Vote Summary Report
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Reo@ Voting Report The SEI U.K. Equity Fund Votes Against Management Report VOTING RECORDS FROM:01/07/2019 TO: 30/09/2019 The SEI U.K. Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 07/01/2019 to 09/30/2019 Berkeley Group Holdings Plc Meeting Date: 09/06/2019 Country: United Kingdom Meeting Type: Annual Ticker: BKG Primary ISIN: GB00B02L3W35 Primary SEDOL: B02L3W3 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 13 Re-elect Adrian Li as Director Mgmt For Abstain Voter Rationale: Executive officers are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company situations requiring substantial amounts of time. CMC Markets Plc Meeting Date: 07/25/2019 Country: United Kingdom Meeting Type: Annual Ticker: CMCX Primary ISIN: GB00B14SKR37 Primary SEDOL: B14SKR3 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 7 Re-elect Clare Salmon as Director Mgmt For Against Voter Rationale: New directors should have sufficient length of service on the board before taking on the role of chairing the remuneration committee.Furthermore, due to ongoing concerns regarding the decision-making of the remuneration committee chairman we are not inclined to support their re-election to the board. 11 Approve Remuneration Report Mgmt For Against Voter Rationale: Companies should extend vesting periods for long-term incentive plans to 5 years or longer or as a minimum introduce an additional holding or deferral period. Daejan Holdings Plc Meeting Date: 09/17/2019 Country: United Kingdom Meeting Type: Annual Ticker: DJAN Primary ISIN: GB0002502036 Primary SEDOL: 0250203 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2 Approve Remuneration Report Mgmt For Against Page 1 of 11 The SEI U.K. Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 07/01/2019 to 09/30/2019 Daejan Holdings Plc Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction Voter Rationale: The Executive Directors continued to receive above-inflationary salary increases with no explanation provided. Their salaries remain positioned among the highest in the FTSE 250. 8 Re-elect David Davis as Director Mgmt For Against Voter Rationale: For controlled companies, the board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity. Additionally, the audit committee should be fully independent and this director's membership could hamper the committee's impartiality and effectiveness. Likewise, the remuneration committee should be independent and this director's membership could hamper the committee's impartiality and effectiveness. Lastly, due to ongoing concerns regarding the competence of the remuneration committee chairman we are not inclined to support their re-election to the board. 9 Re-elect Raphael Freshwater as Director Mgmt For Against Voter Rationale: For controlled companies, the board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity. 10 Re-elect Mordechai Freshwater as Director Mgmt For Against Voter Rationale: For controlled companies, the board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity. 11 Re-elect Chaim Freshwater as Director Mgmt For Against Voter Rationale: For controlled companies, the board should include at least 33% independent non-executive directors to ensure appropriate balance of independence and objectivity. Diageo Plc Meeting Date: 09/19/2019 Country: United Kingdom Meeting Type: Annual Ticker: DGE Primary ISIN: GB0002374006 Primary SEDOL: 0237400 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 8 Re-elect Ho KwonPing as Director Mgmt For Against Voter Rationale: Executive officers are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company situations requiring substantial amounts of time. Dixons Carphone Plc Meeting Date: 09/05/2019 Country: United Kingdom Meeting Type: Annual Ticker: DC Primary ISIN: GB00B4Y7R145 Primary SEDOL: B4Y7R14 Page 2 of 11 The SEI U.K. Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 07/01/2019 to 09/30/2019 Dixons Carphone Plc Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2 Approve Remuneration Report Mgmt For Against Voter Rationale: LTIP awards levels for FY2019/20 are at a significant uplift as compared to previous years despite the rebalancing of remuneration framework with reduced LTI opportunity going forward - because of a significant decline in the Company's share price. We have concerns that the Remuneration Committee considered the share price performance and but did not consider it appropriate to adjust the LTI award size. Electrocomponents Plc Meeting Date: 07/17/2019 Country: United Kingdom Meeting Type: Annual Ticker: ECM Primary ISIN: GB0003096442 Primary SEDOL: 0309644 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 7 Re-elect Bertrand Bodson as Director Mgmt For Against Voter Rationale: Executive officers are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company situations requiring substantial amounts of time. FirstGroup Plc Meeting Date: 07/25/2019 Country: United Kingdom Meeting Type: Annual Ticker: FGP Primary ISIN: GB0003452173 Primary SEDOL: 0345217 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2 Approve Remuneration Report Mgmt For Against Voter Rationale: Companies should pay no more than necessary on recruitment of executive directors and ensure that recruitment-related awards are linked to long-term performance of the company. In addition, incentive awards to executives should be clearly disclosed and include robust and stretching performance targets to reward strong performance and drive shareholder value over a sufficiently long period of time. Page 3 of 11 The SEI U.K. Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 07/01/2019 to 09/30/2019 Games Workshop Group Plc Meeting Date: 09/18/2019 Country: United Kingdom Meeting Type: Annual Ticker: GAW Primary ISIN: GB0003718474 Primary SEDOL: 0371847 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 4 Re-elect Nick Donaldson as Director Mgmt For Against Voter Rationale: Executive officers are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company situations requiring substantial amounts of time. 6 Re-elect John Brewis as Director Mgmt For Against Voter Rationale: Executive officers are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company situations requiring substantial amounts of time. Halfords Group Plc Meeting Date: 07/31/2019 Country: United Kingdom Meeting Type: Annual Ticker: HFD Primary ISIN: GB00B012TP20 Primary SEDOL: B012TP2 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 8 Re-elect David Adams as Director Mgmt For Abstain Voter Rationale: Items 4-7 and 9A vote FOR these Directors is warranted as no significant concerns have been identified.Item 8: Re-elect David Adams as DirectorAn ABSTAIN on this resolution is considered warranted:* David Adams was the Chair of Conviviality plc, which abruptly collapsed in early 2018. The FRC, the UK's regulatory body for audit, has launched an investigation into the collapse of Conviviality plc.A vote AGAINST this resolution is warranted for those shareholders in markets which have a fiduciary responsibility to vote either for or against and who do not recognise abstentions as a valid option. Helical Plc Meeting Date: 07/11/2019 Country: United Kingdom Meeting Type: Annual Ticker: HLCL Primary ISIN: GB00B0FYMT95 Primary SEDOL: B0FYMT9 Page 4 of 11 The SEI U.K. Equity Fund Votes Against Management Report Votes Against Management Report Date range covered: 07/01/2019 to 09/30/2019 Helical Plc Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 7 Re-elect Susan Clayton as Director Mgmt For Against Voter Rationale: Executive officers are expected to hold no more than one external directorships to ensure they have sufficient time and energy to discharge their roles properly, particularly during unexpected company situations requiring substantial amounts of time. HomeServe Plc Meeting Date: 07/19/2019 Country: United Kingdom Meeting Type: Annual Ticker: HSV Primary ISIN: GB00BYYTFB60 Primary SEDOL: BYYTFB6 Proposal Vote Number Proposal Text Proponent Mgmt Rec Instruction 2 Approve Remuneration Report Mgmt For Against Voter Rationale: Severance payments should not exceed one year’s salary and benefits. Larger severance packages should be subject to a separate shareholder approval. 4 Re-elect Barry Gibson as Director Mgmt For Against Voter Rationale: The remuneration committee should be independent and this director's membership could hamper the committee's impartiality and effectiveness. Intermediate Capital Group Plc Meeting Date: