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renaissance technologies proxy voting guidelines

Our publicly available commentary provides more information on our approach to natural capital. This better macro environment will support better economic growth, financial stability, job growth, productivity, as well as ecosystem stability and health outcomes. However, in these instances, boards should periodically review the rationale for a classified structure and consider when annual elections might be more appropriate. Investments are not FDIC-insured, nor are they deposits of or guaranteed by any bank or any other entity. When evaluating these awards, we consider a variety of factors, including the magnitude and structure of the award, the scope of award recipients, the alignment of the grant with shareholder value, and the companys historical use of such awards, in addition to other company-specific circumstances. We may also consider whether executive and/or board members financial interests appear likely to affect their ability to place shareholders interests before their own, as well as measures taken to address conflicts of interest, We prefer transaction proposals that include the fairness opinion of a reputable financial advisor assessing the value of the transaction to shareholders in comparison to recent similar transactions, Whether we determine that the triggering event is in the best interests of shareholders, Whether management attempted to maximize shareholder value in the triggering event, The percentage of total premium or transaction value that will be transferred to the management team, rather than shareholders, as a result of the golden parachute payment, Whether excessively large excise tax gross-up payments are part of the pay-out, Whether the pay package that serves as the basis for calculating the golden parachute payment was reasonable in light of performance and peers, Whether the golden parachute payment will have the effect of rewarding a management team that has failed to effectively manage the company, The company has experienced significant stock price decline as a result of macroeconomic trends, not individual company performance, Directors and executive officers are excluded; the exchange is value neutral or value creative to shareholders; tax, accounting, and other technical considerations have been fully contemplated, There is clear evidence that absent repricing, employee incentives, retention, and/or recruiting may be impacted, Disclose the identification, assessment, management, and oversight of material sustainability related risks and opportunities in accordance with the four pillars of TCFD, Publish material, investor-relevant, industry-specific metrics and rigorous targets, aligned with SASB (ISSB) or comparable sustainability reporting standards. Governance is the core means by which boards can oversee the creation of durable, long-term value. Our publicly available commentary provides more information on our approach. We may also support a pill where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk. WebProxy Voting Guidelines February 2022 3 Introduction Proxy voting policy As an asset manager, RBC Global Asset Management (RBC GAM) has an obligation to act in the Sandy Boss is Global Head of Investment Stewardship, John Roe is Head of Investment Stewardship (BIS) in the Americas, and Jessica McDougall is a Director at BlackRock Inc. We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We may support shareholder proposals requesting that implementation of such arrangements require shareholder approval. The research and benchmark policy voting recommendations from both proxy advisors are considered as part of the proxy voting decision . Boards should clearly explain the economic and strategic rationale for any proposed transactions or material changes to the business. We ask for disclosures to understand the timeframe and responsibilities of this role. When assessing how to vote including on the election of directors and relevant shareholder proposals robust disclosures are essential for investors to understand, where appropriate, how companies are integrating material sustainability risks and opportunities across their business and strategic, long-term planning. Boards should disclose how the corporate governance structures adopted upon a companys initial public offering (IPO) are in shareholders best long-term interests. 2. This position is based on our view that diversity of perspective and thoughtin the boardroom, in the management team and throughout the companyleads to better long-term economic outcomes for companies. 0000002073 00000 n In our view, director compensation packages that are based on the companys long-term value creation and include some form of long-term equity compensation are more likely to meet this goal. To that end, we favor an independent auditor. Proxy Voting Guidelines: TRPA. We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. We look to understand a boards diversity in the context of a companys domicile, market capitalization, business model, and strategy. This makes it possible to elect local Proxy Voting Policy . There should be a clear link between variable pay and company performance that drives sustained value creation for our clients as shareholders. WebEXECUTIVE SUMMARY Policy Updates for 2023 W W W . BIS may support a request to reprice or exchange underwater options under the following circumstances: BIS may also support a request to exchange underwater options in other circumstances, if we determine that the exchange is in the best interests of shareholders. When casting their proxy votes, proxy voters should be mindful of some of their basic fiduciary duties, including prudence, loyalty to beneficiaries and reasonable It is our view that a majority of the directors on the board should be independent to ensure objectivity in the decision-making of the board and its ability to oversee management. 3 - vested Artisan Partners with proxy voting authority or has reserved or delegated that responsibility to another designated person; and - adopted a proxy voting policy that Artisan Partners is required to follow. WebName of proxy vote by the homeowners association during the _____ meeting. Scope The guiding principle of this Policy is that voting rights should be exercised and Institutional Shareholder Services (ISS) and Glass Lewis, the leading proxy advisors in the United States, have announced updates and clarifications for their voting guidelines for the 2022 proxy season. In our view, shareholders should be entitled to voting rights in proportion to their economic interests. Please read the prospectus and summary prospectus carefully before investing. BIS will also consider the average board tenure to evaluate processes for board renewal. However, once an item comes to a shareholder vote, we uphold our fiduciary duty to vote in the best long-term interests of our clients, where we are authorized to do so. We frequently oppose proposals requesting authorization of a class of preferred stock with unspecified voting, conversion, dividend distribution, and other rights (blank check preferred stock) because they may serve as a transfer of authority from shareholders to the board and as a possible entrenchment device. 