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 June 30, 2022, we voted on 9,434 proposals of which 9,109 were initiated by management and 325 by shareholders. Among the management proposals, we supported management 96% of the time.
We most often opposed management proposals related to compensation issues and the board of directors.
Shareholder proposals primarily addressed governance issues and, on average, we supported these proposals 54% of the time. We supported 43% of all shareholder proposals during the 12-month reporting period.