LISTED CORE INFRASTRUCTURE FUND
FEBRUARY 2020
2019 Proxy Voting and Engagement Report
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Whitehelm Capital Commercial in Confidence
CONTENTS
Summary ...... 3 Proxy Voting ...... 4
Shareholder Resolutions ...... 4
Executive Remuneration ...... 5 The Whitehelm Capital Proxy Voting Policy ...... 7 Engagement ...... 8 2019 Proxy Voting Record...... 9
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Whitehelm Capital Listed Core Infrastructure Fund Proxy Voting and Engagement Report
SUMMARY
The Whitehelm Listed Core Infrastructure Fund is a UCITS compliant fund which holds 41 high quality core infrastructure stocks which are listed across global developed markets.
This report details the proxy votes that Whitehelm Capital instructed for the stocks held in the fund on behalf of investors in 2019, and provides an overview of the additional engagement that Whitehelm Capital has undertaken with investee companies.
Proxy Voting
Proxy voting is a key element of company engagement and Whitehelm Capital’s approach to being a responsible asset manager. Whitehelm reviews every resolution put to shareholders, and where possible, all proxies are voted. Whitehelm Capital’s Proxy Voting Policy and voting record are provided in full in this report. • 100% of eligible proxies were voted; • Votes were cast on 528 resolutions at 46 annual and special meetings; • 85 resolutions (16%) were voted against management recommendation and 443 votes (83%) were cast in line with the management recommendation. 1% had no management recommendation;
The majority of the 85 resolutions which were voted against management recommendation related to board member re-elections and the independence of the nominees. Ten of these were related to remuneration practices, and 6 were shareholder resolutions.
Engagement
Whitehelm Capital engages with investee companies on a range of issues, including environmental social and governance issues. In 2019 we have started to build out our engagement activities in a more systematic way, and are expanding on this further in 2020.
In 2019, Whitehelm Capital joined the collaborative engagement platform of the Principles of Responsible Investment (PRI). As manager of the Whitehelm Listed Core Infrastructure Fund, Whitehelm Capital has participated in two PRI initiatives as part of this platform: 1. the Investor Expectations on Corporate Climate Change Lobbying statement 2. letter to the US SEC regarding proposed changes to Rule 14a-8 (shareholder proposal rule) and proxy advisory firms
In 2020 Whitehelm Capital will continue to expand on its engagement activities, including direct engagement with companies, the PRI pooled engagement platform and also through participation in the ISS pooled engagement service.
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Whitehelm Capital Listed Core Infrastructure Fund Proxy Voting and Engagement Report
PROXY VOTING
Proxy voting is a key element of company engagement and Whitehelm Capital’s approach to being a responsible asset manager. Whitehelm reviews every resolution put to shareholders and where possible, all proxies are voted.
In deciding how to vote on behalf of the Listed Core Infrastructure Fund investors, Whitehelm forms its own views, using our own research, and also the ISS Socially Responsible Investment (SRI) guidelines. These SRI guidelines provide research and voting recommendations which directly incorporate ESG factors. As part of our proxy voting policy, Whitehelm will support all resolutions, including shareholder led resolutions, which are aimed at appropriately increasing transparency and improving management of environmental, social and governance issues.
This report details Whitehelm Capital’s exercise of voting rights for the Whitehelm Listed Core Infrastructure Fund during the 12 months from 31 December 2018 to 31 December 2019.
• 100% of eligible proxies were voted;
• Votes were cast on 528 resolutions at 46 annual and special meetings;
• 85 resolutions (16%) were voted against management recommendation and 443 votes (84%) were cast in line with the management recommendation. 1% had no management recommendation; and
• The majority of the 85 resolutions which were voted against management recommendation or were withheld related to board member re-elections and the independence of the nominees. 10 of these were related to remuneration practices, including the issuance of restricted stock; and 6 were shareholder resolutions, discussed below.
SHAREHOLDER RESOLUTIONS
Whitehelm voted in favour of six of the seven resolutions raised by shareholders relating to environmental, social or governance issues. These all related to US domiciled firms. They were:
– At the May 2019 AGM, US utility Duke Energy Corporation had four shareholder resolutions:
1. The New York State Comptroller submitted a proposal requesting that the company report semi-annually on its direct and indirect political contributions and expenditures (this excludes expenditure on lobbying). Whitehelm voted for this proposal. The proposal was not passed, but received a vote of 36% in favour.
Duke Energy does have a Political Expenditures Policy and does publish some information regarding expenditure on political activities. However ISS noted that the company does not restrict the recipient organizations from using its money for political purposes, and this exposes the company to the risk that it could be indirectly supporting positions opposed to its corporate position.
2. Mercy Investment Services, Inc., and The Sisters of St. Francis of Philadelphia submitted a proposal that the company provide a report, updated annually, that provides a description of its lobbying-related management oversight, and its direct and indirect lobbying policies and expenditures. Whitehelm voted for this proposal. The proposal was not passed but received a vote of 36% in favour.
ISS research notes that “the filers report that Duke Energy spent over $51 million from 2010- 2017 on federal lobbying, yet these figures do not include lobbying expenditures used to influence legislation in states where disclosure requirements are uneven or absent”, and that “the company does not disclose its memberships in or contributions to tax-exempt organizations that lobby, such as the Business Roundtable and the Edison Electric Institute,
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Whitehelm Capital Listed Core Infrastructure Fund Proxy Voting and Engagement Report
which together spent over $60 million on lobbying in 2016 and 2017.” More troublingly, Duke Energy does not provide disclosure of contributions to the American Legislative Exchange Council (ALEC), which has been the subject of public scrutiny, with over 100 companies having publicly left ALEC, including industry peers such as Ameren, Entergy, PG&E, and Xcel Energy. ISS research notes that this is the fourth consecutive year that Duke Energy has received a similar proposal. The proposal has received an average of 34% shareholder support in the three previous years.
3. As You Sow and Daughters of Charity submitted a proposal that the company provide an assessment of the public health risks of Duke’s coal use, and how it will mitigate these risks. Whitehelm voted for this proposal, in line with the ISS SRI recommendation that finds additional information on the community impacts and public health risks associated with the company's coal operations would give shareholders more information on how the company is managing related risks. The vote was not passed, but received 42% of votes in favour.
4. Steven Milloy, a leader of the pro-coal shareholder activist group Burn More Coal, submitted a proposal that Duke Energy report on the costs and "actual" benefits from voluntary activities taken to benefit the environment. Whitehelm voted against this proposal, in line with the ISS SRI recommendation that found that the company already provides cost-benefit analyses as part of its state-regulated capital expenditure planning process. The vote was not passed, and received 4% of votes in favour.
– Pinnacle West Capital: A shareholder submitted a proposal that would allow shareholders in the aggregate of 10% of outstanding common stock to call a special shareowner meeting (or the closest percentage to 10% according to state law). Whitehelm voted for this proposal on the basis that it would enhance existing shareholder rights to call special meetings. The vote was not passed, but received 46% of votes in favour.
– Norfolk Southern Corporation: Shareholder John Chevedden submitted a proposal that the company eliminate all explicit or implicit supermajority vote provisions for shareholders to act. The supporting statement noted that supermajority vote requirements represent an entrenchment mechanism, found to negatively affect company performance and used to thwart initiates supported by most shareholders but opposed by management. Whitehelm vote for this proposal. This resolution was successful, gaining 69% of the vote.
– Union Pacific Corporation: Shareholder John Chevedden submitted a proposal that the Chair of the Board of Directors, whenever possible, be an independent member of the Board, with this requirement to commence for the next Chief Executive Officer transition. Currently Lance Fritz serves as both CEO and Chair. Very similar resolutions to this have been proposed in each of the past four years, with a 28% vote for the proposal in 2018. Whitehelm voted for this proposal. This year the resolution again did not pass, but received 29% support.
EXECUTIVE REMUNERATION
Whitehelm voted against the executive remuneration policies, or elements of the policy, of 10 companies. In three cases this was due to a lack of transparency or poor alignment of incentives with shareholder outcomes.
For seven of the ten companies, Whitehelm voted against a company resolution on the basis of absolute pay excess. These votes were not binding, being advisory votes only. This was despite ‘For’ recommendations from ISS. In assessing executive remuneration, ISS does not to address absolute pay levels, generally assessing the structure and shareholder alignment of remuneration on a peer relative basis. Whitehelm voted against the ratification of executive compensation on the basis that the absolute level of CEO remuneration was excessive for the following companies:
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Whitehelm Capital Listed Core Infrastructure Fund Proxy Voting and Engagement Report
Table 1: Votes Against Executive Remuneration Plans
Company CEO Total Compensation CEO Compensation as a Vote Result: % in Granted Multiple of Median support Employee Earnings
CAD $12.5 million Not disclosed 96% Canadian Pacific Railway (2017 = CAD $20.1 million) USD $14.1 million 131 x 94% CSX Corporation (2017: USD $157.1 million) USD $10.4 million 92 x 93% Consolidated Edison (2017: USD $16.3 million) USD $15.5 million 174 x 95% Union Pacific Corporation (2017: USD $15.1 million) USD $14.1 million 145 x 94% Norfolk Southern Corporation (2017: USD $11.5 million) USD $14.2 million. 119 x 93% Duke Energy Corporation (2017: USD $21.2 million) USD $10.9 million 140 x 85% PPL Corp (2017: $13.1 million)
Source: ISS, Whitehelm Capital, SEC filings.
According to CGLytics, the average percentage vote against the remuneration policies in the US was similar to the prior year, with S&P 500 companies averaging a 16.3% vote against executive remuneration advisory votes, and 16.4% in 2018. In Europe, where total CEO compensation is typically lower, there was an increase in votes against from an average of 3.2% in 2018 to 6.1% in 2019.
For the seven companies held in the Whitehelm LCIF that were voted against, the average against vote was fairly low at 7.1%, down from 7.5% in 2018. This is not surprising given that the large proxy advisers supported them. Canadian Pacific Railway, CSX Corp, Duke Energy and Consolidated Edison all reported declines in CEO total compensation and had a higher percentage of votes in support of the remuneration programs than prior years. For example, 18.2% of shareholders voted against the Duke Energy remuneration plan at the 2018 AGM, which included CEO total compensation of US$21.2.
2019 was the second year US companies reported the CEO to median employee ratio. Union Pacific was the highest, reporting CEO compensation as 174 times the median employee pay. ISS and other proxy advisory firms have so far not used this data in their evaluations of CEO pay levels.
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Whitehelm Capital Listed Core Infrastructure Fund Proxy Voting and Engagement Report
THE WHITEHELM CAPITAL PROXY VOTING POLICY
1. Where delegated to do so, Whitehelm will vote or instruct the custodian to vote or recommend the client to vote on all matters brought before Shareholders, whether of routine nature or of special consideration.
2. For listed securities, recommendations in respect to all matters and matters of special consideration will be approved by the Portfolio Manager, with the voting record to be reviewed by the Whitehelm Capital Listed Strategies Investment Committee on a regular basis. The Portfolio Manager will monitor relevant corporate events, and ensure that the exercise of voting rights is in accordance with the investment objectives and policy of the client, and that voting rights are exercised for the exclusive benefit of that client.
3. Where practicable, all approved voting recommendations will be actioned by Whitehelm or transmitted to the custodian or client, as relevant, in sufficient time for the vote to be duly registered. Where required, a record of voting shall be maintained.
4. All voting recommendations will be based on the commercial interests of the client, which includes environmental, social and governance considerations.
5. Whitehelm will support resolutions which are aimed at appropriately increasing transparency and improving management of environmental, social and governance issues.
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Whitehelm Capital Listed Core Infrastructure Fund Proxy Voting and Engagement Report
ENGAGEMENT
Whitehelm Capital engages with investee companies on a range of issues, including environmental, social and governance issues. In 2019 we have started to build out our engagement activities in a more systematic way, and intend to expand on this in 2020.
In addition to our direct engagement with investee companies, in 2019 Whitehelm Capital joined the collaborative engagement platform of the UN backed Principles of Responsible Investment (PRI). By collaborating with other investors, the interests of Whitehelm Listed Core Infrastructure Fund investors can be given greater weight, by communicating with investee companies alongside greater collective assets under management.
As manager of the Whitehelm Listed Core Infrastructure Fund, Whitehelm Capital has participated in two PRI initiatives as part of this platform:
1. The Investor Expectations on Corporate Climate Change Lobbying statement
This statement sets out expectations for company practice and disclosure on climate change related policy activity. As the PRI states, negative and resistant corporate interest, often represented by third-party organisations, can hinder policy action that aims to mitigate the impacts of climate change. This can cause a number of issues for investors including legal and reputational risks, and long-term portfolio volatility. For the Whitehelm Listed Core Infrastructure Fund, this is of particular concern for the holdings in the North American vertically integrated utilities, which can have significant lobbying and political expenditure budgets. By signing on to the Statement, Whitehelm Capital is contributing to a clear set of expectations for corporations to adhere to. The Statement also provides a tool for Whitehelm Capital in raising and discussing these issues with companies directly.
The statement is available here: https://collaborate.unpri.org/group/1281/stream
2. Letter to the US SEC regarding proposed changes to Rule 14a-8 (shareholder proposal rule) and proxy advisory firms
In November 2019, the US SEC proposed changes to the rules regarding shareholder proposals at AGM’s. The proposed rules would restrict the ability of shareholders to resubmit resolutions and therefore would impede the accountability of management to their shareholders. The US SEC also proposed a rule requiring proxy advisory firms to allow companies to review and comment on recommendations before investors see them. This proposal could potentially threaten the independence of the proxy advice provided to investors.
The letter and the PRI supporting research is available here: https://collaborate.unpri.org/group/2206/stream
In 2020 Whitehelm Capital will continue to expand on its engagement activities, including direct engagement with companies, the PRI pooled engagement platform, and also through participation in the ISS pooled engagement service.
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2019 PROXY VOTING RECORD Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Naturgy Energy Group NTGY Spain 05/03/2019 Annual 1 Approve Standalone Financial Statements Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 2 Approve Consolidated Financial Statements Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 3 Approve Consolidated Non-Financial Information Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 4 Approve Transfer of Goodwill Reserves to Voluntary Reserves Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 5 Authorize Share Repurchase Program Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 6 Approve Discharge of Board Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 7 Ratify Appointment of and Elect Scott Stanley as Director Mgmt For Against Naturgy Energy Group NTGY Spain 05/03/2019 Annual 8 Approve Allocation of Income and Dividends Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 9 Authorize Share Repurchase and Capital Reduction via Amortization of Mgmt For For Repurchased Shares Naturgy Energy Group NTGY Spain 05/03/2019 Annual 10 Approve Remuneration Policy Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 11 Approve Share Appreciation Rights Plan Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 12 Approve Stock-for-Salary Plan Mgmt For For Naturgy Energy Group NTGY Spain 05/03/2019 Annual 13 Advisory Vote on Remuneration Report Mgmt For For
Naturgy Energy Group NTGY Spain 05/03/2019 Annual 14 Receive Amendments to Board of Directors Regulations Mgmt Naturgy Energy Group NTGY Spain 05/03/2019 Annual 15 Authorize Board to Ratify and Execute Approved Resolutions Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Red Electrica Corp. REE Spain 21/03/2019 Annual 1 Approve Standalone Financial Statements Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 2 Approve Consolidated Financial Statements Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 3 Approve Allocation of Income and Dividends Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 4 Approve Consolidated Management Report Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 5 Approve Discharge of Board Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 6.1 Ratify Appointment of and Elect Jordi Sevilla Segura as Director Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 6.2 Ratify Appointment of and Elect Maria Teresa Costa Campi as Director Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 6.3 Ratify Appointment of and Elect Antonio Gomez Exposito as Director Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 6.4 Elect Jose Juan Ruiz Gomez as Director Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 7.1 Amend Article 20 Re: Director Remuneration Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 7.2 Approve Remuneration Policy Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 7.3 Approve Remuneration Report Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 7.4 Approve Remuneration of Executive Directors and Non-Executive Directors Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 8 Renew Appointment of KPMG Auditores as Auditor Mgmt For For Red Electrica Corp. REE Spain 21/03/2019 Annual 9 Authorize Board to Ratify and Execute Approved Resolutions Mgmt For For
