The Trustee determines voting on all shareholder resolutions, where equity investments are held directly.
The Trustee uses the Australian Council of Superannuation Investors (ACSI) Voting Alert Service, which assesses company votes against the ACSI Governance Guidelines and recommends voting outcomes. These guidelines are a set of practices that ACSI believes companies should follow, and cover topics such as board structure, operation and compensation. The Trustee is in broad agreement with the ACSI Guidelines, but votes differently to ACSI recommendations if it believes that it is in the best interests of the members of the Fund and/or the VPST to do so. In the case of International shares, ACSI guidelines sit on top of research conducted by global proxy/research advisor CGI Glass Lewis and Vision Super also accesses CGI Glass Lewis research.
Vision Super votes on all its equity shareholdings directly (not our fund managers) and carefully considers the items for voting ahead of upcoming company AGMs in order to ensure that they are aligned to the Fund’s policies and beliefs and ensuring that support of resolutions will maximise value for the Fund’s members. On some issues important to the Fund, the Trustee may vote in a different manner than that suggested by the ACSI guidelines.
The Trustee assesses fund managers’ ESG policies as part of Vision Super’s fund manager assessment process. However, Vision Super retains voting rights of all its shares in accordance with our ESG Policies. Vision Super will consult with its fund managers on particularly controversial issues and where a fund manager wants to make an argument for a particular vote. Vision Super makes the final determination in all cases.
The Board regularly reviews Vision Super’s voting record to ensure consistency with policy. Where significant, the Trustee will seek to vote its shares outside of the ACSI voting Alert Service company universe.