Chief Investment Officer of the Regents
Proxy voting is one of the ways that shareholders can influence how the companies they own operate. Shareholders get to vote on certain matters of corporate policy, as well as the composition of a company’s board of directors. Voting rights are important to fiduciary responsibility as a means to promote good corporate governance, which aligns with our interests and goals as long term investors.
The Office of the Chief Investment Officer (“OCIO” or “UC Investments”) believes that the prudent exercise of voting rights promotes long term shareholder value. Shareholders can submit their vote remotely, or by proxy ballot. In 2018, UC Investments voted 5,457,233,440 shares on over 90,011 proposals. Issues raised for proxy votes include topics ranging from routine business matters (e.g., appointment of the auditor) to corporate governance matters (e.g., shareholder voting rights) to compensation (e.g., CEO pay package) to environmental matters (e.g., climate change scenario planning).
UC Investments’ Sustainable Investment Framework guides our approach to proxy voting. Under policies and procedures approved by the UC Regents Board of Trustees, UC Investments votes “according to proxy voting guidelines developed by our third party advisor.” Specifically, UC Investments uses the Socially Responsible Investment guidelines developed by our third party advisor, Institutional Shareholder Services (“ISS”), found in SRI Voting Guidelines and SRI Proxy Voting Guidelines Updates.
For the tabulation of UC Investments 2019 proxy votes through August 31, please see the Vote Summary Report.
For the full tabulation of all of UC Investments’ 2018 Proxy Votes, please see the Vote Summary Report.
UC Investments’ proxy votes on selected proposals filed in 2016-2018 can be found at UC Investments’ Proxy Votes on Selected Proposals.
UC Investments’ letter signing on to the Japan Stewardship Code can be found in the Japan Stewardship Code Letter.