vote summary report north america january 2020 · mgmt rec vote instruction 1.1 elect director...
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January 2020 North America Voting Report
Voting report Legal & General Investment Management
No warranty is given and no representation is made regarding the accuracy or completeness of the content of this report, and no liability or responsibility is accepted for the information contained in this report.
Registered Offce: Legal & General Investment Management Limited One Coleman Street London EC2R 5AA
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Authorised and Regulated by the Financial Conduct Authority Copyright© Legal & General Investment Management 2020
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Acuity Brands, Inc.
Meeting Date: 01/08/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 00508Y102
Ticker: AYI
Primary ISIN: US00508Y1029
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director W. Patrick Battle Mgmt For For
1b Elect Director Peter C. Browning
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1c Elect Director G. Douglas Dillard, Jr. Mgmt For For
1d Elect Director James H. Hance, Jr. Mgmt For For
1e Elect Director Robert F. McCullough Mgmt For For
1f Elect Director Vernon J. Nagel Mgmt For For
1g Elect Director Dominic J. Pileggi Mgmt For For
1h Elect Director Ray M. Robinson Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.Independence: A vote against is applied as LGIM
expects a board to be regularly refreshed in order to maintain independence, relevant skills, experience and diversity.
1i Elect Director Mary A. Winston Mgmt For For
2 Ratify Ernst & Young LLP as Auditors Mgmt For For
3 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
awards to be assessed against performance conditions to ensure alignment of remuneration with company performance.A vote
AGAINST this proposal is warranted. While the company demonstrated sufficient responsiveness to last year's low say-on-pay
vote result, other concerns are raised for the year in review. The company recently amended the severance agreements with
the CEO and CFO, each of which contain a problematic good reason definition provision that provides the executive with
severance benefits upon a resignation in connection with the company's bankruptcy or insolvency. In addition, the company
also amended the supplemental executive retirement plan to provide the CEO with substantially larger benefits in retirement.
Encana Corporation
Meeting Date: 01/14/2020 Country: Canada
Meeting Type: Special
Primary Security ID: 292505104
Ticker: ECA
Primary ISIN: CA2925051047
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Encana Corporation
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Approve Reorganization Plan Mgmt For For
2 Other Business
Mgmt
For
Against
Blended Rationale: Governance concerns: A vote against is applied as there is no information of what "Other Business" may
involve at the time of voting.
Jacobs Engineering Group Inc.
Meeting Date: 01/14/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 469814107
Ticker: J
Primary ISIN: US4698141078
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director Steven J. Demetriou Mgmt For For
1b Elect Director Christopher M.T. Thompson
Mgmt
For
For
1c Elect Director Joseph R. Bronson
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1d Elect Director Robert C. Davidson, Jr. Mgmt For Against
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1e Elect Director Ralph E. Eberhart Mgmt For Against
Blended Rationale: Board mandates: A vote AGAINST is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1f Elect Director Georgette D. Kiser Mgmt For For
1g Elect Director Linda Fayne Levinson Mgmt For For
1h Elect Director Barbara L. Loughran Mgmt For For
1i Elect Director Robert A. McNamara Mgmt For For
1j Elect Director Peter J. Robertson Mgmt For For
2 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Jacobs Engineering Group Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
3 Ratify Ernst & Young LLP as Auditors Mgmt For Against
Blended Rationale: Auditor tenure: A vote against is applied as LGIM expects the role of the external auditor to be put to tender
on a regular basis.
Micron Technology, Inc.
Meeting Date: 01/16/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 595112103
Ticker: MU
Primary ISIN: US5951121038
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Robert L. Bailey
Mgmt
For
For
1.2 Elect Director Richard M. Beyer Mgmt For For
1.3 Elect Director Steven J. Gomo Mgmt For For
1.4 Elect Director Mary Pat McCarthy Mgmt For For
1.5 Elect Director Sanjay Mehrotra Mgmt For For
1.6 Elect Director Robert E. Switz Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM has had concerns with the remuneration policy for 3 years.
1.7 Elect Director MaryAnn Wright
Mgmt
For
For
2 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt
For
Against
Blended Rationale: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of awards to be
assessed against performance conditions to ensure alignment of remuneration with company performance.Performance period.
A vote against is applied as LGIM expects remuneration to be measured over at least a 3 year performance period.
