For For
2.1 Elect Director Matsui, Michio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Imada, Hirohito
Mgmt
For
For
2.3
Elect Director Moribe, Takashi
Mgmt
For
For
2.4
Elect Director Warita, Akira
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Matsui Securities
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.5
Elect Director Sato, Kunihiko
Mgmt
For
For
2.6 Elect Director Uzawa, Shinichi Mgmt For For
2.7 Elect Director Saiga, Moto Mgmt For For
2.8 Elect Director Shibata, Masashi Mgmt For For
2.9 Elect Director Igawa, Moto Mgmt For For
2.10 Elect Director Annen, Junji Mgmt For For
3 Appoint Statutory Auditor Yajima, Hiroyuki Mgmt For For
Dai-Ichi Life Holdings Inc.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J09748112
Ticker: 8750
Primary ISIN: JP3476480003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt
For
For
2.1 Elect Director Watanabe, Koichiro Mgmt For For
2.2 Elect Director Inagaki, Seiji Mgmt For For
2.3 Elect Director Tsuyuki, Shigeo Mgmt For For
2.4 Elect Director Tsutsumi, Satoru Mgmt For For
2.5 Elect Director Ishii, Kazuma Mgmt For For
2.6 Elect Director Taketomi, Masao Mgmt For For
2.7 Elect Director Teramoto, Hideo Mgmt For For
2.8 Elect Director George Olcott Mgmt For For
2.9 Elect Director Maeda, Koichi Mgmt For For
2.10 Elect Director Inoue, Yuriko Mgmt For For
3.1 Elect Director and Audit Committee Member
Nagahama, Morinobu
Mgmt For For
3.2 Elect Director and Audit Committee Member
Kondo, Fusakazu
Mgmt For For
3.3 Elect Director and Audit Committee Member
Sato, Rieko
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Dai-Ichi Life Holdings Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.4
3.5
4
5
Elect Director and Audit Committee Member
Shu, Ungyon
Elect Director and Audit Committee Member
Masuda, Koichi
Elect Alternate Director and Audit Committee
Member Tsuchiya, Fumiaki
Approve Equity Compensation Plan
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
Fujitsu Ltd.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J15708159
Ticker: 6702
Primary ISIN: JP3818000006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Tanaka, Tatsuya
Mgmt
For
For
1.2 Elect Director Taniguchi, Norihiko Mgmt For For
1.3 Elect Director Tsukano, Hidehiro Mgmt For For
1.4 Elect Director Duncan Tait Mgmt For For
1.5 Elect Director Yamamoto, Masami Mgmt For For
1.6 Elect Director Yokota, Jun Mgmt For For
1.7 Elect Director Mukai, Chiaki Mgmt For For
1.8 Elect Director Abe, Atsushi Mgmt For For
1.9 Elect Director Kojima, Kazuto Mgmt For For
1.10 Elect Director Kojo, Yoshiko Mgmt For For
2 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
Hitachi Construction Machinery Co. Ltd.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J20244109
Ticker: 6305
Primary ISIN: JP3787000003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hitachi Construction Machinery Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Okuhara, Kazushige Mgmt For For
1.2 Elect Director Toyama, Haruyuki Mgmt For For
1.3 Elect Director Hirakawa, Junko Mgmt For For
1.4 Elect Director Ishizuka, Tatsuro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, vote AGAINST
the chairman who sit on nominating committee.
1.5 Elect Director Katsurayama, Tetsuo Mgmt For For
1.6 Elect Director Sakurai, Toshikazu Mgmt For For
1.7 Elect Director Sumioka, Koji Mgmt For For
1.8 Elect Director Tanaka, Koji Mgmt For For
1.9 Elect Director Hirano, Kotaro Mgmt For Against
Blended Rationale: Vote AGAINST the president who sit on nominating committee.
1.10
Elect Director Fujii, Hirotoyo
Mgmt
For
For
Marui Group Co. Ltd.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J40089104
Ticker: 8252
Primary ISIN: JP3870400003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Aoi, Hiroshi
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Okajima, Etsuko Mgmt For For
3.3 Elect Director Taguchi, Yoshitaka Mgmt For For
3.4 Elect Director Muroi, Masahiro Mgmt For For
3.5 Elect Director Ishii, Tomo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Marui Proposal
Number
Group Co. Ltd.
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.6
Elect Director Nakamura, Masao
Mgmt
For
For
3.7 Elect Director Kato, Hirotsugu Mgmt For For
4 Appoint Statutory Auditor Fuse, Nariaki Mgmt For For
5 Appoint Alternate Statutory Auditor Nozaki,
Akira
Mgmt For For
Mitsubishi Shokuhin Co Ltd.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4445N104
Ticker: 7451
Primary ISIN: JP3976000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Moriyama, Toru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Suzuki, Daiichiro Mgmt For For
2.3 Elect Director Furuya, Toshiki Mgmt For For
2.4 Elect Director Sugiyama, Yoshihiko Mgmt For For
2.5 Elect Director Enomoto, Koichi Mgmt For For
2.6 Elect Director Mori, Shinsaku Mgmt For For
2.7 Elect Director Onose, Takashi Mgmt For For
2.8 Elect Director Yamasaki, Nodoka Mgmt For For
2.9 Elect Director Kakizaki, Tamaki Mgmt For For
2.10 Elect Director Teshima, Nobuyuki Mgmt For For
MS&AD Insurance Group Holdings
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4687C105
Ticker: 8725
Primary ISIN: JP3890310000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
MS&AD Insurance Group Holdings
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 65
Mgmt For For
2.1 Elect Director Suzuki, Hisahito Mgmt For For
2.2
Elect Director Karasawa, Yasuyoshi
Mgmt
For
For
2.3
Elect Director Hara, Noriyuki
Mgmt
For
For
2.4
Elect Director Kanasugi, Yasuzo
Mgmt
For
For
2.5 Elect Director Fujii, Shiro Mgmt For For
2.6 Elect Director Higuchi, Masahiro Mgmt For For
2.7
Elect Director Kuroda, Takashi
Mgmt
For
For
2.8 Elect Director Matsunaga, Mari Mgmt For For
2.9 Elect Director Bando, Mariko Mgmt For For
2.10
Elect Director Arima, Akira
Mgmt
For
For
2.11
Elect Director Ikeo, Kazuhito
Mgmt
For
For
2.12 Elect Director Tobimatsu, Junichi Mgmt For For
3 Approve Compensation Ceiling for Directors Mgmt For For
NEC Corporation
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J48818207
Ticker: 6701
Primary ISIN: JP3733000008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Endo, Nobuhiro
Mgmt
For
For
1.2 Elect Director Niino, Takashi Mgmt For For
1.3 Elect Director Morita, Takayuki Mgmt For For
1.4 Elect Director Emura, Katsumi Mgmt For For
1.5 Elect Director Matsukura, Hajime Mgmt For For
1.6 Elect Director Ishiguro, Norihiko Mgmt For For
1.7 Elect Director Kunibe, Takeshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NEC Corporation
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1.8
Elect Director Oka, Motoyuki
Mgmt
For
For
1.9 Elect Director Noji, Kunio Mgmt For For
1.10 Elect Director Seto, Kaoru Mgmt For For
1.11 Elect Director Iki, Noriko Mgmt For For
2.1 Appoint Statutory Auditor Kawashima, Isamu Mgmt For For
2.2 Appoint Statutory Auditor Ishii, Taeko Mgmt For For
3 Approve Annual Bonus Mgmt For For
OBIC Business Consultants Co. Ltd.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J59469106
Ticker: 4733
Primary ISIN: JP3173500004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 40
Mgmt
For
For
2 Amend Articles to Amend Business Lines -
Authorize Public Announcements in Electronic
Format
Mgmt For For
3 Elect Director Kawanishi, Atsushi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
4 Appoint Statutory Auditor Isaka, Shinji
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
5 Approve Annual Bonus
Mgmt
For
For
Sompo Holdings, Inc.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7621A101
Ticker: 8630
Primary ISIN: JP3165000005
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sompo Holdings, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 55
Mgmt For For
2.1 Elect Director Sakurada, Kengo Mgmt For For
2.2
Elect Director Tsuji, Shinji
Mgmt
For
For
2.3
Elect Director Fujikura, Masato
Mgmt
For
For
2.4
Elect Director Okumura, Mikio
Mgmt
For
For
2.5 Elect Director Tanaka, Junichi Mgmt For For
2.6 Elect Director Hamada, Masahiro Mgmt For For
2.7
Elect Director Nishizawa, Keiji
Mgmt
For
For
2.8 Elect Director Oba, Yasuhiro Mgmt For For
2.9 Elect Director Nohara, Sawako Mgmt For For
2.10
Elect Director Endo, Isao
Mgmt
For
For
2.11
Elect Director Murata, Tamami
Mgmt
For
For
2.12 Elect Director Scott Trevor Davis Mgmt For For
3.1 Appoint Statutory Auditor Hanada, Hidenori Mgmt For For
3.2
Appoint Statutory Auditor Yanagida, Naoki
Mgmt
For
For
Toho Gas Co. Ltd.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J84850114
Ticker: 9533
Primary ISIN: JP3600200004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 27.5
Mgmt For For
2.1 Elect Director Yasui, Koichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Tominari, Yoshiro Mgmt For For
2.3 Elect Director Niwa, Shinji Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toho Gas Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.4
Elect Director Hayashi, Takayasu
Mgmt
For
For
2.5 Elect Director Ito, Katsuhiko Mgmt For For
2.6 Elect Director Kodama, Mitsuhiro Mgmt For For
2.7 Elect Director Senda, Shinichi Mgmt For For
2.8 Elect Director Miyahara, Koji Mgmt For For
2.9 Elect Director Hattori, Tetsuo Mgmt For For
3.1 Appoint Statutory Auditor Nakamura, Osamu Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Hamada, Michiyo Mgmt For For
4 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
Tokio Marine Holdings, Inc.
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J86298106
Ticker: 8766
Primary ISIN: JP3910660004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 80
Mgmt For For
2.1 Elect Director Sumi, Shuzo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Nagano, Tsuyoshi Mgmt For For
2.3 Elect Director Fujii, Kunihiko Mgmt For For
2.4 Elect Director Fujita, Hirokazu Mgmt For For
2.5 Elect Director Yuasa, Takayuki Mgmt For For
2.6 Elect Director Kitazawa, Toshifumi Mgmt For For
2.7 Elect Director Nakazato, Katsumi Mgmt For For
2.8 Elect Director Mimura, Akio Mgmt For For
2.9 Elect Director Sasaki, Mikio Mgmt For For
2.10 Elect Director Egawa, Masako Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokio Marine Holdings, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.11 Elect Director Mitachi, Takashi Mgmt For For
2.12 Elect Director Okada, Makoto Mgmt For For
2.13 Elect Director Komiya, Satoru Mgmt For For
3.1 Appoint Statutory Auditor Wani, Akihiro Mgmt For For
3.2 Appoint Statutory Auditor Mori, Shozo Mgmt For For
3.3 Appoint Statutory Auditor Otsuki, Nana Mgmt For For
Tokyo Century Corp
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0R091109
Ticker: 8439
Primary ISIN: JP3424950008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 62
Mgmt For For
2.1 Elect Director Tamba, Toshihito Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Asada, Shunichi Mgmt For For
2.3 Elect Director Shimizu, Yoshinori Mgmt For For
2.4 Elect Director Yoshida, Masao Mgmt For For
2.5 Elect Director Higaki, Yukito Mgmt For For
2.6 Elect Director Nakamura, Akio Mgmt For For
2.7 Elect Director Nogami, Makoto Mgmt For For
2.8 Elect Director Yukiya, Masataka Mgmt For For
2.9 Elect Director Baba, Koichi Mgmt For For
2.10 Elect Director Tamano, Osamu Mgmt For For
2.11 Elect Director Mizuno, Seiichi Mgmt For For
2.12 Elect Director Naruse, Akihiro Mgmt For For
2.13 Elect Director Nakagawa, Ko Mgmt For For
3.1 Appoint Statutory Auditor Ikeda, Yuichiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokyo Century Corp
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.2 Appoint Statutory Auditor Fujieda, Masao Mgmt For For
4 Appoint Alternate Statutory Auditor Iwanaga,
Toshihiko
Mgmt
For
For
Yahoo Japan Corporation
Meeting Date: 06/25/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J95402103
Ticker: 4689
Primary ISIN: JP3933800009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kawabe, Kentaro Mgmt For For
1.2 Elect Director Miyasaka, Manabu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.3
Elect Director Son, Masayoshi
Mgmt
For
For
1.4
Elect Director Miyauchi, Ken
Mgmt
For
For
1.5
Elect Director Arthur Chong
Mgmt
For
Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
1.6 Elect Director Alexi A. Wellman Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2 Elect Director and Audit Committee Member Mgmt
Kimiwada, Kazuko
For
3.1 Elect Alternate Director and Audit Committee Mgmt
Member Tobita, Hiroshi
For
3.2 Elect Alternate Director and Audit Committee Mgmt
Member Morikawa, Hiroshi
For
Yamaha Corp.
Meeting Date: 06/25/2018 Country: Japan
Primary Security ID: J95732103
Meeting Type: Annual Ticker: 7951
Primary ISIN: JP3942600002
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Yamaha Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 28
Mgmt For For
2 Approve Accounting Transfers Mgmt For For
3 Amend Articles to Make Technical Changes
Mgmt
For
For
4.1
Elect Director Nakata, Takuya
Mgmt
For
Against
Blended Rationale: Vote AGAINST the president if they sit on nominating committee.
4.2 Elect Director Yamahata, Satoshi Mgmt For For
4.3 Elect Director Hosoi, Masahito Mgmt For For
4.4 Elect Director Nosaka, Shigeru Mgmt For For
4.5 Elect Director Ito, Masatoshi Mgmt For For
4.6 Elect Director Hakoda, Junya Mgmt For For
4.7 Elect Director Nakajima, Yoshimi Mgmt For For
4.8 Elect Director Fukui, Taku Mgmt For For
4.9 Elect Director Hidaka, Yoshihiro Mgmt For For
Aiful Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J00557108
Ticker: 8515
Primary ISIN: JP3105040004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Fukuda, Yoshitaka Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Sato, Masayuki Mgmt For For
1.3 Elect Director Oishi, Kazumitsu Mgmt For For
1.4 Elect Director Nakagawa, Tsuguo Mgmt For For
1.5 Elect Director Fukuda, Mitsuhide Mgmt For For
1.6 Elect Director Tanaka, Yoshiaki Mgmt For For
1.7 Elect Director Uemura, Hiroshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Aiful Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.8 Elect Director Masui, Keiji Mgmt For For
2 Elect Director and Audit Committee Member
Shimamura, Minoru
3 Elect Alternate Director and Audit Committee
Member Imada, Satoru
Mgmt
Mgmt
For
For
For
For
Ajinomoto Co. Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J00882126
Ticker: 2802
Primary ISIN: JP3119600009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 17
Mgmt For For
2 Appoint Statutory Auditor Amano, Hideki Mgmt For For
Alfresa Holdings Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0109X107
Ticker: 2784
Primary ISIN: JP3126340003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Business Lines Mgmt For For
2.1 Elect Director Kanome, Hiroyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kubo, Taizo Mgmt For For
2.3 Elect Director Miyake, Shunichi Mgmt For For
2.4 Elect Director Masunaga, Koichi Mgmt For For
2.5 Elect Director Izumi, Yasuki Mgmt For For
2.6 Elect Director Arakawa, Ryuji Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Alfresa Holdings Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.7
Elect Director Katsuki, Hisashi
Mgmt
For
For
2.8 Elect Director Shimada, Koichi Mgmt For For
2.9 Elect Director Terai, Kimiko Mgmt For For
2.10 Elect Director Yatsurugi, Yoichiro Mgmt For For
2.11 Elect Director Konno, Shiho Mgmt For For
3.1 Appoint Statutory Auditor Kuwayama, Kenji Mgmt For For
3.2 Appoint Statutory Auditor Ito, Takashi Mgmt For For
4 Appoint Alternate Statutory Auditor Ueda, Yuji Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
Awa Bank Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J03612108
Ticker: 8388
Primary ISIN: JP3126800006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 4.5
Mgmt
For
For
2 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
3 Amend Articles to Adopt Board Structure with
Audit Committee - Reduce Share Trading Unit
- Amend Provisions on Number of Directors -
Indemnify Directors - Authorize Board to
Determine Income Allocation
Mgmt For Against
Blended Rationale: Vote AGAINST the proposal as it allows board to determine income allocation.
4.1 Elect Director Okada, Yoshifumi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
4.2 Elect Director Nagaoka, Susumu Mgmt For For
4.3 Elect Director Onishi, Yasuo Mgmt For For
4.4 Elect Director Fukunaga, Takehisa Mgmt For For
4.5 Elect Director Miyoshi, Toshiyuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Awa Bank Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.6
Elect Director Yamato, Shiro
Mgmt
For
For
4.7 Elect Director Miura, Atsunori Mgmt For For
5.1 Elect Director and Audit Committee Member
Kaide, Takao
Mgmt For For
5.2 Elect Director and Audit Committee Member
Komatsu, Yasuhiro
Mgmt For For
5.3 Elect Director and Audit Committee Member
Sonoki, Hiroshi
Mgmt For For
5.4 Elect Director and Audit Committee Member
Yonebayashi, Akira
Mgmt For For
5.5 Elect Director and Audit Committee Member
Araki, Kojiro
Mgmt For For
5.6 Elect Director and Audit Committee Member
Fujii, Hiroshi
Mgmt For For
5.7 Elect Director and Audit Committee Member
Noda, Seiko
Mgmt For For
6 Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members
Mgmt For For
7 Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
Mgmt For For
8 Approve Director and Statutory Auditor
Retirement Bonus
Mgmt For Against
Blended Rationale: Vote AGAINST as the payment amount is not disclosed.Vote AGAINST as recipients include outsiders.
9 Approve Bonus Related to Retirement Bonus
System Abolition
Mgmt
For
Against
Blended Rationale: Vote AGAINST as the payment amount is not disclosed.Vote AGAINST as recipients include outsiders.
10 Approve Trust-Type Equity Compensation
Plan
Mgmt
For
For
Azbil Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0370G106
Ticker: 6845
Primary ISIN: JP3937200008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 41
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Azbil Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2
Amend Articles to Remove All Provisions on
Advisory Positions
Mgmt
For
For
3.1 Elect Director Sone, Hirozumi Mgmt For For
3.2 Elect Director Iwasaki, Masato Mgmt For For
3.3 Elect Director Hojo, Yoshimitsu Mgmt For For
3.4 Elect Director Yokota, Takayuki Mgmt For For
3.5 Elect Director Hamada, Kazuyasu Mgmt For For
3.6 Elect Director Sasaki, Tadayuki Mgmt For For
3.7 Elect Director Eugene Lee Mgmt For For
3.8 Elect Director Tanabe, Katsuhiko Mgmt For For
3.9 Elect Director Ito, Takeshi Mgmt For For
3.10 Elect Director Fujiso, Waka Mgmt For For
Brother Industries Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: 114813108
Ticker: 6448
Primary ISIN: JP3830000000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Amend Articles to Make Technical Changes
Mgmt
For
For
2.1 Elect Director Koike, Toshikazu Mgmt For For
2.2 Elect Director Sasaki, Ichiro Mgmt For For
2.3 Elect Director Ishiguro, Tadashi Mgmt For For
2.4 Elect Director Kawanabe, Tasuku Mgmt For For
2.5 Elect Director Kamiya, Jun Mgmt For For
2.6 Elect Director Tada, Yuichi Mgmt For For
2.7 Elect Director Nishijo, Atsushi Mgmt For For
2.8 Elect Director Hattori, Shigehiko Mgmt For For
2.9 Elect Director Fukaya, Koichi Mgmt For For
2.10 Elect Director Matsuno, Soichi Mgmt For For
2.11 Elect Director Takeuchi, Keisuke Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Brother Industries Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1 Appoint Statutory Auditor Ogawa, Kazuyuki Mgmt For For
3.2 Appoint Statutory Auditor Yamada, Akira Mgmt For For
4 Approve Annual Bonus Mgmt For For
Chugoku Bank Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J07014103
Ticker: 8382
Primary ISIN: JP3521000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2.1 Elect Director Miyanaga, Masato Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors.
2.2 Elect Director Aoyama, Hajime Mgmt For For
2.3 Elect Director Kato, Sadanori Mgmt For For
2.4 Elect Director Asama, Yoshimasa Mgmt For For
2.5 Elect Director Fukuda, Masahiko Mgmt For For
2.6 Elect Director Terasaka, Koji Mgmt For For
2.7 Elect Director Harada, Ikuhide Mgmt For For
2.8 Elect Director Taniguchi, Shinichi Mgmt For For
2.9 Elect Director Shiwaku, Kazushi Mgmt For For
2.10 Elect Director Sato, Yoshio Mgmt For For
2.11 Elect Director Kodera, Akira Mgmt For For
3.1 Elect Director and Audit Committee Member
Okazaki, Yasuo
Mgmt For For
3.2 Elect Director and Audit Committee Member
Ando, Hiromichi
Mgmt For For
3.3 Elect Director and Audit Committee Member
Nishida, Michiyo
Mgmt For For
3.4 Elect Director and Audit Committee Member
Furuya, Hiromichi
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Chugoku Bank Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.5
3.6
Elect Director and Audit Committee Member
Saito, Toshihide
Elect Director and Audit Committee Member
Tanaka, Kazuhiro
Mgmt
Mgmt
For
For
For
For
COMSYS Holdings Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J5890P106
Ticker: 1721
Primary ISIN: JP3305530002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Kagaya, Takashi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Ito, Noriaki
Mgmt
For
For
2.3
Elect Director Ogawa, Akio
Mgmt
For
For
2.4
Elect Director Omura, Yoshihisa
Mgmt
For
For
2.5
Elect Director Sakamoto, Shigemi
Mgmt
For
For
2.6 Elect Director Aoyama, Akihiko Mgmt For For
2.7 Elect Director Kumagai, Hitoshi Mgmt For For
2.8
Elect Director Sato, Kenichi
Mgmt
For
For
2.9 Elect Director Ozaki, Hidehiko Mgmt For For
2.10 Elect Director Suda, Norio Mgmt For For
3 Approve Stock Option Plan
Mgmt
For
For
Daishi Bank Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J10794105
Ticker: 8324
Primary ISIN: JP3483800003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Daishi Bank Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Formation of Joint Holding Company
with Hokuetsu Bank
Mgmt For For
2.1 Elect Director Namiki, Fujio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Hasegawa, Satoshi Mgmt For For
2.3 Elect Director Watanabe, Takuya Mgmt For For
2.4 Elect Director Obara, Kiyofumi Mgmt For For
2.5 Elect Director Eizuka, Jumatsu Mgmt For For
2.6 Elect Director Ueguri, Michiro Mgmt For For
2.7 Elect Director Shindo, Hiroshi Mgmt For For
2.8 Elect Director Shibata, Ken Mgmt For For
3.1 Elect Director and Audit Committee Member
Kawai, Shinjiro
Mgmt For For
3.2 Elect Director and Audit Committee Member
Miyamoto, Nobuaki
Mgmt For For
3.3 Elect Director and Audit Committee Member
Tsurui, Eiichi
Mgmt For For
3.4 Elect Director and Audit Committee Member
Masuda, Koichi
Mgmt For For
3.5 Elect Director and Audit Committee Member
Oda, Toshizo
Mgmt For For
3.6 Elect Director and Audit Committee Member
Fujikura, Katsuaki
Mgmt For For
Daito Trust Construction Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J11151107
Ticker: 1878
Primary ISIN: JP3486800000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 304
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Daito Trust Construction Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Elect Director Nakagami, Fumiaki Mgmt For For
Dowa Holdings Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J12432225
Ticker: 5714
Primary ISIN: JP3638600001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Authorize Public
Announcements in Electronic Format
Mgmt For For
2.1 Elect Director Yamada, Masao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sekiguchi, Akira Mgmt For For
2.3 Elect Director Mitsune, Yutaka Mgmt For
For
2.4 Elect Director Matsushita, Katsuji Mgmt For
For
2.5 Elect Director Kagaya, Susumu Mgmt For
For
2.6 Elect Director Kawaguchi, Jun Mgmt For
For
2.7 Elect Director Hosoda, Eiji Mgmt For
For
2.8 Elect Director Koizumi, Yoshiko Mgmt For
For
3 Appoint Alternate Statutory Auditor Oba, Mgmt
Koichiro
For
For
Exedy Corp.
Meeting Date: 06/26/2018 Country: Japan
Primary Security ID: J1326T101
Meeting Type: Annual Ticker: 7278
Primary ISIN: JP3161160001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Exedy Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Hisakawa, Hidehito Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Matsuda, Masayuki Mgmt For For
2.3 Elect Director Okamura, Shogo Mgmt For For
2.4 Elect Director Toyohara, Hiroshi Mgmt For For
2.5 Elect Director Matsuda, Kenji Mgmt For For
2.6 Elect Director Nakahara, Tadashi Mgmt For For
2.7 Elect Director Fujimoto, Shinji Mgmt For For
2.8 Elect Director Mitsuya, Makoto Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.9 Elect Director Akita, Koji Mgmt For
For
2.10 Elect Director Yoshikawa, Ichizo Mgmt For
For
2.11 Elect Director Takano, Toshiki Mgmt For
For
3 Approve Equity Compensation Plan Mgmt For
For
Fuji Electric Co., Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J14112106
Ticker: 6504
Primary ISIN: JP3820000002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
2.1 Elect Director Kitazawa, Michihiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sugai, Kenzo Mgmt For For
2.3 Elect Director Abe, Michio Mgmt For For
2.4 Elect Director Tomotaka, Masatsugu Mgmt For For
2.5 Elect Director Arai, Junichi Mgmt For For
2.6 Elect Director Tamba, Toshihito Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Fuji Electric Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.7
Elect Director Tachikawa, Naomi
Mgmt
For
For
2.8 Elect Director Hayashi, Yoshitsugu Mgmt For For
3 Appoint Statutory Auditor Okuno, Yoshio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Gunma Bank Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J17766106
Ticker: 8334
Primary ISIN: JP3276400003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7
Mgmt For For
2.1 Elect Director Kibe, Kazuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Saito, Kazuo Mgmt For For
2.3 Elect Director Horie, Nobuyuki Mgmt For For
2.4 Elect Director Fukai, Akihiko Mgmt For For
2.5 Elect Director Hirasawa, Yoichi Mgmt For For
2.6 Elect Director Kanai, Yuji Mgmt For For
2.7 Elect Director Hanasaki, Satoshi Mgmt For For
2.8 Elect Director Muto, Eiji Mgmt For For
2.9 Elect Director Kondo, Jun Mgmt For For
3.1 Appoint Statutory Auditor Watanabe, Noriyuki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Fukushima, Kaneo Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hino Motors Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: 433406105
Ticker: 7205
Primary ISIN: JP3792600003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Ichihashi, Yasuhiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Shimo, Yoshio Mgmt For For
1.3 Elect Director Mori, Satoru Mgmt For For
1.4 Elect Director Muta, Hirofumi Mgmt For For
1.5 Elect Director Endo, Shin Mgmt For For
1.6 Elect Director Nakane, Taketo Mgmt For For
1.7 Elect Director Sato, Shinichi Mgmt For For
1.8 Elect Director Hagiwara, Toshitaka Mgmt For For
1.9 Elect Director Yoshida, Motokazu Mgmt For For
1.10 Elect Director Terashi, Shigeki Mgmt For For
2 Appoint Alternate Statutory Auditor Kitahara,
Yoshiaki
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
3 Approve Annual Bonus Mgmt For For
Iida Group Holdings Co., Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J23426109
Ticker: 3291
Primary ISIN: JP3131090007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Iida Group Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Amend Articles to Lower Quorum
Requirement
Mgmt For Against
Blended Rationale: A vote AGAINST this proposal is warranted because:- Lowering the quorum requirement will remove a
powerful incentive for the company to reach out to its independent shareholders, and such a move would not be in
shareholders' interest.
Inpex Corporation
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2467E101
Ticker: 1605
Primary ISIN: JP3294460005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 9
Mgmt For For
2.1 Elect Director Kitamura, Toshiaki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ueda, Takayuki Mgmt For For
2.3 Elect Director Murayama, Masahiro Mgmt For For
2.4 Elect Director Ito, Seiya Mgmt For For
2.5 Elect Director Sugaya, Shunichiro Mgmt For For
2.6 Elect Director Ikeda, Takahiko Mgmt For For
2.7 Elect Director Kurasawa, Yoshikazu Mgmt For For
2.8 Elect Director Kittaka, Kimihisa Mgmt For For
2.9 Elect Director Sase, Nobuharu Mgmt For For
2.10 Elect Director Okada, Yasuhiko Mgmt For For
2.11 Elect Director Sato, Hiroshi Mgmt For For
2.12 Elect Director Matsushita, Isao Mgmt For For
2.13 Elect Director Yanai, Jun Mgmt For For
2.14 Elect Director Iio, Norinao Mgmt For For
2.15 Elect Director Nishimura, Atsuko Mgmt For For
3 Approve Annual Bonus Mgmt For For
4 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Itoham Yonekyu Holdings Inc
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J25898107
Ticker: 2296
Primary ISIN: JP3144500000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Business Lines Mgmt For For
2.1 Elect Director Ogawa, Hiromichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Miyashita, Isao Mgmt For For
2.3 Elect Director Shibayama, Ikuro Mgmt For For
2.4 Elect Director Horiuchi, Akihisa Mgmt For For
2.5 Elect Director Onuma, Naoto Mgmt For For
2.6 Elect Director Yamaguchi, Ken Mgmt For For
2.7 Elect Director Yoneda, Masayuki Mgmt For For
2.8 Elect Director Ichige, Yumiko Mgmt For For
2.9 Elect Director Ito, Aya Mgmt For For
3 Appoint Statutory Auditor Tsuchiya, Masaki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Equity Compensation Plan Mgmt For For
Japan Steel Works Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J27743129
Ticker: 5631
Primary ISIN: JP3721400004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Miyauchi, Naotaka Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Higashiizumi, Yutaka
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan Steel Works Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.3
Elect Director Shibata, Takashi
Mgmt
For
For
2.4 Elect Director Oshita, Masao Mgmt For For
2.5 Elect Director Matsuo, Toshio Mgmt For For
2.6 Elect Director Deguchi, Junichiro Mgmt For For
2.7 Elect Director Iwamoto, Takashi Mgmt For For
2.8 Elect Director Mochida, Nobuo Mgmt For For
2.9 Elect Director Degawa, Sadao Mgmt For For
3 Appoint Statutory Auditor Watanabe, Kenji Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus Mgmt For
For
5 Approve Compensation Ceilings for Directors Mgmt
and Statutory Auditors
For
For
6 Approve Equity Compensation Plan Mgmt For
For
Kajima Corp.
Meeting Date: 06/26/2018 Country: Japan
Primary Security ID: J29223120
Meeting Type: Annual Ticker: 1812
Primary ISIN: JP3210200006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 14
Mgmt
For
For
2 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
3.1 Elect Director Nakamura, Mitsuyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, a vote
AGAINST this director nominee is warranted because the nominee should be held responsible for the company's alleged
antitrust violation.
3.2 Elect Director Hinago, Takashi Mgmt For For
3.3 Elect Director Kayano, Masayasu Mgmt For For
3.4 Elect Director Ishikawa, Hiroshi Mgmt For For
3.5 Elect Director Hiraizumi, Nobuyuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kajima Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.6 Elect Director Kajima, Shoichi Mgmt For For
4 Appoint Statutory Auditor Nakagawa,
Masahiro
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Kikkoman Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J32620106
Ticker: 2801
Primary ISIN: JP3240400006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 17
Mgmt
For
For
2.1 Elect Director Mogi, Yuzaburo Mgmt For For
2.2 Elect Director Horikiri, Noriaki Mgmt For For
2.3 Elect Director Yamazaki, Koichi Mgmt For For
2.4 Elect Director Shimada, Masanao Mgmt For For
2.5 Elect Director Nakano, Shozaburo Mgmt For For
2.6 Elect Director Shimizu, Kazuo Mgmt For For
2.7 Elect Director Mogi, Osamu Mgmt For For
2.8 Elect Director Matsuyama, Asahi Mgmt For For
2.9 Elect Director Fukui, Toshihiko Mgmt For For
2.10 Elect Director Ozaki, Mamoru Mgmt For For
2.11 Elect Director Inokuchi, Takeo Mgmt For For
2.12 Elect Director Iino, Masako Mgmt For For
3 Appoint Statutory Auditor Kajikawa, Toru Mgmt For For
4 Appoint Alternate Statutory Auditor Endo,
Kazuyoshi
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kinden Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J33093105
Ticker: 1944
Primary ISIN: JP3263000006
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt
For
For
2 Approve Annual Bonus Mgmt For For
3 Amend Articles to Indemnify Directors -
Indemnify Statutory Auditors
Mgmt For For
4.1 Elect Director Ikoma, Masao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
4.2 Elect Director Maeda, Yukikazu Mgmt For For
4.3 Elect Director Morimoto, Masatake Mgmt For For
4.4 Elect Director Tanigaki, Yoshihiro Mgmt For For
4.5 Elect Director Amisaki, Masaya Mgmt For For
4.6 Elect Director Hayashi, Hiroyuki Mgmt For For
4.7 Elect Director Yukawa, Hidehiko Mgmt For For
4.8 Elect Director Uesaka, Takao Mgmt For For
4.9 Elect Director Tanaka, Hideo Mgmt For For
4.10 Elect Director Nishimura, Hiroshi Mgmt For For
4.11 Elect Director Yoshida, Harunori Mgmt For For
4.12 Elect Director Toriyama, Hanroku Mgmt For For
5.1 Appoint Statutory Auditor Sakata, Nobuhiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
5.2
Appoint Statutory Auditor Yoshioka, Masami
Mgmt
For
For
5.3
Appoint Statutory Auditor Kamakura,
Toshimitsu
Mgmt
For
For
Kyocera Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J37479110
Ticker: 6971
Primary ISIN: JP3249600002
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kyocera Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt For For
2 Elect Director Jinno, Junichi Mgmt For For
Kyushu Financial Group, Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3S63D109
Ticker: 7180
Primary ISIN: JP3246500007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kai, Takahiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kamimura, Motohiro Mgmt For For
1.3 Elect Director Mogami, Tsuyoshi Mgmt For For
1.4 Elect Director Nakamura, Tsutomu Mgmt For For
1.5 Elect Director Kasahara, Yosihisa Mgmt For For
1.6 Elect Director Koriyama, Akihisa Mgmt For For
1.7 Elect Director Hayashida, Toru Mgmt For For
1.8 Elect Director Tsuruta, Tsukasa Mgmt For For
1.9 Elect Director Watanabe, Katsuaki Mgmt For For
1.10 Elect Director Nemoto, Yuji Mgmt For For
2 Appoint Statutory Auditor Tanabe, Yuichi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Maruichi Steel Tube Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J40046104
Ticker: 5463
Primary ISIN: JP3871200006
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Maruichi Steel Tube Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Suzuki, Hiroyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Yoshimura, Yoshinori Mgmt For For
1.3 Elect Director Horikawa, Daiji Mgmt For
For
1.4 Elect Director Meguro, Yoshitaka Mgmt For
For
1.5 Elect Director Nakano, Kenjiro Mgmt For
For
1.6 Elect Director Ushino, Kenichiro Mgmt For
For
1.7 Elect Director Fujioka, Yuka Mgmt For
For
2 Appoint Statutory Auditor Uozumi, Ryuta Mgmt For
For
Mazda Motor Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J41551110
Ticker: 7261
Primary ISIN: JP3868400007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Kogai, Masamichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Marumoto, Akira Mgmt For For
2.3 Elect Director Shobuda, Kiyotaka Mgmt For For
2.4 Elect Director Fujiwara, Kiyoshi Mgmt For For
2.5 Elect Director Koga, Akira Mgmt For For
3.1 Appoint Statutory Auditor Kawamura,
Hirofumi
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Kitamura, Akira Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Medipal Holdings Corp
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4189T101
Ticker: 7459
Primary ISIN: JP3268950007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Watanabe, Shuichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Chofuku, Yasuhiro Mgmt For For
1.3 Elect Director Yoda, Toshihide Mgmt For For
1.4 Elect Director Sakon, Yuji Mgmt For For
1.5 Elect Director Hasegawa, Takuro Mgmt For For
1.6 Elect Director Watanabe, Shinjiro Mgmt For For
1.7 Elect Director Ninomiya, Kunio Mgmt For For
1.8 Elect Director Kagami, Mitsuko Mgmt For For
1.9 Elect Director Asano, Toshio Mgmt For For
1.10 Elect Director Shoji, Kuniko Mgmt For For
Mitsubishi Chemical Holdings Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44046100
Ticker: 4188
Primary ISIN: JP3897700005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kobayashi, Yoshimitsu Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
1.2
Elect Director Ochi, Hitoshi
Mgmt
For
Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
1.3
Elect Director Kosakai, Kenkichi
Mgmt
For
For
1.4
Elect Director Glenn H. Fredrickson
Mgmt
For
For
1.5
Elect Director Umeha, Yoshihiro
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Chemical Holdings Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.6
Elect Director Urata, Hisao
Mgmt
For
For
1.7 Elect Director Fujiwara, Ken Mgmt For For
1.8 Elect Director Kikkawa, Takeo Mgmt For For
1.9 Elect Director Ito, Taigi Mgmt For For
1.10 Elect Director Watanabe, Kazuhiro Mgmt For For
1.11 Elect Director Kunii, Hideko Mgmt For For
1.12 Elect Director Hashimoto, Takayuki Mgmt For For
Mitsubishi Gas Chemical Co. Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J43959113
Ticker: 4182
Primary ISIN: JP3896800004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Sakai, Kazuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kurai, Toshikiyo Mgmt For For
1.3 Elect Director Inamasa, Kenji Mgmt For For
1.4 Elect Director Sato, Yasuhiro Mgmt For For
1.5 Elect Director Jono, Masahiro Mgmt For For
1.6 Elect Director Fujii, Masashi Mgmt For For
1.7 Elect Director Yoshida, Susumu Mgmt For For
1.8 Elect Director Mizukami, Masamichi Mgmt For For
1.9 Elect Director Inari, Masato Mgmt For For
1.10 Elect Director Ariyoshi, Nobuhisa Mgmt For For
1.11 Elect Director Tanigawa, Kazuo Mgmt For For
1.12 Elect Director Sato, Tsugio Mgmt For For
2 Appoint Statutory Auditor Kawa, Kunio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3 Approve Pension Reserve Plan for Directors Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Gas Chemical Co. Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4 Approve Compensation Ceiling for Directors Mgmt For For
5 Approve Equity Compensation Plan Mgmt For For
Mitsui Chemicals Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4466L136
Ticker: 4183
Primary ISIN: JP3888300005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 45
Mgmt
For
For
2.1 Elect Director Tannowa, Tsutomu Mgmt For For
2.2 Elect Director Kubo, Masaharu Mgmt For For
2.3 Elect Director Matsuo, Hideki Mgmt For For
2.4 Elect Director Shimogori, Takayoshi Mgmt For For
2.5 Elect Director Hashimoto, Osamu Mgmt For For
2.6 Elect Director Kuroda, Yukiko Mgmt For For
2.7 Elect Director Bada, Hajime Mgmt For For
2.8 Elect Director Tokuda, Hiromi Mgmt For For
3 Appoint Statutory Auditor Isayama, Shigeru Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Mitsui O.S.K. Lines Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J45013133
Ticker: 9104
Primary ISIN: JP3362700001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsui O.S.K. Lines Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Muto, Koichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ikeda, Junichiro Mgmt For For
2.3 Elect Director Takahashi, Shizuo Mgmt For
For
2.4 Elect Director Hashimoto, Takeshi Mgmt For
For
2.5 Elect Director Ono, Akihiko Mgmt For
For
2.6 Elect Director Maruyama, Takashi Mgmt For
For
2.7 Elect Director Matsushima, Masayuki Mgmt For
For
2.8 Elect Director Fujii, Hideto Mgmt For
For
2.9 Elect Director Katsu, Etsuko Mgmt For
For
3 Appoint Statutory Auditor Yamashita, Hideki Mgmt For
For
4 Appoint Alternate Statutory Auditor Seki, Isao Mgmt For
For
5 Approve Stock Option Plan Mgmt For
For
NGK Insulators Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J49076110
Ticker: 5333
Primary ISIN: JP3695200000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 23
Mgmt For For
2.1 Elect Director Oshima, Taku Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Takeuchi, Yukihisa Mgmt For For
2.3 Elect Director Kanie, Hiroshi Mgmt For For
2.4 Elect Director Sakabe, Susumu Mgmt For For
2.5 Elect Director Iwasaki, Ryohei Mgmt For For
2.6 Elect Director Niwa, Chiaki Mgmt For For
2.7 Elect Director Ishikawa, Shuhei Mgmt For For
2.8 Elect Director Saji, Nobumitsu Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NGK Insulators Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.9
Elect Director Matsuda, Atsushi
Mgmt
For
For
2.10 Elect Director Kamano, Hiroyuki Mgmt For For
2.11 Elect Director Nakamura, Toshio Mgmt For For
2.12 Elect Director Hamada, Emiko Mgmt For For
3 Appoint Statutory Auditor Ito, Junichi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor
Hashimoto, Shuzo
Mgmt For For
NGK Spark Plug Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J49119100
Ticker: 5334
Primary ISIN: JP3738600000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Odo, Shinichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Okawa, Teppei Mgmt For For
1.3 Elect Director Kawai, Takeshi Mgmt For For
1.4 Elect Director Kato, Mikihiko Mgmt For For
1.5 Elect Director Kojima, Takio Mgmt For For
1.6 Elect Director Matsui, Toru Mgmt For For
1.7 Elect Director Isobe, Kenji Mgmt For For
1.8 Elect Director Otaki, Morihiko Mgmt For For
1.9 Elect Director Yasui, Kanemaru Mgmt For For
1.10 Elect Director Tamagawa, Megumi Mgmt For For
2 Appoint Statutory Auditor Minato, Akihiko Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NH Foods Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4929Q102
Ticker: 2282
Primary ISIN: JP3743000006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Hata, Yoshihide Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent.
1.2 Elect Director Shinohara, Kazunori Mgmt For For
1.3 Elect Director Inoue, Katsumi Mgmt For
For
1.4 Elect Director Kawamura, Koji Mgmt For
For
1.5 Elect Director Okoso, Hiroji Mgmt For
For
1.6 Elect Director Kito, Tetsuhiro Mgmt For
For
1.7 Elect Director Takamatsu, Hajime Mgmt For
For
1.8 Elect Director Taka, Iwao Mgmt For
For
1.9 Elect Director Ikawa, Nobuhisa Mgmt For
For
1.10 Elect Director Kono, Yasuko Mgmt For
For
Nichirei Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J49764145
Ticker: 2871
Primary ISIN: JP3665200006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt For For
2.1 Elect Director Murai, Toshiaki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Otani, Kunio Mgmt For For
2.3 Elect Director Taguchi, Takumi Mgmt For For
2.4 Elect Director Kaneko, Yoshifumi Mgmt For For
2.5 Elect Director Okushi, Kenya Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nichirei Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.6
Elect Director Kawasaki, Junji
Mgmt
For
For
2.7 Elect Director Umezawa, Kazuhiko Mgmt For For
2.8 Elect Director Uzawa, Shizuka Mgmt For For
2.9 Elect Director Wanibuchi, Mieko Mgmt For For
2.10 Elect Director Shoji, Kuniko Mgmt For For
3 Appoint Statutory Auditor Yasuda, Kazuhiko Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Nihon M&A Center Inc
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J50883107
Ticker: 2127
Primary ISIN: JP3689050007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 24
Mgmt For For
2.1 Elect Director Wakebayashi, Yasuhiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Miyake, Suguru Mgmt For For
2.3 Elect Director Naraki, Takamaro Mgmt For For
2.4 Elect Director Otsuki, Masahiko Mgmt For For
2.5 Elect Director Oyama, Takayoshi Mgmt For For
2.6 Elect Director Takeuchi, Naoki Mgmt For For
2.7 Elect Director Mori, Tokihiko Mgmt For For
3.1 Elect Director and Audit Committee Member
Tamura, Nobutsugi
Mgmt For For
3.2 Elect Director and Audit Committee Member
Kinoshita, Naoki
Mgmt For For
3.3 Elect Director and Audit Committee Member
Yamada, Yoshinori
Mgmt For For
4 Elect Alternate Director and Audit Committee
Member Shiga, Katsumasa
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Steel & Sumitomo Metal Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J55678106
Ticker: 5401
Primary ISIN: JP3381000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 40
Mgmt For For
2 Amend Articles to Change Company Name Mgmt For For
3.1
Elect Director Muneoka, Shoji
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Shindo, Kosei Mgmt For For
3.3 Elect Director Hashimoto, Eiji Mgmt For For
3.4 Elect Director Sakae, Toshiharu Mgmt For For
3.5 Elect Director Tanimoto, Shinji Mgmt For For
3.6 Elect Director Nakamura, Shinichi Mgmt For For
3.7 Elect Director Inoue, Akihiko Mgmt For For
3.8 Elect Director Miyamoto, Katsuhiro Mgmt For For
3.9 Elect Director Nishiura, Shin Mgmt For For
3.10 Elect Director Iijima, Atsushi Mgmt For For
3.11 Elect Director Ando, Yutaka Mgmt For For
3.12 Elect Director Otsuka, Mutsutake Mgmt For For
3.13 Elect Director Fujisaki, Ichiro Mgmt For For
3.14 Elect Director Iki, Noriko Mgmt For For
4.1 Appoint Statutory Auditor Obayashi, Hiroshi Mgmt For For
4.2 Appoint Statutory Auditor Makino, Jiro Mgmt For For
Nippon Telegraph & Telephone Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J59396101
Ticker: 9432
Primary ISIN: JP3735400008
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Telegraph & Telephone Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75
Mgmt For For
2.1 Elect Director Shinohara, Hiromichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sawada, Jun Mgmt For For
2.3 Elect Director Shimada, Akira Mgmt For
For
2.4 Elect Director Ii, Motoyuki Mgmt For
For
2.5 Elect Director Okuno, Tsunehisa Mgmt For
For
2.6 Elect Director Kuriyama, Hiroki Mgmt For
For
2.7 Elect Director Hiroi, Takashi Mgmt For
For
2.8 Elect Director Sakamoto, Eiichi Mgmt For
For
2.9 Elect Director Kawazoe, Katsuhiko Mgmt For
For
2.10 Elect Director Kitamura, Ryota Mgmt For
For
2.11 Elect Director Shirai, Katsuhiko Mgmt For
For
2.12 Elect Director Sakakibara, Sadayuki Mgmt For
For
Nissan Motor Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J57160129
Ticker: 7201
Primary ISIN: JP3672400003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 26.5
Mgmt For For
2.1 Elect Director Ihara,Keiko Mgmt For For
2.2
Elect Director Toyoda, Masakazu
Mgmt
For
For
3.1
Appoint Statutory Auditor Imazu, Hidetoshi
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nissan Motor Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.2 Appoint Statutory Auditor Nagai, Moto Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.3
Appoint Statutory Auditor Ikeda, Tetsunobu
Mgmt
For
For
Nisshin Steel Co., Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J57828105
Ticker: 5413
Primary ISIN: JP3676200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Miki, Toshinori Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Yanagawa, Kinya Mgmt For For
1.3 Elect Director Miyakusu, Katsuhisa Mgmt For For
1.4 Elect Director Tanaka, Hideo Mgmt For For
1.5 Elect Director Miyoshi, Nobuhiro Mgmt For For
1.6 Elect Director Konno, Naoki Mgmt For For
1.7 Elect Director Naganuma, Toshiaki Mgmt For For
1.8 Elect Director Kaharu, Tetsuo Mgmt For For
1.9 Elect Director Hatchoji, Sonoko Mgmt For For
1.10 Elect Director Endo, Isao Mgmt For For
2 Appoint Statutory Auditor Yasui, Kiyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3 Appoint Alternate Statutory Auditor Teramura,
Atsuo
Mgmt For For
Nomura Real Estate Holdings, Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J5893B104
Ticker: 3231
Primary ISIN: JP3762900003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nomura Real Estate Holdings, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yoshikawa, Atsushi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kutsukake, Eiji Mgmt For For
1.3 Elect Director Miyajima, Seiichi Mgmt For For
1.4 Elect Director Seki, Toshiaki Mgmt For For
1.5 Elect Director Kimura, Hiroyuki Mgmt For For
1.6 Elect Director Haga, Makoto Mgmt For For
1.7 Elect Director Matsushima, Shigeru Mgmt For For
1.8 Elect Director Shinohara, Satoko Mgmt For For
2 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
North Pacific Bank Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J22260111
Ticker: 8524
Primary ISIN: JP3843400007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 5
Mgmt For For
2.1 Elect Director Ishii, Junji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Shibata, Ryu Mgmt For For
2.3 Elect Director Yasuda, Mitsuharu Mgmt For For
2.4 Elect Director Sakoda, Toshitaka Mgmt For For
2.5 Elect Director Takeuchi, Iwao Mgmt For For
2.6 Elect Director Nagano, Minoru Mgmt For For
2.7 Elect Director Fujiike, Hideki Mgmt For For
2.8 Elect Director Fukase, Satoshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
North Proposal
Number
Pacific Bank Ltd.
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.9
Elect Director Shindo, Satoshi
Mgmt
For
For
2.10 Elect Director Hayashi, Mikako Mgmt For For
2.11 Elect Director Ubagai, Rieko Mgmt For For
2.12 Elect Director Shimamoto, Kazuaki Mgmt For For
3 Appoint Statutory Auditor Matsushita,
Katsunori
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
NTN Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J59353110
Ticker: 6472
Primary ISIN: JP3165600002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7.5
Mgmt For For
2.1 Elect Director Okubo, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Inoue, Hironori Mgmt For For
2.3 Elect Director Terasaka, Yoshinori Mgmt For For
2.4 Elect Director Ohashi, Keiji Mgmt For For
2.5 Elect Director Miyazawa, Hideaki Mgmt For For
2.6 Elect Director Goto, Itsuji Mgmt For For
2.7 Elect Director Nakano, Hiroshi Mgmt For For
2.8 Elect Director Tsuji, Hidefumi Mgmt For For
2.9 Elect Director Umemoto, Takehiko Mgmt For For
2.10 Elect Director Shiratori, Toshinori Mgmt For For
2.11 Elect Director Kawashima, Kazuki Mgmt For For
2.12 Elect Director Ukai, Eiichi Mgmt For For
2.13 Elect Director Wada, Akira Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NTN Corp.
Proposal
Number Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.14 Elect Director Tsuda, Noboru
Mgmt
For
For
Obayashi Corp.
Meeting Date: 06/26/2018 Country: Japan Primary Security ID: J59826107
Meeting Type: Annual Ticker: 1802
Primary ISIN: JP3190000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14
Mgmt For For
2.1 Elect Director Obayashi, Takeo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. A vote AGAINST this
nominee is warranted because the nominee should be held responsible for the company's alleged antitrust violation.
2.2 Elect Director Hasuwa, Kenji Mgmt For For
2.3 Elect Director Ura, Shingo Mgmt For
For
2.4 Elect Director Kotera, Yasuo Mgmt For
For
2.5 Elect Director Murata, Toshihiko Mgmt For
For
2.6 Elect Director Sato, Takehito Mgmt For
For
2.7 Elect Director Sato, Toshimi Mgmt For
For
2.8 Elect Director Otake, Shinichi Mgmt For
For
2.9 Elect Director Koizumi, Shinichi Mgmt For
For
2.10 Elect Director Izumiya, Naoki Mgmt For
For
3.1 Appoint Statutory Auditor Ueno, Hikaru Mgmt For
For
3.2 Appoint Statutory Auditor Nakakita, Tetsuo Mgmt For
For
3.3 Appoint Statutory Auditor Nakamura, Akihiko Mgmt For
For
Okuma Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J60966116
Ticker: 6103
Primary ISIN: JP3172100004
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Okuma Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt For For
2.1 Elect Director Hanaki, Yoshimaro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ieki, Atsushi Mgmt For For
2.3 Elect Director Ryoki, Masato Mgmt For For
2.4 Elect Director Horie, Chikashi Mgmt For For
2.5 Elect Director Yamamoto, Takeshi Mgmt For For
2.6 Elect Director Ishimaru, Osamu Mgmt For For
2.7 Elect Director Kitagawa, Katsuyoshi Mgmt For For
2.8 Elect Director Senda, Harumitsu Mgmt For For
2.9 Elect Director Komura, Kinya Mgmt For For
2.10 Elect Director Okaya, Tokuichi Mgmt For For
2.11 Elect Director Ozawa, Masatoshi Mgmt For For
3.1 Appoint Statutory Auditor Yamawaki, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2
Appoint Alternate Statutory Auditor Inoue,
Shoji
Mgmt
For
For
Olympus Corporation
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J61240107
Ticker: 7733
Primary ISIN: JP3201200007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 28
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Olympus Corporation
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Sasa, Hiroyuki Mgmt For Against
Blended Rationale: A vote AGAINST this nominee is warranted because:- As the company president since 2012, Sasa should
ultimately be held responsible for the company's disclosure practices preventing shareholders from making sure that the
company has no legal issues with the case of the Chinese subsidiary.- There are compliance concerns, as manifested in the
case of alleged violation of bribery regulations at OSZ and the 2016 charge for illegal payments to doctors and hospitals in U.S
and Latin America, for which Sasa should ultimately be held responsible.
2.2 Elect Director Takeuchi, Yasuo Mgmt For For
2.3 Elect Director Taguchi, Akihiro Mgmt For
For
2.4 Elect Director Ogawa, Haruo Mgmt For
For
2.5 Elect Director Hirata, Kiichi Mgmt For
For
2.6 Elect Director Fujita, Sumitaka Mgmt For
For
2.7 Elect Director Katayama, Takayuki Mgmt For
For
2.8 Elect Director Kaminaga, Susumu Mgmt For
For
2.9 Elect Director Kikawa, Michijiro Mgmt For
For
2.10 Elect Director Iwamura, Tetsuo Mgmt For
For
2.11 Elect Director Masuda, Yasumasa Mgmt For
For
3 Appoint Alternate Statutory Auditor Teshima, Mgmt
Atsushi
For
For
Orient Corp.
Meeting Date: 06/26/2018 Country: Japan
Primary Security ID: J61890109
Meeting Type: Annual Ticker: 8585
Primary ISIN: JP3199000005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 2
Mgmt
For
For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1 Elect Director Okuma, Tomoaki Mgmt For For
3.2 Elect Director Itagaki, Satoshi Mgmt For For
3.3 Elect Director Shingu, Tatsushi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Orix Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J61933123
Ticker: 8591
Primary ISIN: JP3200450009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Amend Articles to Amend Business Lines
Mgmt
For
For
2.1 Elect Director Inoue, Makoto Mgmt For For
2.2 Elect Director Nishigori, Yuichi Mgmt For For
2.3 Elect Director Fushitani, Kiyoshi Mgmt For For
2.4 Elect Director Stan Koyanagi Mgmt For For
2.5 Elect Director Irie, Shuji Mgmt For For
2.6 Elect Director Yano, Hitomaro Mgmt For For
2.7 Elect Director Tsujiyama, Eiko Mgmt For For
2.8 Elect Director Robert Feldman Mgmt For For
2.9 Elect Director Niinami, Takeshi Mgmt For For
2.10 Elect Director Usui, Nobuaki Mgmt For For
2.11 Elect Director Yasuda, Ryuji Mgmt For For
2.12 Elect Director Takenaka, Heizo Mgmt For For
Penta-Ocean Construction Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J63653109
Ticker: 1893
Primary ISIN: JP3309000002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14
Mgmt For For
2.1 Elect Director Shimizu, Takuzo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ueda, Kazuya Mgmt For For
2.3 Elect Director Togo, Akihiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Penta-Ocean Construction Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.4
Elect Director Noguchi, Tetsushi
Mgmt
For
For
2.5 Elect Director Tahara, Ryoji Mgmt For For
2.6 Elect Director Inatomi, Michio Mgmt For For
2.7 Elect Director Watanabe, Hiroshi Mgmt For For
2.8 Elect Director Yamashita, Tomoyuki Mgmt For For
2.9 Elect Director Kawashima, Yasuhiro Mgmt For For
2.10 Elect Director Takahashi, Hidenori Mgmt For For
2.11 Elect Director Furuya, Naoki Mgmt For For
3.1 Appoint Statutory Auditor Miyazono, Takeshi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Shigemoto, Kyota Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Persol Holdings Co., Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6367Q106
Ticker: 2181
Primary ISIN: JP3547670004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2.1 Elect Director Mizuta, Masamichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Takahashi, Hirotoshi Mgmt For For
2.3 Elect Director Wada, Takao Mgmt For For
2.4 Elect Director Ozawa, Toshihiro Mgmt For For
2.5 Elect Director Seki, Kiyoshi Mgmt For For
2.6 Elect Director Tamakoshi, Ryosuke Mgmt For For
2.7 Elect Director Peter W. Quigley Mgmt For For
3.1 Elect Director and Audit Committee Member
Shimazaki, Hiroshi
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Persol Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.2
3.3
3.4
Elect Director and Audit Committee Member
Shindo, Naoshige
Elect Director and Audit Committee Member
Nishiguchi, Naohiro
Elect Director and Audit Committee Member
Enomoto, Chisa
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
Relo Group Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6436W118
Ticker: 8876
Primary ISIN: JP3755200007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Sasada, Masanori Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Nakamura, Kenichi Mgmt For For
1.3 Elect Director Kadota, Yasushi Mgmt For
For
1.4 Elect Director Koshinaga, Kenji Mgmt For
For
1.5 Elect Director Shimizu, Yasuji Mgmt For
For
1.6 Elect Director Kawano, Takeshi Mgmt For
For
1.7 Elect Director Onogi, Takashi Mgmt For
For
1.8 Elect Director Udagawa, Kazuya Mgmt For
For
2 Approve Compensation Ceiling for Directors Mgmt For
For
San-in Godo Bank Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J67220103
Ticker: 8381
Primary ISIN: JP3324000003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
San-in Godo Bank Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 19
Mgmt For For
2
3.1
Amend Articles to Authorize Public
Announcements in Electronic Format
Elect Director Kubota, Ichiro
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Ishimaru, Fumio Mgmt For For
3.3 Elect Director Yamasaki, Toru Mgmt For For
3.4 Elect Director Sugihara, Nobuharu Mgmt For For
3.5 Elect Director Imawaka, Yasuhiro Mgmt For For
3.6 Elect Director Tago, Hideto Mgmt For For
3.7 Elect Director Tanabe, Choemon Mgmt For For
3.8 Elect Director Kuratsu, Yasuyuki Mgmt For For
4 Amend Performance-Based Cash
Compensation for Directors Approved at 2015
AGM
Mgmt For For
Santen Pharmaceutical Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J68467109
Ticker: 4536
Primary ISIN: JP3336000009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 13
Mgmt
For
For
2.1 Elect Director Kurokawa, Akira Mgmt For For
2.2 Elect Director Taniuchi, Shigeo Mgmt For For
2.3 Elect Director Ito, Takeshi Mgmt For For
2.4 Elect Director Tsujimura, Akihiro Mgmt For For
2.5 Elect Director Oishi, Kanoko Mgmt For For
2.6 Elect Director Shintaku, Yutaro Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Santen Pharmaceutical Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7 Elect Director Minakawa, Kunihito Mgmt For For
3 Appoint Statutory Auditor Miyasaka, Yasuyuki Mgmt For For
4 Approve Compensation Ceiling for Directors
and Equity Compensation Plan
Mgmt
For
For
Sawai Pharmaceutical Co., Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J69811107
Ticker: 4555
Primary ISIN: JP3323050009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 65
Mgmt For For
2.1 Elect Director Sawai, Hiroyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sawai, Mitsuo Mgmt For For
2.3 Elect Director Sawai, Kenzo Mgmt For For
2.4 Elect Director Kodama, Minoru Mgmt For For
2.5 Elect Director Sueyoshi, Kazuhiko Mgmt For For
2.6 Elect Director Terashima, Toru Mgmt For For
2.7 Elect Director Sugao, Hidefumi Mgmt For For
2.8 Elect Director Todo, Naomi Mgmt For For
3 Appoint Statutory Auditor Tsubokura, Tadao Mgmt For For
SCREEN Holdings Co., Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6988U114
Ticker: 7735
Primary ISIN: JP3494600004
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
SCREEN Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 110
Mgmt For For
2.1 Elect Director Kakiuchi, Eiji Mgmt For For
2.2
Elect Director Minamishima, Shin
Mgmt
For
For
2.3
Elect Director Oki, Katsutoshi
Mgmt
For
For
2.4
Elect Director Nadahara, Soichi
Mgmt
For
For
2.5 Elect Director Kondo, Yoichi Mgmt For For
2.6 Elect Director Ando, Kimito Mgmt For For
2.7
Elect Director Murayama, Shosaku
Mgmt
For
For
2.8 Elect Director Saito, Shigeru Mgmt For For
2.9 Elect Director Yoda, Makoto Mgmt For For
3 Appoint Alternate Statutory Auditor Kikkawa,
Tetsuo
Mgmt
For
For
SCSK Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J70081104
Ticker: 9719
Primary ISIN: JP3400400002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tabuchi, Masao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Tanihara, Toru Mgmt For For
1.3 Elect Director Mikogami, Daisuke Mgmt For For
1.4 Elect Director Fukunaga, Tetsuya Mgmt For For
1.5 Elect Director Tamefusa, Koji Mgmt For For
1.6 Elect Director Nambu, Toshikazu Mgmt For For
1.7 Elect Director Tsuyuguchi, Akira Mgmt For For
1.8 Elect Director Matsuda, Kiyoto Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
SCSK Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Elect Director and Audit Committee Member
Shiraishi, Kazuko
Mgmt For For
Secom Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J69972107
Ticker: 9735
Primary ISIN: JP3421800008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 80
Mgmt For For
2.1 Elect Director Iida, Makoto Mgmt For For
2.2
Elect Director Nakayama, Yasuo
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.3 Elect Director Yoshida, Yasuyuki Mgmt For For
2.4 Elect Director Nakayama, Junzo Mgmt For
For
2.5 Elect Director Ozeki, Ichiro Mgmt For
For
2.6 Elect Director Fuse, Tatsuro Mgmt For
For
2.7 Elect Director Izumida, Tatsuya Mgmt For
For
2.8 Elect Director Kurihara, Tatsushi Mgmt For
For
2.9 Elect Director Hirose, Takaharu Mgmt For
For
2.10 Elect Director Kawano, Hirobumi Mgmt For
For
2.11 Elect Director Watanabe, Hajime Mgmt For
For
3 Appoint Statutory Auditor Kato, Koji Mgmt For
For
Shiga Bank Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J71692107
Ticker: 8366
Primary ISIN: JP3347600003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Shiga Bank Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 4.5
Mgmt
For
For
2 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
3 Appoint Statutory Auditor Hayashi, Kazuyoshi Mgmt For For
4 Appoint Alternate Statutory Auditor Tanaka,
Masashi
Mgmt For For
Sohgo Security Services Co., Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7607Z104
Ticker: 2331
Primary ISIN: JP3431900004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2
3.1
Amend Articles to Authorize Internet
Disclosure of Shareholder Meeting Materials
Elect Director Murai, Atsushi
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Aoyama, Yukiyasu Mgmt For For
3.3 Elect Director Kayaki, Ikuji Mgmt For For
3.4 Elect Director Hokari, Hirohisa Mgmt For For
3.5 Elect Director Otani, Hiraku Mgmt For For
3.6 Elect Director Murai, Tsuyoshi Mgmt For For
3.7 Elect Director Nomura, Shigeki Mgmt For For
3.8 Elect Director Yagi, Masato Mgmt For For
3.9 Elect Director Takehana, Yutaka Mgmt For For
3.10 Elect Director Iwaki, Masakazu Mgmt For For
3.11 Elect Director Ono, Seiei Mgmt For For
3.12 Elect Director Kadowaki, Hideharu Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Stanley Electric Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J76637115
Ticker: 6923
Primary ISIN: JP3399400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kitano, Takanori Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Hiratsuka, Yutaka Mgmt For For
1.3 Elect Director Tanabe, Toru Mgmt For
For
1.4 Elect Director Iino, Katsutoshi Mgmt For
For
1.5 Elect Director Takamori, Hiroyuki Mgmt For
For
1.6 Elect Director Yoneya, Mitsuhiro Mgmt For
For
1.7 Elect Director Kaizumi, Yasuaki Mgmt For
For
1.8 Elect Director Ueda, Keisuke Mgmt For
For
1.9 Elect Director Mori, Masakatsu Mgmt For
For
1.10 Elect Director Kono, Hirokazu Mgmt For
For
2 Appoint Statutory Auditor Amitani, Mitsuhiro Mgmt For
For
3 Approve Equity Compensation Plan Mgmt For
For
Start Today Co Ltd
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7665M102
Ticker: 3092
Primary ISIN: JP3399310006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 17
Mgmt For For
2 Amend Articles to Change Company Name Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Start Today Co Ltd
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Approve Deep Discount Stock Option Plan Mgmt For Against
Blended Rationale: A vote AGAINST this proposal is warranted because:- Total dilution from this plan and the company's other
equity compensation plans reaches 9.0 percent, which appears excessive for a company with a market capitalization of JPY 1.2
trillion.- There are transparency concerns about the company's compensation practices given that it does not have a
compensation committee, which is particularly problematic given the magnitude of the proposed stock awards.- Lack of
accountability as shown in director terms of two years, and the board composition with no independent directors, is an
additional concern.