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Red Electrica Corp. REE Spain 21/03/2019 Annual 10 Receive Corporate Governance Report Mgmt
Red Electrica Corp. REE Spain 21/03/2019 Annual 11 Receive Amendments to Board of Directors' Regulations Mgmt Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Enagas SA ENG Spain 28/03/2019 Annual 1 Approve Consolidated and Standalone Financial Statements Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 2 Approve Non-Financial Information Report Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 3 Approve Allocation of Income and Dividends Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 4 Approve Discharge of Board Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 5 Renew Appointment of Ernst & Young as Auditor for FY 2019, 2020 and 2021 Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 6.1 Ratify Appointment of and Elect Santiago Ferrer Costa as Director Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 6.2 Elect Eva Patricia Urbez Sanz as Director Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 7 Approve Remuneration Policy for FY 2019, 2020 and 2021 Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 8 Approve Restricted Stock Plan Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 9 Advisory Vote on Remuneration Report Mgmt For For Enagas SA ENG Spain 28/03/2019 Annual 10 Authorize Board to Ratify and Execute Approved Resolutions Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date SNAM SpA SRG Italy 02/04/2019 Annual/Special Management Proposals Mgmt
SNAM SpA SRG Italy 02/04/2019 Annual/Special Extraordinary Business Mgmt SNAM SpA SRG Italy 02/04/2019 Annual/Special 1 Authorize Cancellation of Treasury Shares without Reduction of Share Capital; Mgmt For For Amend Article 5.1 SNAM SpA SRG Italy 02/04/2019 Annual/Special Ordinary Business Mgmt SNAM SpA SRG Italy 02/04/2019 Annual/Special 1 Accept Financial Statements and Statutory Reports Mgmt For For SNAM SpA SRG Italy 02/04/2019 Annual/Special 2 Approve Allocation of Income Mgmt For For SNAM SpA SRG Italy 02/04/2019 Annual/Special 3 Authorize Share Repurchase Program and Reissuance of Repurchased Shares Mgmt For For SNAM SpA SRG Italy 02/04/2019 Annual/Special 4 Approve Remuneration Policy Mgmt For For SNAM SpA SRG Italy 02/04/2019 Annual/Special 5 Fix Number of Directors Mgmt For For SNAM SpA SRG Italy 02/04/2019 Annual/Special 6 Fix Board Terms for Directors Mgmt For For
SNAM SpA SRG Italy 02/04/2019 Annual/Special Appoint Directors (Slate Election) - Choose One of the Following Slates Mgmt SNAM SpA SRG Italy 02/04/2019 Annual/Special 7.1 Slate Submitted by CDP Reti SpA SH None Do Not Vote SNAM SpA SRG Italy 02/04/2019 Annual/Special 7.2 Slate Submitted by Institutional Investors (Assogestioni) SH None For
SNAM SpA SRG Italy 02/04/2019 Annual/Special Shareholder Proposal Submitted by CDP Reti SpA Mgmt SNAM SpA SRG Italy 02/04/2019 Annual/Special 8 Elect Luca Dal Fabbro as Board Chair SH None For
SNAM SpA SRG Italy 02/04/2019 Annual/Special Management Proposals Mgmt SNAM SpA SRG Italy 02/04/2019 Annual/Special 9 Approve Remuneration of Directors Mgmt For For
SNAM SpA SRG Italy 02/04/2019 Annual/Special Appoint Internal Statutory Auditors (Slate Election) - Choose One of the Mgmt Following Slates SNAM SpA SRG Italy 02/04/2019 Annual/Special 10.1 Slate Submitted by CDP Reti SpA SH None For SNAM SpA SRG Italy 02/04/2019 Annual/Special 10.2 Slate Submitted by Institutional Investors (Assogestioni) SH None Against
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SNAM SpA SRG Italy 02/04/2019 Annual/Special 11 Appoint Chairman of Internal Statutory Auditors SH None For SNAM SpA SRG Italy 02/04/2019 Annual/Special 12 Approve Internal Auditors' Remuneration Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Aena S.M.E. AENA Spain 09/04/2019 Annual 1 Approve Standalone Financial Statements Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 2 Approve Consolidated Financial Statements Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 3 Approve Allocation of Income and Dividends Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 4 Approve Non-Financial Information Report Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 5 Approve Discharge of Board Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 6 Appoint KPMG Auditores as Auditor Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.1 Ratify Appointment of and Elect Maurici Lucena Betriu as Director Mgmt For Against Aena S.M.E. AENA Spain 09/04/2019 Annual 7.2 Ratify Appointment of and Elect Angelica Martinez Ortega as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.3 Ratify Appointment of and Elect Francisco Ferrer Moreno as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.4 Ratify Appointment of and Elect Juan Ignacio Diaz Bidart as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.5 Ratify Appointment of and Elect Marta Bardon Fernandez-Pacheco as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.6 Ratify Appointment of and Elect Josep Antoni Duran i Lleida as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.7 Reelect Pilar Arranz Notario as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.8 Reelect TCI Advisory Services LLP as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.9 Elect Jordi Hereu Boher as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 7.10 Elect Leticia Iglesias Herraiz as Director Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 8 Amend Articles Re: Appointments and Remuneration Committee Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 9 Amend Article 13.4 (v) of General Meeting Regulations Re: Appointments and Mgmt For For Remuneration Committee Aena S.M.E. AENA Spain 09/04/2019 Annual 10 Advisory Vote on Remuneration Report Mgmt For For Aena S.M.E. AENA Spain 09/04/2019 Annual 11 Authorize Board to Ratify and Execute Approved Resolutions Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Royal Vopak NV VPK Netherlands 17/04/2019 Annual Annual Meeting Agenda Mgmt
Royal Vopak NV VPK Netherlands 17/04/2019 Annual 1 Open Meeting Mgmt
Royal Vopak NV VPK Netherlands 17/04/2019 Annual 2 Receive Report of Management Board (Non-Voting) Mgmt
Royal Vopak NV VPK Netherlands 17/04/2019 Annual 3 Discuss Remuneration Policy Mgmt Royal Vopak NV VPK Netherlands 17/04/2019 Annual 4 Adopt Financial Statements Mgmt For For
Royal Vopak NV VPK Netherlands 17/04/2019 Annual 5a Receive Explanation on Company's Reserves and Dividend Policy Mgmt Royal Vopak NV VPK Netherlands 17/04/2019 Annual 5b Approve Dividends of EUR 1.10 Per Share Mgmt For For Royal Vopak NV VPK Netherlands 17/04/2019 Annual 6 Approve Discharge of Management Board Mgmt For For Royal Vopak NV VPK Netherlands 17/04/2019 Annual 7 Approve Discharge of Supervisory Board Mgmt For For Royal Vopak NV VPK Netherlands 17/04/2019 Annual 8 Elect N. Giadrossi to Supervisory Board Mgmt For For Royal Vopak NV VPK Netherlands 17/04/2019 Annual 9 Amend Long-Term Share Plan Mgmt For For
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Royal Vopak NV VPK Netherlands 17/04/2019 Annual 10 Approve Remuneration of Supervisory Board Mgmt For For Royal Vopak NV VPK Netherlands 17/04/2019 Annual 11 Authorize Repurchase of Up to 10 Percent of Issued Share Capital Mgmt For For Royal Vopak NV VPK Netherlands 17/04/2019 Annual 12 Ratify Deloitte as Auditors Mgmt For For
Royal Vopak NV VPK Netherlands 17/04/2019 Annual 13 Other Business (Non-Voting) Mgmt
Royal Vopak NV VPK Netherlands 17/04/2019 Annual 14 Close Meeting Mgmt Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date SJW Group SJW USA 24/04/2019 Annual 1a Elect Director Katharine Armstrong Mgmt For Against SJW Group SJW USA 24/04/2019 Annual 1b Elect Director Walter J. Bishop Mgmt For Against SJW Group SJW USA 24/04/2019 Annual 1c Elect Director Douglas R. King Mgmt For Against SJW Group SJW USA 24/04/2019 Annual 1d Elect Director Gregory P. Landis Mgmt For For SJW Group SJW USA 24/04/2019 Annual 1e Elect Director Debra C. Man Mgmt For For SJW Group SJW USA 24/04/2019 Annual 1f Elect Director Daniel B. More Mgmt For For SJW Group SJW USA 24/04/2019 Annual 1g Elect Director Eric W. Thornburg Mgmt For For SJW Group SJW USA 24/04/2019 Annual 1h Elect Director Robert A. Van Valer Mgmt For Against SJW Group SJW USA 24/04/2019 Annual 2 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For SJW Group SJW USA 24/04/2019 Annual 3 Increase Authorized Common Stock Mgmt For For SJW Group SJW USA 24/04/2019 Annual 4 Ratify KPMG LLP as Auditor Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 1 Receive Financial Statements and Statutory Reports (Non-Voting) Mgmt
Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 2 Receive Auditor's Report (Non-Voting) Mgmt Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 3 Accept Financial Statements and Statutory Reports Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 4 Approve Remuneration Report (Non-Binding) Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 5 Approve Discharge of Board of Directors Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 6.1 Approve Allocation of Income and Ordinary Dividends of CHF 3.70 per Share Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 6.2 Approve Dividends from Capital Contribution Reserves of CHF 3.20 per Share Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 7.1 Approve Maximum Remuneration of Board of Directors in the Amount of CHF 1.7 Mgmt For For Million Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 7.2 Approve Maximum Remuneration of Executive Committee in the Amount of CHF Mgmt For For 4.5 Million Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.1.1 Reelect Guglielmo Brentel as Director Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.1.2 Reelect Josef Felder as Director Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.1.3 Reelect Stephan Gemkow as Director Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.1.4 Reelect Corine Mauch as Director Mgmt For Against Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.1.5 Reelect Andreas Schmid as Director Mgmt For Against Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.2 Elect Andreas Schmid as Board Chairman Mgmt For Against Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.3.1 Appoint Vincent Albers as Member of the Nomination and Compensation Mgmt For Against Committee