3 Ratify PricewaterhouseCoopers LLP as
Auditors
Mgmt For Against
Blended Rationale: Auditor tenure: A vote against is applied as LGIM expects the role of the external auditor to be put to tender
on a regular basis.
Costco Wholesale Corporation
Meeting Date: 01/22/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 22160K105
Ticker: COST
Primary ISIN: US22160K1051
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Costco Wholesale Corporation
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Susan L. Decker Mgmt For For
1.2 Elect Director Richard A. Galanti
Mgmt
For
For
1.3 Elect Director Sally Jewell
Mgmt
For
For
1.4 Elect Director Charles T. Munger
Mgmt
For
Withhold
Blended Rationale: Independence: A vote withhold is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
2 Ratify KPMG LLP as Auditors Mgmt For For
3 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt
For
Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period.
4 Amend Articles of Incorporation to Provide
Directors May Be Removed With or Without
Cause
5 Disclose Board Diversity and Qualifications
Matrix
Mgmt
SH
For
Against
For
Against
D.R. Horton, Inc.
Meeting Date: 01/22/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 23331A109
Ticker: DHI
Primary ISIN: US23331A1097
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a
Elect Director Donald R. Horton
Mgmt
For
For
1b Elect Director Barbara K. Allen Mgmt For For
1c Elect Director Brad S. Anderson Mgmt For For
1d Elect Director Michael R. Buchanan Mgmt For For
1e Elect Director Michael W. Hewatt Mgmt For Against
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1f Elect Director Maribess L. Miller Mgmt For For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
D.R. Horton, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
2 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For Against
Blended Rationale: Remuneration: Uncapped. A vote against is applied as LGIM expects all incentive plans to be capped either
as a percentage of salary or a fixed number of shares.
3 Ratify Ernst & Young LLP as Auditors Mgmt For For
Air Products and Chemicals, Inc.
Meeting Date: 01/23/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 009158106
Ticker: APD
Primary ISIN: US0091581068
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director Susan K. Carter Mgmt For For
1b Elect Director Charles I. Cogut
Mgmt
For
For
1c Elect Director Chadwick C. Deaton
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1d Elect Director Seifollah (Seifi) Ghasemi Mgmt For For
1e Elect Director David H. Y. Ho Mgmt For
For
1f Elect Director Margaret G. McGlynn Mgmt For
For
1g Elect Director Edward L. Monser Mgmt For
For
1h Elect Director Matthew H. Paull Mgmt For
For
2 Advisory Vote to Ratify Named Executive Mgmt
Officers' Compensation
For
For
3 Ratify Deloitte & Touche LLP as Auditors Mgmt For For
DaVita Inc.
Meeting Date: 01/23/2020 Country: USA
Primary Security ID: 23918K108
Meeting Type: Special Ticker: DVA
Primary ISIN: US23918K1088
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
DaVita Inc.
Proposal
Number Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1 Amend Omnibus Stock Plan Mgmt For For
Intuit Inc.
Meeting Date: 01/23/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 461202103
Ticker: INTU
Primary ISIN: US4612021034
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a
Elect Director Eve Burton
Mgmt
For
For
1b Elect Director Scott D. Cook Mgmt For For
1c Elect Director Richard L. Dalzell Mgmt For For
1d Elect Director Sasan K. Goodarzi Mgmt For For
1e Elect Director Deborah Liu Mgmt For For
1f Elect Director Suzanne Nora Johnson Mgmt For For
1g Elect Director Dennis D. Powell Mgmt For Against
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1h Elect Director Brad D. Smith Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1i Elect Director Thomas Szkutak Mgmt For For
1j Elect Director Raul Vazquez Mgmt For For
1k Elect Director Jeff Weiner Mgmt For For
2 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For For
3 Ratify Ernst & Young LLP as Auditors Mgmt For Against
Blended Rationale: Auditor tenure: A vote against is applied as LGIM expects the role of the external auditor to be put to tender
on a regular basis.
4 Adopt a Mandatory Arbitration Bylaw SH Against Against
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Jabil Inc.
