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Proxy Voting Review West Yorkshire Pension Fund West Yorkshire Pension Fund PROXY VOTING REVIEW PERIOD 1st July 2020 to 30th September 2020 01-07-2020 to 30-09-2020 1 of 241 West Yorkshire Pension Fund Contents 1 Resolution Analysis 3 1.1 Number of meetings voted by geographical location . 3 1.2 Number of Resolutions by Vote Categories . 4 1.3 List of meetings not voted and reasons why . 5 1.4 List of meetings with rejected votes and reasons why . 6 1.5 Number of Votes by Region . 7 1.6 Votes Made in the Portfolio Per Resolution Category . 8 1.7 Votes Made in the UK Per Resolution Category . 9 1.8 Votes Made in the US Per Resolution Category . 10 1.9 Shareholder Votes Made in the US Per Resolution Category . 11 1.10 Votes Made in the EU Per Resolution Category . 12 1.11 Votes Made in the GL Per Resolution Category . 13 1.12 Geographic Breakdown of Meetings All Supported . 14 1.13 List of all meetings voted . 15 2 Notable Oppose Vote Results With Analysis 24 3 Oppose/Abstain Votes With Analysis 47 4 Appendix 239 01-07-2020 to 30-09-2020 2 of 241 West Yorkshire Pension Fund 1 Resolution Analysis • Number of resolutions voted: 2637 (note that it MAY include non-voting items). • Number of resolutions supported by client: 1671 • Number of resolutions opposed by client: 656 • Number of resolutions abstained by client: 246 • Number of resolutions Non-voting: 54 • Number of resolutions Withheld by client: 9 • Number of resolutions Not Supported by client: 1 1.1 Number of meetings voted by geographical location Location Number of Meetings Voted UK & BRITISH OVERSEAS 107 EUROPE & GLOBAL EU 47 USA & CANADA 7 ASIA 35 JAPAN 1 AUSTRALIA & NEW ZEALAND 1 SOUTH AMERICA 28 TOTAL 226 01-07-2020 to 30-09-2020 3 of 241 West Yorkshire Pension Fund 1.2 Number of Resolutions by Vote Categories Vote Categories Number of Resolutions For 1671 Abstain 246 Oppose 656 Non-Voting 54 Not Supported 1 Withhold 9 US Frequency Vote on Pay 0 Withdrawn 0 TOTAL 2637 01-07-2020 to 30-09-2020 4 of 241 West Yorkshire Pension Fund 1.3 List of meetings not voted and reasons why Company Meeting Date Type Comment DAIMLER AG 08-07-2020 AGM Meeting postponed/cancelled HON HAI PRECISION IND CO LTD 10-07-2020 EGM No ballot received PETROBRAS-PETROLEO BRASILEIRO 22-07-2020 EGM No ballot received ALMIRALL SA 24-07-2020 AGM Meeting postponed/cancelled BOLSAS Y MERCADOS ESPANOLES 30-07-2020 EGM No ballot received EASTERN WATER RESOURCES DEV & MGMT 04-08-2020 AGM Meeting postponed/cancelled TIM PARTICIPACOES SA 31-08-2020 EGM No ballot received COSAN LIMITED 01-09-2020 AGM No ballot received ELETROBRAS 02-09-2020 EGM No ballot received FOLLIE FOLLIE GROUP 10-09-2020 AGM No ballot received OI S.A. 17-09-2020 EGM No ballot received DAVIDE CAMPARI MILANO NV 18-09-2020 EGM No ballot received VOLKSWAGEN AG 30-09-2020 AGM Information only meeting 01-07-2020 to 30-09-2020 5 of 241 West Yorkshire Pension Fund 1.4 List of meetings with rejected votes and reasons why Company Meeting Date Type Comment EMPRESAS ICA SAB DE CV 24-07-2020 AGM Incorrect/No Power of Attorney ALFA SAB DE CV 17-08-2020 EGM