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Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.3.2 Appoint Guglielmo Brentel as Member of the Nomination and Compensation Mgmt For For Committee Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.3.3 Appoint Eveline Saupper as Member of the Nomination and Compensation Mgmt For Against Committee Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.3.4 Appoint Andreas Schmid as Non-Voting Member of the Nomination and Mgmt For Against Compensation Committee Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.4 Designate Marianne Sieger as Independent Proxy Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 8.5 Ratify Ernst & Young AG as Auditors Mgmt For For Flughafen Zuerich AG FHZN Switzerland 25/04/2019 Annual 9 Transact Other Business (Voting) Mgmt For Against Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date ENAV SpA ENAV Italy 26/04/2019 Annual Extraordinary Business Mgmt
ENAV SpA ENAV Italy 26/04/2019 Annual Management Proposals Mgmt ENAV SpA ENAV Italy 26/04/2019 Annual 1 Amend Articles of Association Re: Article 7.2 Mgmt For For
ENAV SpA ENAV Italy 26/04/2019 Annual Ordinary Business Mgmt ENAV SpA ENAV Italy 26/04/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For ENAV SpA ENAV Italy 26/04/2019 Annual 2 Approve Allocation of Income Mgmt For For ENAV SpA ENAV Italy 26/04/2019 Annual 3 Approve Remuneration Policy Mgmt For For
ENAV SpA ENAV Italy 26/04/2019 Annual Appoint Internal Statutory Auditors (Slate Election) - Choose One of the Mgmt Following Slates ENAV SpA ENAV Italy 26/04/2019 Annual 4.1 Slate Submitted by Ministry of Economy and Finance SH None Do Not Vote ENAV SpA ENAV Italy 26/04/2019 Annual 4.2 Slate Submitted by Institutional Investors (Assogestioni) SH None For
ENAV SpA ENAV Italy 26/04/2019 Annual Shareholder Proposal Submitted by Ministry of Economy and Finance Mgmt ENAV SpA ENAV Italy 26/04/2019 Annual 5 Approve Internal Auditors' Remuneration SH None For
ENAV SpA ENAV Italy 26/04/2019 Annual Management Proposals Mgmt ENAV SpA ENAV Italy 26/04/2019 Annual 6 Elect Director Mgmt For Against ENAV SpA ENAV Italy 26/04/2019 Annual 7 Elect Board Chair Mgmt None For ENAV SpA ENAV Italy 26/04/2019 Annual A Deliberations on Possible Legal Action Against Directors if Presented by Mgmt None Against Shareholders Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Black Hills Corp. BKH USA 30/04/2019 Annual 1.1 Elect Director Linden R. Evans Mgmt For For Black Hills Corp. BKH USA 30/04/2019 Annual 1.2 Elect Director Robert P. Otto Mgmt For For Black Hills Corp. BKH USA 30/04/2019 Annual 1.3 Elect Director Mark A. Schober Mgmt For For Black Hills Corp. BKH USA 30/04/2019 Annual 1.4 Elect Director Thomas J. Zeller Mgmt For Withhold Black Hills Corp. BKH USA 30/04/2019 Annual 2 Ratify Deloitte & Touche LLP as Auditor Mgmt For For Black Hills Corp. BKH USA 30/04/2019 Annual 3 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Canadian National Railway CNR Canada 30/04/2019 Annual 1.1 Elect Director Shauneen Bruder Mgmt For For Canadian National Railway CNR Canada 30/04/2019 Annual 1.2 Elect Director Donald J. Carty Mgmt For For
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Canadian National Railway CNR Canada 30/04/2019 Annual 1.3 Elect Director Gordon D. Giffin Mgmt For Withhold Canadian National Railway CNR Canada 30/04/2019 Annual 1.4 Elect Director Julie Godin Mgmt For Withhold Canadian National Railway CNR Canada 30/04/2019 Annual 1.5 Elect Director Edith E. Holiday Mgmt For For Canadian National Railway CNR Canada 30/04/2019 Annual 1.6 Elect Director V. Maureen Kempston Darkes Mgmt For Withhold Canadian National Railway CNR Canada 30/04/2019 Annual 1.7 Elect Director Denis Losier Mgmt For Withhold Canadian National Railway CNR Canada 30/04/2019 Annual 1.8 Elect Director Kevin G. Lynch Mgmt For Withhold Canadian National Railway CNR Canada 30/04/2019 Annual 1.9 Elect Director James E. O'Connor Mgmt For For Canadian National Railway CNR Canada 30/04/2019 Annual 1.10 Elect Director Robert Pace Mgmt For Withhold Canadian National Railway CNR Canada 30/04/2019 Annual 1.11 Elect Director Robert L. Phillips Mgmt For Withhold Canadian National Railway CNR Canada 30/04/2019 Annual 1.12 Elect Director Jean-Jacques Ruest Mgmt For For Canadian National Railway CNR Canada 30/04/2019 Annual 1.13 Elect Director Laura Stein Mgmt For For Canadian National Railway CNR Canada 30/04/2019 Annual 2 Ratify KPMG LLP as Auditors Mgmt For For Canadian National Railway CNR Canada 30/04/2019 Annual 3 Advisory Vote on Executive Compensation Approach Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Hera SpA HER Italy 30/04/2019 Annual Ordinary Business Mgmt Hera SpA HER Italy 30/04/2019 Annual 1 Approve Financial Statements, Statutory Reports, and Allocation of Income Mgmt For For Hera SpA HER Italy 30/04/2019 Annual 2 Approve Remuneration Policy Mgmt For Against Hera SpA HER Italy 30/04/2019 Annual 3 Authorize Share Repurchase Program and Reissuance of Repurchased Shares Mgmt For For Hera SpA HER Italy 30/04/2019 Annual A Deliberations on Possible Legal Action Against Directors if Presented by Mgmt None Against Shareholders Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Ameren Corporation AEE USA 02/05/2019 Annual 1a Elect Director Warner L. Baxter Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1b Elect Director Catherine S. Brune Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1c Elect Director J. Edward Coleman Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1d Elect Director Ward H. Dickson Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1e Elect Director Noelle K. Eder Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1f Elect Director Ellen M. Fitzsimmons Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1g Elect Director Rafael Flores Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1h Elect Director Richard J. Harshman Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1i Elect Director Craig S. Ivey Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1j Elect Director James C. Johnson Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1k Elect Director Steven H. Lipstein Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 1l Elect Director Stephen R. Wilson Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 2 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 3 Ratify PricewaterhouseCoopers LLP as Auditors Mgmt For For Ameren Corporation AEE USA 02/05/2019 Annual 4 Other Business Mgmt For Against
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Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Duke Energy Corp. DUK USA 02/05/2019 Annual 1.1 Elect Director Michael G. Browning Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.2 Elect Director Annette K. Clayton Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.3 Elect Director Theodore F. Craver, Jr. Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.4 Elect Director Robert M. Davis Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.5 Elect Director Daniel R. DiMicco Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.6 Elect Director Lynn J. Good Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.7 Elect Director John T. Herron Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.8 Elect Director William E. Kennard Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.9 Elect Director E. Marie McKee Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.10 Elect Director Charles W. Moorman, IV Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.11 Elect Director Marya M. Rose Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.12 Elect Director Carlos A. Saladrigas Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.13 Elect Director Thomas E. Skains Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 1.14 Elect Director William E. Webster, Jr. Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 2 Ratify Deloitte & Touche LLP as Auditors Mgmt For For Duke Energy Corp. DUK USA 02/05/2019 Annual 3 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For Against Duke Energy Corp. DUK USA 02/05/2019 Annual 4 Report on Political Contributions SH Against For Duke Energy Corp. DUK USA 02/05/2019 Annual 5 Report on Lobbying Payments and Policy SH Against For Duke Energy Corp. DUK USA 02/05/2019 Annual 6 Report on Mitigating Health and Climate Impacts of Duke Energy's Coal Use SH Against For Duke Energy Corp. DUK USA 02/05/2019 Annual 7 Report on Costs and Benefits of Voluntary Environment-Related Activities SH Against Against Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Fortis, Inc. FTS Canada 02/05/2019 Annual 1.1 Elect Director Tracey C. Ball Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.2 Elect Director Pierre J. Blouin Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.3 Elect Director Paul J. Bonavia Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.4 Elect Director Lawrence T. Borgard Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.5 Elect Director Maura J. Clark Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.6 Elect Director Margarita K. Dilley Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.7 Elect Director Julie A. Dobson Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.8 Elect Director Ida J. Goodreau Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.9 Elect Director Douglas J. Haughey Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.10 Elect Director Barry V. Perry Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.11 Elect Director Joseph L. Welch Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 1.12 Elect Director Jo Mark Zurel Mgmt For For Fortis, Inc. FTS Canada 02/05/2019 Annual 2 Approve Deloitte LLP as Auditors and Authorize Board to Fix Their Remuneration Mgmt For For
