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OCTOBER TO DECEMBER 2008

 
Voting Summary
 
In Q4 of 2008, the Fund voted to oppose certain resolutions at the AGM of drinks giant Diageo Plc because of concerns over the level of political donations in the U.S. and also because it was felt that the combined level of rewards to executives was excessive, given the insufficiently challenging performance targets outlined in its remuneration report. The quarter was also noteworthy for the number of UK banks calling EGMs to gain shareholder approval for their emergency re-financing proposals.

The Fund voted to support the proposals from Lloyds TSB, HBOS and Barclays, although in the case of the latter this support was given reluctantly because the Fund felt that the risk of further de-stabilising Barclays was too severe, despite the dilution of the existing shareholders’ interest. In an attempt to mollify shareholders, the Barclays board announced that the entire board would put itself up for re-election at the AGM in 2009.

 
  UK Europe Japan Rest of the World
No. meetings voted during quarter 16 6 2 51
No. meetings where the Fund opposed or abstained on 1 or more resolutions 8 2 2 41
% resolutions voted oppose or abstain 16 10 20 38