Sumitomo Metal Mining Co. Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77712180
Ticker: 5713
Primary ISIN: JP3402600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 66
Mgmt For For
2.1 Elect Director Nakazato, Yoshiaki Mgmt For For
2.2
Elect Director Nozaki, Akira
Mgmt
For
For
2.3
Elect Director Kurokawa, Harumasa
Mgmt
For
For
2.4
Elect Director Asahi, Hiroshi
Mgmt
For
For
2.5 Elect Director Asai, Hiroyuki Mgmt For For
2.6 Elect Director Taimatsu, Hitoshi Mgmt For For
2.7
Elect Director Nakano, Kazuhisa
Mgmt
For
For
2.8 Elect Director Ishii, Taeko Mgmt For For
3 Appoint Alternate Statutory Auditor Mishina,
Kazuhiro
4 Approve Annual Bonus
Mgmt
Mgmt
For
For
For
For
Tadano Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J79002101
Ticker: 6395
Primary ISIN: JP3465000002
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tadano Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 13
Mgmt
For
For
2.1 Elect Director Tadano, Koichi Mgmt For For
2.2 Elect Director Suzuki, Tadashi Mgmt For For
2.3 Elect Director Okuyama, Tamaki Mgmt For For
2.4 Elect Director Nishi, Yoichiro Mgmt For For
2.5 Elect Director Ito, Nobuhiko Mgmt For For
2.6 Elect Director Yoshida, Yasuyuki Mgmt For For
3.1 Appoint Statutory Auditor Kodama, Yoshihito Mgmt For For
3.2 Appoint Statutory Auditor Inokawa, Kazushi Mgmt For For
4 Appoint Alternate Statutory Auditor
Nabeshima, Akihito
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
TIS Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2563B100
Ticker: 3626
Primary ISIN: JP3104890003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 26
Mgmt
For
For
2.1 Elect Director Kuwano, Toru Mgmt For For
2.2 Elect Director Adachi, Masahiko Mgmt For For
2.3 Elect Director Okamoto, Yasushi Mgmt For For
2.4 Elect Director Yanai, Josaku Mgmt For For
2.5 Elect Director Kitaoka, Takayuki Mgmt For For
2.6 Elect Director Shinkai, Akira Mgmt For For
2.7 Elect Director Sano, Koichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
TIS Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.8 Elect Director Tsuchiya, Fumio Mgmt For For
2.9 Elect Director Mizukoshi, Naoko Mgmt For For
3 Appoint Statutory Auditor Ando, Kei Mgmt For For
4 Approve Trust-Type Equity Compensation
Plan
Mgmt
For
For
Toray Industries Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J89494116
Ticker: 3402
Primary ISIN: JP3621000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 8
Mgmt For For
2.1 Elect Director Nikkaku, Akihiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors
2.2 Elect Director Abe, Koichi Mgmt For For
2.3 Elect Director Murayama, Ryo Mgmt For For
2.4 Elect Director Deguchi, Yukichi Mgmt For For
2.5 Elect Director Oya, Mitsuo Mgmt For For
2.6 Elect Director Otani, Hiroshi Mgmt For For
2.7 Elect Director Fukasawa, Toru Mgmt For For
2.8 Elect Director Suga, Yasuo Mgmt For For
2.9 Elect Director Kobayashi, Hirofumi Mgmt For For
2.10 Elect Director Tsunekawa, Tetsuya Mgmt For For
2.11 Elect Director Morimoto, Kazuo Mgmt For For
2.12 Elect Director Inoue, Osamu Mgmt For For
2.13 Elect Director Fujimoto, Takashi Mgmt For For
2.14 Elect Director Taniguchi, Shigeki Mgmt For For
2.15 Elect Director Hirabayashi, Hideki Mgmt For For
2.16 Elect Director Adachi, Kazuyuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toray Industries Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.17 Elect Director Enomoto, Hiroshi Mgmt For For
2.18 Elect Director Ito, Kunio Mgmt For For
2.19 Elect Director Noyori, Ryoji Mgmt For For
3 Appoint Alternate Statutory Auditor
Kobayashi, Koichi
4 Approve Annual Bonus
Mgmt
Mgmt
For
For
For
For
Toto Ltd.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J90268103
Ticker: 5332
Primary ISIN: JP3596200000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Harimoto, Kunio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kitamura, Madoka Mgmt For For
1.3 Elect Director Kiyota, Noriaki Mgmt For For
1.4 Elect Director Morimura, Nozomu Mgmt For For
1.5 Elect Director Abe, Soichi Mgmt For For
1.6 Elect Director Hayashi, Ryosuke Mgmt For For
1.7 Elect Director Sako, Kazuo Mgmt For For
1.8 Elect Director Aso, Taiichi Mgmt For For
1.9 Elect Director Shirakawa, Satoshi Mgmt For For
1.10 Elect Director Taguchi, Tomoyuki Mgmt For For
1.11 Elect Director Masuda, Kazuhiko Mgmt For For
1.12 Elect Director Shimono, Masatsugu Mgmt For For
1.13 Elect Director Tsuda, Junji Mgmt For For
2 Appoint Statutory Auditor Narukiyo, Yuichi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3 Approve Compensation Ceiling for Directors Mgmt For For
4 Approve Equity Compensation Plan Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Yamaguchi Financial Group, Inc.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J9579M103
Ticker: 8418
Primary ISIN: JP3935300008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yoshimura, Takeshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Umemoto, Hirohide Mgmt For For
1.3 Elect Director Oda, Koji Mgmt For For
1.4 Elect Director Fujita, Mitsuhiro Mgmt For For
1.5 Elect Director Koda, Ichinari Mgmt For For
1.6 Elect Director Kato, Mitsuru Mgmt For For
1.7 Elect Director Kusunoki, Masao Mgmt For For
2 Elect Director and Audit Committee Member
Fukuda, Susumu
Mgmt For For
Yokogawa Electric Corp.
Meeting Date: 06/26/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J97272124
Ticker: 6841
Primary ISIN: JP3955000009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt
For
For
2.1 Elect Director Nishijima, Takashi Mgmt For For
2.2 Elect Director Kurosu, Satoru Mgmt For For
2.3 Elect Director Nara, Hitoshi Mgmt For For
2.4 Elect Director Nakahara, Masatoshi Mgmt For For
2.5 Elect Director Anabuki, Junichi Mgmt For For
2.6 Elect Director Urano, Mitsudo Mgmt For For
2.7 Elect Director Uji, Noritaka Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Yokogawa Electric Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.8 Elect Director Seki, Nobuo Mgmt For For
2.9 Elect Director Sugata, Shiro Mgmt For For
3 Appoint Statutory Auditor Osawa, Makoto Mgmt For For
4 Approve Equity Compensation Plan Mgmt For For
Advantest Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J00210104
Ticker: 6857
Primary ISIN: JP3122400009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Change Location of Head
Office
Mgmt For For
2.1 Elect Director Yoshida, Yoshiaki Mgmt For For
2.2
Elect Director Karatsu, Osamu
Mgmt
For
For
2.3
Elect Director Yoshikawa, Seiichi
Mgmt
For
For
2.4
Elect Director Sae Bum Myung
Mgmt
For
For
2.5 Elect Director Hans-Juergen Wagner Mgmt For For
2.6 Elect Director Tsukakoshi, Soichi Mgmt For For
3 Elect Director and Audit Committee Member
Murata, Tsuneko
4 Approve Trust-Type Equity Compensation
Plan
5 Approve Stock Option Plan
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
Air Water Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J00662114
Ticker: 4088
Primary ISIN: JP3160670000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Air Water Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Toyoda, Masahiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors
1.2 Elect Director Imai, Yasuo Mgmt For For
1.3 Elect Director Toyoda, Kikuo Mgmt For For
1.4 Elect Director Shirai, Kiyoshi Mgmt For For
1.5 Elect Director Karato, Yu Mgmt For For
1.6 Elect Director Matsubara, Yukio Mgmt For For
1.7 Elect Director Machida, Masato Mgmt For For
1.8 Elect Director Tsutsumi, Hideo Mgmt For For
1.9 Elect Director Murakami, Yukio Mgmt For For
1.10 Elect Director Nagata, Minoru Mgmt For For
1.11 Elect Director Sogabe, Yasushi Mgmt For For
1.12 Elect Director Kawata, Hirokazu Mgmt For For
1.13 Elect Director Shiomi, Yoshio Mgmt For For
1.14 Elect Director Kajiwara, Katsumi Mgmt For For
1.15 Elect Director Iinaga, Atsushi Mgmt For For
1.16 Elect Director Komura, Kosuke Mgmt For For
1.17 Elect Director Toyonaga, Akihiro Mgmt For For
1.18 Elect Director Matsubayashi, Ryosuke Mgmt For For
1.19 Elect Director Sakamoto, Yukiko Mgmt For For
1.20 Elect Director Shimizu, Isamu Mgmt For For
Amada Holdings Co., Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J01218106
Ticker: 6113
Primary ISIN: JP3122800000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Amada Holdings Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 22
Mgmt For For
2.1 Elect Director Okamoto, Mitsuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Isobe, Tsutomu Mgmt For For
2.3 Elect Director Shibata, Kotaro Mgmt For
For
2.4 Elect Director Kudo, Hidekazu Mgmt For
For
2.5 Elect Director Miwa, Kazuhiko Mgmt For
For
2.6 Elect Director Mazuka, Michiyoshi Mgmt For
For
2.7 Elect Director Chino, Toshitake Mgmt For
For
2.8 Elect Director Miyoshi, Hidekazu Mgmt For
For
3 Appoint Alternate Statutory Auditor Murata, Mgmt
Makoto
For
For
4 Approve Annual Bonus Mgmt For
For
Aozora Bank, Ltd.
Meeting Date: 06/27/2018 Country: Japan
Primary Security ID: J0172K115
Meeting Type: Annual Ticker: 8304
Primary ISIN: JP3711200000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Business Lines Mgmt For For
2.1 Elect Director Fukuda, Makoto Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Baba, Shinsuke Mgmt For For
2.3 Elect Director Sekizawa, Yukio Mgmt For For
2.4 Elect Director Takeda, Shunsuke Mgmt For For
2.5 Elect Director Mizuta, Hiroyuki Mgmt For For
2.6 Elect Director Murakami, Ippei Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Aozora Bank, Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7 Elect Director Ito, Tomonori Mgmt For For
2.8 Elect Director Tanikawa, Kei Mgmt For For
3 Appoint Statutory Auditor Hashiguchi, Satoshi Mgmt For For
4.1
4.2
Appoint Alternate Statutory Auditor Uchida,
Keiichiro
Appoint Alternate Statutory Auditor Mitch R.
Fulscher
Mgmt
Mgmt
For
For
For
For
Aplus Financial Co Ltd
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J01743103
Ticker: 8589
Primary ISIN: JP3122550001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Remove Provisions on
Non-Common Shares
Mgmt For For
2.1 Elect Director Watanabe, Akira Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Okuda, Shoichi Mgmt For For
2.3 Elect Director Nankoin, Masayuki Mgmt For For
2.4 Elect Director Honda, Toshio Mgmt For For
2.5 Elect Director Kozano, Yoshiaki Mgmt For For
2.6 Elect Director Shimizu, Tetsuro Mgmt For For
2.7 Elect Director Hirasawa, Akira Mgmt For For
2.8 Elect Director Uchikawa, Haruya Mgmt For For
3.1 Appoint Statutory Auditor Kasahara, Jiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Suzuki, Satoshi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.3 Appoint Statutory Auditor Kobayashi, Junichi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Jimbo,
Takuya
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Asahi Kasei Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0242P110
Ticker: 3407
Primary ISIN: JP3111200006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Kobori, Hideki
Mgmt
For
For
1.2 Elect Director Nakao, Masafumi Mgmt For For
1.3 Elect Director Shibata, Yutaka Mgmt For For
1.4 Elect Director Sakamoto, Shuichi Mgmt For For
1.5 Elect Director Kakizawa, Nobuyuki Mgmt For For
1.6 Elect Director Hashizume, Soichiro Mgmt For For
1.7 Elect Director Shiraishi, Masumi Mgmt For For
1.8 Elect Director Tatsuoka, Tsuneyoshi Mgmt For For
1.9 Elect Director Okamoto, Tsuyoshi Mgmt For For
2 Appoint Statutory Auditor Makabe, Akio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Chiba Bank Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J05670104
Ticker: 8331
Primary ISIN: JP3511800009
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 7.5
Mgmt
For
For
2.1 Elect Director Kimura, Osamu Mgmt For For
2.2 Elect Director Takatsu, Norio Mgmt For For
2.3 Elect Director Inamura, Yukihito Mgmt For For
2.4 Elect Director Shinozaki, Tadayoshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Chubu Electric Power Co. Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J06510101
Ticker: 9502
Primary ISIN: JP3526600006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2
3.1
Approve Transfer of Thermal Power
Generation Facilities to Joint Venture JERA
Elect Director Mizuno, Akihisa
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Katsuno, Satoru Mgmt For For
3.3 Elect Director Masuda, Yoshinori Mgmt For For
3.4 Elect Director Kataoka, Akinori Mgmt For For
3.5 Elect Director Kurata, Chiyoji Mgmt For For
3.6 Elect Director Masuda, Hiromu Mgmt For For
3.7 Elect Director Misawa, Taisuke Mgmt For For
3.8 Elect Director Onoda, Satoshi Mgmt For For
3.9 Elect Director Ichikawa, Yaoji Mgmt For For
3.10 Elect Director Hayashi, Kingo Mgmt For For
3.11 Elect Director Nemoto, Naoko Mgmt For For
3.12 Elect Director Hashimoto, Takayuki Mgmt For For
4 Approve Annual Bonus Mgmt For For
5 Approve Compensation Ceiling for Directors Mgmt For For
6 Amend Articles to Abolish Senior Adviser
System
SH Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The proposal will add credence to the
soundness of the utility's governance by trying to reduce the influence of former senior executives over the utility's ongoing
strategic decision making process.- Meanwhile, banning such advisory posts in the articles of incorporation will not prevent
former senior executives of the utility from playing the role they currently have with the business community, without the title
of advisors, if that is deemed to be reasonable.
7 Amend Articles to Establish Standing SH
Committee on Emergency Evacuation with
Nuclear Accident Scenario
8 Amend Articles to Add Provisions on SH
Countermeasures against Wide-Area Nuclear
Accident
Against
Against
Against
Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Chubu Electric Power Co. Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
9 Amend Articles to Add Provisions on Priority SH
Grid Access for Renewable Energy
10 Amend Articles to Withdraw from Nuclear SH
Fuel Recycling Business
Against
Against
Against
Against
Chugoku Electric Power Co. Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J07098106
Ticker: 9504
Primary ISIN: JP3522200009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Karita, Tomohide Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Shimizu, Mareshige Mgmt For For
2.3 Elect Director Watanabe, Nobuo Mgmt For For
2.4 Elect Director Ogawa, Moriyoshi Mgmt For For
2.5 Elect Director Hirano, Masaki Mgmt For For
2.6 Elect Director Matsumura, Hideo Mgmt For For
2.7 Elect Director Matsuoka, Hideo Mgmt For For
2.8 Elect Director Iwasaki, Akimasa Mgmt For For
2.9 Elect Director Ashitani, Shigeru Mgmt For For
2.10 Elect Director Shigeto, Takafumi Mgmt For For
2.11 Elect Director Takimoto, Natsuhiko Mgmt For For
3.1 Elect Director and Audit Committee Member
Segawa, Hiroshi
Mgmt For For
3.2 Elect Director and Audit Committee Member
Tamura, Hiroaki
Mgmt For For
3.3 Elect Director and Audit Committee Member
Uchiyamada, Kunio
Mgmt For For
3.4 Elect Director and Audit Committee Member
Nosohara, Etsuko
Mgmt For For
4 Amend Articles to Ban Nuclear Power
Generation
SH Against Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Chugoku Electric Power Co. Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5
6
7
8
9.1
9.2
Amend Articles to Ban Reprocessing of Spent SH
Nuclear Fuels
Amend Articles to Conclude Nuclear Safety SH
Agreements with Local Governments
Amend Articles to Add Provisions on Storage SH
and Processing of Spent Nuclear Fuels
Amend Articles to Formulate Long-Term SH
Energy Plan for the Chugoku Region
Appoint Shareholder Director Nominee SH
Matsuda, Hiroaki
Appoint Shareholder Director Nominee SH
Tezuka, Tomoko
Against
Against
Against
Against
Against
Against
Against
Against
Against
Against
Against
Against
Citizen Watch Co., Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J0793Q103
Ticker: 7762
Primary ISIN: JP3352400000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 13.5
Mgmt For For
2.1 Elect Director Tokura, Toshio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sato, Toshihiko Mgmt For For
2.3 Elect Director Takeuchi, Norio Mgmt For For
2.4 Elect Director Furukawa, Toshiyuki Mgmt For For
2.5 Elect Director Nakajima, Keiichi Mgmt For For
2.6 Elect Director Shirai, Shinji Mgmt For For
2.7 Elect Director Oji, Yoshitaka Mgmt For For
2.8 Elect Director Miyamoto, Yoshiaki Mgmt For For
2.9 Elect Director Komatsu, Masaaki Mgmt For For
2.10 Elect Director Terasaka, Fumiaki Mgmt For For
3 Appoint Statutory Auditor Akatsuka, Noboru Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Citizen Watch Co., Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4 Approve Compensation Ceiling for Directors Mgmt For For
5 Approve Trust-Type Equity Compensation
Plan
Mgmt
For
For
Daido Steel Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J08778110
Ticker: 5471
Primary ISIN: JP3491000000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt For For
2.1 Elect Director Shimao, Tadashi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ishiguro, Takeshi Mgmt For For
2.3 Elect Director Nishimura, Tsukasa Mgmt For For
2.4 Elect Director Tachibana, Kazuto Mgmt For For
2.5 Elect Director Yoshida, Satoshi Mgmt For For
2.6 Elect Director Shimura, Susumu Mgmt For For
2.7 Elect Director Muto, Takeshi Mgmt For For
2.8 Elect Director Amano, Hajime Mgmt For For
2.9 Elect Director Imai, Tadashi Mgmt For For
2.10 Elect Director Tanemura, Hitoshi Mgmt For For
3 Appoint Alternate Statutory Auditor Hattori,
Yutaka
Mgmt For For
4 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
5 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: Vote AGAINST as the board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Daiwa Securities Group Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J11718111
Ticker: 8601
Primary ISIN: JP3502200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Hibino, Takashi Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
1.2 Elect Director Nakata, Seiji Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
1.3 Elect Director Matsui, Toshihiro Mgmt For
For
1.4 Elect Director Takahashi, Kazuo Mgmt For
For
1.5 Elect Director Matsushita, Koichi Mgmt For
For
1.6 Elect Director Tashiro, Keiko Mgmt For
For
1.7 Elect Director Komatsu, Mikita Mgmt For
For
1.8 Elect Director Matsuda, Morimasa Mgmt For
For
1.9 Elect Director Tadaki, Keiichi Mgmt For
For
1.10 Elect Director Onodera, Tadashi Mgmt For
For
1.11 Elect Director Ogasawara, Michiaki Mgmt For
For
1.12 Elect Director Takeuchi, Hirotaka Mgmt For
For
1.13 Elect Director Nishikawa, Ikuo Mgmt For
For
1.14 Elect Director Kawai, Eriko Mgmt For
For
2 Approve Stock Option Plan Mgmt For
For
Disco Co.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J12327102
Ticker: 6146
Primary ISIN: JP3548600000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 248
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Disco Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Approve Annual Bonus Mgmt For For
3 Approve Performance-Based Cash
Compensation Ceiling for Directors
Mgmt
For
For
Electric Power Development Co. (J-Power)
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J12915104
Ticker: 9513
Primary ISIN: JP3551200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 40
Mgmt For For
2.1 Elect Director Kitamura, Masayoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Watanabe, Toshifumi Mgmt For For
2.3 Elect Director Murayama, Hitoshi Mgmt For For
2.4 Elect Director Uchiyama, Masato Mgmt For For
2.5 Elect Director Urashima, Akihito Mgmt For For
2.6 Elect Director Onoi, Yoshiki Mgmt For For
2.7 Elect Director Minaminosono, Hiromi Mgmt For For
2.8 Elect Director Sugiyama, Hiroyasu Mgmt For For
2.9 Elect Director Tsukuda, Hideki Mgmt For For
2.10 Elect Director Honda, Makoto Mgmt For For
2.11 Elect Director Kajitani, Go Mgmt For For
2.12 Elect Director Ito, Tomonori Mgmt For For
2.13 Elect Director John Buchanan Mgmt For For
3 Appoint Statutory Auditor Fujioka, Hiroshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
FP Corporation
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J13671102
Ticker: 7947
Primary ISIN: JP3167000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Indemnify Directors Mgmt For For
2.1 Elect Director Sato, Morimasa Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors
2.2 Elect Director Takanishi, Tomoki Mgmt For For
2.3 Elect Director Nagai, Nobuyuki Mgmt For For
2.4 Elect Director Ikegami, Isao Mgmt For For
2.5 Elect Director Uegakiuchi, Shoji Mgmt For For
2.6 Elect Director Yasuda, Kazuyuki Mgmt For For
2.7 Elect Director Oka, Koji Mgmt For For
2.8 Elect Director Sato, Osamu Mgmt For For
2.9 Elect Director Nagao, Hidetoshi Mgmt For For
2.10 Elect Director Kobayashi, Kenji Mgmt For For
2.11 Elect Director Tawara, Takehiko Mgmt For For
2.12 Elect Director Fukiyama, Iwao Mgmt For For
2.13 Elect Director Nishimura, Kimiko Mgmt For For
2.14 Elect Director Takahashi, Masanobu Mgmt For For
3.1 Elect Director and Audit Committee Member
Sueyoshi, Takejiro
Mgmt For For
3.2 Elect Director and Audit Committee Member
Midorikawa, Masahiro
Mgmt For For
3.3 Elect Director and Audit Committee Member
Nakai, Toshiro
Mgmt For For
3.4 Elect Director and Audit Committee Member
Matsumoto, Shuichi
Mgmt For For
Fuji Media Holdings, Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J15477102
Ticker: 4676
Primary ISIN: JP3819400007
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Fuji Media Holdings, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Kano, Shuji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board
exceeds 15 directors.
2.2 Elect Director Miyauchi, Masaki Mgmt For For
2.3 Elect Director Kanemitsu, Osamu Mgmt For
For
2.4 Elect Director Wagai, Takashi Mgmt For
For
2.5 Elect Director Habara, Tsuyoshi Mgmt For
For
2.6 Elect Director Hieda, Hisashi Mgmt For
For
2.7 Elect Director Endo, Ryunosuke Mgmt For
For
2.8 Elect Director Kishimoto, Ichiro Mgmt For
For
2.9 Elect Director Yokoyama, Atsushi Mgmt For
For
2.10 Elect Director Matsumura, Kazutoshi Mgmt For
For
2.11 Elect Director Ishihara, Takashi Mgmt For
For
2.12 Elect Director Kiyohara, Takehiko Mgmt For
For
2.13 Elect Director Shimatani, Yoshishige Mgmt For
For
2.14 Elect Director Miki, Akihiro Mgmt For
For
2.15 Elect Director Ishiguro, Taizan Mgmt For
For
2.16 Elect Director Yokota, Masafumi Mgmt For
For
2.17 Elect Director Terasaki, Kazuo Mgmt For
For
3 Appoint Statutory Auditor Minami, Nobuya Mgmt For
For
Glory Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J17304130
Ticker: 6457
Primary ISIN: JP3274400005
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Glory Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 51
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Onoe, Hirokazu
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Miwa, Motozumi Mgmt For For
3.3 Elect Director Onoe, Hideo Mgmt For
For
3.4 Elect Director Mabuchi, Shigetoshi Mgmt For
For
3.5 Elect Director Kotani, Kaname Mgmt For
For
3.6 Elect Director Harada, Akihiro Mgmt For
For
3.7 Elect Director Sasaki, Hiroki Mgmt For
For
3.8 Elect Director Iki, Joji Mgmt For
For
4 Approve Annual Bonus Mgmt For
For
5 Approve Compensation Ceilings for Directors Mgmt
and Statutory Auditors
For
For
6 Approve Trust-Type Equity Compensation Mgmt
Plan
For
For
Hirose Electric Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Primary Security ID: J19782101
Meeting Type: Annual Ticker: 6806
Primary ISIN: JP3799000009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 240
Mgmt For For
2.1 Elect Director Ishii, Kazunori Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Nakamura, Mitsuo
Mgmt
For
For
2.3
Elect Director Kondo, Makoto
Mgmt
For
For
2.4
Elect Director Iizuka, Kazuyuki
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hirose Electric Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5 Elect Director Okano, Hiroaki Mgmt For For
2.6 Elect Director Kiriya, Yukio Mgmt For For
2.7 Elect Director Sang-Yeob Lee Mgmt For For
2.8 Elect Director Hotta, Kensuke Mgmt For For
2.9 Elect Director Motonaga, Tetsuji Mgmt For For
3.1 Appoint Statutory Auditor Chiba, Yoshikazu Mgmt For For
3.2 Appoint Statutory Auditor Miura, Kentaro Mgmt For For
Hiroshima Bank Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J03864105
Ticker: 8379
Primary ISIN: JP3797000001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 9
Mgmt For For
2.1 Elect Director Ikeda, Koji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Heya, Toshio Mgmt For For
2.3 Elect Director Hirota, Toru Mgmt For For
2.4 Elect Director Araki, Yuzo Mgmt For For
2.5 Elect Director Kojiri, Yasushi Mgmt For For
2.6 Elect Director Nakama, Katsuhiko Mgmt For For
2.7 Elect Director Maeda, Akira Mgmt For For
2.8 Elect Director Sumikawa, Masahiro Mgmt For For
2.9 Elect Director Maeda, Kaori Mgmt For For
2.10 Elect Director Miura, Satoshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hokkaido Electric Power Co. Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J21378104
Ticker: 9509
Primary ISIN: JP3850200001
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 5
Mgmt
For
For
2 Amend Articles to Create Class B Preferred
Shares
Mgmt For For
3 Approve Issuance of Class B Preferred Shares
for Private Placements
Mgmt For For
4.1 Elect Director Sato, Yoshitaka Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
4.2 Elect Director Mayumi, Akihiko Mgmt For For
4.3 Elect Director Fujii, Yutaka Mgmt For For
4.4 Elect Director Mori, Masahiro Mgmt For For
4.5 Elect Director Sakai, Ichiro Mgmt For For
4.6 Elect Director Ujiie, Kazuhiko Mgmt For For
4.7 Elect Director Uozumi, Gen Mgmt For For
4.8 Elect Director Takahashi, Takao Mgmt For For
4.9 Elect Director Yabushita, Hiromi Mgmt For For
4.10 Elect Director Seo, Hideo Mgmt For For
4.11 Elect Director Funane, Shunichi Mgmt For For
4.12 Elect Director Ichikawa, Shigeki Mgmt For For
4.13 Elect Director Ukai, Mitsuko Mgmt For For
5 Amend Articles to Add Provisions on Safe
Storage of Spent Nuclear Fuels and
Radioactive Materials, and Development of
Nuclear Storage Technologies
SH Against Against
6 Amend Articles to Decommission Tomari
Nuclear Power Station from Managerial
Viewpoint
SH Against Against
7 Amend Articles to Ban Resumption of
Operation of Tomari Nuclear Power Station
from Geological Science Viewpoint
SH Against Against
8 Amend Articles to Add Provisions on
Electricity Rate, Executive Compensation and
Employee Salary
SH Against Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hokkaido Electric Power Co. Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
9 Amend Articles to Add Provisions on SH
Directors' Participation in Nuclear Accident
Disaster Drill
10 Amend Articles to Add Provisions on SH
Promotion of Liquefied Natural Gas Power
Generation
Against
Against
Against
Against
Hokuriku Electric Power
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J22050108
Ticker: 9505
Primary ISIN: JP3845400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Ataka, Tateki
Mgmt
For
For
1.2 Elect Director Ishiguro, Nobuhiko Mgmt For For
1.3 Elect Director Ojima, Shiro Mgmt For For
1.4 Elect Director Kanai, Yutaka Mgmt For For
1.5 Elect Director Kawada, Tatsuo Mgmt For For
1.6 Elect Director Kyuwa, Susumu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.7 Elect Director Shiotani, Seisho Mgmt For For
1.8 Elect Director Sugawa, Motonobu Mgmt For For
1.9 Elect Director Takagi, Shigeo Mgmt For For
1.10 Elect Director Takabayashi, Yukihiro Mgmt For For
1.11 Elect Director Mizutani, Kazuhisa Mgmt For For
1.12 Elect Director Mizuno, Koichi Mgmt For For
2 Appoint Statutory Auditor Mizukami, Yasuhito Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3 Amend Articles to Withdraw from Nuclear SH
Power Generation and Promote Small-Scale
Decentralized Power Generation from
Renewable Energy
4 Amend Articles to Establish Department SH
Charged with Promotion of Renewable Energy
Against
Against
Against
Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hokuriku Electric Power
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
5
Amend Articles to Establish Department
Charged with Decommissioning of Shika
Nuclear Power Plant
SH
Against
Against
6 Amend Articles to Withdraw from Nuclear
Fuel Recycling Business
SH Against Against
7 Amend Articles to Change Provisions on
Senior Advisers
SH Against For
Blended Rationale: A vote FOR this proposal is recommended because:- The proposal will add credence to the soundness of the
utility's governance by moving to reduce the influence of former senior executives over the utility's ongoing strategic
decision-making process.- Banning such advisory posts in the articles of incorporation will not prevent former senior executives
of the utility from playing the role they currently have with the business community, without the title.