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Fortis, Inc. FTS Canada 02/05/2019 Annual 3 Advisory Vote on Executive Compensation Approach Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date CSX Corp. CSX USA 03/05/2019 Annual 1a Elect Director Donna M. Alvarado Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1b Elect Director Pamela L. Carter Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1c Elect Director James M. Foote Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1d Elect Director Steven T. Halverson Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1e Elect Director Paul C. Hilal Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1f Elect Director John D. McPherson Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1g Elect Director David M. Moffett Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1h Elect Director Linda H. Riefler Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1i Elect Director J. Steven Whisler Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 1j Elect Director John J. Zillmer Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 2 Ratify Ernst & Young LLP as Auditors Mgmt For For CSX Corp. CSX USA 03/05/2019 Annual 3 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For Against CSX Corp. CSX USA 03/05/2019 Annual 4 Approve Omnibus Stock Plan Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Redes Energeticas RENE Portugal 03/05/2019 Annual 1 Approve Individual and Consolidated Financial Statements and Statutory Reports Mgmt For For Nacionais Redes Energeticas RENE Portugal 03/05/2019 Annual 2 Approve Allocation of Income Mgmt For For Nacionais Redes Energeticas RENE Portugal 03/05/2019 Annual 3 Appraise Management and Supervision of Company and Approve Vote of Mgmt For For Nacionais Confidence to Corporate Bodies Redes Energeticas RENE Portugal 03/05/2019 Annual 4 Authorize Repurchase and Reissuance of Shares Mgmt For For Nacionais Redes Energeticas RENE Portugal 03/05/2019 Annual 5 Authorize Repurchase and Reissuance of Repurchased Debt Instruments Mgmt For For Nacionais Redes Energeticas RENE Portugal 03/05/2019 Annual 6 Approve Statement on Remuneration Policy Mgmt For For Nacionais Redes Energeticas RENE Portugal 03/05/2019 Annual 7 Elect Ana Pinho Macedo Silva as Director Mgmt For Against Nacionais Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 2a Elect Philip Lawrence Kadoorie as Director Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 2b Elect May Siew Boi Tan as Director Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 2c Elect John Andrew Harry Leigh as Director Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 2d Elect Richard Kendall Lancaster as Director Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 2e Elect Zia Mody as Director as Director Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 2f Elect Geert Herman August Peeters as Director Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 3 Approve PricewaterhouseCoopers as Auditor and Authorize Board to Fix Their Mgmt For For Remuneration
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CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 4 Approve Revised Levels of Remuneration Payable to the Directors Mgmt For For CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 5 Approve Issuance of Equity or Equity-Linked Securities without Preemptive Mgmt For For Rights CLP Holdings Ltd. 2 Hong Kong 06/05/2019 Annual 6 Authorize Repurchase of Issued Share Capital Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Canadian Pacific Railway CP Canada 07/05/2019 Annual 1 Ratify Deloitte LLP as Auditors Mgmt For For Canadian Pacific Railway CP Canada 07/05/2019 Annual 2 Advisory Vote on Executive Compensation Approach Mgmt For Against Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.1 Elect Director John Baird Mgmt For Withhold Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.2 Elect Director Isabelle Courville Mgmt For Withhold Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.3 Elect Director Keith E. Creel Mgmt For For Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.4 Elect Director Gillian (Jill) H. Denham Mgmt For For Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.5 Elect Director Rebecca MacDonald Mgmt For Withhold Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.6 Elect Director Edward L. Monser Mgmt For For Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.7 Elect Director Matthew H. Paull Mgmt For For Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.8 Elect Director Jane L. Peverett Mgmt For For Canadian Pacific Railway CP Canada 07/05/2019 Annual 3.9 Elect Director Gordon T. Trafton Mgmt For Withhold Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Hawaiian Electric Industries HE USA 07/05/2019 Annual 1.1 Elect Director Thomas B. Fargo Mgmt For For Hawaiian Electric Industries HE USA 07/05/2019 Annual 1.2 Elect Director William James Scilacci, Jr. Mgmt For For Hawaiian Electric Industries HE USA 07/05/2019 Annual 1.3 Elect Director Celeste A. Connors Mgmt For For Hawaiian Electric Industries HE USA 07/05/2019 Annual 1.4 Elect Director Mary G. Powell Mgmt For For Hawaiian Electric Industries HE USA 07/05/2019 Annual 1.5 Elect Director Jeffrey N. Watanabe Mgmt For For Hawaiian Electric Industries HE USA 07/05/2019 Annual 2 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For Hawaiian Electric Industries HE USA 07/05/2019 Annual 3 Amend Non-Employee Director Restricted Stock Plan Mgmt For For Hawaiian Electric Industries HE USA 07/05/2019 Annual 4 Ratify Deloitte & Touche LLP as Auditors Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date TERNA SpA TRN Italy 08/05/2019 Annual Ordinary Business Mgmt
TERNA SpA TRN Italy 08/05/2019 Annual Management Proposals Mgmt TERNA SpA TRN Italy 08/05/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For TERNA SpA TRN Italy 08/05/2019 Annual 2 Approve Allocation of Income Mgmt For For TERNA SpA TRN Italy 08/05/2019 Annual 3A Elect Paolo Calcagnini as Director Mgmt For For
TERNA SpA TRN Italy 08/05/2019 Annual Shareholder Proposal Submitted by Institutional Investors (Assogestioni) Mgmt TERNA SpA TRN Italy 08/05/2019 Annual 3B Elect Marco Giorgino as Director SH None For
TERNA SpA TRN Italy 08/05/2019 Annual Management Proposals Mgmt TERNA SpA TRN Italy 08/05/2019 Annual 4 Approve Auditors and Authorize Board to Fix Their Remuneration Mgmt For For TERNA SpA TRN Italy 08/05/2019 Annual 5 Approve Remuneration Policy Mgmt For For
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TERNA SpA TRN Italy 08/05/2019 Annual A Deliberations on Possible Legal Action Against Directors if Presented by Mgmt None Against Shareholders Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1a Elect Director Thomas D. Bell, Jr. Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1b Elect Director Daniel A. Carp Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1c Elect Director Mitchell E. Daniels, Jr. Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1d Elect Director Marcela E. Donadio Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1e Elect Director Thomas C. Kelleher Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1f Elect Director Steven F. Leer Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1g Elect Director Michael D. Lockhart Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1h Elect Director Amy E. Miles Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1i Elect Director Jennifer F. Scanlon Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1j Elect Director James A. Squires Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 1k Elect Director John R. Thompson Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 2 Ratify KPMG LLP as Auditor Mgmt For For Norfolk Southern Corp. NSC USA 09/05/2019 Annual 3 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For Against Norfolk Southern Corp. NSC USA 09/05/2019 Annual 4 Adopt Simple Majority SH Against For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date A2A SpA A2A Italy 13/05/2019 Annual Ordinary Business Mgmt A2A SpA A2A Italy 13/05/2019 Annual 1.1 Accept Financial Statements and Statutory Reports Mgmt For For A2A SpA A2A Italy 13/05/2019 Annual 1.2 Approve Allocation of Income Mgmt For For A2A SpA A2A Italy 13/05/2019 Annual 2 Approve Remuneration Policy Mgmt For For A2A SpA A2A Italy 13/05/2019 Annual 3 Authorize Share Repurchase Program and Reissuance of Repurchased Shares Mgmt For For A2A SpA A2A Italy 13/05/2019 Annual A Deliberations on Possible Legal Action Against Directors if Presented by Mgmt None Against Shareholders Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date PPL Corporation PPL USA 14/05/2019 Annual 1.1 Elect Director John W. Conway Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.2 Elect Director Steven G. Elliott Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.3 Elect Director Raja Rajamannar Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.4 Elect Director Craig A. Rogerson Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.5 Elect Director William H. Spence Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.6 Elect Director Natica von Althann Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.7 Elect Director Keith H. Williamson Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.8 Elect Director Phoebe A. Wood Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 1.9 Elect Director Armando Zagalo de Lima Mgmt For For PPL Corporation PPL USA 14/05/2019 Annual 2 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For Against
