At Jennison we value the rights and privileges that come with the ownership of an equity share in a company. Among them is the ability to vote on certain company matters. We vote all eligible proxies in a manner that we believe best supports the investment interests of our clients over the long term.
Our votes are based on the firm’s guideline recommendations, which are created and maintained in partnership with our investment teams. When proxy voting authority has been delegated to us by our clients, our investment professionals serve as decision-makers and they vote according to the merits of each proposal.
Jennison’s research analysts decide their votes according to each situation and based on the firm’s broad ESG guidelines.
Proxy Voting Record
For the 12 months ended June 30, 2020, we voted on 8,019 proposals of which 7,763 were initiated by management and 256 by shareholders. Among management-led proposals, we supported management 96% of the time. Within shareholder-led proposals, we supported the shareholder 61% of the time.
More than half of all management proposals in this 12-month timeframe concerned board-related matters. Compensation and audit/financials were also common topics. We generally voted in support of management across all topics.
Shareholder proposals primarily centered on governance issues, followed by matters related to social issues and compensation. We tended to vote in support of the shareholder, primarily in areas of compensation and the environment.