Meeting Date: 01/23/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 466313103
Ticker: JBL
Primary ISIN: US4663131039
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Anousheh Ansari
Mgmt
For
For
1.2 Elect Director Martha F. Brooks Mgmt For For
1.3 Elect Director Christopher S. Holland Mgmt For For
1.4 Elect Director Timothy L. Main Mgmt For For
1.5 Elect Director Mark T. Mondello Mgmt For For
1.6 Elect Director John C. Plant Mgmt For Withhold
Blended Rationale: Board mandates: A vote withhold is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1.7 Elect Director Steven A. Raymund Mgmt For Withhold
Blended Rationale: Independence: A vote withhold is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1.8 Elect Director Thomas A. Sansone Mgmt For Withhold
Blended Rationale: Independence: A vote withhold is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1.9 Elect Director David M. Stout Mgmt For For
1.10 Elect Director Kathleen A. Walters Mgmt For For
2 Ratify Ernst & Young LLP as Auditors Mgmt For For
3 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For For
Becton, Dickinson and Company
Meeting Date: 01/28/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 075887109
Ticker: BDX
Primary ISIN: US0758871091
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1 Elect Director Catherine M. Burzik Mgmt For For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Becton, Dickinson and Company
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.2 Elect Director R. Andrew Eckert Mgmt For For
1.3 Elect Director Vincent A. Forlenza
Mgmt
For
For
1.4 Elect Director Claire M. Fraser
Mgmt
For
For
1.5 Elect Director Jeffrey W. Henderson
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1.6 Elect Director Christopher Jones Mgmt For For
1.7 Elect Director Marshall O. Larsen
Mgmt
For
Against
Blended Rationale: Remuneration: A vote against is applied as LGIM has had concerns with the remuneration policy for 3 years.
1.8 Elect Director David F. Melcher Mgmt For For
1.9 Elect Director Thomas E. Polen Mgmt For For
1.10 Elect Director Claire Pomeroy Mgmt For For
1.11 Elect Director Rebecca W. Rimel Mgmt For For
1.12 Elect Director Timothy M. Ring Mgmt For For
1.13 Elect Director Bertram L. Scott Mgmt For Against
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
2 Ratify Ernst & Young LLP as Auditors Mgmt For Against
Blended Rationale: Auditor tenure: A vote against is applied as LGIM expects the role of the external auditor to be put to tender
on a regular basis.
3 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
awards to be assessed against performance conditions to ensure alignment of remuneration with company performance.
4 Amend Omnibus Stock Plan Mgmt For For
5 Amend Omnibus Stock Plan Mgmt For For
6 Reduce Ownership Threshold for
Shareholders to Call Special Meeting
SH Against For
Blended Rationale: Shareholder rights: A vote in favour is applied as the resolution is seeking to reduce the threshold below
25%.
Hormel Foods Corporation
Meeting Date: 01/28/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 440452100
Ticker: HRL
Primary ISIN: US4404521001
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Hormel Foods Corporation
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director Prama Bhatt Mgmt For For
1b Elect Director Gary C. Bhojwani
Mgmt
For
For
1c Elect Director Terrell K. Crews
Mgmt
For
For
1d Elect Director Stephen M. Lacy
Mgmt
For
Against
Blended Rationale: Remuneration - A vote against is applied as LGIM has had concerns with the remuneration policy for the
past year.
1e Elect Director Elsa A. Murano Mgmt For For
1f Elect Director Susan K. Nestegard
Mgmt
For
For
1g Elect Director William A. Newlands
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1h Elect Director Dakota A. Pippins Mgmt For For
1i Elect Director Christopher J. Policinski Mgmt For For
1j Elect Director Jose Luis Prado Mgmt For For
1k Elect Director Sally J. Smith Mgmt For For
1l Elect Director James P. Snee Mgmt For Against
Blended Rationale: Joint Chair/CEO - a vote against is applied as LGIM expects companies to separate the roles of Chair and
CEO due to risk management oversight.A vote against is applied under LGIM’s Climate Impact Pledge. Specific requests were
made and not met.
1m Elect Director Steven A. White Mgmt For For
2 Ratify Ernst & Young LLP as Auditors
Mgmt
For
Against
Blended Rationale: Auditor tenure: A vote against is applied as LGIM expects the role of the external auditor to be put to tender
on a regular basis.
3 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For Against
Blended Rationale: Remuneration: Performance period. A vote against is applied as LGIM expects remuneration to be measured
over at least a 3 year performance period.Remuneration: Performance conditions. A vote against is applied as LGIM expects a
sufficient portion of awards to be assessed against performance conditions to ensure alignment of remuneration with company
performance.