Incorrect/No Power of Attorney 01-07-2020 to 30-09-2020 6 of 241 West Yorkshire Pension Fund 1.5 Number of Votes by Region Not US Frequency For Abstain Oppose Non-Voting Supported Withhold Withdrawn Vote on Pay Total UK & BRITISH OVERSEAS 1012 121 316 0 0 0 0 0 1449 EUROPE & GLOBAL EU 368 48 204 54 0 0 0 0 674 USA & CANADA 44 13 14 0 0 9 0 0 80 ASIA 136 28 83 0 0 0 0 0 247 JAPAN 13 0 0 0 0 0 0 0 13 AUSTRALIA & NEW ZEALAND 3 0 3 0 0 0 0 0 6 SOUTH AMERICA 95 36 36 0 1 0 0 0 168 TOTAL 1671 246 656 54 1 9 0 0 2637 01-07-2020 to 30-09-2020 7 of 241 West Yorkshire Pension Fund 1.6 Votes Made in the Portfolio Per Resolution Category Portfolio For Abstain Oppose Non-Voting Not Supported Withheld Withdrawn All Employee Schemes 14 0 3 0 0 0 0 Annual Reports 174 80 85 0 0 0 0 Articles of Association 98 4 16 0 0 0 0 Auditors 131 35 59 0 0 0 0 Corporate Actions 17 8 0 0 0 0 0 Corporate Donations 26 2 1 0 0 0 0 Debt & Loans 9 0 6 0 0 0 0 Directors 758 75 227 0 1 9 0 Dividend 97 7 2 0 0 0 0 Executive Pay Schemes 12 0 29 0 0 0 0 Miscellaneous 101 11 12 0 0 0 0 NED Fees 15 11 13 0 0 0 0 Non-Voting 0 1 0 54 0 0 0 Say on Pay 0 1 6 0 0 0 0 Share Capital Restructuring 13 0 3 0 0 0 0 Share Issue/Re-purchase 197 6 187 0 0 0 0 Shareholder Resolution 9 5 7 0 0 0 0 01-07-2020 to 30-09-2020 8 of 241 West Yorkshire Pension Fund 1.7 Votes Made in the UK Per Resolution Category UK For Abstain Oppose Non-Voting Not Supported Withheld Withdrawn Annual Reports 52 26 7 0 0 0 0 Remuneration Reports 34 23 20 0 0 0 0 Remuneration Policy 10 8 23 0 0 0 0 Dividend 44 0 1 0 0 0 0 Directors 461 27 66 0 0 0 0 Approve Auditors 36 26 24 0 0 0 0 Share Issues 152 3 20 0 0 0 0 Share Repurchases 3 0 72 0 0 0 0 Executive Pay Schemes 9 0 19 0 0 0 0 All-Employee Schemes 13 0 1 0 0 0 0 Political Donations 26 2 1 0 0 0 0 Articles of Association 21 3 4 0 0 0 0 Mergers/Corporate Actions 2 3 0 0 0 0 0 Meeting Notification related 49 0 1 0 0 0 0 All Other Resolutions 100 0 50 0 0 0 0 Shareholder Resolution 0 0 7 0 0 0 0 01-07-2020 to 30-09-2020 9 of 241 West Yorkshire Pension Fund 1.8 Votes Made in the US Per Resolution Category US/Global US & Canada For Abstain Oppose Non-Voting Not Supported Withheld Withdrawn All Employee Schemes 0 0 0 0 0 0 0 Annual Reports 0 0 0 0 0 0 0 Articles of Association 3 0 0 0 0 0 0 Auditors 0 1 5 0 0 0 0 Corporate Actions 0 0 0 0 0 0 0 Corporate Donations 0 0 0 0 0 0 0 Debt & Loans 0 0 0 0 0 0 0 Directors 32 10 3 0 0 9 0 Dividend 0 0 0 0 0 0 0 Executive Pay Schemes 0 0 1 0 0 0 0 Miscellaneous 0 1 1 0 0 0 0 NED Fees 0 0 0 0 0 0 0 Non-Voting 0 0 0 0 0 0 0 Say on Pay 0 1 4 0 0 0 0 Share Capital Restructuring 0 0 0 0 0 0 0 Share Issue/Re-purchase 0 0 0 0 0 0 0 01-07-2020 to 30-09-2020 10 of 241 West Yorkshire Pension Fund 1.9 Shareholder Votes Made in the US Per Resolution Category US/Global US and Canada For Abstain Oppose Non-Voting Not Withheld Withdrawn Supported Social Policy Political Spending/Lobbying 0 2 0 0 0 0 0 Employment Rights 0 1 0 0 0 0 0 Lobbying 0 1 0 0 0 0 0 Executive Compensation Performance Metrics Requirement 0 2 0 0 0 0 0 Corporate Governance Diversity of the Board/Director Qualification 0 1 0 0 