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Policy on Proxy Voting Instructions
1. Basic Approach to Proxy Voting Instructions
The Company exercises proxy voting instructions solely for the benefit of beneficiaries. We have established internal rules that set forth our basic approach to proxy voting instructions and the authority for related decision-making with respect to shares held in investment trust portfolios. Our basic stance on proxy voting instructions is as follows:
- In making voting decisions, each agenda item is carefully reviewed in light of the objectives of the specific investment strategy under which the relevant security is held.
- We do not exercise proxy voting instructions for the purpose of benefiting any third party other than beneficiaries.
- With respect to foreign equities, proxy voting instructions may not be given depending on the circumstances of the relevant jurisdiction.
- For ETFs of ETFs, we also endeavor to make proxy voting decisions in line with items (1) and (2) above.
2. Decision-Making Process and Governance Structure
Based on the above principles, proxy voting instructions on individual securities are determined by the Investment Department. The results of proxy voting instructions are reported to the Risk and Compliance Committee.
For agenda items where conflicts of interest exist or are deemed likely, the Investment Department is required to obtain confirmation from the Compliance Department, either in advance or after the fact.
When the Company sub-delegates investment discretion externally, proxy voting instructions are, in principle, delegated to the external manager. If proxy voting instructions are not delegated, the Company exercises the voting rights at its own discretion.
When the Company manages assets based on investment advice, proxy voting is, in principle, conducted by the Company with due respect to such advice when provided. If no advice is received, the Company exercises voting rights at its own discretion.
3. Screening Criteria
With the approval of the Risk and Compliance Committee, the Investment Department may establish screening criteria for proxy voting instructions on individual securities. If such criteria are established, the Company will disclose an outline of them on this website.