Metro Inc.
Meeting Date: 01/28/2020 Country: Canada
Meeting Type: Annual
Primary Security ID: 59162N109
Ticker: MRU
Primary ISIN: CA59162N1096
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Metro Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Maryse Bertrand
Mgmt
For
For
1.2 Elect Director Pierre Boivin Mgmt For For
1.3 Elect Director Francois J. Coutu Mgmt For For
1.4 Elect Director Michel Coutu Mgmt For For
1.5 Elect Director Stephanie Coyles Mgmt For For
1.6 Elect Director Claude Dussault Mgmt For Withhold
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1.7 Elect Director Russell Goodman Mgmt For
For
1.8 Elect Director Marc Guay Mgmt For
For
1.9 Elect Director Christian W.E. Haub Mgmt For
For
1.10 Elect Director Eric R. La Fleche Mgmt For
For
1.11 Elect Director Christine Magee Mgmt For
For
1.12 Elect Director Real Raymond Mgmt For
For
1.13 Elect Director Line Rivard Mgmt For
For
2 Ratify Ernst & Young LLP as Auditors Mgmt For
For
3 Advisory Vote on Executive Compensation Mgmt
Approach
For
For
Visa Inc.
Meeting Date: 01/28/2020 Country: USA
Primary Security ID: 92826C839
Meeting Type: Annual Ticker: V
Primary ISIN: US92826C8394
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director Lloyd A. Carney Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1b Elect Director Mary B. Cranston Mgmt For For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Visa Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1c Elect Director Francisco Javier
Fernandez-Carbajal
1d Elect Director Alfred F. Kelly, Jr.
Mgmt
Mgmt
For
For
For
Against
Blended Rationale: Joint Chair/CEO - A vote against is applied as LGIM expects companies to separate the roles of Chair and
CEO due to risk management and oversight.
1e Elect Director Ramon L. Laguarta Mgmt For For
1f Elect Director John F. Lundgren Mgmt For For
1g Elect Director Robert W. Matschullat Mgmt For For
1h Elect Director Denise M. Morrison Mgmt For For
1i Elect Director Suzanne Nora Johnson Mgmt For Against
Blended Rationale: Remuneration - A vote against is applied as LGIM has had concerns with the remuneration policy for the
past year.
1j Elect Director John A. C. Swainson Mgmt For Against
Blended Rationale: Joint Chairman/CEO: A vote against is applied as LGIM expects companies not to recombine the roles of
Board Chair and CEO without prior shareholder approval.
1k Elect Director Maynard G. Webb, Jr. Mgmt For For
2 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt
For
Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
awards to be assessed against performance conditions to ensure alignment of remuneration with company performance.
3 Ratify KPMG LLP as Auditors Mgmt For For
Aramark
Meeting Date: 01/29/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 03852U106
Ticker: ARMK
Primary ISIN: US03852U1060
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director Susan M. Cameron Mgmt For For
1b Elect Director Greg Creed
Mgmt
For
For
1c Elect Director Calvin Darden
Mgmt
For
For
1d Elect Director Richard W. Dreiling
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Aramark
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1e
Elect Director Irene M. Esteves
Mgmt
For
For
1f Elect Director Daniel J. Heinrich Mgmt For For
1g Elect Director Paul C. Hilal Mgmt For For
1h Elect Director Karen M. King Mgmt For For
1i Elect Director Stephen I. Sadove Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1j Elect Director Arthur B. Winkleblack Mgmt For For
1k Elect Director John J. Zillmer
Mgmt
For
Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
2 Ratify KPMG LLP as Auditors Mgmt For For
3 Advisory Vote to Ratify Named Executive Mgmt
Officers' Compensation
For
For
4 Amend Omnibus Stock Plan Mgmt For
For
5 Permit Shareholders to Call a Special Meeting Mgmt
of Shareholders and Delete Certain Obsolete
Provisions
For
For
CGI Inc.