8 Amend Articles to Require Disclosure of SH
Compensation for Directors, Statutory
Auditors and Senior Advisers
Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The amendment may enhance the
company's overall reputation for transparency and accountability.- Disclosure of individual compensation levels promotes
accountability and helps shareholders make better-informed decisions on director elections and compensation-related
proposals.
House Foods Group Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J22680102
Ticker: 2810
Primary ISIN: JP3765400001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Urakami, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Matsumoto, Keiji Mgmt For For
2.3 Elect Director Hiroura, Yasukatsu Mgmt For For
2.4 Elect Director Kudo, Masahiko Mgmt For For
2.5 Elect Director Fujii, Toyoaki Mgmt For For
2.6 Elect Director Koike, Akira Mgmt For For
2.7 Elect Director Yamamoto, Kunikatsu Mgmt For For
2.8 Elect Director Saito, Kyuzo Mgmt For For
2.9 Elect Director Osawa, Yoshiyuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
House Foods Group Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.10 Elect Director Miyaoku, Yoshiyuki Mgmt For For
3 Appoint Statutory Auditor Taguchi, Masao Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Japan Airport Terminal Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2620N105
Ticker: 9706
Primary ISIN: JP3699400002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 24
Mgmt For For
2.1 Elect Director Takashiro, Isao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Yokota, Nobuaki Mgmt For For
2.3 Elect Director Suzuki, Hisayasu Mgmt For For
2.4 Elect Director Akahori, Masatoshi Mgmt For For
2.5 Elect Director Miyauchi, Toyohisa Mgmt For For
2.6 Elect Director Yonemoto, Yasuhide Mgmt For For
2.7 Elect Director Kato, Katsuya Mgmt For For
2.8 Elect Director Kawashita, Haruhisa Mgmt For For
2.9 Elect Director Ishizeki, Kiyoshi Mgmt For For
2.10 Elect Director Tanaka, Kazuhito Mgmt For For
2.11 Elect Director Takagi, Shigeru Mgmt For For
2.12 Elect Director Harada, Kazuyuki Mgmt For For
2.13 Elect Director Ueki, Yoshiharu Mgmt For For
2.14 Elect Director Nagamine, Toyoyuki Mgmt For For
2.15 Elect Director Onishi, Hiroshi Mgmt For For
3 Approve Compensation Ceiling for Statutory
Auditors
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
JTEKT Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2946V104
Ticker: 6473
Primary ISIN: JP3292200007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 22
Mgmt For For
2.1 Elect Director Sudo, Seiichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Agata, Tetsuo Mgmt For For
2.3 Elect Director Miyazaki, Hiroyuki Mgmt For For
2.4 Elect Director Kaijima, Hiroyuki Mgmt For For
2.5 Elect Director Takahashi, Tomokazu Mgmt For For
2.6 Elect Director Matsumoto, Takumi Mgmt For For
2.7 Elect Director Miyatani, Takao Mgmt For For
2.8 Elect Director Okamoto, Iwao Mgmt For For
2.9 Elect Director Sano, Makoto Mgmt For For
2.10 Elect Director Kato, Shinji Mgmt For For
2.11 Elect Director Matsuoka, Hirofumi Mgmt For For
2.12 Elect Director Uchiyamada, Takeshi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
3.1 Appoint Statutory Auditor Takenaka, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Kume, Atsushi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.3
Appoint Statutory Auditor Yoshida, Takashi
Mgmt
For
For
3.4
Appoint Statutory Auditor Wakabayashi,
Hiroyuki
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
JXTG Holdings Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J29699105
Ticker: 5020
Primary ISIN: JP3386450005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2 Amend Articles to Abolish Board Structure
with Statutory Auditors - Adopt Board
Structure with Audit Committee - Amend
Provisions on Number of Directors - Authorize
Directors to Execute Day to Day Operations
without Full Board Approval
Mgmt For Against
Blended Rationale: Vote AGAINST as the proposed maximum board size will exceed 15 directors.
3.1 Elect Director Uchida, Yukio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as board size exceeds 15 directors.
3.2 Elect Director Sugimori, Tsutomu Mgmt For For
3.3 Elect Director Muto, Jun Mgmt For For
3.4 Elect Director Kawada, Junichi Mgmt For For
3.5 Elect Director Onoda, Yasushi Mgmt For For
3.6 Elect Director Adachi, Hiroji Mgmt For For
3.7 Elect Director Taguchi, Satoshi Mgmt For For
3.8 Elect Director Ota, Katsuyuki Mgmt For For
3.9 Elect Director Oi, Shigeru Mgmt For For
3.10 Elect Director Hosoi, Hiroshi Mgmt For For
3.11 Elect Director Ota, Hiroko Mgmt For For
3.12 Elect Director Otsuka, Mutsutake Mgmt For For
3.13 Elect Director Miyata, Yoshiiku Mgmt For For
4.1 Elect Director and Audit Committee Member
Nakajima, Yuji
Mgmt For For
4.2 Elect Director and Audit Committee Member
Kato, Hitoshi
Mgmt For For
4.3 Elect Director and Audit Committee Member
Kondo, Seiichi
Mgmt For For
4.4 Elect Director and Audit Committee Member
Takahashi, Nobuko
Mgmt For For
4.5 Elect Director and Audit Committee Member
Nishioka, Seiichiro
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
JXTG Holdings Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5 Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members
6 Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
7 Approve Trust-Type Equity Compensation
Plan
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
Kandenko Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J29653102
Ticker: 1942
Primary ISIN: JP3230600003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 12
Mgmt
For
For
2.1 Elect Director Ishizuka, Masataka Mgmt For For
2.2 Elect Director Ueda, Yuji Mgmt For For
2.3 Elect Director Uchino, Takashi Mgmt For For
2.4 Elect Director Kashiwabara, Shoichiro Mgmt For For
2.5 Elect Director Kitayama, Shinichiro Mgmt For For
2.6 Elect Director Goto, Kiyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.7 Elect Director Shimura, Hideaki Mgmt For For
2.8 Elect Director Takaoka, Shigenori Mgmt For For
2.9 Elect Director Takahashi, Kenichi Mgmt For For
2.10 Elect Director Nagaoka, Shigeru Mgmt For For
2.11 Elect Director Nakama, Toshio Mgmt For For
2.12 Elect Director Morito, Yoshimi Mgmt For For
2.13 Elect Director Yamaguchi, Shuichi Mgmt For For
2.14 Elect Director Yukimura, Toru Mgmt For For
3 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kansai Electric Power Co. Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J30169106
Ticker: 9503
Primary ISIN: JP3228600007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2.1 Elect Director Yagi, Makoto Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Iwane, Shigeki Mgmt For For
2.3 Elect Director Toyomatsu, Hideki Mgmt For For
2.4 Elect Director Doi, Yoshihiro Mgmt For For
2.5 Elect Director Morimoto, Takashi Mgmt For For
2.6 Elect Director Inoue, Tomio Mgmt For For
2.7 Elect Director Misono, Toyokazu Mgmt For For
2.8 Elect Director Sugimoto, Yasushi Mgmt For For
2.9 Elect Director Oishi, Tomihiko Mgmt For For
2.10 Elect Director Shimamoto, Yasuji Mgmt For For
2.11 Elect Director Inada, Koji Mgmt For For
2.12 Elect Director Inoue, Noriyuki Mgmt For For
2.13 Elect Director Okihara, Takamune Mgmt For For
2.14 Elect Director Kobayashi, Tetsuya Mgmt For Against
Blended Rationale: Vote AGAINST as outside director nominee sit on more than 6 Japanese public company boards as of last
year.
3 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
4 Amend Articles to Phase out Use of Nuclear
Energy and Fossil Fuel Energy and to Promote
Renewable Energy
SH Against Against
5 Amend Articles to Require Detailed
Shareholder Meeting Minutes Disclosure
SH Against Against
6 Amend Articles to Introduce Provision on
Corporate Social Responsibility to Promote
Operational Sustainability
SH Against Against
7 Amend Articles to Introduce Provision on
Corporate Social Responsibility related to
Information Disclosure
SH Against Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kansai Electric Power Co. Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8
Amend Articles to Introduce Provision on
Corporate Social Responsibility related to
Human Resource Development and
Technology Development
SH
Against
Against
9 Approve Income Allocation, with a Final
Dividend of JPY 3 Higher than Management's
Dividend Proposal
SH Against Against
10 Remove Director Shigeki Iwane from the
Board
SH Against Against
11 Amend Articles to Disclose All Information on
Compensation of Individual Directors
SH Against Against
12 Amend Articles to Ban Investments and Debt
Guarantees for Japan Atomic Power Co
SH Against Against
13 Amend Articles to Ban Reprocessing of Spent
Nuclear Fuels
SH Against Against
14 Amend Articles to Launch Committee to
Review Safety of Nuclear Plants where
Materials whose Safety Data Falsification are
Suspected are Used
SH Against Against
15 Amend Articles to Withdraw from Nuclear
Power Generation
SH Against Against
16 Amend Articles to Promote Maximum
Disclosure to Gain Consumer Trust
SH Against Against
17 Amend Articles to Encourage Dispersed
Renewable and Natural Gas Power
SH Against Against
18 Amend Articles to Request the Government to
Develop Necessary Legal System to Promote
Separation of Power Generation and
Transmission
SH Against Against
19 Amend Articles to Cease Nuclear Operations
and Decommission All Nuclear Facilities as
Soon as Possible
SH Against Against
20 Amend Articles to Commit to Nurture of Work
Climate Conducive to Improving Quality of
Nuclear Safety Mechanisms Through Debate
Among Employees
SH Against Against
21 Amend Articles to Ban Hiring or Service on
the Board or at the Company by Former
Government Officials
SH Against Against
22 Amend Articles to Reduce Maximum Board
Size from 20 to 10 and Require Majority
Outsider Board
SH Against Against
23 Amend Articles to End Reliance on Nuclear
Power
SH Against Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kawasaki Heavy Industries, Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J31502131
Ticker: 7012
Primary ISIN: JP3224200000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Murayama, Shigeru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, a vote
AGAINST this nominee is warranted because opposing Chairman Murayama's appointment serves to convey shareholder
concerns about the company's social responsibility as a manufacturer of large scale transportation equipment.
2.2 Elect Director Kanehana, Yoshinori Mgmt For Against
Blended Rationale: A vote AGAINST this nominee is warranted because opposing President Kanehana's appointment serves to
convey shareholder concerns about the company's social responsibility as a manufacturer of large scale transportation
equipment.
2.3 Elect Director Ishikawa, Munenori Mgmt For For
2.4 Elect Director Tomida, Kenji Mgmt For For
2.5 Elect Director Ota, Kazuo Mgmt For For
2.6 Elect Director Watanabe, Tatsuya Mgmt For For
2.7 Elect Director Yoneda, Michio Mgmt For For
2.8 Elect Director Yamamoto, Katsuya Mgmt For For
2.9 Elect Director Namiki, Sukeyuki Mgmt For For
2.10 Elect Director Hashimoto, Yasuhiko Mgmt For For
2.11 Elect Director Tamura, Yoshiaki Mgmt For For
2.12 Elect Director Jenifer Rogers Mgmt For For
3 Appoint Statutory Auditor Nekoshima, Akio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Keiyo Bank Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J05754106
Ticker: 8544
Primary ISIN: JP3281600001
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Keiyo Bank Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 5.5
Mgmt
For
For
2 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
3.1 Elect Director Hashimoto, Kiyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior as the board is less than 1/3 independent.
3.2 Elect Director Akiyama, Satoru Mgmt For For
3.3 Elect Director Saito, Yasushi Mgmt For For
3.4 Elect Director Uchimura, Hiroshi Mgmt For For
4.1 Appoint Statutory Auditor Takahashi, Koichi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4.2 Appoint Statutory Auditor Ono, Isao Mgmt For For
4.3 Appoint Statutory Auditor Hanada, Tsutomu Mgmt For For
Kissei Pharmaceutical Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J33652108
Ticker: 4547
Primary ISIN: JP3240600001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 24
Mgmt For For
2.1 Elect Director Kanzawa, Mutsuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Furihata, Yoshio Mgmt For For
2.3 Elect Director Sato, Hiroe Mgmt For For
2.4 Elect Director Fukushima, Keiji Mgmt For For
2.5 Elect Director Takehana, Yasuo Mgmt For For
2.6 Elect Director Morozumi, Masaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kissei Proposal
Number
Pharmaceutical Co. Ltd.
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7
Elect Director Takayama, Tetsu
Mgmt
For
For
2.8 Elect Director Kusama, Hiroshi Mgmt For For
2.9 Elect Director Matsushita, Eiichi Mgmt For For
2.10 Elect Director Kikuchi, Shinji Mgmt For For
2.11 Elect Director Sagara, Suminori Mgmt For For
2.12 Elect Director Kitahara, Takahide Mgmt For For
2.13 Elect Director Shimizu, Shigetaka Mgmt For For
2.14 Elect Director Nomura, Minoru Mgmt For For
3 Appoint Statutory Auditor Isaji, Masayuki Mgmt For For
4 Appoint Alternate Statutory Auditor Kubota,
Akio
Mgmt For For
5 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
Konami Holdings Corporation
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3600L101
Ticker: 9766
Primary ISIN: JP3300200007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Kozuki, Kagemasa
Mgmt
For
For
1.2 Elect Director Kozuki, Takuya Mgmt For For
1.3 Elect Director Nakano, Osamu Mgmt For For
1.4 Elect Director Higashio, Kimihiko Mgmt For For
1.5 Elect Director Sakamoto, Satoshi Mgmt For For
1.6 Elect Director Matsura, Yoshihiro Mgmt For For
1.7 Elect Director Gemma, Akira Mgmt For For
1.8 Elect Director Yamaguchi, Kaori Mgmt For For
1.9 Elect Director Kubo, Kimito Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
K's Holdings Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3672R101
Ticker: 8282
Primary ISIN: JP3277150003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 33
Mgmt
For
For
2 Amend Articles to Amend Business Lines -
Authorize Public Announcements in Electronic
Format
Mgmt For For
3.1 Elect Director Endo, Hiroyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Hiramoto, Tadashi Mgmt For For
3.3 Elect Director Yamada, Yasushi Mgmt For For
3.4 Elect Director Suzuki, Kazuyoshi Mgmt For For
3.5 Elect Director Osaka, Naoto Mgmt For For
3.6 Elect Director Suzuki, Hiroshi Mgmt For For
3.7 Elect Director Mizuno, Keiichi Mgmt For For
3.8 Elect Director Kishino, Kazuo Mgmt For For
3.9 Elect Director Yuasa, Tomoyuki Mgmt For For
4 Appoint Statutory Auditor Kato, Masayuki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
5 Approve Deep Discount Stock Option Plan Mgmt For Against
Blended Rationale: A vote AGAINST this proposal is warranted because:- Total dilution from this plan and the company's other
equity compensation plans reaches 5.1 percent, which appears excessive.
6 Approve Stock Option Plan Mgmt For Against
Blended Rationale: A vote AGAINST this proposal is warranted because:- Total dilution from this plan and the company's other
equity compensation plans reaches 5.1 percent, which appears excessive.
7 Approve Stock Option Plan Mgmt For Against
Blended Rationale: A vote AGAINST this stock option plan is warranted because:- Total dilution from this plan and the
company's other equity compensation plans reaches 5.1 percent, which appears excessive.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kyudenko Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J38425104
Ticker: 1959
Primary ISIN: JP3247050002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Provisions on
Director Titles
Mgmt For For
2.1 Elect Director Sato, Naofumi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Nishimura, Matsuji Mgmt For For
2.3 Elect Director Ino, Seiki Mgmt For For
2.4 Elect Director Higaki, Hironori Mgmt For For
2.5 Elect Director Ishibashi, Kazuyuki Mgmt For For
2.6 Elect Director Jono, Masaaki Mgmt For For
2.7 Elect Director Maeda, Keiji Mgmt For For
2.8 Elect Director Kitamura, Kunihiko Mgmt For For
2.9 Elect Director Kitagawa, Tadatsugu Mgmt For For
2.10 Elect Director Kashima, Yasuhiro Mgmt For For
2.11 Elect Director Watanabe, Akiyoshi Mgmt For For
2.12 Elect Director Kuratomi, Sumio Mgmt For For
Kyushu Electric Power Co. Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J38468104
Ticker: 9508
Primary ISIN: JP3246400000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kyushu Electric Power Co. Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
Amend Articles to Adopt Board Structure with
Audit Committee - Amend Provisions on
Number of Directors - Authorize Directors to
Execute Day to Day Operations without Full
Board Approval - Indemnify Directors
Mgmt
For
For
3.1 Elect Director Uriu, Michiaki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors.
3.2 Elect Director Ikebe, Kazuhiro Mgmt For For
3.3 Elect Director Izaki, Kazuhiro Mgmt For For
3.4 Elect Director Sasaki, Yuzo Mgmt For For
3.5 Elect Director Yakushinji, Hideomi Mgmt For For
3.6 Elect Director Watanabe, Yoshiro Mgmt For For
3.7 Elect Director Nakamura, Akira Mgmt For For
3.8 Elect Director Yamasaki, Takashi Mgmt For For
3.9 Elect Director Inuzuka, Masahiko Mgmt For For
3.10 Elect Director Fujii, Ichiro Mgmt For For
3.11 Elect Director Toyoshima, Naoyuki Mgmt For For
3.12 Elect Director Toyoma, Makoto Mgmt For For
3.13 Elect Director Watanabe, Akiyoshi Mgmt For For
3.14 Elect Director Kikukawa, Ritsuko Mgmt For For
4.1 Elect Director and Audit Committee Member
Osa, Nobuya
Mgmt For For
4.2 Elect Director and Audit Committee Member
Kamei, Eiji
Mgmt For For
4.3 Elect Director and Audit Committee Member
Furusho, Fumiko
Mgmt For For
4.4 Elect Director and Audit Committee Member
Inoue, Yusuke
Mgmt For For
4.5 Elect Director and Audit Committee Member
Koga, Kazutaka
Mgmt For For
5 Elect Alternate Director and Audit Committee
Member Shiotsugu, Kiyoaki
Mgmt For For
6 Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members
Mgmt For For
7 Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
Mgmt For For
8 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kyushu Electric Power Co. Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
9 Remove Director Michiaki Uriu from the Board SH Against Against
10 Amend Articles to Set up Liaison Council with SH
Local Public Authorities within a 30-Kilometer
Radius from Nuclear Facilities
11 Amend Articles to Withdraw from Spent SH
Nuclear Fuel Recycling Projects
12 Amend Articles to Abolish Construction of SH
Spent Nuclear Fuel Dry Storage Facilities on
the Premises of Sendai and Genkai Nuclear
Power Stations
13 Amend Articles to Suspend Nuclear Power SH
Generation until Diesel Power Generation's
Functionality is Conformed to Meet New
Safety Standards
14 Amend Articles to Add Provisions on SH
Declaration of Promotion of Renewable
Energy
Against
Against
Against
Against
Against
Against
Against
Against
Against
Against
Makita Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J39584107
Ticker: 6586
Primary ISIN: JP3862400003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 51
Mgmt For For
2 Approve Annual Bonus Mgmt For For
Mebuki Financial Group Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4248A101
Ticker: 7167
Primary ISIN: JP3117700009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Sasajima, Ritsuo Mgmt For Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mebuki Financial Group Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Matsushita, Masanao Mgmt For For
1.3 Elect Director Terakado, Kazuyoshi Mgmt For For
1.4 Elect Director Horie, Yutaka Mgmt For For
1.5 Elect Director Murashima, Eiji Mgmt For For
1.6 Elect Director Shimizu, Kazuyuki Mgmt For For
1.7 Elect Director Akino, Tetsuya Mgmt For For
2.1 Elect Director and Audit Committee Member
Terakado, Yoshiaki
Mgmt For For
2.2 Elect Director and Audit Committee Member
Ono, Kunihiro
Mgmt For For
2.3 Elect Director and Audit Committee Member
Kikuchi, Ryuzaburo
Mgmt For For
2.4 Elect Director and Audit Committee Member
Nagasawa, Toru
Mgmt For For
2.5 Elect Director and Audit Committee Member
Shimizu, Takashi
Mgmt For For
3 Elect Alternate Director and Audit Committee
Member Goto, Naoki
Mgmt For For
Megmilk Snow Brand Co., Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J41966102
Ticker: 2270
Primary ISIN: JP3947800003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Nishio, Keiji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Nishibaba, Shigeru Mgmt For For
1.3 Elect Director Ishida, Takahiro Mgmt For For
1.4 Elect Director Kosaka, Shinya Mgmt For For
1.5 Elect Director Tsuchioka, Hideaki Mgmt For For
1.6 Elect Director Shirohata, Katsuyuki Mgmt For For
1.7 Elect Director Koitabashi, Masato Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Megmilk Snow Brand Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1.8
Elect Director Motoi, Hideki
Mgmt
For
For
1.9 Elect Director Anan, Hisa Mgmt For For
2.1 Elect Director and Audit Committee Member
Chiba, Shinobu
Mgmt For For
2.2 Elect Director and Audit Committee Member
Nishikawa, Ikuo
Mgmt For For
2.3 Elect Director and Audit Committee Member
Hattori, Akito
Mgmt For For
3.1 Elect Alternate Director and Audit Committee
Member Omori, Setsuya
Mgmt For For
3.2 Elect Alternate Director and Audit Committee
Member Manabe, Tomohiko
Mgmt For For
4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: Vote AGAINST as the board is less than 1/3 independent.
Mitsui E&S Holdings Co Ltd
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44776151
Ticker: 7003
Primary ISIN: JP3891600003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Provisions on
Director Titles - Clarify Director Authority on
Board Meetings
Mgmt For For
2.1 Elect Director Tanaka, Takao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Yamamoto, Takaki Mgmt For For
2.3 Elect Director Minoda, Shinsuke Mgmt For For
2.4 Elect Director Nishihata, Akira Mgmt For For
2.5 Elect Director Shiomi, Yuichi Mgmt For For
2.6 Elect Director Kozai, Yuji Mgmt For For
2.7 Elect Director Tokuhisa, Toru Mgmt For For
2.8 Elect Director Tanaka, Toshikazu Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nagoya Railroad Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J47399118
Ticker: 9048
Primary ISIN: JP3649800004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 27.5
Mgmt For For
2 Elect Director Momiyama, Mitsugu Mgmt For For
3.1
Appoint Statutory Auditor Okaya, Tokuichi
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2 Appoint Statutory Auditor Iwagaya, Mitsuharu Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.3 Appoint Statutory Auditor Mita, Toshio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
NHK Spring Co.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J49162126
Ticker: 5991
Primary ISIN: JP3742600004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 12
Mgmt
For
For
2 Amend Articles to Reduce Directors' Term Mgmt For For
3.1 Elect Director Sugiyama, Toru Mgmt For For
3.2 Elect Director Uemura, Kazuhisa Mgmt For For
4 Appoint Alternate Statutory Auditor Mukai,
Nobuaki
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nihon Kohden Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J50538115
Ticker: 6849
Primary ISIN: JP3706800004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 18
Mgmt
For
For
2.1 Elect Director Ogino, Hirokazu Mgmt For For
2.2 Elect Director Tamura, Takashi Mgmt For For
2.3 Elect Director Hasegawa, Tadashi Mgmt For For
2.4 Elect Director Yanagihara, Kazuteru Mgmt For For
2.5 Elect Director Hirose, Fumio Mgmt For For
2.6 Elect Director Tanaka, Eiichi Mgmt For For
2.7 Elect Director Yoshitake, Yasuhiro Mgmt For For
2.8 Elect Director Yamauchi, Masaya Mgmt For For
2.9 Elect Director Obara, Minoru Mgmt For For
3.1 Elect Director and Audit Committee Member
Ikuta, Kazuhiko
Mgmt For For
3.2 Elect Director and Audit Committee Member
Kawamura, Masahiro
Mgmt For For
3.3 Elect Director and Audit Committee Member
Kawatsuhara, Shigeru
Mgmt For For
4 Elect Alternate Director and Audit Committee
Member Moriwaki, Sumio
Mgmt For For
Nippon Kayaku Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J54236112
Ticker: 4272
Primary ISIN: JP3694400007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 15
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Kayaku Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Suzuki, Masanobu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Tachibana, Yukio Mgmt For For
2.3 Elect Director Nambu, Yoshihiro Mgmt For For
2.4 Elect Director Wakumoto, Atsuhiro Mgmt For For
2.5 Elect Director Shibuya, Tomo Mgmt For For
2.6 Elect Director Ota, Yo Mgmt For For
2.7 Elect Director Fujishima, Yasuyuki Mgmt For For
2.8 Elect Director Oizumi, Masaru Mgmt For For
2.9 Elect Director Mikami, Hiroshi Mgmt For For
3 Appoint Statutory Auditor Yamashita,
Toshihiko
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Nipro Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J56655103
Ticker: 8086
Primary ISIN: JP3673600007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 11
Mgmt For For
2.1 Elect Director Sano, Yoshihiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors
2.2 Elect Director Wakatsuki, Kazuo Mgmt For For
2.3 Elect Director Yoshioka, Kiyotaka Mgmt For For
2.4 Elect Director Masuda, Toshiaki Mgmt For For
2.5 Elect Director Kobayashi, Kyoetsu Mgmt For For
2.6 Elect Director Ueda, Mitsutaka Mgmt For For
2.7 Elect Director Yamazaki, Tsuyoshi Mgmt For For
2.8 Elect Director Okamoto, Hideo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nipro Proposal
Number
Corp.
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.9
Elect Director Iwasa, Masanobu
Mgmt
For
For
2.10 Elect Director Sawada, Yozo Mgmt For For
2.11 Elect Director Minora, Kimihito Mgmt For For
2.12 Elect Director Nakamura, Hideto Mgmt For For
2.13 Elect Director Kutsukawa, Yasushi Mgmt For For
2.14 Elect Director Ito, Masayuki Mgmt For For
2.15 Elect Director Akasaki, Itsuo Mgmt For For
2.16 Elect Director Sano, Kazuhiko Mgmt For For
2.17 Elect Director Shirasu, Akio Mgmt For For
2.18 Elect Director Yoshida, Hiroshi Mgmt For For
2.19 Elect Director Sudo, Hiroshi Mgmt For For
2.20 Elect Director Nishida, Kenichi Mgmt For For
2.21 Elect Director Yoshida, Toyoshi Mgmt For For
2.22 Elect Director Hatakeyama, Koki Mgmt For For
2.23 Elect Director Oyama, Yasushi Mgmt For For
2.24 Elect Director Fujita, Kenju Mgmt For For
2.25 Elect Director Yogo, Takehito Mgmt For For
2.26 Elect Director Kai, Toshiya Mgmt For For
2.27 Elect Director Miyazumi, Goichi Mgmt For For
2.28 Elect Director Sadahiro, Kaname Mgmt For For
2.29 Elect Director Tanaka, Yoshiko Mgmt For For
2.30 Elect Director Omizu, Minako Mgmt For For
3 Appoint Alternate Statutory Auditor Yanagase,
Shigeru
Mgmt For For
Nissan Chemical Industries Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J56988108
Ticker: 4021
Primary ISIN: JP3670800006
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nissan Chemical Industries Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 36
Mgmt For For
2
3.1
Amend Articles to Change Company Name -
Change Location of Head Office
Elect Director Kinoshita, Kojiro
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Miyazaki, Junichi Mgmt For For
3.3 Elect Director Fukuro, Hiroyoshi Mgmt For
For
3.4 Elect Director Miyaji, Katsuaki Mgmt For
For
3.5 Elect Director Honda, Takashi Mgmt For
For
3.6 Elect Director Suzuki, Hitoshi Mgmt For
For
3.7 Elect Director Kajiyama, Chisato Mgmt For
For
3.8 Elect Director Oe, Tadashi Mgmt For
For
4 Appoint Statutory Auditor Katayama, Noriyuki Mgmt For
For
Nissan Shatai Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J57289100
Ticker: 7222
Primary ISIN: JP3672000001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 6.5
Mgmt For For
2 Elect Director Kotaki, Shin Mgmt For For
3 Appoint Statutory Auditor Hamaji, Toshikatsu
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Negishi, Mgmt For Against
Ichiro
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nisshin Seifun Group Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J57633109
Ticker: 2002
Primary ISIN: JP3676800000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt For For
2.1 Elect Director Kemmoku, Nobuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Nakagawa, Masao Mgmt For For
2.3 Elect Director Takizawa, Michinori Mgmt For For
2.4 Elect Director Harada, Takashi Mgmt For For
2.5 Elect Director Mori, Akira Mgmt For For
2.6 Elect Director Odaka, Satoshi Mgmt For For
2.7 Elect Director Koike, Masashi Mgmt For For
2.8 Elect Director Masujima, Naoto Mgmt For For
2.9 Elect Director Nakagawa, Masashi Mgmt For For
2.10 Elect Director Yamada, Takao Mgmt For For
2.11 Elect Director Sato, Kiyoshi Mgmt For For
2.12 Elect Director Koike, Yuji Mgmt For For
2.13 Elect Director Takihara, Kenji Mgmt For For
2.14 Elect Director Mimura, Akio Mgmt For For
2.15 Elect Director Fushiya, Kazuhiko Mgmt For For
3.1 Appoint Statutory Auditor Ito, Satoshi Mgmt For For
3.2 Appoint Statutory Auditor Ouchi, Sho Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: Vote AGAINST as the board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nissin Foods Holdings Co., Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J58063124
Ticker: 2897
Primary ISIN: JP3675600005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 45
Mgmt
For
For
2.1 Elect Director Ando, Koki Mgmt For For
2.2 Elect Director Ando, Noritaka Mgmt For For
2.3 Elect Director Yokoyama, Yukio Mgmt For For
2.4 Elect Director Kobayashi, Ken Mgmt For For
2.5 Elect Director Okafuji, Masahiro Mgmt For For
2.6 Elect Director Ishikura, Yoko Mgmt For For
2.7 Elect Director Karube, Isao Mgmt For For
2.8 Elect Director Mizuno, Masato Mgmt For For
3 Appoint Statutory Auditor Sawai, Masahiko Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Kamei,
Naohiro
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
NOK Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J54967104
Ticker: 7240
Primary ISIN: JP3164800009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Tsuru, Masato Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Doi, Kiyoshi
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NOK Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.3 Elect Director Iida, Jiro Mgmt For For
2.4 Elect Director Kuroki, Yasuhiko Mgmt For For
2.5 Elect Director Watanabe, Akira Mgmt For For
2.6 Elect Director Nagasawa, Shinji Mgmt For For
2.7 Elect Director Kobayashi, Toshifumi Mgmt For For
2.8 Elect Director Hogen, Kensaku Mgmt For For
2.9 Elect Director Fujioka, Makoto Mgmt For For
Rinnai Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J65199101
Ticker: 5947
Primary ISIN: JP3977400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 46
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Hayashi, Kenji
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Naito, Hiroyasu Mgmt For For
3.3 Elect Director Narita, Tsunenori Mgmt For For
3.4 Elect Director Kosugi, Masao Mgmt For For
3.5 Elect Director Kondo, Yuji Mgmt For For
3.6 Elect Director Matsui, Nobuyuki Mgmt For For
3.7 Elect Director Kamio, Takashi Mgmt For For
4 Appoint Alternate Statutory Auditor Ishikawa,
Yoshiro
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sankyu Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J68037100
Ticker: 9065
Primary ISIN: JP3326000001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 45
Mgmt For For
2.1 Elect Director Ogawa, Takashi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior as the board is less than 1/3 independent.
