Proxy Voting
Proxy voting is a means to voice our view to corporate management teams on important issues, including ESG-related topics.
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.
We engage in a careful evaluation of issues and make informed decisions based on deep due diligence. Our votes are based on the firm’s guideline recommendations, which are created and maintained in partnership with our investment teams and reputable third party proxy voting service providers. Furthermore, our investment professionals collaborate with and consider voting recommendations from Jennison’s ESG team on resolutions subject to material ESG issues. 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 March 31, 2022, we voted on 9,359 proposals, of which 9,066 were initiated by management and 293 by shareholders. Among the management proposals, we supported management 97% of the time.
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We most often opposed management proposals related to compensation and miscellaneous issues.
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Shareholder proposals primarily addressed governance and social issues and, on average, we supported these proposals 50% of the time. We supported 44% of all shareholder proposals during the 12-month reporting period.
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