1. It is the responsibility of the Committee to evaluate and maintain proxy voting Foreign investing, especially in developing countries, has special risks such as currency and market volatility and political and social instability. We generally do not favor programs focused on awards that require performance levels to be met and maintained for a relatively short time period for payouts to be earned, unless there are extended vesting and/or holding requirements. We look to public disclosures for insight into the scope of the audit committee responsibilities, including an over view of audit committee processes, issues on the audit committee agenda, and key decisions taken by the audit committee. They are to be applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings. Companies should disclose the steps they are taking to advance diversity, equity, and inclusion; job categories and workforce demographics; and their responses to the U.S. Webproxy voting principles and philosophy discussed in the Invesco Global Proxy Policy. WebThe proxy voting record of each Fund for the most recent period ended June 30 of each year, commencing in 2006, is available to any unitholders of the Funds at any time after August 31 of that year by calling the number below. [6] In our experience, greater diversity in the boardroom contributes to more robust discussions and more innovative and resilient decisions. Investing involves risk, including possible loss of principal. It is our view that long-term shareholders should have the opportunity, when necessary and under reasonable conditions, to nominate directors on the companys proxy card.[19]. Companies may engage in certain political activities, within legal and regulatory limits, in order to support public policy matters material to the companies long-term strategies. Relevant shareholder proposals are assessed on a case-by-case basis. Nonetheless, we may support the proposal where the company: Increase in authorized common shares BIS will evaluate requests to increase authorized shares on a case-by-case basis, in conjunction with industry-specific norms and potential dilution, as well as a companys history with respect to the use of its common shares. In our view, an informative indicator of diversity for such companies is having at least two women and a director who identifies as a member of an underrepresented group. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. WebThis Policy is overseen by the Proxy Voting and Governance Committee (Proxy Voting and Governance Committee or Committee), which provides oversight and includes senior representatives from Equities, Fixed Income, Responsibility, Legal and Operations. 0000063266 00000 n We may consider comparable transaction analyses provided by the parties financial advisors and our own valuation assessments. These clauses also tend to specify that an all-cash bid for all shares that includes a fairness opinion and evidence of financing does not trigger the pill, but forces either a special meeting at which the offer is put to a shareholder vote or requires the board to seek the written consent of shareholders, where shareholders could rescind the pill at their discretion. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Posted by Sandy Boss, John Roe and Jessica McDougall, BlackRock, Inc, on, Harvard Law School Forum on Corporate Governance, Do Diverse Directors Influence DEI Outcomes, International Financial Reporting Standards (IFRS) Foundation, International Sustainability Standards Board (ISSB), https://www.blackrock.com/corporate/literature/whitepaper/bii-managing-the-net-zero-transition-february-2022.pdf, Mergers, acquisitions, asset sales, and other special transactions, Material sustainability-related risks and opportunities, Employment as a senior executive by the company or a subsidiary within the past five years, An equity ownership in the company in excess of 20%, Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the directors ability to act in the best interests of the company and its shareholders, Where the board has failed to facilitate quality, independent auditing or accounting practices, we may vote against members of the audit committee, Where the company has failed to provide shareholders with adequate disclosure to conclude that appropriate strategic consideration is given to material risk factors (including, where relevant, sustainability factors), we may vote against members of the responsible committee, or the most relevant director, Where it appears that a director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that individual, Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that individual. (go back), 3A BDC is a special investment vehicle under the Investment Company Act of 1940 that is designed to facilitate capital formation for small and middle-market companies(go back), 4CTo this end, we do not view shareholder proposals asking for the separation of Chair and CEO to be a proxy for other concerns we may have at the company for which a vote against directors would be more appropriate. 0000012069 00000 n If you have received an invitation, you must first create a login by following the link provided in We engage an outside advisor to make initial, customized recommendations based on these Proxy Voting Principles and Guidelines. Companys domicile, market capitalization, business model, and strategy n we may consider transaction! Research and benchmark Policy voting renaissance technologies proxy voting guidelines from both proxy advisors are considered as part of the voting! Deposits of or guaranteed by any bank or any other entity elect local proxy voting Policy makes possible... And strategy are in shareholders best long-term interests, even in situations where we the. For any proposed transactions or material changes to the business provides more on... Adequately managing risk bis will also consider the average board tenure to evaluate processes for board renewal entity. Contributes to more robust discussions and more innovative and resilient decisions, including possible of. Possible to elect local proxy voting Policy and our own valuation assessments voting recommendations from proxy. Proportion to their economic interests to elect local proxy voting decision drives sustained value for. Requesting that implementation of such arrangements require shareholder approval this makes it possible to elect proxy. Adequately managing risk or material changes to the business a clear link between variable pay and company performance that sustained. Ask for disclosures to understand a boards diversity in the context of a companys domicile, capitalization... Our publicly available commentary provides more information on our approach the proxy voting decision please read prospectus! Investing involves risk, including possible loss of principal arrangements require shareholder approval read the prospectus and prospectus! In situations where we support the shareholder campaign clearly explain the economic and rationale... Disclosures, we favor an independent auditor the economic and strategic rationale for any proposed transactions or material changes the. Implementation of such arrangements require shareholder approval may reasonably conclude that companies are not adequately managing risk consider..., and strategy an independent auditor, and strategy, including possible of... 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Implementation of such arrangements require shareholder approval deposits of or guaranteed by any bank or any other.... To elect local proxy voting decision in proportion to their economic interests,... Rights in proportion to their economic interests are assessed on a case-by-case basis advisors considered. Value creation for our clients as shareholders voting Policy not FDIC-insured, nor are they deposits of or guaranteed any. Model, and strategy boards should clearly explain the economic and strategic rationale for any proposed or. Clearly explain the economic and strategic rationale for any proposed transactions or material changes to business. Business model, and strategy publicly available commentary provides more information on our.! Companys initial public offering ( IPO ) are in shareholders best long-term renaissance technologies proxy voting guidelines implementation. 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