2.2 Elect Director Nakazato, Yasuo Mgmt For For
2.3 Elect Director Inoue, Masao Mgmt For
For
2.4 Elect Director Yuki, Toshio Mgmt For
For
2.5 Elect Director Okahashi, Terukazu Mgmt For
For
2.6 Elect Director Otobe, Hiroshi Mgmt For
For
2.7 Elect Director Ikuta, Masayuki Mgmt For
For
3 Appoint Alternate Statutory Auditor Nishi, Mgmt
Yoshihiro
For
For
Sanwa Holdings Corp.
Meeting Date: 06/27/2018 Country: Japan
Primary Security ID: J6858G104
Meeting Type: Annual Ticker: 5929
Primary ISIN: JP3344400001
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt
For
For
2.1 Elect Director Takayama, Toshitaka Mgmt For For
2.2 Elect Director Takayama, Yasushi Mgmt For For
2.3 Elect Director Fujisawa, Hiroatsu Mgmt For For
2.4 Elect Director Fukuda, Masahiro Mgmt For For
2.5 Elect Director Takayama, Meiji Mgmt For For
2.6 Elect Director Yasuda, Makoto Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sanwa Holdings Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1
3.2
3.3
4
Elect Director and Audit Committee Member
Zaima, Teiko
Elect Director and Audit Committee Member
Yonezawa, Tsunekatsu
Elect Director and Audit Committee Member
Gokita, Akira
Elect Alternate Director and Audit Committee
Member Yasuda, Makoto
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
Seiko Epson Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7030F105
Ticker: 6724
Primary ISIN: JP3414750004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, With a Final
Dividend of JPY 32
Mgmt
For
For
2.1 Elect Director Usui, Minoru Mgmt For For
2.2 Elect Director Inoue, Shigeki Mgmt For For
2.3 Elect Director Kubota, Koichi Mgmt For For
2.4 Elect Director Kawana, Masayuki Mgmt For For
2.5 Elect Director Seki, Tatsuaki Mgmt For For
2.6 Elect Director Ogawa, Yasunori Mgmt For For
2.7 Elect Director Omiya, Hideaki Mgmt For For
2.8 Elect Director Matsunaga, Mari Mgmt For For
3.1 Elect Director and Audit Committee Member
Shigemoto, Taro
Mgmt For For
3.2 Elect Director and Audit Committee Member
Nara, Michihiro
Mgmt For For
3.3 Elect Director and Audit Committee Member
Tsubaki, Chikami
Mgmt For For
3.4 Elect Director and Audit Committee Member
Shirai, Yoshio
Mgmt For For
4 Approve Annual Bonus Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Seino Holdings Co Ltd
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J70316138
Ticker: 9076
Primary ISIN: JP3415400005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 19
Mgmt
For
For
2.1 Elect Director Taguchi, Yoshitaka Mgmt For For
2.2 Elect Director Taguchi, Takao Mgmt For For
2.3 Elect Director Kamiya, Masahiro Mgmt For For
2.4 Elect Director Maruta, Hidemi Mgmt For For
2.5 Elect Director Furuhashi, Harumi Mgmt For For
2.6 Elect Director Nozu, Nobuyuki Mgmt For For
2.7 Elect Director Ueno, Kenjiro Mgmt For For
2.8 Elect Director Yamada, Meyumi Mgmt For For
2.9 Elect Director Takai, Shintaro Mgmt For For
3 Appoint Statutory Auditor Ito, Nobuhiko Mgmt For For
4 Approve Bonus Related to Retirement Bonus
System Abolition
Mgmt For Against
Blended Rationale: Vote AGAINST as the payment amount is not disclosed.
5 Approve Trust-Type Equity Compensation
Plan
6 Approve Statutory Auditor Retirement Bonus
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST as the payment amount is not disclosed.
Sekisui Chemical Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J70703137
Ticker: 4204
Primary ISIN: JP3419400001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 21
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sekisui Chemical Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Koge, Teiji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kubo, Hajime Mgmt For For
2.3 Elect Director Uenoyama, Satoshi Mgmt For For
2.4 Elect Director Sekiguchi, Shunichi Mgmt For For
2.5 Elect Director Kato, Keita Mgmt For For
2.6 Elect Director Hirai, Yoshiyuki Mgmt For For
2.7 Elect Director Taketomo, Hiroyuki Mgmt For For
2.8 Elect Director Ishizuka, Kunio Mgmt For For
2.9 Elect Director Kase, Yutaka Mgmt For For
2.10 Elect Director Oeda, Hiroshi Mgmt For For
3 Appoint Statutory Auditor Ozawa, Tetsuo Mgmt For For
Shikoku Electric Power Co. Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J72079106
Ticker: 9507
Primary ISIN: JP3350800003
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt
For
For
2.1 Elect Director Kobayashi, Isao Mgmt For For
2.2 Elect Director Saeki, Hayato Mgmt For For
2.3 Elect Director Shirai, Hisashi Mgmt For For
2.4 Elect Director Tamagawa, Koichi Mgmt For For
2.5 Elect Director Chiba, Akira Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors
2.6 Elect Director Nagai, Keisuke Mgmt For For
2.7 Elect Director Nishizaki, Akifumi Mgmt For For
2.8 Elect Director Manabe, Nobuhiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Shikoku Electric Power Co. Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.9 Elect Director Moriya, Shoji Mgmt For For
2.10 Elect Director Yamada, Kenji Mgmt For For
2.11 Elect Director Yokoi, Ikuo Mgmt For For
3 Amend Articles to Adopt a Code of Ethics, SH
Including Nuclear Ban
4 Amend Articles to Promote Renewable Energy SH
Against
Against
Against
Against
5
6.1
Amend Articles to Decommission Ikata SH
Nuclear Power Station
Remove Director Akira Chiba from the Board SH
Against
Against
Against
Against
6.2 Remove Director Hayato Saeki from the Board SH Against Against
Shima Seiki Mfg. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J72273105
Ticker: 6222
Primary ISIN: JP3356500003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 35
Mgmt For For
2.1 Elect Director Shima, Masahiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Shima, Mitsuhiro Mgmt For For
2.3 Elect Director Umeda, Ikuto Mgmt For For
2.4 Elect Director Arikita, Reiji Mgmt For For
2.5 Elect Director Nanki, Takashi Mgmt For For
2.6 Elect Director Nishitani, Hirokazu Mgmt For For
2.7 Elect Director Nishikawa, Kiyokata Mgmt For For
2.8 Elect Director Ichiryu, Yoshio Mgmt For For
2.9 Elect Director Zamma, Rieko Mgmt For For
3.1 Appoint Statutory Auditor Ueda, Mitsunori Mgmt For For
3.2 Appoint Statutory Auditor Totsui, Hisahito Mgmt For For
4 Approve Compensation Ceiling for Directors Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Shima Seiki Mfg. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
5 Approve Deep Discount Stock Option Plan Mgmt For For
Shimadzu Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J72165129
Ticker: 7701
Primary ISIN: JP3357200009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 13
Mgmt For For
2
3.1
Amend Articles to Clarify Director Authority
on Shareholder Meetings - Amend Provisions
on Number of Directors - Clarify Director
Authority on Board Meetings
Elect Director Nakamoto, Akira
Mgmt
Mgmt
For
For
For
For
3.2 Elect Director Ueda, Teruhisa Mgmt For For
3.3 Elect Director Fujino, Hiroshi Mgmt For For
3.4 Elect Director Miura, Yasuo Mgmt For For
3.5 Elect Director Furusawa, Koji Mgmt For For
3.6 Elect Director Sawaguchi, Minoru Mgmt For For
3.7 Elect Director Fujiwara, Taketsugu Mgmt For For
3.8 Elect Director Wada, Hiroko Mgmt For For
4 Appoint Alternate Statutory Auditor
Shimadera, Motoi
Mgmt
For
For
SMC Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J75734103
Ticker: 6273
Primary ISIN: JP3162600005
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
SMC Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 200
Mgmt For For
2.1 Elect Director Takada, Yoshiyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Maruyama, Katsunori Mgmt For For
2.3 Elect Director Usui, Ikuji Mgmt For For
2.4 Elect Director Kosugi, Seiji Mgmt For For
2.5 Elect Director Satake, Masahiko Mgmt For For
2.6 Elect Director Kuwahara, Osamu Mgmt For For
2.7 Elect Director Takada, Yoshiki Mgmt For For
2.8 Elect Director Ohashi, Eiji Mgmt For For
2.9 Elect Director Kaizu, Masanobu Mgmt For For
2.10 Elect Director Kagawa, Toshiharu Mgmt For For
Sumitomo Electric Industries Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77411114
Ticker: 5802
Primary ISIN: JP3407400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Matsumoto, Masayoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Inoue, Osamu Mgmt For For
2.3 Elect Director Nishida, Mitsuo Mgmt For For
2.4 Elect Director Ushijima, Nozomi Mgmt For For
2.5 Elect Director Tani, Makoto Mgmt For For
2.6 Elect Director Kasui, Yoshitomo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sumitomo Electric Industries Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7 Elect Director Ito, Junji Mgmt For For
2.8 Elect Director Nishimura, Akira Mgmt For For
2.9 Elect Director Hato, Hideo Mgmt For For
2.10 Elect Director Shirayama, Masaki Mgmt For For
2.11 Elect Director Sato, Hiroshi Mgmt For For
2.12 Elect Director Tsuchiya, Michihiro Mgmt For For
2.13 Elect Director Christina Ahmadjian Mgmt For For
3 Appoint Statutory Auditor Yoshikawa, Ikuo Mgmt For For
4 Approve Annual Bonus Mgmt For For
Suzuken Co Ltd
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J78454105
Ticker: 9987
Primary ISIN: JP3398000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Bessho, Yoshiki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Miyata, Hiromi Mgmt For For
1.3 Elect Director Asano, Shigeru Mgmt For For
1.4 Elect Director Saito, Masao Mgmt For For
1.5 Elect Director Izawa, Yoshimichi Mgmt For For
1.6 Elect Director Tamura, Hisashi Mgmt For For
1.7 Elect Director Ueda, Keisuke Mgmt For For
1.8 Elect Director Iwatani, Toshiaki Mgmt For For
1.9 Elect Director Usui, Yasunori Mgmt For For
2.1 Appoint Statutory Auditor Tamamura,
Mitsunori
Mgmt For For
2.2 Appoint Statutory Auditor Inoue, Tatsuya Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
T&D HOLDINGS INC.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J86796109
Ticker: 8795
Primary ISIN: JP3539220008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2 Amend Articles to Reduce Directors' Term Mgmt For For
3.1
Elect Director Kida, Tetsuhiro
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Uehara, Hirohisa Mgmt For For
3.3 Elect Director Seike, Koichi Mgmt For For
3.4 Elect Director Tsuboi, Chikahiro Mgmt For For
3.5 Elect Director Nagata, Mitsuhiro Mgmt For For
3.6 Elect Director Tamura, Yasuro Mgmt For For
3.7 Elect Director Matsuyama, Haruka Mgmt For For
3.8 Elect Director Ogo, Naoki Mgmt For For
3.9 Elect Director Higaki, Seiji Mgmt For For
3.10 Elect Director Tanaka, Katsuhide Mgmt For For
3.11 Elect Director Kudo, Minoru Mgmt For For
3.12 Elect Director Itasaka, Masafumi Mgmt For For
4 Appoint Statutory Auditor Teraoka, Yasuo Mgmt For For
5 Appoint Alternate Statutory Auditor
Watanabe, Kensaku
Mgmt For For
6 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
Tohoku Electric Power Co. Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J85108108
Ticker: 9506
Primary ISIN: JP3605400005
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tohoku Electric Power Co. Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt
For
For
2 Amend Articles to Amend Business Lines -
Adopt Board Structure with Audit Committee -
Amend Provisions on Number of Directors -
Amend Provisions on Director Titles -
Authorize Directors to Execute Day to Day
Operations without Full Board Approval
Mgmt For For
3.1 Elect Director Kaiwa, Makoto Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors
3.2 Elect Director Harada, Hiroya Mgmt For For
3.3 Elect Director Sakamoto, Mitsuhiro Mgmt For For
3.4 Elect Director Okanobu, Shinichi Mgmt For For
3.5 Elect Director Tanae, Hiroshi Mgmt For For
3.6 Elect Director Masuko, Jiro Mgmt For For
3.7 Elect Director Hasegawa, Noboru Mgmt For For
3.8 Elect Director Yamamoto, Shunji Mgmt For For
3.9 Elect Director Abe, Toshinori Mgmt For For
3.10 Elect Director Higuchi, Kojiro Mgmt For For
3.11 Elect Director Kondo, Shiro Mgmt For For
3.12 Elect Director Ogata, Masaki Mgmt For For
3.13 Elect Director Kamijo, Tsutomu Mgmt For For
4.1 Elect Director and Audit Committee Member
Kato, Koki
Mgmt For For
4.2 Elect Director and Audit Committee Member
Fujiwara, Sakuya
Mgmt For For
4.3 Elect Director and Audit Committee Member
Uno, Ikuo
Mgmt For For
4.4 Elect Director and Audit Committee Member
Baba, Chiharu
Mgmt For For
5 Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members and
Deep Discount Stock Option Plan
Mgmt For For
6 Approve Compensation Ceiling for Directors
Who Are Audit Committee Members
Mgmt For For
7 Amend Articles to Make Declaration on Ending
Reliance on Nuclear Power
SH Against Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tohoku Electric Power Co. Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
8
Amend Articles to Decommission Higashidori
Nuclear Power Station
SH
Against
Against
9 Amend Articles to Add Provisions on
Decommissioning Plan
SH Against Against
10 Amend Articles to Add Provisions on Efficient
Use of Transmission Lines for Renewable
Energy Promotion
SH Against Against
11 Amend Articles to Promote Renewable Energy SH Against Against
12 Amend Articles to Ban Investment and Debt
Guarantee for Japan Atomic Power and Japan
Nuclear Fuel
SH Against Against
Tokyo Electric Power Co Holdings Inc.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J86914108
Ticker: 9501
Primary ISIN: JP3585800000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Annen, Junji
Mgmt
For
For
1.2 Elect Director Utsuda, Shoei Mgmt For For
1.3 Elect Director Kaneko, Yoshinori Mgmt For For
1.4 Elect Director Kawasaki, Toshihiro Mgmt For For
1.5 Elect Director Kawamura, Takashi Mgmt For Against
Blended Rationale: Vote AGAINST as the president sits on the nominating committee.
1.6 Elect Director Kunii, Hideko Mgmt For For
1.7 Elect Director Kobayakawa, Tomoaki Mgmt For Against
Blended Rationale: Vote AGAINST as the chairman sits on the nominating committee
1.8 Elect Director Takaura, Hideo Mgmt For For
1.9 Elect Director Taketani, Noriaki Mgmt For For
1.10 Elect Director Toyama, Kazuhiko Mgmt For For
1.11 Elect Director Makino, Shigenori Mgmt For For
1.12 Elect Director Moriya, Seiji Mgmt For For
1.13 Elect Director Yamashita, Ryuichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokyo Electric Power Co Holdings Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2
Amend Articles to Withdraw from Nuclear
Fuel Recycling Business
SH
Against
Against
3 Amend Articles to Ban Investment in Nuclear
Power-Related Companies Overseas
SH Against Against
4 Amend Articles to Add Provisions on Priority
Grid Access for Renewable Energy
SH Against Against
5 Amend Articles to Establish Liaison Council
with Local Municipalities Near
Kashiwazaki-Kariwa Nuclear Power Station
SH Against Against
6 Amend Articles to Establish Committee on
Evaluation of Radiation Impact Resulting from
Fukushima Daiichi Nuclear Power Plant
Accident
SH Against Against
7 Amend Articles to Make Fukushima Daiichi
Nuclear Power Plant Site Open to the Public
SH Against Against
8 Amend Articles to Establish Compliance
Committee on Observation of Labor
Standards Act
SH Against Against
9 Amend Articles to Ban Investment and Debt
Guarantee for Japan Atomic Power and Japan
Nuclear Fuel
SH Against Against
Tokyu Fudosan Holdings Corporation
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J88764105
Ticker: 3289
Primary ISIN: JP3569200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7.5
Mgmt For For
2.1 Elect Director Kanazashi, Kiyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Okuma, Yuji Mgmt For For
2.3 Elect Director Sakaki, Shinji Mgmt For For
2.4 Elect Director Uemura, Hitoshi Mgmt For For
2.5 Elect Director Saiga, Katsuhide Mgmt For For
2.6 Elect Director Kitagawa, Toshihiko Mgmt For For
2.7 Elect Director Nishikawa, Hironori Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokyu Fudosan Holdings Corporation
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.8 Elect Director Okada, Masashi Mgmt For For
2.9 Elect Director Nomoto, Hirofumi Mgmt For For
2.10 Elect Director Iki, Koichi Mgmt For For
2.11 Elect Director Kaiami, Makoto Mgmt For For
2.12 Elect Director Sakurai, Shun Mgmt For For
2.13 Elect Director Arai, Saeko Mgmt For For
3 Appoint Alternate Statutory Auditor Nagao,
Ryo
Mgmt
For
For
Topcon Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J87473112
Ticker: 7732
Primary ISIN: JP3630400004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Hirano, Satoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Iwasaki, Makoto Mgmt For For
1.3 Elect Director Eto, Takashi Mgmt For For
1.4 Elect Director Fukuma, Yasufumi Mgmt For For
1.5 Elect Director Akiyama, Haruhiko Mgmt For For
1.6 Elect Director Yamazaki, Takayuki Mgmt For For
1.7 Elect Director Matsumoto, Kazuyuki Mgmt For For
1.8 Elect Director Sudo, Akira Mgmt For For
1.9 Elect Director Yamazaki, Naoko Mgmt For For
2 Appoint Statutory Auditor Mitake, Akinori Mgmt For For
3 Appoint Alternate Statutory Auditor Kadota,
Takeshi
Mgmt For For
4 Approve Compensation Ceiling for Directors Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toshiba Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J89752117
Ticker: 6502
Primary ISIN: JP3592200004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Capital Reduction Mgmt For For
2
3
4.1
Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Amend Articles to Clarify Director Authority
on Shareholder Meetings
Elect Director Tsunakawa, Satoshi
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
4.2 Elect Director Akiba, Shinichiro Mgmt For For
4.3 Elect Director Hirata, Masayoshi Mgmt For For
4.4 Elect Director Sakurai, Naoya Mgmt For For
4.5 Elect Director Noda, Teruko Mgmt For For
4.6 Elect Director Ikeda, Koichi Mgmt For For
4.7 Elect Director Furuta, Yuki Mgmt For For
4.8 Elect Director Kobayashi, Yoshimitsu Mgmt For For
4.9 Elect Director Sato, Ryoji Mgmt For For
4.10 Elect Director Kurumatani, Nobuaki Mgmt For For
4.11 Elect Director Ota, Junji Mgmt For For
4.12 Elect Director Taniguchi, Mami Mgmt For For
Tosoh Corp.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J90096132
Ticker: 4042
Primary ISIN: JP3595200001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yamamoto, Toshinori Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tosoh Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.2
Elect Director Tashiro, Katsushi
Mgmt
For
For
1.3 Elect Director Nishizawa, Keiichiro Mgmt For For
1.4 Elect Director Kawamoto, Koji Mgmt For For
1.5 Elect Director Yamada, Masayuki Mgmt For For
1.6 Elect Director Tsutsumi, Shingo Mgmt For For
1.7 Elect Director Ikeda, Etsuya Mgmt For For
1.8 Elect Director Abe, Tsutomu Mgmt For For
1.9 Elect Director Ogawa, Kenji Mgmt For For
2.1 Appoint Statutory Auditor Teramoto, Tetsuya Mgmt For For
2.2 Appoint Statutory Auditor Ozaki, Tsuneyasu Mgmt For For
3.1 Appoint Alternate Statutory Auditor Tanaka,
Yasuhiko
Mgmt For For
3.2 Appoint Alternate Statutory Auditor Nagao,
Kenta
Mgmt For For
Toyo Seikan Group Holdings Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J92289107
Ticker: 5901
Primary ISIN: JP3613400005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 7
Mgmt
For
For
2.1 Elect Director Nakai, Takao Mgmt For For
2.2 Elect Director Maida, Norimasa Mgmt For For
2.3 Elect Director Gomi, Toshiyasu Mgmt For For
2.4 Elect Director Gobun, Masashi Mgmt For For
2.5 Elect Director Soejima, Masakazu Mgmt For For
2.6 Elect Director Murohashi, Kazuo Mgmt For For
2.7 Elect Director Arai, Mitsuo Mgmt For For
2.8 Elect Director Kobayashi, Hideaki Mgmt For For
2.9 Elect Director Katayama, Tsutao Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toyo Seikan Group Holdings Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.10 Elect Director Asatsuma, Kei Mgmt For For
2.11 Elect Director Suzuki, Hiroshi Mgmt For For
2.12 Elect Director Otsuka, Ichio Mgmt For For
2.13 Elect Director Sumida, Hirohiko Mgmt For For
2.14 Elect Director Ogasawara, Koki Mgmt For For
3 Appoint Statutory Auditor Uesugi, Toshitaka Mgmt For For
4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: A vote AGAINST this poison pill plan is warranted because:- The total duration exceeds three years.
Toyobo Co. Ltd.
Meeting Date: 06/27/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J90741133
Ticker: 3101
Primary ISIN: JP3619800000
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 40
Mgmt
For
For
2.1 Elect Director Sakamoto, Ryuzo Mgmt For For
2.2 Elect Director Narahara, Seiji Mgmt For For
2.3 Elect Director Watanabe, Masaru Mgmt For For
2.4 Elect Director Takenaka, Shigeo Mgmt For For
2.5 Elect Director Ueno, Hitoshi Mgmt For For
2.6 Elect Director Nishiyama, Shigeo Mgmt For For
2.7 Elect Director Oka, Taketoshi Mgmt For For
2.8 Elect Director Nakamura, Masaru Mgmt For For
2.9 Elect Director Isogai, Takafumi Mgmt For For
3 Appoint Statutory Auditor Iizuka, Yasuhiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Satoi,
Yoshinori
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
77 Bank Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J71348106
Ticker: 8341
Primary ISIN: JP3352000008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 22.5
Mgmt For For
2.1 Elect Director Ujiie, Teruhiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors
2.2 Elect Director Kobayashi, Hidefumi Mgmt For For
2.3 Elect Director Igarashi, Makoto Mgmt For
For
2.4 Elect Director Tsuda, Masakatsu Mgmt For
For
2.5 Elect Director Sugawara, Toru Mgmt For
For
2.6 Elect Director Suzuki, Koichi Mgmt For
For
2.7 Elect Director Shito, Atsushi Mgmt For
For
2.8 Elect Director Onodera, Yoshikazu Mgmt For
For
2.9 Elect Director Sugita, Masahiro Mgmt For
For
2.10 Elect Director Nakamura, Ken Mgmt For
For
2.11 Elect Director Okuyama, Emiko Mgmt For
For
3 Approve Compensation Ceiling for Directors Mgmt
Who Are Not Audit Committee Members
For
For
ANA Holdings Co.,Ltd.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J0156Q112
Meeting Type: Annual Ticker: 9202
Primary ISIN: JP3429800000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 60
Mgmt For For
2.1 Elect Director Ito, Shinichiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
ANA Holdings Co.,Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.2
Elect Director Shinobe, Osamu
Mgmt
For
For
2.3 Elect Director Katanozaka, Shinya Mgmt For For
2.4 Elect Director Nagamine, Toyoyuki Mgmt For For
2.5 Elect Director Ishizaka, Naoto Mgmt For For
2.6 Elect Director Takada, Naoto Mgmt For For
2.7 Elect Director Hirako, Yuji Mgmt For For
2.8 Elect Director Mori, Shosuke Mgmt For For
2.9 Elect Director Yamamoto, Ado Mgmt For For
2.10 Elect Director Kobayashi, Izumi Mgmt For For
3 Appoint Statutory Auditor Ogawa, Eiji Mgmt For For
Aoyama Trading Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J01722107
Ticker: 8219
Primary ISIN: JP3106200003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 120
Mgmt For For
2 Amend Articles to Authorize Internet
Disclosure of Shareholder Meeting Materials
3 Elect Director Kobayashi, Hiroaki
Mgmt
Mgmt
For
For
For
For
4 Approve Equity Compensation Plan Mgmt For For
Bank of Kyoto Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J03990108
Ticker: 8369
Primary ISIN: JP3251200006
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Bank of Kyoto Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Takasaki, Hideo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Doi, Nobuhiro Mgmt For For
2.3 Elect Director Naka, Masahiko Mgmt For For
2.4 Elect Director Hitomi, Hiroshi Mgmt For For
2.5 Elect Director Anami, Masaya Mgmt For For
2.6 Elect Director Iwahashi, Toshiro Mgmt For For
2.7 Elect Director Kashihara, Yasuo Mgmt For For
2.8 Elect Director Yasui, Mikiya Mgmt For For
2.9 Elect Director Hata, Hiroyuki Mgmt For For
2.10 Elect Director Koishihara, Norikazu Mgmt For For
2.11 Elect Director Otagiri, Junko Mgmt For For
3 Appoint Alternate Statutory Auditor Demizu,
Jun
Mgmt For For
Casio Computer Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J05250139
Ticker: 6952
Primary ISIN: JP3209000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Kashio, Kazuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Kashio, Kazuhiro
Mgmt
For
For
2.3
Elect Director Nakamura, Hiroshi
Mgmt
For
For
2.4
Elect Director Masuda, Yuichi
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Casio Proposal
Number
Computer Co. Ltd.
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5
Elect Director Yamagishi, Toshiyuki
Mgmt
For
For
2.6 Elect Director Takano, Shin Mgmt For For
2.7 Elect Director Ishikawa, Hirokazu Mgmt For For
2.8 Elect Director Kotani, Makoto Mgmt For For
3 Appoint Statutory Auditor Chiba, Michiko Mgmt For For
Dai Nippon Printing Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J10584142
Ticker: 7912
Primary ISIN: JP3493800001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 32
Mgmt For For
2.1 Elect Director Kitajima, Yoshitoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Takanami, Koichi
Mgmt
For
For
2.3
Elect Director Yamada, Masayoshi
Mgmt
For
For
2.4
Elect Director Kitajima, Yoshinari
Mgmt
For
For
2.5
Elect Director Wada, Masahiko
Mgmt
For
For
2.6 Elect Director Morino, Tetsuji Mgmt For For
2.7 Elect Director Kanda, Tokuji Mgmt For For
2.8
Elect Director Inoue, Satoru
Mgmt
For
For
2.9 Elect Director Miya, Kenji Mgmt For For
2.10 Elect Director Tsukada, Tadao Mgmt For For
2.11
Elect Director Miyajima, Tsukasa
Mgmt
For
For
Daikin Industries Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J10038115
Ticker: 6367
Primary ISIN: JP3481800005
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Daikin Industries Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75
Mgmt For For
2.1 Elect Director Inoue, Noriyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Togawa, Masanori Mgmt For For
2.3 Elect Director Terada, Chiyono Mgmt For For
2.4 Elect Director Kawada, Tatsuo Mgmt For For
2.5 Elect Director Makino, Akiji Mgmt For For
2.6 Elect Director Tayano, Ken Mgmt For For
2.7 Elect Director Minaka, Masatsugu Mgmt For For
2.8 Elect Director Tomita, Jiro Mgmt For For
2.9 Elect Director Fang Yuan Mgmt For For
2.10 Elect Director Kanwal Jeet Jawa Mgmt For For
3 Appoint Alternate Statutory Auditor Ono,
Ichiro
Mgmt For For
Daiwa House Industry Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J11508124
Ticker: 1925
Primary ISIN: JP3505000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 62
Mgmt For For
2.1 Elect Director Higuchi, Takeo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors
2.2 Elect Director Yoshii, Keiichi Mgmt For For
2.3 Elect Director Ishibashi, Tamio Mgmt For For
2.4 Elect Director Kawai, Katsutomo Mgmt For For
2.5 Elect Director Kosokabe, Takeshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Daiwa House Industry Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.6 Elect Director Tsuchida, Kazuto Mgmt For For
2.7 Elect Director Fujitani, Osamu Mgmt For For
2.8 Elect Director Hori, Fukujiro Mgmt For For
2.9 Elect Director Hama, Takashi Mgmt For For
2.10 Elect Director Yamamoto, Makoto Mgmt For For
2.11 Elect Director Tanabe, Yoshiaki Mgmt For For
2.12 Elect Director Otomo, Hirotsugu Mgmt For For
2.13 Elect Director Urakawa, Tatsuya Mgmt For For
2.14 Elect Director Dekura, Kazuhito Mgmt For For
2.15 Elect Director Ariyoshi, Yoshinori Mgmt For For
2.16 Elect Director Shimonishi, Keisuke Mgmt For For
2.17 Elect Director Kimura, Kazuyoshi Mgmt For For
2.18 Elect Director Shigemori, Yutaka Mgmt For For
2.19 Elect Director Yabu, Yukiko Mgmt For For
3 Appoint Statutory Auditor Nakazato,
Tomoyuki
4 Approve Annual Bonus
Mgmt
Mgmt
For
For
For
For
5 Approve Career Achievement Bonus for
Director
Mgmt
For
For
Ezaki Glico Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J13314109
Ticker: 2206
Primary ISIN: JP3161200005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Amend Articles to Change Company Name
Mgmt
For
For
2.1 Elect Director Ezaki, Katsuhisa Mgmt For For
2.2 Elect Director Ezaki, Etsuro Mgmt For For
2.3 Elect Director Kuriki, Takashi Mgmt For For
2.4 Elect Director Onuki, Akira Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Ezaki Glico Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5 Elect Director Masuda, Tetsuo Mgmt For For
2.6 Elect Director Kato, Takatoshi Mgmt For For
2.7 Elect Director Oishi, Kanoko Mgmt For For
3 Appoint Statutory Auditor Yoshida, Toshiaki Mgmt For For
4 Approve Equity Compensation Plan Mgmt For For
Fanuc Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J13440102
Ticker: 6954
Primary ISIN: JP3802400006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 297.75
Mgmt For For
2.1 Elect Director Inaba, Yoshiharu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Yamaguchi, Kenji Mgmt For For
2.3 Elect Director Uchida, Hiroyuki Mgmt For For
2.4 Elect Director Gonda, Yoshihiro Mgmt For For
2.5 Elect Director Inaba, Kiyonori Mgmt For For
2.6 Elect Director Noda, Hiroshi Mgmt For For
2.7 Elect Director Kohari, Katsuo Mgmt For For
2.8 Elect Director Matsubara, Shunsuke Mgmt For For
2.9 Elect Director Okada, Toshiya Mgmt For For
2.10 Elect Director Richard E. Schneider Mgmt For For
2.11 Elect Director Tsukuda, Kazuo Mgmt For For
2.12 Elect Director Imai, Yasuo Mgmt For For
2.13 Elect Director Ono, Masato Mgmt For For
3 Appoint Statutory Auditor Sumikawa,
Masaharu
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
FUJIFILM Holdings Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J14208102
Ticker: 4901
Primary ISIN: JP3814000000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 37.5
Mgmt For For
2.1 Elect Director Komori, Shigetaka Mgmt For For
2.2
Elect Director Sukeno, Kenji
Mgmt
For
For
2.3
Elect Director Tamai, Koichi
Mgmt
For
For
2.4
Elect Director Kawada, Tatsuo
Mgmt
For
For
2.5 Elect Director Kaiami, Makoto Mgmt For For
2.6 Elect Director Kitamura, Kunitaro Mgmt For For
2.7
Elect Director Iwasaki, Takashi
Mgmt
For
For
2.8 Elect Director Okada, Junji Mgmt For For
2.9 Elect Director Goto, Teiichi Mgmt For For
2.10
Elect Director Eda, Makiko
Mgmt
For
For
3 Appoint Statutory Auditor Sugita, Naohiko
Mgmt
For
For
4 Approve Compensation Ceiling for Directors Mgmt For For
Fujikura Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J14784128
Ticker: 5803
Primary ISIN: JP3811000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7
Mgmt For For
2.1 Elect Director Ito, Masahiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Wada, Akira
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Fujikura Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.3
Elect Director Sasagawa, Akira
Mgmt
For
For
2.4 Elect Director Hosoya, Hideyuki Mgmt For For
2.5 Elect Director Kitajima, Takeaki Mgmt For For
2.6 Elect Director Takizawa, Takashi Mgmt For For
2.7 Elect Director Ito, Tetsu Mgmt For For
2.8 Elect Director Joseph E. Gallagher Mgmt For For
2.9 Elect Director Kobayashi, Ikuo Mgmt For For
Fukuoka Financial Group Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J17129107
Ticker: 8354
Primary ISIN: JP3805010000
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 7.5
Mgmt
For
For
2 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
3.1 Elect Director Tani, Masaaki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Shibato, Takashige Mgmt For For
3.3 Elect Director Yoshikai, Takashi Mgmt For For
3.4 Elect Director Yoshida, Yasuhiko Mgmt For For
3.5 Elect Director Shirakawa, Yuji Mgmt For For
3.6 Elect Director Araki, Eiji Mgmt For For
3.7 Elect Director Yokota, Koji Mgmt For For
3.8 Elect Director Takeshita, Ei Mgmt For For
3.9 Elect Director Aoyagi, Masayuki Mgmt For For
3.10 Elect Director Yoshizawa, Shunsuke Mgmt For For
3.11 Elect Director Morikawa, Yasuaki Mgmt For For
3.12 Elect Director Fukasawa, Masahiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Fukuoka Financial Group Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.13 Elect Director Kosugi, Toshiya Mgmt For For
4.1
4.2
Appoint Alternate Statutory Auditor Gondo,
Naohiko
Appoint Alternate Statutory Auditor Miura,
Masamichi
Mgmt
Mgmt
For
For
For
For
GS YUASA CORP.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J1770L109
Ticker: 6674
Primary ISIN: JP3385820000
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 7
Mgmt
For
For
2 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
3.1 Elect Director Murao, Osamu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Nishida, Kei Mgmt For For
3.3 Elect Director Nakagawa, Toshiyuki Mgmt For For
3.4 Elect Director Kuragaki, Masahide Mgmt For For
3.5 Elect Director Furukawa, Akio Mgmt For For
3.6 Elect Director Otani, Ikuo Mgmt For For
3.7 Elect Director Matsunaga, Takayoshi Mgmt For For
4 Approve Annual Bonus Mgmt For For
Hakuhodo Dy Holdings Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J19174101
Ticker: 2433
Primary ISIN: JP3766550002
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Hakuhodo Dy Holdings Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 13
Mgmt For For
2.1 Elect Director Narita, Junji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Toda, Hirokazu Mgmt For For
2.3 Elect Director Sawada, Kunihiko Mgmt For
For
2.4 Elect Director Matsuzaki, Mitsumasa Mgmt For
For
2.5 Elect Director Imaizumi, Tomoyuki Mgmt For
For
2.6 Elect Director Nakatani, Yoshitaka Mgmt For
For
2.7 Elect Director Mizushima, Masayuki Mgmt For
For
2.8 Elect Director Ochiai, Hiroshi Mgmt For
For
2.9 Elect Director Fujinuma, Daisuke Mgmt For
For
2.10 Elect Director Yajima, Hirotake Mgmt For
For
2.11 Elect Director Matsuda, Noboru Mgmt For
For
2.12 Elect Director Hattori, Nobumichi Mgmt For
For
2.13 Elect Director Yamashita, Toru Mgmt For
For
3.1 Appoint Statutory Auditor Kageyama, Mgmt
Kazunori
For
For
3.2 Appoint Statutory Auditor Uchida, Minoru Mgmt For
For
Haseko Corp.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J18984153
Meeting Type: Annual Ticker: 1808
Primary ISIN: JP3768600003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 40
Mgmt For For
2.1 Elect Director Shimada, Morio Mgmt For For
2.2
Elect Director Tani, Junichi
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Haseko Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.3 Elect Director Tani, Nobuhiro Mgmt For For
2.4 Elect Director Takahashi, Osamu Mgmt For For
2.5 Elect Director Ichimura, Kazuhiko Mgmt For For
2.6 Elect Director Nagasaki, Mami Mgmt For For
3.1 Appoint Statutory Auditor Fukui, Yoshitaka Mgmt For For
3.2 Appoint Statutory Auditor Isoda, Mitsuo Mgmt For For
Heiwa Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J19194109
Ticker: 6412
Primary ISIN: JP3834200002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 40
Mgmt For For
2.1 Elect Director Minei, Katsuya Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Moromizato, Toshinobu Mgmt For For
2.3 Elect Director Ota, Yutaka Mgmt For For
2.4 Elect Director Miyara, Mikio Mgmt For For
2.5 Elect Director Yoshino, Toshio Mgmt For For
2.6 Elect Director Nakada, Katsumasa Mgmt For For
2.7 Elect Director Sagehashi, Takashi Mgmt For For
2.8 Elect Director Katsumata, Nobuki Mgmt For For
2.9 Elect Director Arai, Hisao Mgmt For For
2.10 Elect Director Kaneshi, Tamiki Mgmt For For
2.11 Elect Director Yamaguchi, Kota Mgmt For For
3.1 Appoint Statutory Auditor Ikemoto, Yasuaki Mgmt For For
3.2 Appoint Statutory Auditor Endo, Akinori Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Idemitsu Kosan Co., Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2388K103
Ticker: 5019
Primary ISIN: JP3142500002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tsukioka, Takashi Mgmt For For
1.2 Elect Director Kito, Shunichi Mgmt For For
1.3 Elect Director Matsushita, Takashi Mgmt For For
1.4 Elect Director Nibuya, Susumu Mgmt For For
1.5 Elect Director Maruyama, Kazuo Mgmt For For
1.6 Elect Director Sagishima, Toshiaki Mgmt For For
1.7 Elect Director Homma, Kiyoshi Mgmt For For
1.8 Elect Director Yokota, Eri Mgmt For For
1.9
Elect Director Ito, Ryosuke
Mgmt
For
For
1.10 Elect Director Kikkawa, Takeo Mgmt For For
1.11 Elect Director Mackenzie Clugston Mgmt For For
2.1
Appoint Statutory Auditor Tanida, Toshiyuki
Mgmt
For
For
2.2
3
Appoint Statutory Auditor Niwayama,
Shoichiro
Appoint Alternate Statutory Auditor Kai, Junko
Mgmt
Mgmt
For
For
For
For
4 Approve Trust-Type Equity Compensation
Plan
Mgmt
For
For
Isuzu Motors Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J24994113
Ticker: 7202
Primary ISIN: JP3137200006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 17
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Isuzu Motors Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Hosoi, Susumu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Nakagawa, Hiroshi Mgmt For For
2.3 Elect Director Kawahara, Makoto Mgmt For For
2.4 Elect Director Maekawa, Hiroyuki Mgmt For For
2.5 Elect Director Sugimoto, Shigeji Mgmt For For
2.6 Elect Director Minami, Shinsuke Mgmt For For
2.7 Elect Director Shibata, Mitsuyoshi Mgmt For For
3 Appoint Statutory Auditor Fujimori, Masayuki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Iyo Bank Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J25596107
Ticker: 8385
Primary ISIN: JP3149600003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Otsuka, Iwao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Takata, Kenji Mgmt For For
1.3 Elect Director Todo, Muneaki Mgmt For For
1.4 Elect Director Takeuchi, Tetsuo Mgmt For For
1.5 Elect Director Kono, Haruhiro Mgmt For For
1.6 Elect Director Miyoshi, Kenji Mgmt For For
2 Elect Director and Audit Committee Member
Miyoshi, Junko
Mgmt For For
3 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Japan Petroleum Exploration Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2740Q103
Ticker: 1662
Primary ISIN: JP3421100003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2.1 Elect Director Yamashita, Michiro Mgmt For For
2.2
Elect Director Ishii, Yoshitaka
Mgmt
For
For
3.1
Appoint Statutory Auditor Shimomura, Koichi
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3.2
Appoint Statutory Auditor Nakajima, Norio
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus
Mgmt
For
For
JGC Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J26945105
Ticker: 1963
Primary ISIN: JP3667600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Sato, Masayuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ishizuka, Tadashi Mgmt For For
2.3 Elect Director Yamazaki, Yutaka Mgmt For For
2.4 Elect Director Akabane, Tsutomu Mgmt For For
2.5 Elect Director Sato, Satoshi Mgmt For For
2.6 Elect Director Furuta, Eiki Mgmt For For
2.7 Elect Director Terajima, Kiyotaka Mgmt For For
2.8 Elect Director Suzuki, Masanori Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
JGC Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.9
Elect Director Muramoto, Tetsuya
Mgmt
For
For
2.10 Elect Director Endo, Shigeru Mgmt For For
2.11 Elect Director Matsushima, Masayuki Mgmt For For
3 Appoint Statutory Auditor Isetani, Yasumasa Mgmt For For
Kaken Pharmaceutical Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J29266103
Ticker: 4521
Primary ISIN: JP3207000005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 75
Mgmt For For
2.1 Elect Director Onuma, Tetsuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Horiuchi, Hiroyuki Mgmt For For
2.3 Elect Director Takaoka, Atsushi Mgmt For For
2.4 Elect Director Watanabe, Fumihiro Mgmt For For
2.5 Elect Director Ieda, Chikara Mgmt For For
2.6 Elect Director Enomoto, Eiki Mgmt For For
2.7 Elect Director Tanabe, Yoshio Mgmt For For
3 Appoint Statutory Auditor Doi, Naomi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus
Mgmt
For
For
Kamigumi Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J29438165
Ticker: 9364
Primary ISIN: JP3219000001
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kamigumi Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 21
Mgmt For For
2
3.1
Amend Articles to Clarify Provisions on
Alternate Statutory Auditors
Elect Director Kubo, Masami
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Fukai, Yoshihiro Mgmt For For
3.3 Elect Director Makita, Hideo Mgmt For For
3.4 Elect Director Tahara, Norihito Mgmt For For
3.5 Elect Director Horiuchi, Toshihiro Mgmt For For
3.6 Elect Director Murakami, Katsumi Mgmt For For
3.7 Elect Director Kobayashi, Yasuo Mgmt For For
3.8 Elect Director Tamatsukuri, Toshio Mgmt For For
3.9 Elect Director Baba, Koichi Mgmt For For
4.1 Appoint Statutory Auditor Saeki, Kuniharu Mgmt For For
4.2 Appoint Statutory Auditor Muneyoshi,
Katsumasa
Mgmt For For
5 Appoint Alternate Statutory Auditor Komae,
Masahide
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
Kaneka Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J2975N106
Ticker: 4118
Primary ISIN: JP3215800008
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kaneka Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Sugawara, Kimikazu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kadokura, Mamoru Mgmt For For
2.3 Elect Director Tanaka, Minoru Mgmt For
For
2.4 Elect Director Kametaka, Shinichiro Mgmt For
For
2.5 Elect Director Ishihara, Shinobu Mgmt For
For
2.6 Elect Director Iwazawa, Akira Mgmt For
For
2.7 Elect Director Amachi, Hidesuke Mgmt For
For
2.8 Elect Director Fujii, Kazuhiko Mgmt For
For
2.9 Elect Director Nuri, Yasuaki Mgmt For
For
2.10 Elect Director Inokuchi, Takeo Mgmt For
For
2.11 Elect Director Mori, Mamoru Mgmt For
For
3 Appoint Alternate Statutory Auditor Mgmt
Nakahigashi, Masafumi
For
For
4 Approve Annual Bonus Mgmt For
For
Kansai Paint Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J30255129
Meeting Type: Annual Ticker: 4613
Primary ISIN: JP3229400001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 13.5
Mgmt For For
2.1 Elect Director Ishino, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Mori, Kunishi Mgmt For For
2.3 Elect Director Tanaka, Masaru Mgmt For For
2.4 Elect Director Kamikado, Koji Mgmt For For
2.5 Elect Director Furukawa, Hidenori Mgmt For For
2.6 Elect Director Seno, Jun Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kansai Paint Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7 Elect Director Asatsuma, Shinji Mgmt For For
2.8 Elect Director Harishchandra Meghraj Bharuka Mgmt For For
2.9 Elect Director Miyazaki, Yoko Mgmt For For
2.10 Elect Director Yoshikawa, Keiji Mgmt For For
3 Appoint Alternate Statutory Auditor Nakai,
Hiroe
Mgmt
For
For
Keikyu Corp
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3217R111
Ticker: 9006
Primary ISIN: JP3280200001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 8
Mgmt For For
2.1 Elect Director Ishiwata, Tsuneo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Harada, Kazuyuki Mgmt For For
2.3 Elect Director Ogura, Toshiyuki Mgmt For For
2.4 Elect Director Michihira, Takashi Mgmt For For
2.5 Elect Director Hirokawa, Yuichiro Mgmt For For
2.6 Elect Director Honda, Toshiaki Mgmt For For
2.7 Elect Director Sasaki, Kenji Mgmt For For
2.8 Elect Director Tomonaga, Michiko Mgmt For For
2.9 Elect Director Hirai, Takeshi Mgmt For For
2.10 Elect Director Ueno, Kenryo Mgmt For For
2.11 Elect Director Urabe, Kazuo Mgmt For For
2.12 Elect Director Watanabe, Shizuyoshi Mgmt For For
2.13 Elect Director Kawamata, Yukihiro Mgmt For For
2.14 Elect Director Sato, Kenji Mgmt For For
2.15 Elect Director Terajima, Yoshinori Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Keikyu Corp
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Appoint Statutory Auditor Moriwaki, Akira Mgmt For For
4 Approve Compensation Ceiling for Directors Mgmt For For
Keio Corp
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J32190126
Ticker: 9008
Primary ISIN: JP3277800003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Nagata, Tadashi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Komura, Yasushi Mgmt For For
2.3 Elect Director Maruyama, So Mgmt For For
2.4 Elect Director Nakaoka, Kazunori Mgmt For For
2.5 Elect Director Ito, Shunji Mgmt For For
2.6 Elect Director Koshimizu, Yotaro Mgmt For For
2.7 Elect Director Nakajima, Kazunari Mgmt For For
2.8 Elect Director Minami, Yoshitaka Mgmt For For
2.9 Elect Director Sakurai, Toshiki Mgmt For For
2.10 Elect Director Terada, Yuichiro Mgmt For For
2.11 Elect Director Takahashi, Atsushi Mgmt For For
2.12 Elect Director Furuichi, Takeshi Mgmt For For
2.13 Elect Director Yamamoto, Mamoru Mgmt For For
2.14 Elect Director Komada, Ichiro Mgmt For For
2.15 Elect Director Kawase, Akinobu Mgmt For For
2.16 Elect Director Yasuki, Kunihiko Mgmt For For
2.17 Elect Director Yamagishi, Masaya Mgmt For For
2.18 Elect Director Tsumura, Satoshi Mgmt For For
3.1 Appoint Statutory Auditor Kitamura, Keiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Keio Corp
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.2 Appoint Statutory Auditor Kaneko, Masashi Mgmt For For
3.3 Appoint Statutory Auditor Takekawa, Hiroshi Mgmt For For
Keisei Electric Railway
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J32233108
Ticker: 9009
Primary ISIN: JP3278600006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 8
Mgmt For For
2.1 Elect Director Saigusa, Norio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board
exceeds 15 directors.
2.2 Elect Director Kobayashi, Toshiya Mgmt For For
2.3 Elect Director Saito, Takashi Mgmt For For
2.4 Elect Director Kato, Masaya Mgmt For For
2.5 Elect Director Shinozaki, Atsushi Mgmt For For
2.6 Elect Director Muroya, Masahiro Mgmt For For
2.7 Elect Director Kawasumi, Makoto Mgmt For For
2.8 Elect Director Toshima, Susumu Mgmt For For
2.9 Elect Director Furukawa, Yasunobu Mgmt For For
2.10 Elect Director Hirata, Kenichiro Mgmt For For
2.11 Elect Director Matsukami, Eiichiro Mgmt For For
2.12 Elect Director Amano, Takao Mgmt For For
2.13 Elect Director Tanaka, Tsuguo Mgmt For For
2.14 Elect Director Kaneko, Shokichi Mgmt For For
2.15 Elect Director Yamada, Koji Mgmt For For
2.16 Elect Director Tochigi, Shotaro Mgmt For For
3 Appoint Statutory Auditor Uenishi, Kyoichiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Koito Manufacturing Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J34899104
Ticker: 7276
Primary ISIN: JP3284600008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt For For
2 Appoint Alternate Statutory Auditor Kimeda,
Hiroshi
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
Kose Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J3622S100
Ticker: 4922
Primary ISIN: JP3283650004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 85
Mgmt For For
2.1 Elect Director Kobayashi, Kazutoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kobayashi, Takao Mgmt For For
2.3 Elect Director Kobayashi, Yusuke Mgmt For For
2.4 Elect Director Toigawa, Iwao Mgmt For For
2.5 Elect Director Kitagawa, Kazuya Mgmt For For
2.6 Elect Director Kikuma, Yukino Mgmt For For
3 Approve Director Retirement Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as the payment amount is not disclosed.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Kurita Water Industries Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J37221116
Ticker: 6370
Primary ISIN: JP3270000007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 26
Mgmt For For
2.1 Elect Director Iioka, Koichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kadota, Michiya Mgmt For For
2.3 Elect Director Ito, Kiyoshi Mgmt For
For
2.4 Elect Director Namura, Takahito Mgmt For
For
2.5 Elect Director Kodama, Toshitaka Mgmt For
For
2.6 Elect Director Yamada, Yoshio Mgmt For
For
2.7 Elect Director Ejiri, Hirohiko Mgmt For
For
2.8 Elect Director Kobayashi, Toshimi Mgmt For
For
2.9 Elect Director Suzuki, Yasuo Mgmt For
For
2.10 Elect Director Muto, Yukihiko Mgmt For
For
2.11 Elect Director Moriwaki, Tsuguto Mgmt For
For
2.12 Elect Director Sugiyama, Ryoko Mgmt For
For
3 Appoint Alternate Statutory Auditor Tsuji, Mgmt
Yoshihiro
For
For
Leopalace21 Corp.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J38781100
Meeting Type: Annual Ticker: 8848
Primary ISIN: JP3167500002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 12
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Leopalace21 Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1 Elect Director Miyama, Eisei Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Miyama, Tadahiro Mgmt For For
3.3 Elect Director Sekiya, Yuzuru Mgmt For For
3.4 Elect Director Takeda, Hiroshi Mgmt For For
3.5 Elect Director Tajiri, Kazuto Mgmt For For
3.6 Elect Director Harada, Hiroyuki Mgmt For For
3.7 Elect Director Miyao, Bunya Mgmt For For
3.8 Elect Director Ito, Hiromi Mgmt For For
3.9 Elect Director Kodama, Tadashi Mgmt For For
3.10 Elect Director Taya, Tetsuji Mgmt For For
3.11 Elect Director Sasao, Yoshiko Mgmt For For
M3 Inc
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4697J108
Ticker: 2413
Primary ISIN: JP3435750009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tanimura, Itaru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Tomaru, Akihiko Mgmt For For
1.3 Elect Director Tsuji, Takahiro Mgmt For For
1.4 Elect Director Tsuchiya, Eiji Mgmt For For
1.5 Elect Director Urae, Akinori Mgmt For For
1.6 Elect Director Izumiya, Kazuyuki Mgmt For For
1.7 Elect Director Yoshida, Kenichiro Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.1 Elect Director and Audit Committee Member
Horino, Nobuto
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
M3 Inc
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.2
Elect Director and Audit Committee Member
Suzuki, Akiko
Mgmt
For
For
2.3 Elect Director and Audit Committee Member
Toyama, Ryoko
Mgmt For For
3 Approve Transfer of Capital Reserves to
Capital
Mgmt For For
Maeda Road Construction Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J39401104
Ticker: 1883
Primary ISIN: JP3861600009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 55
Mgmt For For
2.1 Elect Director Okabe, Masatsugu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Imaeda, Ryozo Mgmt For For
2.3 Elect Director Takekawa, Hideya Mgmt For For
2.4 Elect Director Uchiyama, Hitoshi Mgmt For For
2.5 Elect Director Nishikawa, Hirotaka Mgmt For For
2.6 Elect Director Fujii, Kaoru Mgmt For For
2.7 Elect Director Nagumo, Masaji Mgmt For For
2.8 Elect Director Onishi, Kunio Mgmt For For
2.9 Elect Director Yokomizo, Takashi Mgmt For For
2.10 Elect Director Kajiki, Hisashi Mgmt For For
Matsumotokiyoshi Holdings Co Ltd
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J41208109
Ticker: 3088
Primary ISIN: JP3869010003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Matsumotokiyoshi Holdings Co Ltd
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt
For
For
2.1 Elect Director Matsumoto, Namio Mgmt For For
2.2 Elect Director Matsumoto, Kiyo Mgmt For For
2.3 Elect Director Narita, Kazuo Mgmt For For
2.4 Elect Director Matsumoto, Takashi Mgmt For For
2.5 Elect Director Obe, Shingo Mgmt For For
2.6 Elect Director Ishibashi, Akio Mgmt For For
2.7 Elect Director Matsushita, Isao Mgmt For For
2.8 Elect Director Omura, Hiro Mgmt For For
2.9 Elect Director Kimura, Keiji Mgmt For For
3 Appoint Alternate Statutory Auditor Seno,
Yoshiaki
Mgmt For For
4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: A vote AGAINST this poison pill plan is warranted because:- The total duration exceeds three years.- The
plan lacks a credible special committee.
Meiji Holdings Co Ltd
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J41729104
Ticker: 2269
Primary ISIN: JP3918000005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Matsuo, Masahiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Kawamura, Kazuo Mgmt For For
1.3 Elect Director Saza, Michiro Mgmt For For
1.4 Elect Director Shiozaki, Koichiro Mgmt For For
1.5 Elect Director Furuta, Jun Mgmt For For
1.6 Elect Director Iwashita, Shuichi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Meiji Holdings Co Ltd
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.7 Elect Director Kobayashi, Daikichiro Mgmt For For
1.8 Elect Director Matsuda, Katsunari Mgmt For For
1.9 Elect Director Iwashita, Tomochika Mgmt For For
1.10 Elect Director Murayama, Toru Mgmt For For
1.11 Elect Director Matsumura, Mariko Mgmt For For
2 Appoint Alternate Statutory Auditor Imamura,
Makoto
Mgmt
For
For
Minebea Mitsumi Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J42884130
Ticker: 6479
Primary ISIN: JP3906000009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 13
Mgmt For For
2.1 Elect Director Kainuma, Yoshihisa Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Moribe, Shigeru Mgmt For For
2.3 Elect Director Iwaya, Ryozo Mgmt For For
2.4 Elect Director Tsuruta, Tetsuya Mgmt For For
2.5 Elect Director None, Shigeru Mgmt For For
2.6 Elect Director Uehara, Shuji Mgmt For For
2.7 Elect Director Kagami, Michiya Mgmt For For
2.8 Elect Director Aso, Hiroshi Mgmt For For
2.9 Elect Director Murakami, Koshi Mgmt For For
2.10 Elect Director Matsumura, Atsuko Mgmt For For
2.11 Elect Director Matsuoka, Takashi Mgmt For For
3 Appoint Statutory Auditor Shibasaki,
Shinichiro
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Electric Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J43873116
Ticker: 6503
Primary ISIN: JP3902400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Sakuyama, Masaki
Mgmt
For
For
1.2 Elect Director Sugiyama, Takeshi Mgmt For For
1.3 Elect Director Okuma, Nobuyuki Mgmt For For
1.4 Elect Director Matsuyama, Akihiro Mgmt For For
1.5 Elect Director Sagawa, Masahiko Mgmt For For
1.6 Elect Director Harada, Shinji Mgmt For For
1.7 Elect Director Kawagoishi, Tadashi Mgmt For For
1.8 Elect Director Yabunaka, Mitoji Mgmt For For
1.9 Elect Director Obayashi, Hiroshi Mgmt For For
1.10 Elect Director Watanabe, Kazunori Mgmt For For
1.11 Elect Director Nagayasu, Katsunori Mgmt For For
1.12 Elect Director Koide, Hiroko Mgmt For For
Mitsubishi Estate Co Ltd
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J43916113
Ticker: 8802
Primary ISIN: JP3899600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14
Mgmt For For
2.1 Elect Director Sugiyama, Hirotaka Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
2.2
Elect Director Yoshida, Junichi
Mgmt
For
For
2.3
Elect Director Tanisawa, Junichi
Mgmt
For
For
2.4
Elect Director Arimori, Tetsuji
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Estate Co Ltd
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.5
Elect Director Katayama, Hiroshi
Mgmt
For
For
2.6 Elect Director Nishigai, Noboru Mgmt For For
2.7 Elect Director Kato, Jo Mgmt For For
2.8 Elect Director Okusa, Toru Mgmt For For
2.9 Elect Director Ebihara, Shin Mgmt For For
2.10 Elect Director Tomioka, Shu Mgmt For For
2.11 Elect Director Narukawa, Tetsuo Mgmt For For
2.12 Elect Director Shirakawa, Masaaki Mgmt For For
2.13 Elect Director Nagase, Shin Mgmt For For
2.14 Elect Director Egami, Setsuko Mgmt For For
2.15 Elect Director Taka, Iwao Mgmt For For
Mitsubishi Logistics Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44561108
Ticker: 9301
Primary ISIN: JP3902000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14
Mgmt For For
2.1 Elect Director Matsui, Akio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Fujikura, Masao Mgmt For For
2.3 Elect Director Ohara, Yoshiji Mgmt For For
2.4 Elect Director Hiraoka, Noboru Mgmt For For
2.5 Elect Director Shinohara, Fumihiro Mgmt For For
2.6 Elect Director Wakabayashi, Hitoshi Mgmt For For
2.7 Elect Director Saito, Yasushi Mgmt For For
2.8 Elect Director Kimura, Shinji Mgmt For For
2.9 Elect Director Makihara, Minoru Mgmt For For
2.10 Elect Director Miki, Shigemitsu Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi Logistics Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.11 Elect Director Miyahara, Koji Mgmt For For
2.12 Elect Director Nishikawa, Hiroshi Mgmt For For
2.13 Elect Director Naraba, Saburo Mgmt For For
2.14 Elect Director Nakashima, Tatsushi Mgmt For For
3 Appoint Statutory Auditor Sakurai, Kenji Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as recipients include outsiders.
Mitsubishi UFJ Financial Group
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44497105
Ticker: 8306
Primary ISIN: JP3902900004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt
For
For
2.1 Elect Director Kawakami, Hiroshi Mgmt For For
2.2 Elect Director Kawamoto, Yuko Mgmt For For
2.3 Elect Director Matsuyama, Haruka Mgmt For For
2.4 Elect Director Toby S. Myerson Mgmt For For
2.5 Elect Director Okuda, Tsutomu Mgmt For For
2.6 Elect Director Shingai, Yasushi Mgmt For For
2.7 Elect Director Tarisa Watanagase Mgmt For For
2.8 Elect Director Yamate, Akira Mgmt For For
2.9 Elect Director Kuroda, Tadashi Mgmt For For
2.10 Elect Director Okamoto, Junichi Mgmt For For
2.11 Elect Director Sono, Kiyoshi Mgmt For For
2.12 Elect Director Ikegaya, Mikio Mgmt For For
2.13 Elect Director Mike, Kanetsugu Mgmt For For
2.14 Elect Director Araki, Saburo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi UFJ Financial Group
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.15 Elect Director Hirano, Nobuyuki Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
3 Amend Articles to Require Individual SH Against For
Compensation Disclosure for Directors
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The proposed disclosure would promote
accountability and help shareholders make better-informed decisions.
4 Amend Articles to Separate Chairman of the SH Against For Board and CEO
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- The addition of the language to the
articles will add credence to the company that it will have a solid governance structure first by making sure that the roles are
separated, and then by appointing an independent outsider to the board chair post.
5 Amend Articles to Require Company to Urge SH
Subsidiaries Owning Shares in Allied Firms to
Vote Shares Appropriately
Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- Constructive, well-considered voting
serves the interests of both the shareholder and the portfolio company.