0 0 0 Other 0 1 0 0 0 0 0 Written Consent 0 1 0 0 0 0 0 01-07-2020 to 30-09-2020 11 of 241 West Yorkshire Pension Fund 1.10 Votes Made in the EU Per Resolution Category EU & Global EU For Abstain Oppose Non-Voting Not Supported Withheld Withdrawn All Employee Schemes 1 0 1 0 0 0 0 Annual Reports 37 15 26 0 0 0 0 Articles of Association 53 0 5 0 0 0 0 Auditors 13 6 16 0 0 0 0 Corporate Actions 2 0 0 0 0 0 0 Corporate Donations 0 0 0 0 0 0 0 Debt & Loans 6 0 4 0 0 0 0 Directors 162 16 106 0 0 0 0 Dividend 28 1 1 0 0 0 0 Executive Pay Schemes 3 0 7 0 0 0 0 Miscellaneous 23 1 3 0 0 0 0 NED Fees 8 3 1 0 0 0 0 Non-Voting 0 1 0 54 0 0 0 Say on Pay 0 0 1 0 0 0 0 Share Capital Restructuring 5 0 0 0 0 0 0 Share Issue/Re-purchase 27 0 33 0 0 0 0 Shareholder Resolution 0 5 0 0 0 0 0 01-07-2020 to 30-09-2020 12 of 241 West Yorkshire Pension Fund 1.11 Votes Made in the GL Per Resolution Category Global For Abstain Oppose Non-Voting Not Supported Withheld Withdrawn All Employee Schemes 0 0 1 0 0 0 0 Annual Reports 40 8 9 0 0 0 0 Articles of Association 20 1 7 0 0 0 0 Auditors 5 2 14 0 0 0 0 Corporate Actions 12 5 0 0 0 0 0 Corporate Donations 0 0 0 0 0 0 0 Debt & Loans 3 0 1 0 0 0 0 Directors 100 22 52 0 1 0 0 Dividend 25 6 0 0 0 0 0 Executive Pay Schemes 0 0 2 0 0 0 0 Miscellaneous 22 9 7 0 0 0 0 NED Fees 7 8 9 0 0 0 0 Non-Voting 0 0 0 0 0 0 0 Say on Pay 0 0 0 0 0 0 0 Share Capital Restructuring 3 0 3 0 0 0 0 Share Issue/Re-purchase 10 3 17 0 0 0 0 Shareholder Resolution 0 0 0 0 0 0 0 01-07-2020 to 30-09-2020 13 of 241 West Yorkshire Pension Fund 1.12 Geographic Breakdown of Meetings All Supported SZ Meetings All For AGM EGM 1 0 0 0 AS Meetings All For AGM EGM 35 7 0 7 UK Meetings All For AGM EGM 107 12 0 12 EU Meetings All For AGM EGM 47 4 0 4 SA Meetings All For AGM EGM 28 7 0 7 GL Meetings All For AGM EGM 0 0 0 0 JP Meetings All For AGM EGM 1 1 0 1 US Meetings All For AGM EGM 7 0 0 0 TOTAL Meetings All For AGM EGM 226 31 0 31 01-07-2020 to 30-09-2020 14 of 241 West Yorkshire Pension Fund 1.13 List of all meetings voted Company Meeting Date Type Resolutions For Abstain Oppose GRUPO AEROPORTUARIO DEL PACIFICO 01-07-2020 EGM 2 2 0 0 GRUPO AEROPORTUARIO DEL PACIFICO 01-07-2020 AGM 14 7 2 5 SAINSBURY (J) PLC 02-07-2020 AGM 22 16 2 4 PROMOTORA Y OPERADORA DE INFRAESTRUCTURA 03-07-2020 AGM 11 0 11 0 MARKS & SPENCER GROUP PLC 03-07-2020 AGM 23 13 2 8 GEORGIA CAPITAL PLC 06-07-2020 EGM 2 2 0 0 BLUEFIELD SOLAR INCOME FUND LIMITED 06-07-2020 EGM 2 1 0 1 WAREHOUSE REIT PLC 06-07-2020 EGM 7 5 0 2 BANCA POPOLARE EMILIA ROMAGNA 06-07-2020 EGM 2 2 0 0 GRUPO AEROPORTUARIO DEL CENTRO NORTE 07-07-2020 AGM 9 7 0 2 GCP ASSET BACKED INCOME FUND LIMITED 07-07-2020 AGM 13 10 1 2 GCP ASSET BACKED INCOME FUND LIMITED 07-07-2020 EGM 1 0 0 1 TAKKT AG 07-07-2020 AGM 8 6 0 1 WHITBREAD PLC 07-07-2020 AGM 21 16 2 3 ASSURA PLC 07-07-2020 AGM 16 12 2 2 MASMOVIL IBERCOM SA 08-07-2020 AGM 21 14 0 7 DAIMLER AG 08-07-2020 AGM 16 10 0 5 ALSTOM SA 08-07-2020 AGM 27 14 2 11 SIEMENS AG 09-07-2020 EGM 1 1 0 0 3I INFRASTRUCTURE PLC 09-07-2020 AGM 16 15 0 1 TEMPLETON EMERGING MARKETS I.T.
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