Meeting Date: 01/29/2020 Country: Canada
Primary Security ID: 12532H104
Meeting Type: Annual Ticker: GIB.A
Primary ISIN: CA12532H1047
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
Meeting for Class A Subordinate Voting and
Class B Shareholders
1.1 Elect Director Alain Bouchard
Mgmt
Mgmt
For
Withhold
Blended Rationale: Remuneration: A vote against has been applied as LGIM expects companies to obtain annual shareholder
approval of executive directors’ pay and non-executive directors’ fees.
1.2 Elect Director Sophie Brochu Mgmt For For
1.3 Elect Director George A. Cope
Mgmt
For
For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
CGI Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.4 Elect Director Paule Dore Mgmt For Withhold
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.
1.5 Elect Director Richard B. Evans Mgmt For For
1.6 Elect Director Julie Godin
Mgmt
For
For
1.7 Elect Director Serge Godin
Mgmt
For
Withhold
Blended Rationale: Rationale: Independence - A vote against is applied as LGIM expects a board to be regularly refreshed in
order to maintain independence, relevant skills, experience and diversity.
1.8 Elect Director Timothy J. Hearn Mgmt For Withhold
Blended Rationale: Remuneration: A vote against has been applied as LGIM expects companies to obtain annual shareholder
approval of executive directors’ pay and non-executive directors’ fees.
1.9 Elect Director Andre Imbeau Mgmt For For
1.10 Elect Director Gilles Labbe Mgmt For For
1.11 Elect Director Michael B. Pedersen Mgmt For For
1.12 Elect Director Alison Reed Mgmt For For
1.13 Elect Director Michael E. Roach Mgmt For For
1.14 Elect Director George D. Schindler Mgmt For For
1.15 Elect Director Kathy N. Waller Mgmt For For
1.16 Elect Director Joakim Westh Mgmt For Withhold
Blended Rationale: Remuneration: A vote against has been applied as LGIM expects companies to obtain annual shareholder
approval of executive directors’ pay and non-executive directors’ fees.
2 Approve PricewaterhouseCoopers LLP as
Auditors and Authorize Board to Fix Their
Remuneration
Mgmt For For
Shareholder Proposal Mgmt
3 SP1: Disclosure of Voting Results by Class of
Shares
SH Against For
Blended Rationale: Vote FOR this proposal to provide separate voting results per share category as such disclosure may
increase the utility of voting results to minority shareholders without placing undue burden on the company.
Ashland Global Holdings Inc.
Meeting Date: 01/30/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 044186104
Ticker: ASH
Primary ISIN: US0441861046
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Ashland Global Holdings Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Brendan M. Cummins
Mgmt
For
For
1.2 Elect Director William G. Dempsey Mgmt For For
1.3 Elect Director Jay V. Ihlenfeld Mgmt For For
1.4 Elect Director Susan L. Main Mgmt For For
1.5 Elect Director Guillermo Novo Mgmt For Against
Blended Rationale: Joint Chair/CEO - A vote against is applied as LGIM expects companies to separate the roles of Chair and
CEO due to risk management and oversight.
1.6 Elect Director Jerome A. Peribere Mgmt For
For
1.7 Elect Director Craig A. Rogerson Mgmt For
For
1.8 Elect Director Mark C. Rohr Mgmt For
For
1.9 Elect Director Ricky C. Sandler Mgmt For
For
1.10 Elect Director Janice J. Teal Mgmt For
For
1.11 Elect Director Kathleen Wilson-Thompson Mgmt For
For
2 Ratify Ernst & Young LLP as Auditors Mgmt For
For
3 Advisory Vote to Ratify Named Executive Mgmt
Officers' Compensation
For
For
Liberty Property Trust
Meeting Date: 01/30/2020 Country: USA
Primary Security ID: 531172104
Meeting Type: Special Ticker: LPT
Primary ISIN: US5311721048
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1
Approve Merger Agreement
Mgmt
For
For
2 Advisory Vote on Golden Parachutes Mgmt For For
3 Adjourn Meeting Mgmt For For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Sally Beauty Holdings, Inc.
Meeting Date: 01/30/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 79546E104
Ticker: SBH
Primary ISIN: US79546E1047
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1.1
Elect Director Timothy R. Baer
Mgmt
For
For
1.2 Elect Director Christian A. Brickman Mgmt For For
1.3 Elect Director Marshall E. Eisenberg Mgmt For For
1.4 Elect Director Diana S. Ferguson Mgmt For For
1.5 Elect Director Dorlisa K. Flur Mgmt For For
1.6 Elect Director Linda Heasley Mgmt For For
1.7 Elect Director Robert R. McMaster Mgmt For For
1.8 Elect Director John A. Miller Mgmt For For
1.9 Elect Director P. Kelly Mooney Mgmt For For
1.10 Elect Director Susan R. Mulder Mgmt For For
1.11 Elect Director Denise Paulonis Mgmt For For
1.12 Elect Director Edward W. Rabin Mgmt For Against
Blended Rationale: Remuneration: A vote against is applied as LGIM has had concerns with the remuneration policy for 3 years.
2 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt
For
Against
Blended Rationale: Remuneration: Performance conditions. A vote against is applied as LGIM expects a sufficient portion of
awards to be assessed against performance conditions to ensure alignment of remuneration with company performance.
3 Ratify KPMG LLP as Auditors Mgmt For For
Walgreens Boots Alliance, Inc.
Meeting Date: 01/30/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 931427108
Ticker: WBA
Primary ISIN: US9314271084
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director Jose E. Almeida Mgmt For For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
Walgreens Boots Alliance, Inc.
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1b Elect Director Janice M. Babiak Mgmt For For
1c Elect Director David J. Brailer
Mgmt
For
For
1d Elect Director William C. Foote
Mgmt
For
Against
Blended Rationale: Independence: A vote against is applied as LGIM expects a board to be regularly refreshed in order to
maintain independence, relevant skills, experience and diversity.Joint Chairman/CEO: A vote against is applied as LGIM expects
companies to respond to a meaningful level of shareholder support requesting the company to implement an independent
Board Chair.
1e Elect Director Ginger L. Graham Mgmt For For
1f Elect Director John A. Lederer Mgmt For For
1g Elect Director Dominic P. Murphy Mgmt For For
1h Elect Director Stefano Pessina Mgmt For For
1i Elect Director Nancy M. Schlichting Mgmt For For
1j Elect Director James A. Skinner Mgmt For For
2 Ratify Deloitte & Touche LLP as Auditors Mgmt For For
3 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For For
4 Require Independent Board Chairman SH Against For
Blended Rationale: Joint Chair/CEO: A vote in favour is applied as LGIM expects companies to establish the role of independent
Board Chair.
5 Adopt a Policy on Bonus Banking *Withdrawn SH
Resolution*
6 Reduce Ownership Threshold for SH
Shareholders to Call Special Meeting
Against
For
Blended Rationale: Shareholder rights: A vote in favour is applied as the resolution is seeking to reduce the threshold below
25%.
WestRock Company
Meeting Date: 01/31/2020 Country: USA
Meeting Type: Annual
Primary Security ID: 96145D105
Ticker: WRK
Primary ISIN: US96145D1054
Proposal
Number
Proposal Text
Proponent
Mgmt Rec
Vote
Instruction
1a Elect Director Colleen F. Arnold Mgmt For For
Vote Summary Report
Date range covered: 01/01/2020 to 01/31/2020
WestRock Company
Proposal Vote
Number Proposal Text Proponent Mgmt Rec Instruction
1b Elect Director Timothy J. Bernlohr Mgmt For Against
Blended Rationale: Board mandates: A vote against is applied as LGIM expects a CEO or Non-Executive Directors not to hold
too many external roles to ensure they can undertake their duties effectively.
1c Elect Director J. Powell Brown Mgmt For For
1d Elect Director Terrell K. Crews Mgmt For For
1e Elect Director Russell M. Currey Mgmt For For
1f Elect Director Suzan F. Harrison Mgmt For For
1g Elect Director John A. Luke, Jr. Mgmt For For
1h Elect Director Gracia C. Martore Mgmt For For
1i Elect Director James E. Nevels Mgmt For For
1j Elect Director Timothy H. Powers Mgmt For For
1k Elect Director Steven C. Voorhees Mgmt For For
1l Elect Director Bettina M. Whyte Mgmt For For
1m Elect Director Alan D. Wilson Mgmt For For
2 Advisory Vote to Ratify Named Executive
Officers' Compensation
Mgmt For For
3 Ratify Ernst & Young LLP as Auditors Mgmt For Against
Blended Rationale: Auditor tenure: A vote against is applied as LGIM expects the role of the external auditor to be put to tender
on a regular basis.