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PPL Corporation PPL USA 14/05/2019 Annual 3 Ratify Deloitte & Touche LLP as Auditor Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Pinnacle West Capital PNW USA 15/05/2019 Annual 1.1 Elect Director Donald E. Brandt Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 1.2 Elect Director Denis A. Cortese Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 1.3 Elect Director Richard P. Fox Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 1.4 Elect Director Michael L. Gallagher Mgmt For Withhold Pinnacle West Capital PNW USA 15/05/2019 Annual 1.5 Elect Director Dale E. Klein Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 1.6 Elect Director Humberto S. Lopez Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 1.7 Elect Director Kathryn L. Munro Mgmt For Withhold Pinnacle West Capital PNW USA 15/05/2019 Annual 1.8 Elect Director Bruce J. Nordstrom Mgmt For Withhold Pinnacle West Capital PNW USA 15/05/2019 Annual 1.9 Elect Director Paula J. Sims Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 1.10 Elect Director James E. Trevathan, Jr. Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 1.11 Elect Director David P. Wagener Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 2 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 3 Ratify Deloitte & Touche LLP as Auditor Mgmt For For Pinnacle West Capital PNW USA 15/05/2019 Annual 4 Reduce Ownership Threshold for Shareholders to Call Special Meeting SH Against For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 2 Approve Final Dividend Mgmt For For Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 3a Elect Fok Kin Ning, Canning as Director Mgmt For Against Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 3b Elect Chan Loi Shun as Director Mgmt For Against Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 4 Approve KPMG as Auditor and Authorize Board to Fix Their Remuneration Mgmt For For Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 5 Approve Issuance of Equity or Equity-Linked Securities without Preemptive Mgmt For Against Rights Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 6 Authorize Repurchase of Issued Share Capital Mgmt For For Power Assets Holdings 6 Hong Kong 15/05/2019 Annual 7 Authorize Reissuance of Repurchased Shares Mgmt For Against Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date SIAS SpA SIS Italy 15/05/2019 Annual Ordinary Business Mgmt
SIAS SpA SIS Italy 15/05/2019 Annual Management Proposals Mgmt SIAS SpA SIS Italy 15/05/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For SIAS SpA SIS Italy 15/05/2019 Annual 2 Approve Allocation of Income Mgmt For For SIAS SpA SIS Italy 15/05/2019 Annual 3 Approve Remuneration Policy Mgmt For Against
SIAS SpA SIS Italy 15/05/2019 Annual Shareholder Proposal Submitted by ASTM SpA Mgmt SIAS SpA SIS Italy 15/05/2019 Annual 4 Elect Seven Directors (Bundled) SH None For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date
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Union Pacific Corp. UNP USA 16/05/2019 Annual 1a Elect Director Andrew H. Card, Jr. Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1b Elect Director Erroll B. Davis, Jr. Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1c Elect Director William J. DeLaney Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1d Elect Director David B. Dillon Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1e Elect Director Lance M. Fritz Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1f Elect Director Deborah C. Hopkins Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1g Elect Director Jane H. Lute Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1h Elect Director Michael R. McCarthy Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1i Elect Director Thomas F. McLarty, III Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1j Elect Director Bhavesh V. Patel Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 1k Elect Director Jose H. Villarreal Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 2 Ratify Deloitte & Touche LLP as Auditors Mgmt For For Union Pacific Corp. UNP USA 16/05/2019 Annual 3 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For Against Union Pacific Corp. UNP USA 16/05/2019 Annual 4 Require Independent Board Chairman SH Against For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.1 Elect Director George Campbell, Jr. Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.2 Elect Director Ellen V. Futter Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.3 Elect Director John F. Killian Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.4 Elect Director John McAvoy Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.5 Elect Director William J. Mulrow Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.6 Elect Director Armando J. Olivera Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.7 Elect Director Michael W. Ranger Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.8 Elect Director Linda S. Sanford Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.9 Elect Director Deirdre Stanley Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 1.10 Elect Director L. Frederick Sutherland Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 2 Ratify PricewaterhouseCoopers LLP as Auditors Mgmt For For Consolidated Edison, Inc. ED USA 20/05/2019 Annual 3 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For Against Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Elia System Operator ELI Belgium 21/05/2019 Annual/Special Annual/Special Meeting Mgmt
Elia System Operator ELI Belgium 21/05/2019 Annual/Special Annual Meeting Agenda Mgmt
Elia System Operator ELI Belgium 21/05/2019 Annual/Special 1 Receive Directors' Reports (Non-Voting) Mgmt
Elia System Operator ELI Belgium 21/05/2019 Annual/Special 2 Receive Auditors' Reports (Non-Voting) Mgmt Elia System Operator ELI Belgium 21/05/2019 Annual/Special 3 Approve Financial Statements and Allocation of Income Mgmt For For Elia System Operator ELI Belgium 21/05/2019 Annual/Special 4 Approve Remuneration Report Mgmt For Against
Elia System Operator ELI Belgium 21/05/2019 Annual/Special 5 Receive Directors' Report on Consolidated Financial Statements Mgmt
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Elia System Operator ELI Belgium 21/05/2019 Annual/Special 6 Receive Auditors' Report on Consolidated Financial Statements Mgmt
Elia System Operator ELI Belgium 21/05/2019 Annual/Special 7 Receive Consolidated Financial Statements and Statutory Reports (Non-Voting) Mgmt Elia System Operator ELI Belgium 21/05/2019 Annual/Special 8 Approve Discharge of Directors Mgmt For For Elia System Operator ELI Belgium 21/05/2019 Annual/Special 9 Approve Discharge of Auditors Mgmt For For
Elia System Operator ELI Belgium 21/05/2019 Annual/Special 10 Transact Other Business Mgmt
Elia System Operator ELI Belgium 21/05/2019 Annual/Special Special Meeting Agenda Mgmt
Elia System Operator ELI Belgium 21/05/2019 Annual/Special 1 Receive Special Board Report Re: Article 604 of the Companies Code Mgmt Elia System Operator ELI Belgium 21/05/2019 Annual/Special 2 Approve Authorization to Increase Share Capital With or Without Preemptive Mgmt For Against Rights Elia System Operator ELI Belgium 21/05/2019 Annual/Special 3 Approve Article 24.4 Re: Electronic Means of Communication Mgmt For For Elia System Operator ELI Belgium 21/05/2019 Annual/Special 4 Authorize Filing of Required Documents/Formalities at Trade Registry Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date MTR Corp. 66 Hong Kong 22/05/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 2 Approve Final Dividend Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 3a Elect Anthony Chow Wing-kin as Director Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 3b Elect Allan Wong Chi-yun as Director Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 3c Elect Rex Auyeung Pak-kuen as Director Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 3d Elect Jacob Kam Chak-pui as Director Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 4 Elect Chan Kar-lok as Director Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 5 Elect Cheng Yan-kee as Director Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 6 Elect Ng Wing-ka as Director Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 7 Approve KPMG as Auditors and Authorize Board to Fix Their Remuneration Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 8 Approve Issuance of Equity or Equity-Linked Securities without Preemptive Mgmt For For Rights MTR Corp. 66 Hong Kong 22/05/2019 Annual 9 Authorize Repurchase of Issued Share Capital Mgmt For For MTR Corp. 66 Hong Kong 22/05/2019 Annual 10 Authorize Board to Offer Scrip Dividend Alternative in Respect of Dividends Mgmt For For Declared Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Northwest Natural Hold. Co NWN USA 23/05/2019 Annual 1.1 Elect Director Tod R. Hamachek Mgmt For For Northwest Natural Hold. Co NWN USA 23/05/2019 Annual 1.2 Elect Director Jane L. Peverett Mgmt For For Northwest Natural Hold. Co NWN USA 23/05/2019 Annual 1.3 Elect Director Kenneth Thrasher Mgmt For For Northwest Natural Hold. Co NWN USA 23/05/2019 Annual 1.4 Elect Director Charles A. Wilhoite Mgmt For For Northwest Natural Hold. Co NWN USA 23/05/2019 Annual 2 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For Northwest Natural Hold. Co NWN USA 23/05/2019 Annual 3 Ratify PricewaterhouseCoopers LLP as Auditors Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Fraport AG FRA Germany 28/05/2019 Annual 1 Receive Financial Statements and Statutory Reports for Fiscal 2018 (Non- Mgmt Voting)