6 Remove Director Nobuyuki Hirano from the
Board
SH Against Against
7 Amend Articles to Establish Special
Investigation Committee on Transactional
Relationship with Kenko Tokina Corporation
SH Against Against
8 Amend Articles to Reconsider Customer
Service for Socially Vulnerable
SH Against Against
9 Amend Articles to Disclose Reason for
Compulsory Termination of Account
SH Against Against
Mitsubishi UFJ Lease & Finance Co.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4706D100
Ticker: 8593
Primary ISIN: JP3499800005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Shiraishi, Tadashi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2
Elect Director Yanai, Takahiro
Mgmt
For
For
1.3
Elect Director Urabe, Toshimitsu
Mgmt
For
For
1.4
Elect Director Nonoguchi, Tsuyoshi
Mgmt
For
For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsubishi UFJ Lease & Finance Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.5
Elect Director Yamashita, Hiroto
Mgmt
For
For
1.6 Elect Director Shimoyama, Yoichi Mgmt For For
1.7 Elect Director Minoura, Teruyuki Mgmt For For
1.8 Elect Director Haigo, Toshio Mgmt For For
1.9 Elect Director Kojima, Kiyoshi Mgmt For For
1.10 Elect Director Yoshida, Shinya Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
1.11 Elect Director Hayashi, Naomi Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.1 Appoint Statutory Auditor Matsumuro, Naoki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.2 Appoint Statutory Auditor Yasuda, Shota Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.3 Appoint Statutory Auditor Nakata, Hiroyasu Mgmt For For
Mitsui Fudosan Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J4509L101
Ticker: 8801
Primary ISIN: JP3893200000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 22
Mgmt For For
2 Approve Annual Bonus Mgmt For For
3 Approve Compensation Ceilings for Directors
and Statutory Auditors
Mgmt
For
For
Mitsui Mining & Smelting Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J44948131
Ticker: 5706
Primary ISIN: JP3888400003
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mitsui Mining & Smelting Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 70
Mgmt For For
2.1 Appoint Statutory Auditor Yoshida, Akira Mgmt For For
2.2
Appoint Statutory Auditor Ishida, Toru
Mgmt
For
For
Miura Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J45593100
Ticker: 6005
Primary ISIN: JP3880800002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 17
Mgmt For For
2 Approve Merger by Absorption Mgmt For For
3.1
Elect Director Takahashi, Yuji
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Miyauchi, Daisuke Mgmt For For
3.3 Elect Director Nishihara, Masakatsu Mgmt For For
3.4 Elect Director Hosokawa, Kimiaki Mgmt For For
3.5 Elect Director Ochi, Yasuo Mgmt For For
3.6 Elect Director Tange, Seigo Mgmt For For
3.7 Elect Director Morimatsu, Takashi Mgmt For For
3.8 Elect Director Kojima, Yoshihiro Mgmt For For
3.9 Elect Director Harada, Toshihide Mgmt For For
3.10 Elect Director Yoneda, Tsuyoshi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Mochida Pharmaceutical Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J46152104
Ticker: 4534
Primary ISIN: JP3922800002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 97.5
Mgmt For For
2.1 Elect Director Mochida, Naoyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Sakata, Chu Mgmt For For
2.3 Elect Director Sagisaka, Keiichi Mgmt For For
2.4 Elect Director Kono, Yoichi Mgmt For For
2.5 Elect Director Sakaki, Junichi Mgmt For For
2.6 Elect Director Mizuguchi, Kiyoshi Mgmt For For
2.7 Elect Director Nakamura, Hiroshi Mgmt For For
2.8 Elect Director Takahashi, Ichiro Mgmt For For
2.9 Elect Director Aoki, Makoto Mgmt For For
2.10 Elect Director Kugisawa, Tomo Mgmt For For
2.11 Elect Director Sogawa, Hirokuni Mgmt For For
3 Appoint Statutory Auditor Miyaji, Kazuhiro Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Morinaga & Co., Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J46367108
Ticker: 2201
Primary ISIN: JP3926400007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt For For
2.1 Elect Director Arai, Toru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Morinaga & Co., Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.2
Elect Director Ota, Eijiro
Mgmt
For
For
2.3 Elect Director Hirakue, Takashi Mgmt For For
2.4 Elect Director Uchiyama, Shinichi Mgmt For For
2.5 Elect Director Miyai, Machiko Mgmt For For
2.6 Elect Director Taima, Yoshifumi Mgmt For For
2.7 Elect Director Fukunaga, Toshiaki Mgmt For For
2.8 Elect Director Sakai, Toshiyuki Mgmt For For
2.9 Elect Director Hirota, Masato Mgmt For For
2.10 Elect Director Takano, Shiho Mgmt For For
3 Appoint Statutory Auditor Nishimiya, Tadashi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Sudo,
Osamu
Mgmt For For
5 Approve Trust-Type Equity Compensation
Plan
Mgmt For For
Morinaga Milk Industry Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J46410114
Ticker: 2264
Primary ISIN: JP3926800008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50
Mgmt For For
2.1 Elect Director Miyahara, Michio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Noguchi, Junichi Mgmt For For
2.3 Elect Director Aoyama, Kazuo Mgmt For For
2.4 Elect Director Okawa, Teiichiro Mgmt For For
2.5 Elect Director Minato, Tsuyoshi Mgmt For For
2.6 Elect Director Onuki, Yoichi Mgmt For For
2.7 Elect Director Kusano, Shigemi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Morinaga Milk Industry Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.8
Elect Director Saito, Mitsumasa
Mgmt
For
For
2.9 Elect Director Ohara, Kenichi Mgmt For For
2.10 Elect Director Okumiya, Kyoko Mgmt For For
2.11 Elect Director Kawakami, Shoji Mgmt For For
3 Appoint Statutory Auditor Hirota, Keiki Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Fujiwara,
Hiroshi
5 Approve Equity Compensation Plan
Mgmt
Mgmt
For
For
For
For
Murata Manufacturing Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J46840104
Ticker: 6981
Primary ISIN: JP3914400001
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 130
Mgmt
For
For
2.1 Elect Director Murata, Tsuneo Mgmt For For
2.2 Elect Director Fujita, Yoshitaka Mgmt For For
2.3 Elect Director Inoue, Toru Mgmt For For
2.4 Elect Director Nakajima, Norio Mgmt For For
2.5 Elect Director Iwatsubo, Hiroshi Mgmt For For
2.6 Elect Director Takemura, Yoshito Mgmt For For
2.7 Elect Director Yoshihara, Hiroaki Mgmt For For
2.8 Elect Director Shigematsu, Takashi Mgmt For For
3.1 Elect Director and Audit Committee Member
Ozawa, Yoshiro
Mgmt For For
3.2 Elect Director and Audit Committee Member
Ueno, Hiroshi
Mgmt For For
3.3 Elect Director and Audit Committee Member
Kambayashi, Hiyo
Mgmt For For
3.4 Elect Director and Audit Committee Member
Yasuda, Yuko
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nikon Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: 654111103
Ticker: 7731
Primary ISIN: JP3657400002
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 22
Mgmt
For
For
2 Amend Articles to Clarify Director Authority
on Shareholder Meetings - Amend Provisions
on Director Titles
Mgmt For For
3.1 Elect Director Ushida, Kazuo Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Oka, Masashi Mgmt For
For
3.3 Elect Director Okamoto, Yasuyuki Mgmt For
For
3.4 Elect Director Odajima, Takumi Mgmt For
For
3.5 Elect Director Hagiwara, Satoshi Mgmt For
For
3.6 Elect Director Negishi, Akio Mgmt For
For
4.1 Elect Director and Audit Committee Member Mgmt
Tsurumi, Atsushi
For
For
4.2 Elect Director and Audit Committee Member Mgmt
Uehara, Haruya
For
For
4.3 Elect Director and Audit Committee Member Mgmt
Hataguchi, Hiroshi
For
For
4.4 Elect Director and Audit Committee Member Mgmt
Ishihara, Kunio
For
For
Nintendo Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J51699106
Meeting Type: Annual Ticker: 7974
Primary ISIN: JP3756600007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 480
Mgmt For For
2.1 Elect Director Miyamoto, Shigeru Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nintendo Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.2
Elect Director Takahashi, Shinya
Mgmt
For
For
2.3 Elect Director Furukawa, Shuntaro Mgmt For For
2.4 Elect Director Shiota, Ko Mgmt For For
2.5 Elect Director Shibata, Satoru Mgmt For For
3.1 Elect Director and Audit Committee Member
Noguchi, Naoki
Mgmt For For
3.2 Elect Director and Audit Committee Member
Mizutani, Naoki
Mgmt For For
3.3 Elect Director and Audit Committee Member
Umeyama, Katsuhiro
Mgmt For For
3.4 Elect Director and Audit Committee Member
Yamazaki, Masao
Mgmt For For
Nippon Express Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J53376133
Ticker: 9062
Primary ISIN: JP3729400006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt For For
2.1 Elect Director Watanabe, Kenji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Saito, Mitsuru Mgmt For For
2.3 Elect Director Ito, Yutaka Mgmt For For
2.4 Elect Director Ishii, Takaaki Mgmt For For
2.5 Elect Director Taketsu, Hisao Mgmt For For
2.6 Elect Director Terai, Katsuhiro Mgmt For For
2.7 Elect Director Sakuma, Fumihiko Mgmt For For
2.8 Elect Director Akita, Susumu Mgmt For For
2.9 Elect Director Horikiri, Satoshi Mgmt For For
2.10 Elect Director Matsumoto, Yoshiyuki Mgmt For For
2.11 Elect Director Masuda, Takashi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Express Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.12 Elect Director Sugiyama, Masahiro Mgmt For For
2.13 Elect Director Nakayama, Shigeo Mgmt For For
2.14 Elect Director Yasuoka, Sadako Mgmt For For
3 Appoint Statutory Auditor Hayashida, Naoya Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Approve Annual Bonus Mgmt For For
Nippon Paper Industries Co., Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J28583169
Ticker: 3863
Primary ISIN: JP3721600009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Haga, Yoshio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Manoshiro, Fumio Mgmt For For
2.3 Elect Director Yamasaki, Kazufumi Mgmt For For
2.4 Elect Director Utsumi, Akihiro Mgmt For For
2.5 Elect Director Nozawa, Toru Mgmt For For
2.6 Elect Director Konno, Takeo Mgmt For For
2.7 Elect Director Ueda, Shoji Mgmt For For
2.8 Elect Director Aoyama, Yoshimitsu Mgmt For For
2.9 Elect Director Fujioka, Makoto Mgmt For For
3.1 Appoint Statutory Auditor Fujimori, Hirofumi Mgmt For For
3.2 Appoint Statutory Auditor Nagoshi, Mitsuo Mgmt For For
4 Appoint Alternate Statutory Auditor Otsuka,
Akio
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Shinyaku Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J55784102
Ticker: 4516
Primary ISIN: JP3717600005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 26
Mgmt For For
2.1 Elect Director Maekawa, Shigenobu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Matsura, Akira Mgmt For For
2.3 Elect Director Saito, Hitoshi Mgmt For For
2.4 Elect Director Kobayashi, Kenro Mgmt For For
2.5 Elect Director Sano, Shozo Mgmt For For
2.6 Elect Director Takaya, Takashi Mgmt For For
2.7 Elect Director Edamitsu, Takanori Mgmt For For
2.8 Elect Director Sugiura, Yukio Mgmt For For
2.9 Elect Director Sakata, Hitoshi Mgmt For For
2.10 Elect Director Sakurai, Miyuki Mgmt For For
Nippon Television Holdings Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J56171101
Ticker: 9404
Primary ISIN: JP3732200005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 24
Mgmt For For
2.1 Elect Director Okubo, Yoshio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. A vote AGAINST this
nominee is warranted because:- President Yoshio Okubo bears the greatest responsibility for the company's continued refusal
to pay dividends to non-registered foreign shareholders, when its competitor Fuji Media Holdings has paid dividends to its
non-registered foreign shareholders.- Such dividend practices appear to run counter to principle of equal treatment of
shareholders, one of the fundamental principles of global corporate governance.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nippon Television Holdings Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.2
Elect Director Kosugi, Yoshinobu
Mgmt
For
For
2.3 Elect Director Maruyama, Kimio Mgmt For For
2.4 Elect Director Ishizawa, Akira Mgmt For For
2.5 Elect Director Ichimoto, Hajime Mgmt For For
2.6 Elect Director Watanabe, Tsuneo Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.
2.7 Elect Director Imai, Takashi Mgmt For For
2.8 Elect Director Sato, Ken Mgmt For For
2.9 Elect Director Kakizoe, Tadao Mgmt For For
2.10 Elect Director Manago, Yasushi Mgmt For For
3 Appoint Statutory Auditor Yoshida, Makoto Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Nose,
Yasuhiro
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
Nishi Nippon Railroad Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J56816101
Ticker: 9031
Primary ISIN: JP3658800002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 17.5
Mgmt For For
2.1 Elect Director Takeshima, Kazuyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kuratomi, Sumio Mgmt For For
2.3 Elect Director Hiya, Yuji Mgmt For For
2.4 Elect Director Takasaki, Shigeyuki Mgmt For For
2.5 Elect Director Shozaki, Hideaki Mgmt For For
2.6 Elect Director Shimizu, Nobuhiko Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nishi Proposal
Number
Nippon Railroad Co. Ltd.
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.7
Elect Director Toda, Koichiro
Mgmt
For
For
2.8 Elect Director Hayashida, Koichi Mgmt For For
2.9 Elect Director Harimoto, Kunio Mgmt For For
2.10 Elect Director Yoshimatsu, Tamio Mgmt For For
3.1 Elect Director and Audit Committee Member
Okaku, Sunao
Mgmt For For
3.2 Elect Director and Audit Committee Member
Daikoku, Iseo
Mgmt For For
3.3 Elect Director and Audit Committee Member
Tani, Masaaki
Mgmt For For
3.4 Elect Director and Audit Committee Member
Sato, Naofumi
Mgmt For For
4 Approve Takeover Defense Plan (Poison Pill) Mgmt For Against
Blended Rationale: Vote AGAINST as the board is less than 1/3 independent.
Nishi-Nippon Financial Holdings, Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J56774102
Ticker: 7189
Primary ISIN: JP3658850007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 17.5
Mgmt For For
2.1 Elect Director Kubota, Isao Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Tanigawa, Hiromichi Mgmt For For
2.3 Elect Director Kawamoto, Soichi Mgmt For For
2.4 Elect Director Takata, Kiyota Mgmt For For
2.5 Elect Director Urayama, Shigeru Mgmt For For
2.6 Elect Director Irie, Hiroyuki Mgmt For For
2.7 Elect Director Hirota, Shinya Mgmt For For
2.8 Elect Director Murakami, Hideyuki Mgmt For For
3.1 Elect Director and Audit Committee Member
Tomoike, Kiyotaka
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Nishi-Nippon Financial Holdings, Inc.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3.2
Elect Director and Audit Committee Member
Tanaka, Yuji
Mgmt
For
For
3.3 Elect Director and Audit Committee Member
Okumura, Hirohiko
Mgmt For For
3.4 Elect Director and Audit Committee Member
Takahashi, Nobuko
Mgmt For For
4 Elect Alternate Director and Audit Committee
Member Ino, Seiji
Mgmt For For
Nisshinbo Holdings Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J57333106
Ticker: 3105
Primary ISIN: JP3678000005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Articles to Change Fiscal Year End Mgmt For For
2.1 Elect Director Kawata, Masaya Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Murakami, Masahiro Mgmt For For
2.3 Elect Director Ara, Kenji Mgmt For For
2.4 Elect Director Ogura, Ryo Mgmt For For
2.5 Elect Director Okugawa, Takayoshi Mgmt For For
2.6 Elect Director Nishihara, Koji Mgmt For For
2.7 Elect Director Akiyama, Tomofumi Mgmt For For
2.8 Elect Director Matsuda, Noboru Mgmt For For
2.9 Elect Director Shimizu, Yoshinori Mgmt For For
2.10 Elect Director Fujino, Shinobu Mgmt For For
3 Appoint Alternate Statutory Auditor
Yamashita, Atsushi
Mgmt For For
4 Approve Equity Compensation Plan Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
NOF Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J58934100
Ticker: 4403
Primary ISIN: JP3753400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 44
Mgmt For For
2.1 Elect Director Kobayashi, Akiharu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Miyaji, Takeo Mgmt For For
2.3 Elect Director Inoue, Kengo Mgmt For For
2.4 Elect Director Ihori, Makoto Mgmt For For
2.5 Elect Director Sakahashi, Hideaki Mgmt For For
2.6 Elect Director Maeda, Kazuhito Mgmt For For
2.7 Elect Director Arima, Yasuyuki Mgmt For For
2.8 Elect Director Kodera, Masayuki Mgmt For For
3 Appoint Statutory Auditor Kato, Kazushige Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Aoyagi,
Yuji
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of alternate statutory auditor is less than 50%
independent.
Obic Co Ltd
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J5946V107
Ticker: 4684
Primary ISIN: JP3173400007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 67.5
Mgmt For For
2.1 Elect Director Noda, Masahiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Obic Co Ltd
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.2
Elect Director Tachibana, Shoichi
Mgmt
For
For
2.3 Elect Director Kawanishi, Atsushi Mgmt For For
2.4 Elect Director Noda, Mizuki Mgmt For For
2.5 Elect Director Fujimoto, Takao Mgmt For For
2.6 Elect Director Ida, Hideshi Mgmt For For
2.7 Elect Director Ueno, Takemitsu Mgmt For For
2.8 Elect Director Sato, Noboru Mgmt For For
2.9 Elect Director Gomi, Yasumasa Mgmt For For
2.10 Elect Director Ejiri, Takashi Mgmt For For
3 Approve Bonus Related to Retirement Bonus
System Abolition
Mgmt For For
Odakyu Electric Railway Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J59568139
Ticker: 9007
Primary ISIN: JP3196000008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2
3.1
Amend Articles to Remove Provisions on
Takeover Defense
Elect Director Yamaki, Toshimitsu
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Hoshino, Koji Mgmt For For
3.3 Elect Director Ogawa, Mikio Mgmt For For
3.4 Elect Director Shimoka, Yoshihiko Mgmt For For
3.5 Elect Director Yamamoto, Toshiro Mgmt For For
3.6 Elect Director Arakawa, Isamu Mgmt For For
3.7 Elect Director Igarashi, Shu Mgmt For For
3.8 Elect Director Morita, Tomijiro Mgmt For For
3.9 Elect Director Nomakuchi, Tamotsu Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Odakyu Electric Railway Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.10 Elect Director Nakayama, Hiroko Mgmt For For
3.11 Elect Director Koyanagi, Jun Mgmt For For
3.12 Elect Director Dakiyama, Hiroyuki Mgmt For For
3.13 Elect Director Hayama, Takashi Mgmt For For
3.14 Elect Director Nagano, Shinji Mgmt For For
3.15 Elect Director Tateyama, Akinori Mgmt For For
4 Appoint Statutory Auditor Usami, Jun Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
5 Approve Trust-Type Equity Compensation Mgmt
Plan
For
For
6 Approve Compensation Ceiling for Directors Mgmt For
For
Oji Holdings Corp.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J6031N109
Meeting Type: Annual Ticker: 3861
Primary ISIN: JP3174410005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Shindo, Kiyotaka Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Yajima, Susumu Mgmt For For
1.3 Elect Director Watari, Ryoji Mgmt For For
1.4 Elect Director Fuchigami, Kazuo Mgmt For For
1.5 Elect Director Aoyama, Hidehiko Mgmt For For
1.6 Elect Director Takeda, Yoshiaki Mgmt For For
1.7 Elect Director Fujiwara, Shoji Mgmt For For
1.8 Elect Director Koseki, Yoshiki Mgmt For For
1.9 Elect Director Kaku, Masatoshi Mgmt For For
1.10 Elect Director Kisaka, Ryuichi Mgmt For For
1.11 Elect Director Kamada, Kazuhiko Mgmt For For
1.12 Elect Director Isono, Hiroyuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Oji Holdings Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.13 Elect Director Ishida, Koichi Mgmt For For
1.14 Elect Director Nara, Michihiro Mgmt For For
1.15 Elect Director Terasaka, Nobuaki Mgmt For For
2.1 Appoint Statutory Auditor Kitada, Mikinao Mgmt For For
2.2 Appoint Statutory Auditor Hemmi, Norio Mgmt For For
Oriental Land Co., Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6174U100
Ticker: 4661
Primary ISIN: JP3198900007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20
Mgmt For For
2 Approve Equity Compensation Plan Mgmt For For
Osaka Gas Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J62320130
Ticker: 9532
Primary ISIN: JP3180400008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Ozaki, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Honjo, Takehiro Mgmt For For
2.3 Elect Director Matsuzaka, Hidetaka Mgmt For For
2.4 Elect Director Fujiwara, Masataka Mgmt For For
2.5 Elect Director Miyagawa, Tadashi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Osaka Gas Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.6 Elect Director Matsui, Takeshi Mgmt For For
2.7 Elect Director Tasaka, Takayuki Mgmt For For
2.8 Elect Director Yoneyama, Hisaichi Mgmt For For
2.9 Elect Director Takeguchi, Fumitoshi Mgmt For For
2.10 Elect Director Chikamoto, Shigeru Mgmt For For
2.11 Elect Director Morishita, Shunzo Mgmt For For
2.12 Elect Director Miyahara, Hideo Mgmt For For
2.13 Elect Director Sasaki, Takayuki Mgmt For For
3 Appoint Statutory Auditor Kimura, Yoko Mgmt For For
Panasonic Corp
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6354Y104
Ticker: 6752
Primary ISIN: JP3866800000
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Nagae, Shusaku Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Matsushita, Masayuki Mgmt For For
1.3 Elect Director Tsuga, Kazuhiro Mgmt For For
1.4 Elect Director Ito, Yoshio Mgmt For For
1.5 Elect Director Sato, Mototsugu Mgmt For For
1.6 Elect Director Higuchi, Yasuyuki Mgmt For For
1.7 Elect Director Oku, Masayuki Mgmt For For
1.8 Elect Director Tsutsui, Yoshinobu Mgmt For For
1.9 Elect Director Ota, Hiroko Mgmt For For
1.10 Elect Director Toyama, Kazuhiko Mgmt For For
1.11 Elect Director Umeda, Hirokazu Mgmt For For
1.12 Elect Director Laurence W.Bates Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Panasonic Corp
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Appoint Statutory Auditor Sato, Yoshio Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.2
Appoint Statutory Auditor Kinoshita, Toshio
Mgmt
For
For
Rengo Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J64382104
Ticker: 3941
Primary ISIN: JP3981400009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Otsubo, Kiyoshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors
1.2 Elect Director Maeda, Moriaki Mgmt For For
1.3 Elect Director Hasegawa, Ichiro Mgmt For For
1.4 Elect Director Baba, Yasuhiro Mgmt For For
1.5 Elect Director Sambe, Hiromi Mgmt For For
1.6 Elect Director Ishida, Shigechika Mgmt For For
1.7 Elect Director Ebihara, Hiroshi Mgmt For For
1.8 Elect Director Kawamoto, Yosuke Mgmt For For
1.9 Elect Director Hirano, Koichi Mgmt For For
1.10 Elect Director Yokota, Mitsumasa Mgmt For For
1.11 Elect Director Hori, Hirofumi Mgmt For For
1.12 Elect Director Inoue, Sadatoshi Mgmt For For
1.13 Elect Director Osako, Toru Mgmt For For
1.14 Elect Director Hosokawa, Takeshi Mgmt For For
1.15 Elect Director Okano, Yukio Mgmt For For
1.16 Elect Director Nakano, Kenjiro Mgmt For For
1.17 Elect Director Sato, Yoshio Mgmt For For
2 Appoint Statutory Auditor Tsujimoto, Kenji Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Resorttrust Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6448M108
Ticker: 4681
Primary ISIN: JP3974450003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 23
Mgmt For For
2.1 Elect Director Ito, Yoshiro Mgmt For For
2.2
Elect Director Ito, Katsuyasu
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors
2.3 Elect Director Fushimi, Ariyoshi Mgmt For For
2.4 Elect Director Ito, Masaaki Mgmt For For
2.5 Elect Director Iuchi, Katsuyuki Mgmt For For
2.6 Elect Director Shintani, Atsuyuki Mgmt For For
2.7 Elect Director Uchiyama, Toshihiko Mgmt For For
2.8 Elect Director Takagi, Naoshi Mgmt For For
2.9 Elect Director Ogino, Shigetoshi Mgmt For For
2.10 Elect Director Furukawa, Tetsuya Mgmt For For
2.11 Elect Director Kawaguchi, Masahiro Mgmt For For
2.12 Elect Director Nonaka, Tomoyo Mgmt For For
2.13 Elect Director Hanada, Shinichiro Mgmt For For
2.14 Elect Director Terazawa, Asako Mgmt For For
3 Approve Director Retirement Bonus Mgmt For Against
Blended Rationale: Vote AGAINST as the payment amount is not disclosed.
Rohm Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J65328122
Ticker: 6963
Primary ISIN: JP3982800009
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Rohm Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 120
Mgmt For For
2.1 Elect Director Uehara, Kunio Mgmt For For
2.2
Elect Director Yoshimi, Shinichi
Mgmt
For
For
Sankyo Co. Ltd. (6417)
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J67844100
Ticker: 6417
Primary ISIN: JP3326410002
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75
Mgmt For For
2.1 Elect Director Busujima, Hideyuki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2
Elect Director Tsutsui, Kimihisa
Mgmt
For
For
2.3
Elect Director Tomiyama, Ichiro
Mgmt
For
For
2.4
Elect Director Kitani, Taro
Mgmt
For
For
2.5
Elect Director Yamasaki, Hiroyuki
Mgmt
For
For
Sanrio Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J68209105
Ticker: 8136
Primary ISIN: JP3343200006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tsuji, Shintaro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sanrio Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.2 Elect Director Tsuji, Tomokuni Mgmt For For
1.3 Elect Director Emori, Susumu Mgmt For For
1.4 Elect Director Fukushima, Kazuyoshi Mgmt For For
1.5 Elect Director Nakaya, Takahide Mgmt For For
1.6 Elect Director Miyauchi, Saburo Mgmt For For
1.7 Elect Director Nomura, Kosho Mgmt For For
1.8 Elect Director Kishimura, Jiro Mgmt For For
1.9 Elect Director Sakiyama, Yuko Mgmt For For
1.10 Elect Director Shimomura, Yoichiro Mgmt For For
1.11 Elect Director Tsuji, Yuko Mgmt For For
1.12 Elect Director Tanimura, Kazuaki Mgmt For For
1.13 Elect Director Kitamura, Norio Mgmt For For
1.14 Elect Director Shimaguchi, Mitsuaki Mgmt For For
SBI Holdings
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J6991H100
Ticker: 8473
Primary ISIN: JP3436120004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kitao, Yoshitaka Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors.
1.2 Elect Director Kawashima, Katsuya Mgmt For For
1.3 Elect Director Nakagawa, Takashi Mgmt For For
1.4 Elect Director Takamura, Masato Mgmt For For
1.5 Elect Director Asakura, Tomoya Mgmt For For
1.6 Elect Director Morita, Shumpei Mgmt For For
1.7 Elect Director Nakatsuka, Kazuhiro Mgmt For For
1.8 Elect Director Yamada, Masayuki Mgmt For For
1.9 Elect Director Yoshida, Masaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
SBI Holdings
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.10
Elect Director Sato, Teruhide
Mgmt
For
For
1.11 Elect Director Ayako Hirota Weissman Mgmt For For
1.12 Elect Director Takenaka, Heizo Mgmt For For
1.13 Elect Director Gomi, Hirofumi Mgmt For For
1.14 Elect Director Asaeda, Yoshitaka Mgmt For For
1.15 Elect Director Suzuki, Yasuhiro Mgmt For For
1.16 Elect Director Ono, Hisashi Mgmt For For
1.17 Elect Director Chung Sok Chon Mgmt For For
2.1 Appoint Statutory Auditor Fujii, Atsushi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.2 Appoint Statutory Auditor Ichikawa, Toru Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.3 Appoint Statutory Auditor Tada, Minoru Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
2.4 Appoint Statutory Auditor Sekiguchi, Yasuo Mgmt For
For
3 Appoint Alternate Statutory Auditor Mgmt
Wakatsuki, Tetsutaro
For
For
SG Holdings Co.,Ltd.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J7134P108
Meeting Type: Annual Ticker: 9143
Primary ISIN: JP3162770006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kuriwada, Eiichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Machida, Tadashi Mgmt For For
1.3 Elect Director Araki, Hideo Mgmt For For
1.4 Elect Director Nakajima, Shunichi Mgmt For For
1.5 Elect Director Sano, Tomoki Mgmt For For
1.6 Elect Director Sasamori, Kimiaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
SG Holdings Co.,Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.7 Elect Director Saga, Kosuke Mgmt For For
1.8 Elect Director Takagi, Kunio Mgmt For For
1.9 Elect Director Takaoka, Mika Mgmt For For
2 Approve Trust-Type Equity Compensation
Plan
Mgmt
For
For
Shimizu Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J72445117
Ticker: 1803
Primary ISIN: JP3358800005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 16
Mgmt For For
2 Elect Director Yamanaka, Tsunehiko Mgmt For Against
Blended Rationale: Vote AGAINST the most senior as the board is less than 1/3 independent.
3 Appoint Statutory Auditor Nishikawa, Tetsuya
Mgmt
For
Against
Blended Rationale: A vote AGAINST this nominee is warranted because:- The nominee should be held responsible for the
company's alleged antitrust violation.
Shin-Etsu Chemical Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J72810120
Ticker: 4063
Primary ISIN: JP3371200001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75
Mgmt For For
2.1 Elect Director Kanagawa, Chihiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors.
2.2 Elect Director Akiya, Fumio Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Shin-Etsu Chemical Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.3 Elect Director Todoroki, Masahiko Mgmt For For
2.4 Elect Director Akimoto, Toshiya Mgmt For For
2.5 Elect Director Arai, Fumio Mgmt For For
2.6 Elect Director Mori, Shunzo Mgmt For For
2.7 Elect Director Komiyama, Hiroshi Mgmt For For
2.8 Elect Director Ikegami, Kenji Mgmt For For
2.9 Elect Director Shiobara, Toshio Mgmt For For
2.10 Elect Director Takahashi, Yoshimitsu Mgmt For For
2.11 Elect Director Yasuoka, Kai Mgmt For For
3 Appoint Statutory Auditor Kosaka, Yoshihito Mgmt For For
4 Approve Stock Option Plan Mgmt For For
Sotetsu Holdings Inc
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J76434109
Ticker: 9003
Primary ISIN: JP3316400005
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 27.5
Mgmt For For
2
3.1
Amend Articles to Remove Provisions on
Takeover Defense
Elect Director Torii, Makoto
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Hayashi, Hidekazu Mgmt For For
3.3 Elect Director Kojima, Hiroshi Mgmt For For
3.4 Elect Director Kato, Takamasa Mgmt For For
3.5 Elect Director Kagami, Mitsuko Mgmt For For
3.6 Elect Director Yamaki, Toshimitsu Mgmt For For
3.7 Elect Director Hirano, Masayuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sotetsu Holdings Inc
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
4 Appoint Statutory Auditor Miki, Shohei Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Sumitomo Heavy Industries, Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77497170
Ticker: 6302
Primary ISIN: JP3405400007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 45
Mgmt For For
2.1 Elect Director Nakamura, Yoshinobu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Betsukawa, Shunsuke Mgmt For For
2.3 Elect Director Tomita, Yoshiyuki Mgmt For For
2.4 Elect Director Tanaka, Toshiharu Mgmt For For
2.5 Elect Director Okamura, Tetsuya Mgmt For For
2.6 Elect Director Suzuki, Hideo Mgmt For For
2.7 Elect Director Kojima, Eiji Mgmt For For
2.8 Elect Director Shimomura, Shinji Mgmt For For
2.9 Elect Director Takahashi, Susumu Mgmt For For
2.10 Elect Director Kojima, Hideo Mgmt For For
3 Appoint Statutory Auditor Nogusa, Jun Mgmt For For
4 Appoint Alternate Statutory Auditor Kato,
Tomoyuki
Mgmt For For
Sumitomo Mitsui Financial Group, Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7771X109
Ticker: 8316
Primary ISIN: JP3890350006
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sumitomo Mitsui Financial Group, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 90
Mgmt For For
2.1 Elect Director Miyata, Koichi Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee. In addition, board size exceeds
15 directors.
