As part of the investment portfolios, Wiltshire Pension Fund owns shares in companies, so as a partial owner of a company, we have the right to vote on certain matters at company AGMs (annual general meetings). Often these are routine business matters (such as reappointing auditors), but sometimes it can be more controversial matters, such as executive pay or climate action.
The second quarter of the year is known as proxy season - the busiest time for voting at company annual general meetings (AGMs). Our stewardship activity now includes more active engagement and analysis of votes cast on our behalf and are delighted to share our Q2 Voting update.
Why does it matter?
Voting is important to us - exercising our rights as owners means we can have an impact on how companies are run. Companies that are well run are more likely to perform well, and deliver better investment returns, so it is important that we use our influence.
Who does the voting?
Voting is a big business, with lots of meetings and resolutions to vote on every year, all across the globe. Our investment managers vote for us, and report to us on their activity.
Q2 2023 Highlights
The following summary includes votes cast on equity holdings in Developed Markets (Brunel) Listed Infrastructure (Magellan) and Emerging Markets (Ninety One):
We voted at 840 meetings on 13,176 separate resolutions.
We only abstained on 216 resolutions (1.6%), showing that we exercised our rights to vote the vast majority of the time.
We voted in favour of 9,827 resolutions (75%), we upheld our intention to be supportive of management to help them continue to run successful businesses, but also exert pressure on companies when it is needed.
Please see our quarterly and annual review pages and reports to find out more...