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Fraport AG FRA Germany 28/05/2019 Annual 2 Approve Allocation of Income and Dividends of EUR 2.00 per Share Mgmt For For Fraport AG FRA Germany 28/05/2019 Annual 3 Approve Discharge of Management Board for Fiscal 2018 Mgmt For For Fraport AG FRA Germany 28/05/2019 Annual 4 Approve Discharge of Supervisory Board for Fiscal 2018 Mgmt For For Fraport AG FRA Germany 28/05/2019 Annual 5 Ratify PricewaterhouseCoopers GmbH as Auditors for Fiscal 2019 Mgmt For For Fraport AG FRA Germany 28/05/2019 Annual 6 Approve Affiliation Agreements with Subsidiaries AirIT Services GmbH and Mgmt For For Fraport Brasil Holding GmbH Fraport AG FRA Germany 28/05/2019 Annual 7 Approve Remuneration of Supervisory Board Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Osaka Gas Co. 9532 Japan 20/06/2019 Annual 1 Approve Allocation of Income, with a Final Dividend of JPY 25 Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.1 Elect Director Ozaki, Hiroshi Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.2 Elect Director Honjo, Takehiro Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.3 Elect Director Fujiwara, Masataka Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.4 Elect Director Miyagawa, Tadashi Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.5 Elect Director Matsui, Takeshi Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.6 Elect Director Tasaka, Takayuki Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.7 Elect Director Yoneyama, Hisaichi Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.8 Elect Director Takeguchi, Fumitoshi Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.9 Elect Director Chikamoto, Shigeru Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.10 Elect Director Takeuchi, Kei Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.11 Elect Director Miyahara, Hideo Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.12 Elect Director Sasaki, Takayuki Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 2.13 Elect Director Murao, Kazutoshi Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 3.1 Appoint Statutory Auditor Fujiwara, Toshimasa Mgmt For For Osaka Gas Co. 9532 Japan 20/06/2019 Annual 3.2 Appoint Statutory Auditor Hatta, Eiji Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date West Japan Railway 9021 Japan 20/06/2019 Annual 1 Approve Allocation of Income, with a Final Dividend of JPY 87.5 Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.1 Elect Director Manabe, Seiji Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.2 Elect Director Sato, Yumiko Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.3 Elect Director Murayama, Yuzo Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.4 Elect Director Saito, Norihiko Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.5 Elect Director Miyahara, Hideo Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.6 Elect Director Takagi, Hikaru Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.7 Elect Director Kijima, Tatsuo Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.8 Elect Director Ogata, Fumito Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.9 Elect Director Hasegawa, Kazuaki Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.10 Elect Director Hirano, Yoshihisa Mgmt For For
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West Japan Railway 9021 Japan 20/06/2019 Annual 2.11 Elect Director Kurasaka, Shoji Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.12 Elect Director Nakamura, Keijiro Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.13 Elect Director Matsuoka, Toshihiro Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.14 Elect Director Sugioka, Atsushi Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 2.15 Elect Director Kawai, Tadashi Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 3.1 Appoint Statutory Auditor Nishikawa, Naoki Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 3.2 Appoint Statutory Auditor Shibata, Makoto Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 3.3 Appoint Statutory Auditor Katsuki, Yasumi Mgmt For For West Japan Railway 9021 Japan 20/06/2019 Annual 3.4 Appoint Statutory Auditor Tsutsui, Yoshinobu Mgmt For Against Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date East Japan Railway 9020 Japan 21/06/2019 Annual 1 Approve Allocation of Income, with a Final Dividend of JPY 75 Mgmt For For East Japan Railway 9020 Japan 21/06/2019 Annual 2.1 Appoint Statutory Auditor Takiguchi, Keiji Mgmt For Against East Japan Railway 9020 Japan 21/06/2019 Annual 2.2 Appoint Statutory Auditor Kinoshita, Takashi Mgmt For For East Japan Railway 9020 Japan 21/06/2019 Annual 2.3 Appoint Statutory Auditor Hashiguchi, Nobuyuki Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Avangrid, Inc. AGR USA 27/06/2019 Annual 1.1 Elect Director Ignacio Sanchez Galan Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.2 Elect Director John E. Baldacci Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.3 Elect Director Robert Duffy Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.4 Elect Director Carol L. Folt Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.5 Elect Director Teresa Herbert Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.6 Elect Director Patricia Jacobs Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.7 Elect Director John L. Lahey Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.8 Elect Director Santiago Martinez Garrido Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.9 Elect Director Sonsoles Rubio Reinoso Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.10 Elect Director Juan Carlos Rebollo Liceaga Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.11 Elect Director Jose Sainz Armada Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.12 Elect Director Alan D. Solomont Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.13 Elect Director Elizabeth Timm Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 1.14 Elect Director James P. Torgerson Mgmt For Against Avangrid, Inc. AGR USA 27/06/2019 Annual 2 Ratify KPMG US, LLP as Auditors Mgmt For For Avangrid, Inc. AGR USA 27/06/2019 Annual 3 Advisory Vote to Ratify Named Executive Officers' Compensation Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 1 Approve Allocation of Income, with a Final Dividend of JPY 32.5 Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.1 Elect Director Hirose, Michiaki Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.2 Elect Director Uchida, Takashi Mgmt For For
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Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.3 Elect Director Takamatsu, Masaru Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.4 Elect Director Anamizu, Takashi Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.5 Elect Director Nohata, Kunio Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.6 Elect Director Igarashi, Chika Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.7 Elect Director Saito, Hitoshi Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.8 Elect Director Takami, Kazunori Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 2.9 Elect Director Edahiro, Junko Mgmt For For Tokyo Gas Co. 9531 Japan 27/06/2019 Annual 3 Appoint Statutory Auditor Nakajima, Isao Mgmt For For Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date SSE Plc SSE United 18/07/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 2 Approve Remuneration Report Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 3 Approve Remuneration Policy Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 4 Approve Final Dividend Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 5 Re-elect Gregor Alexander as Director Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 6 Re-elect Sue Bruce as Director Mgmt For Against Kingdom SSE Plc SSE United 18/07/2019 Annual 7 Re-elect Tony Cocker as Director Mgmt For Against Kingdom SSE Plc SSE United 18/07/2019 Annual 8 Re-elect Crawford Gillies as Director Mgmt For Against Kingdom SSE Plc SSE United 18/07/2019 Annual 9 Re-elect Richard Gillingwater as Director Mgmt For Against Kingdom SSE Plc SSE United 18/07/2019 Annual 10 Re-elect Peter Lynas as Director Mgmt For Against Kingdom SSE Plc SSE United 18/07/2019 Annual 11 Re-elect Helen Mahy as Director Mgmt For Against Kingdom SSE Plc SSE United 18/07/2019 Annual 12 Re-elect Alistair Phillips-Davies as Director Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 13 Re-elect Martin Pibworth as Director Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 14 Elect Melanie Smith as Director Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 15 Appoint Ernst & Young LLP as Auditors Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 16 Authorise Audit Committee to Fix Remuneration of Auditors Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 17 Authorise Issue of Equity Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 18 Authorise Issue of Equity without Pre-emptive Rights Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 19 Authorise Market Purchase of Ordinary Shares Mgmt For For Kingdom SSE Plc SSE United 18/07/2019 Annual 20 Authorise the Company to Call General Meeting with Two Weeks' Notice Mgmt For For Kingdom
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Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Pennon Group Plc PNN United 25/07/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 2 Approve Final Dividend Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 3 Approve Remuneration Report Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 4 Re-elect Sir John Parker as Director Mgmt For Against Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 5 Re-elect Neil Cooper as Director Mgmt For Against Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 6 Re-elect Susan Davy as Director Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 7 Elect Iain Evans as Director Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 8 Re-elect Christopher Loughlin as Director Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 9 Re-elect Gill Rider as Director Mgmt For Against Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 10 Reappoint Ernst & Young LLP as Auditors Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 11 Authorise the Audit Committee to Fix Remuneration of Auditors Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 12 Authorise EU Political Donations and Expenditure Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 13 Authorise Issue of Equity Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 14 Authorise Issue of Equity without Pre-emptive Rights Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 15 Authorise Issue of Equity without Pre-emptive Rights in Connection with an Mgmt For For Kingdom Acquisition or Specified Capital Investment Pennon Group Plc PNN United 25/07/2019 Annual 16 Authorise Market Purchase of Ordinary Shares Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 17 Authorise the Company to Call General Meeting with Two Weeks' Notice Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 18 Amend Articles of Association Mgmt For For Kingdom Pennon Group Plc PNN United 25/07/2019 Annual 19 Approve Issuance of WaterShare+ Share in Connection with the WaterShare+ Mgmt For For Kingdom Scheme of South West Water Limited Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date United Utilities Group UU United 26/07/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 2 Approve Final Dividend Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 3 Approve Remuneration Report Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 4 Approve Remuneration Policy Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 5 Re-elect Dr John McAdam as Director Mgmt For Against Kingdom
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United Utilities Group UU United 26/07/2019 Annual 6 Re-elect Steve Mogford as Director Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 7 Re-elect Russ Houlden as Director Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 8 Re-elect Steve Fraser as Director Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 9 Re-elect Mark Clare as Director Mgmt For Against Kingdom United Utilities Group UU United 26/07/2019 Annual 10 Re-elect Sara Weller as Director Mgmt For Against Kingdom United Utilities Group UU United 26/07/2019 Annual 11 Re-elect Brian May as Director Mgmt For Against Kingdom United Utilities Group UU United 26/07/2019 Annual 12 Re-elect Stephen Carter as Director Mgmt For Against Kingdom United Utilities Group UU United 26/07/2019 Annual 13 Re-elect Alison Goligher as Director Mgmt For Against Kingdom United Utilities Group UU United 26/07/2019 Annual 14 Re-elect Paulette Rowe as Director Mgmt For Against Kingdom United Utilities Group UU United 26/07/2019 Annual 15 Elect Sir David Higgins as Director Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 16 Reappoint KPMG LLP as Auditors Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 17 Authorise the Audit Committee to Fix Remuneration of Auditors Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 18 Authorise Issue of Equity Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 19 Authorise Issue of Equity without Pre-emptive Rights Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 20 Authorise Issue of Equity without Pre-emptive Rights in Connection with an Mgmt For For Kingdom Acquisition or Other Capital Investment United Utilities Group UU United 26/07/2019 Annual 21 Authorise Market Purchase of Ordinary Shares Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 22 Authorise the Company to Call General Meeting with 14 Working Days' Notice Mgmt For For Kingdom United Utilities Group UU United 26/07/2019 Annual 23 Authorise EU Political Donations and Expenditure Mgmt For For Kingdom Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date National Grid Plc NG United 29/07/2019 Annual 1 Accept Financial Statements and Statutory Reports Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 2 Approve Final Dividend Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 3 Re-elect Sir Peter Gershon as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 4 Re-elect John Pettigrew as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 5 Elect Andy Agg as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 6 Re-elect Dean Seavers as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 7 Re-elect Nicola Shaw as Director Mgmt For For Kingdom
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National Grid Plc NG United 29/07/2019 Annual 8 Re-elect Jonathan Dawson as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 9 Re-elect Therese Esperdy as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 10 Re-elect Paul Golby as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 11 Re-elect Amanda Mesler as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 12 Elect Earl Shipp as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 13 Elect Jonathan Silver as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 14 Re-elect Mark Williamson as Director Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 15 Reappoint Deloitte LLP as Auditors Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 16 Authorise Board to Fix Remuneration of Auditors Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 17 Approve Remuneration Policy Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 18 Approve Remuneration Report Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 19 Authorise EU Political Donations and Expenditure Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 20 Authorise Issue of Equity Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 21 Approve Scrip Dividend Scheme Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 22 Authorise Directors to Capitalise the Appropriate Nominal Amounts of New Mgmt For For Kingdom Shares of the Company Allotted Pursuant to the Company's Scrip Dividend Scheme National Grid Plc NG United 29/07/2019 Annual 23 Authorise Issue of Equity without Pre-emptive Rights Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 24 Authorise Issue of Equity without Pre-emptive Rights in Connection with an Mgmt For For Kingdom Acquisition or Other Capital Investment National Grid Plc NG United 29/07/2019 Annual 25 Authorise Market Purchase of Ordinary Shares Mgmt For For Kingdom National Grid Plc NG United 29/07/2019 Annual 26 Authorise the Company to Call General Meeting with Two Weeks' Notice Mgmt For For Kingdom Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date SIAS SpA SIS Italy 16/10/2019 Special Extraordinary Business Mgmt SIAS SpA SIS Italy 16/10/2019 Special 1 Approve Merger by Incorporation into ASTM SpA Mgmt For Against Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date SNAM SpA SRG Italy 23/10/2019 Special Extraordinary Business Mgmt SNAM SpA SRG Italy 23/10/2019 Special 1 Amend Company Bylaws Re: Articles 13 and 20; Introduce Article 24 Mgmt For For
SNAM SpA SRG Italy 23/10/2019 Special Ordinary Business Mgmt SNAM SpA SRG Italy 23/10/2019 Special 1 Revoke Auditors; Approve New Auditors and Authorize Board to Fix Their Mgmt For For Remuneration
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Issuer Name Ticker Country Meeting Meeting Type Proposal Proposal Text Proponent Mgmt Rec Vote Date Elia System Operator ELI Belgium 08/11/2019 Special Special Meeting Agenda Mgmt
Elia System Operator ELI Belgium 08/11/2019 Special 1 Present Information Memorandum Mgmt
Elia System Operator ELI Belgium 08/11/2019 Special 2 Present Opinion Regarding the Transfer of Shares Held by the Company in Elia Mgmt Asset NV/SA Elia System Operator ELI Belgium 08/11/2019 Special 3 Approve Transfer of Shares Held by the Company in Elia Asset NV/SA to Elia Mgmt For For Transmission Belgium NV/SA Elia System Operator ELI Belgium 08/11/2019 Special 4 Amend Articles Re: Code of Companies and Associations and New Role Within Mgmt For For Elia Group
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Whitehelm Capital Commercial in Confidence
CONTACT DETAILS
Fidante international distribution Hugh Ferrand +44 20 7832 0935 [email protected] UK 1 Tudor Street | London | EC4Y 0AH Mike Rumbold +44 20 7832 0929 [email protected] Benelux* Yves Van Langenhove +32 468 29 08 04 [email protected] Level 4, 5 Martin Place| Sydney| Australia Brett Penprase +612 9994 7079 [email protected] NSW 2000 1 Kungsgatan 8 | SE-111 43 Nordics Ian Brenninkmeijer +46 8 1215 1361 [email protected] Stockholm
*AAMYS is a tied agent of Fidante Partners Europe Limited which is authorised and regulated by the Financial Conduct Authority of the United Kingdom.
This document has been issued and approved by Fidante Partners Europe Limited (Fidante Partners), which is authorised and regulated by the Financial Conduct Authority in the conduct of investment business in the United Kingdom. This document is a financial promotion for the purposes of the Financial Services and Markets Act 2000 (FSMA) and has been issued for the sole purpose of providing information about the Whitehelm Listed Core Infrastructure Fund (the Fund). The Fund is a sub-fund of Fidante Partners Liquid Strategies ICAV (the ICAV). Fidante Partners Europe is the distributor of the ICAV and is issuing this document in that capacity. Whitehelm Capital Pty Limited (ACN 008 636 717, Australian Financial Services Licence 24434) is the investment manager of the Fund (the Manager) and has approved the contents of this document.
Whitehelm consists of the following companies: The Manager; and Whitehelm Capital Limited, authorised and regulated by the Financial Conduct Authority (FCA) FRN 599417, Registered No 06035691 (together, ‘Whitehelm’).
The information contained in the document is Whitehelm’s professional assessment based on the available data but, by its nature, cannot be guaranteed and should not be relied on as an indication of future performance. Opinions expressed in this document may be based on assumptions and contingencies. To the extent permitted by law, neither Whitehelm nor Fidante Partners and their officers, employees, agents, associates, and advisers make no representations or warranties in relation to the accuracy, reliability, currency, completeness or relevance of the information contained in, and accept no liability whatsoever to any third party in relation to any matter arising from this document or for any reliance that any recipient may seek to place upon such information.
The information and opinions contained in this document are for background purposes only and do not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this document or their accuracy or completeness. No representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by either of Whitehelm, nor Fidante Partners or any of its affiliates or the Fund and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions.
This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase, any shares or any other interests nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract therefore. Recipients of this document who intend to apply for shares or interests in the Fund are reminded that any such application may be made solely on the basis of the information and opinions contained in the prospectus or other offering document relating thereto, as and when they become available, which may be different from the information and opinions contained in this document.
Fidante Partners Europe Limited Authorised and regulated by the Financial Conduct Authority Fidante Partners Europe Limited trades as Fidante Partners. Registered Office: 1 Tudor Street, London EC4Y 0AH Registered in England and Wales No. 4040660 Fidante Partners is a wholly owned subsidiary of Challenger Limited, a company listed on the Australian Securities Exchange Limited.
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