2.2 Elect Director Kunibe, Takeshi Mgmt For For
2.3 Elect Director Takashima, Makoto Mgmt For For
2.4 Elect Director Ogino, Kozo Mgmt For For
2.5 Elect Director Ota, Jun Mgmt For For
2.6 Elect Director Tanizaki, Katsunori Mgmt For For
2.7 Elect Director Yaku, Toshikazu Mgmt For For
2.8 Elect Director Teramoto, Toshiyuki Mgmt For For
2.9 Elect Director Mikami, Toru Mgmt For For
2.10 Elect Director Kubo, Tetsuya Mgmt For For
2.11 Elect Director Matsumoto, Masayuki Mgmt For For
2.12 Elect Director Arthur M. Mitchell Mgmt For For
2.13 Elect Director Yamazaki, Shozo Mgmt For For
2.14 Elect Director Kono, Masaharu Mgmt For For
2.15 Elect Director Tsutsui, Yoshinobu Mgmt For For
2.16 Elect Director Shimbo, Katsuyoshi Mgmt For For
2.17 Elect Director Sakurai, Eriko Mgmt For For
Sumitomo Mitsui Trust Holdings, Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7772M102
Ticker: 8309
Primary ISIN: JP3892100003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 65
Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sumitomo Mitsui Trust Holdings, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.1 Elect Director Okubo, Tetsuo Mgmt For Against
Blended Rationale: Vote AGAINST the president/chairman if they sit on nominating committee.
2.2 Elect Director Araumi, Jiro Mgmt For For
2.3 Elect Director Takakura, Toru Mgmt For For
2.4 Elect Director Hashimoto, Masaru Mgmt For For
2.5 Elect Director Kitamura, Kunitaro Mgmt For For
2.6 Elect Director Tsunekage, Hitoshi Mgmt For For
2.7 Elect Director Yagi, Yasuyuki Mgmt For For
2.8 Elect Director Misawa, Hiroshi Mgmt For For
2.9 Elect Director Shinohara, Soichi Mgmt For For
2.10 Elect Director Suzuki, Takeshi Mgmt For For
2.11 Elect Director Araki, Mikio Mgmt For For
2.12 Elect Director Matsushita, Isao Mgmt For For
2.13 Elect Director Saito, Shinichi Mgmt For For
2.14 Elect Director Yoshida, Takashi Mgmt For For
2.15 Elect Director Kawamoto, Hiroko Mgmt For For
Sumitomo Osaka Cement Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77734101
Ticker: 5232
Primary ISIN: JP3400900001
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 5.5
Mgmt
For
For
2 Amend Articles to Amend Business Lines Mgmt For For
3 Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt For For
4.1 Elect Director Sekine, Fukuichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
4.2 Elect Director Suga, Yushi Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Sumitomo Osaka Cement Co. Ltd.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
4.3
Elect Director Yoshitomi, Isao
Mgmt
For
For
4.4 Elect Director Yamamoto, Shigemi Mgmt For For
4.5 Elect Director Onishi, Toshihiko Mgmt For For
4.6 Elect Director Konishi, Mikio Mgmt For For
4.7 Elect Director Saida, Kunitaro Mgmt For For
4.8 Elect Director Makino, Mitsuko Mgmt For For
5 Appoint Statutory Auditor Hosaka, Shoji Mgmt For For
Sumitomo Realty & Development Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J77841112
Ticker: 8830
Primary ISIN: JP3409000001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14
Mgmt For For
2 Elect Director Katayama, Hisatoshi Mgmt For For
3 Appoint Statutory Auditor Izuhara, Yozo
Mgmt
For
Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor Uno, Kozo
Mgmt
For
For
Suruga Bank Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J78400108
Ticker: 8358
Primary ISIN: JP3411000007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Okano, Mitsuyoshi Mgmt For Against
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Suruga Bank Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Blended Rationale: A vote AGAINST this nominee is warranted because:- Okano appears to bear the greatest responsibility for
the improper loans that resulted in a special loss of JPY 42 billion and a sharp decline in the bank's share price.- Okano also
should be held responsible for reputational damage over the incident because of which the bank's crisis management
committee concluded that the bank has major issues from the perspective of corporate social responsibility.
1.2 Elect Director Yoneyama, Akihiro Mgmt For Against
Blended Rationale: A vote AGAINST this nominee is warranted because:- Yoneyama appears to bear significant responsibility
for the improper loans that resulted in a special loss of JPY 42 billion and a sharp decline in the bank's share price.- Yoneyama
also should be held responsible for reputational damage over the incident because of which the bank's crisis management
committee concluded that the bank has major issues from the perspective of corporate social responsibility.
1.3 Elect Director Shirai, Toshihiko Mgmt For For
1.4 Elect Director Mochizuki, Kazuya Mgmt For
For
1.5 Elect Director Yanagisawa, Nobuaki Mgmt For
For
1.6 Elect Director Yagi, Takeshi Mgmt For
For
1.7 Elect Director Arikuni, Michio Mgmt For
For
1.8 Elect Director Ando, Yoshinori Mgmt For
For
1.9 Elect Director Kinoshita, Shione Mgmt For
For
1.10 Elect Director Kawahara, Shigeharu Mgmt For
For
1.11 Elect Director Nagano, Satoshi Mgmt For
For
2.1 Appoint Statutory Auditor Noge, Emi Mgmt For
For
2.2 Appoint Statutory Auditor Namekata, Yoichi Mgmt For
For
Suzuki Motor Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J78529138
Ticker: 7269
Primary ISIN: JP3397200001
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 44
Mgmt
For
For
2 Amend Articles to Clarify Director Authority
on Shareholder Meetings - Amend Provisions
on Director Titles - Remove All Provisions on
Advisory Positions
Mgmt For For
3.1 Elect Director Suzuki, Osamu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Suzuki Motor Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.2
Elect Director Harayama, Yasuhito
Mgmt
For
For
3.3 Elect Director Suzuki, Toshihiro Mgmt For For
3.4 Elect Director Honda, Osamu Mgmt For For
3.5 Elect Director Nagao, Masahiko Mgmt For For
3.6 Elect Director Matsura, Hiroaki Mgmt For For
3.7 Elect Director Iguchi, Masakazu Mgmt For For
3.8 Elect Director Tanino, Sakutaro Mgmt For Against
Blended Rationale: A vote AGAINST this nominee is warranted because:- Sakutaro Tanino was an audit committee member of
Toshiba Corp. when the company's accounting fraud came to light in 2015, and thus his appointment does not appear
appropriate.
Taiheiyo Cement Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J7923L128
Ticker: 5233
Primary ISIN: JP3449020001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Fukuda, Shuji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Fushihara, Masafumi Mgmt For For
2.3 Elect Director Kitabayashi, Yuichi Mgmt For For
2.4 Elect Director Matsushima, Shigeru Mgmt For For
2.5 Elect Director Funakubo, Yoichi Mgmt For For
2.6 Elect Director Miura, Keiichi Mgmt For For
2.7 Elect Director Karino, Masahiro Mgmt For For
2.8 Elect Director Ando, Kunihiro Mgmt For For
2.9 Elect Director Egami, Ichiro Mgmt For For
2.10 Elect Director Sakamoto, Tomoya Mgmt For For
2.11 Elect Director Fukuhara, Katsuhide Mgmt For For
2.12 Elect Director Suzuki, Toshiaki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Taiheiyo Cement Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.13 Elect Director Koizumi, Yoshiko Mgmt For For
2.14 Elect Director Arima, Yuzo Mgmt For For
3 Appoint Alternate Statutory Auditor Aoki,
Toshihito
Mgmt
For
For
Taisei Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J79561148
Ticker: 1801
Primary ISIN: JP3443600006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75
Mgmt For For
Taisho Pharmaceutical Holdings Co., Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J79885109
Ticker: 4581
Primary ISIN: JP3442850008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60
Mgmt For For
Taiyo Yuden Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J80206113
Ticker: 6976
Primary ISIN: JP3452000007
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Taiyo Yuden Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2.1 Elect Director Tosaka, Shoichi Mgmt For For
2.2
Elect Director Masuyama, Shinji
Mgmt
For
For
2.3
Elect Director Takahashi, Osamu
Mgmt
For
For
2.4
Elect Director Sase, Katsuya
Mgmt
For
For
2.5 Elect Director Hiraiwa, Masashi Mgmt For For
2.6 Elect Director Koike, Seiichi Mgmt For For
Takara Holdings Inc.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J80733108
Ticker: 2531
Primary ISIN: JP3459600007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 16
Mgmt For For
2.1 Elect Director Omiya, Hisashi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kakimoto, Toshio Mgmt For For
2.3 Elect Director Kimura, Mutsumi Mgmt For For
2.4 Elect Director Nakao, Koichi Mgmt For For
2.5 Elect Director Murata, Kenji Mgmt For For
2.6 Elect Director Yoshida, Toshihiko Mgmt For For
2.7 Elect Director Takahashi, Hideo Mgmt For For
2.8 Elect Director Mori, Keisuke Mgmt For For
2.9 Elect Director Tomotsune, Masako Mgmt For For
3 Appoint Statutory Auditor Washino, Minoru Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Takeda Pharmaceutical Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J8129E108
Ticker: 4502
Primary ISIN: JP3463000004
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 90
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Christophe Weber
Mgmt
For
For
3.2
Elect Director Iwasaki, Masato
Mgmt
For
For
3.3
Elect Director Andrew Plump
Mgmt
For
For
3.4 Elect Director Sakane, Masahiro Mgmt For For
3.5 Elect Director Fujimori, Yoshiaki Mgmt For For
3.6
Elect Director Higashi, Emiko
Mgmt
For
For
3.7 Elect Director Michel Orsinger Mgmt For For
3.8 Elect Director Shiga, Toshiyuki Mgmt For For
4.1
4.2
4.3
4.4
5
Elect Director and Audit Committee Member
Yamanaka, Yasuhiko
Elect Director and Audit Committee Member
Kuniya, Shiro
Elect Director and Audit Committee Member
Jean-Luc Butel
Elect Director and Audit Committee Member
Hatsukawa, Koji
Approve Annual Bonus
Mgmt
Mgmt
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
For
For
For
For
6 Amend Articles to Require Shareholder Vote SH
on Acquisition of Companies Whose
Consideration Exceeds JPY 1 Trillion
Against
Against
TDK Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J82141136
Ticker: 6762
Primary ISIN: JP3538800008
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
TDK Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 70
Mgmt For For
2.1 Elect Director Ishiguro, Shigenao Mgmt For For
2.2
Elect Director Yamanishi, Tetsuji
Mgmt
For
For
2.3
Elect Director Sumita, Makoto
Mgmt
For
For
2.4
Elect Director Osaka, Seiji
Mgmt
For
For
2.5 Elect Director Yoshida, Kazumasa Mgmt For For
2.6 Elect Director Ishimura, Kazuhiko Mgmt For For
2.7
Elect Director Yagi, Kazunori
Mgmt
For
For
3 Amend Articles to Change Location of Head
Office
Mgmt
For
For
Toda Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J84377100
Ticker: 1860
Primary ISIN: JP3627000007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 20
Mgmt For For
2 Amend Articles to Amend Business Lines Mgmt For For
3.1
Elect Director Imai, Masanori
Mgmt
For
Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
3.2 Elect Director Kikutani, Yushi Mgmt For For
3.3 Elect Director Miyazaki, Hiroyuki Mgmt For For
3.4 Elect Director Fujita, Ken Mgmt For For
3.5 Elect Director Toda, Morimichi Mgmt For For
3.6 Elect Director Otomo, Toshihiro Mgmt For For
3.7 Elect Director Uekusa, Hiroshi Mgmt For For
3.8 Elect Director Shimomura, Setsuhiro Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toda Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
3.9
Elect Director Amiya, Shunsuke
Mgmt
For
For
3.10 Elect Director Itami, Toshihiko Mgmt For For
4 Appoint Statutory Auditor Ouchi, Atsushi Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
Tokai Tokyo Financial Holdings Inc
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J8609T104
Ticker: 8616
Primary ISIN: JP3577600004
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 24
Mgmt
For
For
2.1 Elect Director Ishida, Tateaki Mgmt For For
2.2 Elect Director Maezono, Hiroshi Mgmt For For
2.3 Elect Director Hayakawa, Toshiyuki Mgmt For For
2.4 Elect Director Mizuno, Ichiro Mgmt For For
2.5 Elect Director Nakayama, Tsunehiro Mgmt For For
3.1 Elect Director and Audit Committee Member
Okajima, Masato
Mgmt For For
3.2 Elect Director and Audit Committee Member
Yasuda, Mitsuhiro
Mgmt For For
3.3 Elect Director and Audit Committee Member
Inoue, Keisuke
Mgmt For For
3.4 Elect Director and Audit Committee Member
Inui, Fumio
Mgmt For For
4 Approve Annual Bonus Mgmt For For
5 Approve Stock Option Plan Mgmt For For
Tokyo Broadcasting System Holdings Inc
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J86656105
Ticker: 9401
Primary ISIN: JP3588600001
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokyo Broadcasting System Holdings Inc
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 15
Mgmt For For
2.1 Elect Director Takeda, Shinji Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent. In addition, the board
size exceeds 15 directors.A vote AGAINST this director nominee is warranted because:- Top management is responsible for the
company's unfavorable ROE performance.- The nominee should be held responsible for the company's continued failure to put
its poison pill renewal to a vote.
2.2 Elect Director Sasaki, Takashi Mgmt For Against
Blended Rationale: A vote AGAINST this director nominee is warranted because:- Top management is responsible for the
company's unfavorable ROE performance.- The nominee should be held responsible for the company's continued failure to put
its poison pill renewal to a vote.
2.3 Elect Director Kawai, Toshiaki Mgmt For For
2.4 Elect Director Sugai, Tatsuo Mgmt For For
2.5 Elect Director Kokubu, Mikio Mgmt For For
2.6 Elect Director Yoshida, Yasushi Mgmt For For
2.7 Elect Director Sonoda, Ken Mgmt For For
2.8 Elect Director Aiko, Hiroyuki Mgmt For For
2.9 Elect Director Nakao, Masashi Mgmt For For
2.10 Elect Director Isano, Hideki Mgmt For For
2.11 Elect Director Chisaki, Masaya Mgmt For For
2.12 Elect Director Iwata, Eiichi Mgmt For For
2.13 Elect Director Watanabe, Shoichi Mgmt For For
2.14 Elect Director Ryuho, Masamine Mgmt For For
2.15 Elect Director Asahina, Yutaka Mgmt For For
2.16 Elect Director Ishii, Tadashi Mgmt For For
2.17 Elect Director Mimura, Keiichi Mgmt For For
2.18 Elect Director Kashiwaki, Hitoshi Mgmt For For
3 Appoint Statutory Auditor Katsushima,
Toshiaki
Mgmt For For
4 Approve In-Kind Dividend SH Against For
Blended Rationale: A vote FOR this shareholder proposal is recommended because:- TBS appears to have most of its invested
capital in assets unrelated to its core business and strategy.- The proposal would trigger costs, mainly in the form of corporate
taxes; however, the company's long-term track record indicates that shareholders might be in a better position to reallocate
these resources in ways that compensate for the costs incurred.
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokyo Gas Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J87000113
Ticker: 9531
Primary ISIN: JP3573000001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 27.5
Mgmt For For
2.1 Elect Director Hirose, Michiaki Mgmt For For
2.2
Elect Director Uchida, Takashi
Mgmt
For
For
2.3
Elect Director Takamatsu, Masaru
Mgmt
For
For
2.4
Elect Director Anamizu, Takashi
Mgmt
For
For
2.5 Elect Director Nohata, Kunio Mgmt For For
2.6 Elect Director Ide, Akihiko Mgmt For For
2.7
Elect Director Katori, Yoshinori
Mgmt
For
For
2.8 Elect Director Igarashi, Chika Mgmt For For
3 Appoint Statutory Auditor Nohara, Sawako Mgmt For For
Tokyu Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J88720149
Ticker: 9005
Primary ISIN: JP3574200006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 10
Mgmt For For
2.1 Elect Director Nomoto, Hirofumi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, the board size
exceeds 15 directors
2.2 Elect Director Takahashi, Kazuo Mgmt For For
2.3 Elect Director Tomoe, Masao Mgmt For For
2.4 Elect Director Watanabe, Isao Mgmt For For
2.5 Elect Director Hoshino, Toshiyuki Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Tokyu Corp.
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
2.6
Elect Director Ichiki, Toshiyuki
Mgmt
For
For
2.7 Elect Director Fujiwara, Hirohisa Mgmt For For
2.8 Elect Director Takahashi, Toshiyuki Mgmt For For
2.9 Elect Director Shiroishi, Fumiaki Mgmt For For
2.10 Elect Director Kihara, Tsuneo Mgmt For For
2.11 Elect Director Horie, Masahiro Mgmt For For
2.12 Elect Director Hamana, Setsu Mgmt For For
2.13 Elect Director Murai, Jun Mgmt For For
2.14 Elect Director Konaga, Keiichi Mgmt For For
2.15 Elect Director Kanazashi, Kiyoshi Mgmt For For
2.16 Elect Director Kanise, Reiko Mgmt For For
2.17 Elect Director Okamoto, Kunie Mgmt For For
3 Appoint Statutory Auditor Shimamoto,
Takehiko
Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
4 Appoint Alternate Statutory Auditor
Matsumoto, Taku
Mgmt
For
For
Toppan Forms Co Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J8931G101
Ticker: 7862
Primary ISIN: JP3629200001
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 12.5
Mgmt For For
2.1 Elect Director Sakata, Koichi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Kameyama, Akira Mgmt For For
2.3 Elect Director Okada, Yasuhiro Mgmt For For
2.4 Elect Director Adachi, Naoki Mgmt For For
2.5 Elect Director Kaneko, Shingo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toppan Forms Co Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.6
Elect Director Kazuko Rudy
Mgmt
For
For
2.7 Elect Director Amano, Hideki Mgmt For For
2.8 Elect Director Fukushima, Keitaro Mgmt For For
2.9 Elect Director Soeda, Hideki Mgmt For For
2.10 Elect Director Yokota, Makoto Mgmt For For
3.1 Appoint Statutory Auditor Kinoshita, Noriaki Mgmt For For
3.2 Appoint Statutory Auditor Imamura, Shinji Mgmt For For
Toppan Printing Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: 890747108
Ticker: 7911
Primary ISIN: JP3629000005
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Reverse Stock Split to Comply with
Exchange Mandate and Decrease Authorized
Capital in Connection with Reverse Stock Split
Mgmt
For
For
2 Amend Articles to Amend Provisions on
Director Titles
Mgmt For For
3.1 Elect Director Adachi, Naoki Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors
3.2 Elect Director Kaneko, Shingo Mgmt For For
3.3 Elect Director Maeda, Yukio Mgmt For For
3.4 Elect Director Okubo, Shinichi Mgmt For For
3.5 Elect Director Ito, Atsushi Mgmt For For
3.6 Elect Director Arai, Makoto Mgmt For For
3.7 Elect Director Maro, Hideharu Mgmt For For
3.8 Elect Director Matsuda, Naoyuki Mgmt For For
3.9 Elect Director Sato, Nobuaki Mgmt For For
3.10 Elect Director Izawa, Taro Mgmt For For
3.11 Elect Director Ezaki, Sumio Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toppan Printing Co. Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.12
Elect Director Yamano, Yasuhiko
Mgmt
For
For
3.13 Elect Director Sakuma, Kunio Mgmt For For
3.14 Elect Director Noma, Yoshinobu Mgmt For For
3.15 Elect Director Toyama, Ryoko Mgmt For For
3.16 Elect Director Ueki, Tetsuro Mgmt For For
3.17 Elect Director Yamanaka, Norio Mgmt For For
3.18 Elect Director Nakao, Mitsuhiro Mgmt For For
3.19 Elect Director Kurobe, Takashi Mgmt For For
4.1 Appoint Statutory Auditor Takamiyagi,
Jitsumei
Mgmt For For
4.2 Appoint Statutory Auditor Shigematsu,
Hiroyuki
Mgmt For For
4.3 Appoint Statutory Auditor Kasama, Haruo Mgmt For For
Toyo Suisan Kaisha Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: 892306101
Ticker: 2875
Primary ISIN: JP3613000003
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Tsutsumi, Tadasu Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Imamura, Masanari Mgmt For For
2.3 Elect Director Sumimoto, Noritaka Mgmt For For
2.4 Elect Director Oki, Hitoshi Mgmt For For
2.5 Elect Director Takahashi, Kiyoshi Mgmt For For
2.6 Elect Director Makiya, Rieko Mgmt For For
2.7 Elect Director Tsubaki, Hiroshige Mgmt For For
2.8 Elect Director Kusunoki, Satoru Mgmt For For
2.9 Elect Director Mochizuki, Masahisa Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Toyo Suisan Kaisha Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2.10 Elect Director Murakami, Yoshiji Mgmt For For
2.11 Elect Director Murakami, Osamu Mgmt For For
2.12 Elect Director Murayama, Ichiro Mgmt For For
2.13 Elect Director Ishikawa, Yasuo Mgmt For For
2.14 Elect Director Hamada, Tomoko Mgmt For For
2.15 Elect Director Ogawa, Susumu Mgmt For For
3 Appoint Statutory Auditor Mori, Isamu Mgmt For For
4 Appoint Alternate Statutory Auditor Ushijima,
Tsutomu
5 Approve Annual Bonus
Mgmt
Mgmt
For
For
For
For
Tsumura & Co.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J93407120
Ticker: 4540
Primary ISIN: JP3535800001
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Allocation of Income, with a Final
Dividend of JPY 32
Mgmt
For
For
2.1 Elect Director Kato, Terukazu Mgmt For For
2.2 Elect Director Adachi, Susumu Mgmt For For
2.3 Elect Director Fuji, Yasunori Mgmt For For
2.4 Elect Director Sugimoto, Shigeru Mgmt For For
2.5 Elect Director Matsui, Kenichi Mgmt For For
2.6 Elect Director Miyake, Hiroshi Mgmt For For
TV Asahi Holdings Corp.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J93646107
Ticker: 9409
Primary ISIN: JP3429000007
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
TV Asahi Holdings Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 30
Mgmt For For
2.1 Elect Director Hayakawa, Hiroshi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent. In addition, board size
exceeds 15 directors.
2.2 Elect Director Yoshida, Shinichi Mgmt For For
2.3 Elect Director Takeda, Toru Mgmt For
For
2.4 Elect Director Fujinoki, Masaya Mgmt For
For
2.5 Elect Director Sunami, Gengo Mgmt For
For
2.6 Elect Director Kameyama, Keiji Mgmt For
For
2.7 Elect Director Kawaguchi, Tadahisa Mgmt For
For
2.8 Elect Director Morozumi, Koichi Mgmt For
For
2.9 Elect Director Shinozuka, Hiroshi Mgmt For
For
2.10 Elect Director Kayama, Keizo Mgmt For
For
2.11 Elect Director Hamashima, Satoshi Mgmt For
For
2.12 Elect Director Okada, Tsuyoshi Mgmt For
For
2.13 Elect Director Kikuchi, Seiichi Mgmt For
For
2.14 Elect Director Watanabe, Masataka Mgmt For
For
2.15 Elect Director Okinaka, Susumu Mgmt For
For
Ube Industries Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J93796159
Ticker: 4208
Primary ISIN: JP3158800007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75
Mgmt For For
2 Amend Articles to Make Technical Changes Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Ube Industries Ltd.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1 Elect Director Takeshita, Michio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.A vote AGAINST this
director nominee is warranted because: - The nominee should be held responsible for the company's long-term improper quality checks.
3.2 Elect Director Yamamoto, Yuzuru Mgmt For Against
Blended Rationale: A vote AGAINST this director nominee is warranted because:- The nominee should be held responsible for
the company's long-term improper quality checks.
3.3 Elect Director Matsunami, Tadashi Mgmt For
For
3.4 Elect Director Izumihara, Masato Mgmt For
For
3.5 Elect Director Kusama, Takashi Mgmt For
For
3.6 Elect Director Terui, Keiko Mgmt For
For
3.7 Elect Director Shoda, Takashi Mgmt For
For
3.8 Elect Director Kageyama, Mahito Mgmt For
For
4 Appoint Alternate Statutory Auditor Koriya, Mgmt
Daisuke
For
For
Ushio Inc.
Meeting Date: 06/28/2018 Country: Japan
Primary Security ID: J94456118
Meeting Type: Annual Ticker: 6925
Primary ISIN: JP3156400008
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 26
Mgmt For For
2.1 Elect Director Ushio, Jiro Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Hamashima, Kenji Mgmt For For
2.3 Elect Director Ushio, Shiro Mgmt For For
2.4 Elect Director Banno, Hiroaki Mgmt For For
2.5 Elect Director Hara, Yoshinari Mgmt For For
2.6 Elect Director Kanemaru, Yasufumi Mgmt For For
2.7 Elect Director Sakie Tachibana Fukushima Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Ushio Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3.1
3.2
3.3
Elect Director and Audit Committee Member
Kobayashi, Nobuyuki
Elect Director and Audit Committee Member
Yoneda, Masanori
Elect Director and Audit Committee Member
Yamaguchi, Nobuyoshi
Mgmt
Mgmt
Mgmt
For
For
For
For
For
For
Wacoal Holdings Corp
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J94632122
Ticker: 3591
Primary ISIN: JP3992400006
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Tsukamoto, Yoshikata Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
1.2 Elect Director Yasuhara, Hironobu Mgmt For For
1.3 Elect Director Wakabayashi, Masaya Mgmt For For
1.4 Elect Director Yamaguchi, Masashi Mgmt For For
1.5 Elect Director Miyagi, Akira Mgmt For For
1.6 Elect Director Mayuzumi, Madoka Mgmt For For
1.7 Elect Director Saito, Shigeru Mgmt For For
1.8 Elect Director Iwai, Tsunehiko Mgmt For For
2 Appoint Statutory Auditor Shimada, Minoru Mgmt For Against
Blended Rationale: Vote AGAINST the non-independent nominee as board of statutory auditor is less than 50% independent.
3 Approve Annual Bonus
Mgmt
For
For
Yamada Denki Co.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J95534103
Ticker: 9831
Primary ISIN: JP3939000000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Yamada Denki Co.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 13
Mgmt For For
2.1 Elect Director Yamada, Noboru Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Ichimiya, Tadao Mgmt For For
2.3 Elect Director Kuwano, Mitsumasa Mgmt For For
2.4 Elect Director Iizuka, Hiroyasu Mgmt For For
2.5 Elect Director Okamoto, Jun Mgmt For For
2.6 Elect Director Kobayashi, Tatsuo Mgmt For For
2.7 Elect Director Higuchi, Haruhiko Mgmt For For
2.8 Elect Director Arai, Hitoshi Mgmt For For
2.9 Elect Director Fukuda, Takayuki Mgmt For For
2.10 Elect Director Ueno, Yoshinori Mgmt For For
2.11 Elect Director Mishima, Tsuneo Mgmt For For
2.12 Elect Director Fukui, Akira Mgmt For For
2.13 Elect Director Kogure, Megumi Mgmt For For
2.14 Elect Director Tokuhira, Tsukasa Mgmt For For
2.15 Elect Director Fukuyama, Hiroyuki Mgmt For For
3 Appoint Statutory Auditor Igarashi, Makoto Mgmt For For
Yamato Holdings Co Ltd
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J96612114
Ticker: 9064
Primary ISIN: JP3940000007
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kigawa, Makoto Mgmt For For
1.2 Elect Director Yamauchi, Masaki Mgmt For For
1.3 Elect Director Kanda, Haruo Mgmt For For
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Yamato Holdings Co Ltd
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1.4
Elect Director Kanamori, Hitoshi
Mgmt
For
For
1.5 Elect Director Shibasaki, Kenichi Mgmt For For
1.6 Elect Director Nagao, Yutaka Mgmt For For
1.7 Elect Director Hagiwara, Toshitaka Mgmt For For
1.8 Elect Director Mori, Masakatsu Mgmt For For
1.9 Elect Director Tokuno, Mariko Mgmt For For
1.10 Elect Director Kobayashi, Yoichi Mgmt For For
2 Appoint Statutory Auditor Matsuno, Mamoru Mgmt For For
3 Approve Compensation Ceiling for Directors Mgmt For For
Yamato Kogyo Co. Ltd.
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J96524111
Ticker: 5444
Primary ISIN: JP3940400009
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25
Mgmt For For
2.1 Elect Director Kobayashi, Mikio Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member as the board is less than 1/3 independent.
2.2 Elect Director Kajihara, Kazumi Mgmt
2.3 Elect Director Yoshida, Takafumi Mgmt
2.4 Elect Director Akamatsu, Kiyoshige Mgmt
Zeon Corp.
For
For
For
For
For
For
Meeting Date: 06/28/2018 Country: Japan
Meeting Type: Annual
Primary Security ID: J9886P104
Ticker: 4205
Primary ISIN: JP3725400000
Vote Summary Report Date range covered: 06/01/2018 to 06/30/2018
Zeon Corp.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 9
Mgmt For For
2.1 Elect Director Furukawa, Naozumi Mgmt For Against
Blended Rationale: Vote AGAINST the most senior member and board is less than 1/3 independent.
2.2 Elect Director Tanaka, Kimiaki Mgmt For For
2.3 Elect Director Hirakawa, Hiroyuki Mgmt For For
2.4 Elect Director Nishijima, Toru Mgmt For For
2.5 Elect Director Imai, Hirofumi Mgmt For For
2.6 Elect Director Hayashi, Sachio Mgmt For For
2.7 Elect Director Furuya, Takeo Mgmt For For
2.8 Elect Director Fujisawa, Hiroshi Mgmt For For
2.9 Elect Director Ito, Haruo Mgmt For For
2.10 Elect Director Kitabata, Takao Mgmt For For
2.11 Elect Director Nagumo, Tadanobu Mgmt For Against
Blended Rationale: Vote AGAINST as the nominee failed to meet LGIM's independence criteria.