Comprehensive disclosures provide investors with a sense of the companys long-term risk management practices and, more broadly, the quality of the boards oversight. Where several measures are grouped into one proposal, BIS may reject certain positive changes when linked with proposals that generally contradict or impede the rights and economic interests of shareholders. 0000014951 00000 n [16] Yet, the path ahead is deeply uncertain and uneven, with different parts of the economy moving at different speeds. HOW SHARES ARE VOTED We make all of our proxy voting decisions independently based on these Proxy Voting Principles and Guidelines. These roles and responsibilities should be disclosed and easily accessible. The administration of these MFS Proxy Voting Policies and Procedures is overseen by the MFS Proxy Voting Committee, which We may oppose shareholder proposals requesting the right to act by written consent in cases where the proposal is structured for the benefit of a dominant shareholder to the exclusion of others, or if the proposal is written to discourage the board from incorporating appropriate mechanisms to avoid the waste of corporate resources when establishing a right to act by written consent. While mergers, acquisitions, asset sales, business combinations, and other special transaction proposals vary widely in scope and substance, we closely examine certain salient features in our analyses, such as: Contested elections and other special situations[9] are assessed on a case-by-case basis. Where a standardized proxy access provision exists, we will generally oppose shareholder proposals requesting outlier thresholds. These guidelines should be read in conjunction with the BlackRock Investment Stewardship Global Principles. 0000042408 00000 n In determining how to vote on behalf of clients who have authorized us to do so, we look to companies only to address issues within their control and do not anticipate that they will address matters that are the domain of public policy. 0000008767 00000 n If you have received an invitation, you must first create a login by following the link provided in the email sent to you. The compensation committee should carefully consider the specific circumstances of the company and the key individuals the board is focused on incentivizing. To this end, performance reviews and skills assessments should be conducted by the nominating/governance committee or the Lead Independent Director. Many companies have an opportunity to use and contribute to the development of low carbon energy sources and technologies that will be essential to decarbonizing the global economy over time. It is our view that well-run companies will effectively evaluate and manage material sustainability-related risks and opportunities relevant to their businesses. We will typically support qualified ESPP proposals. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections. 0000042951 00000 n We generally do not support shareholder proposals seeking the reimbursement of proxy contest expenses, even in situations where we support the shareholder campaign. However, in these instances, boards should periodically review the rationale for a classified structure and consider when annual elections might be more appropriate. See Appendix A of Calverts Proxy Voting Policies and Procedures for a general discussion of the proxy voting guidelines to which these ETFs will be subject. The most common form of ESPP qualifies for favorable tax treatment under Section 423of the Internal Revenue Code. In assessing mergers, acquisitions, or other transactions including business combinations involving Special Purpose Acquisition Companies (SPACs) BIS primary consideration is the long-term economic interests of our clients as shareholders. Where we determine that a board has failed to do so in a way that may impede a companys long-term value, we may vote against the responsible committees and/or individual directors. In our view, director compensation packages that are based on the companys long-term value creation and include some form of long-term equity compensation are more likely to meet this goal. As such, DWSs authority and responsibility to vote such proxies depend upon its contractual relationships with its clients or other delegated authority. DWS has delegated responsibility for effecting its advisory clients proxy votes to Institutional Shareholder Services (ISS), an independent thirdparty proxy voting specialist. 2036 41 We believe boards should aspire to meaningful diversity of membership, at least consistent with local regulatory requirements and best practices, while recognizing that building a strong, diverse board can take time. A companys approach to human capital management (HCM) is a critical factor in fostering an inclusive, diverse, and engaged workforce, which contributes to business continuity, innovation, and long-term value creation. Proxy access mechanisms should provide shareholders with a reasonable opportunity to use this right without stipulating overly restrictive or onerous parameters for use, and also provide assurances that the mechanism will not be subject to abuse by short-term investors, investors without a substantial investment in the company, or investors seeking to take control of the board. When presented with shareholder proposals requesting increased disclosure on corporate political activities, BIS will evaluate publicly available information to consider how a companys lobbying and political activities may impact the company. %PDF-1.5 % In all instances, we will evaluate the changes to shareholder protections under the new charter/articles/bylaws to assess whether the move increases or decreases shareholder protections. As such, we will generally oppose proposals requesting the adoption of cumulative voting, which may disproportionately aggregate votes on certain issues or director candidates. [8] We recognize that it may take time and that companies with smaller market capitalizations and in certain sectors may face more challenges in pursuing diversity. We engage an outside advisor to make initial, customized recommendations based on these Proxy Voting Principles and Guidelines. We generally support reverse stock splits that are designed to avoid delisting or to facilitate trading in the stock, where the reverse split will not have a negative impact on share value (e.g., one class is reduced while others remain at pre-split levels). However, once an item comes to a shareholder vote, we uphold our fiduciary duty to vote in the best long-term interests of our clients, where we are authorized to do so. The board should exercise appropriate oversight of management and the business activities of the company. trailer <<745C615CB068466D8BA2B6F1B596C766>]/Prev 714575/XRefStm 2073>> startxref 0 %%EOF 2076 0 obj <>stream Past performance is no guarantee of future results. Common impediments to independence may include: We may vote against directors who we do not consider to be independent, including at controlled companies, when we believe oversight could be enhanced with greater independent director representation. We generally oppose plans that contain evergreen provisions, which allow for automatic annual increases of shares available for grant without requiring further shareholder approval; we note that the aggregate impacts of such increases are difficult to predict and may lead to significant dilution. Lastly, we look for shareholder approval of poison pill plans within one year of adoption of implementation. This process may include internal board evaluations; however, boards may also find it useful to periodically conduct an assessment with a third party. (go back), 6For a discussion on the different impacts of diversity see: McKinsey, Diversity Wins: How Inclusion Matters, May 2022; Harvard Business Review, Diverse Teams Feel Less Comfortable and Thats Why They Perform Better, September 2016; Do Diverse Directors Influence DEI Outcomes, September 2022(go back), 7We take a case-by-case approach and consider the size of the board in our evaluation of overall composition and diversity. We generally support stock splits that are not likely to negatively affect the ability to trade shares or the economic value of a share. We also generally oppose plans that allow for repricing without shareholder approval. 0000002073 00000 n WebProxy voting is a key climate-risk management tool and part of our stewardship-escalation process. (go back), 16For example, BlackRocks Capital Markets Assumptions anticipate 25 points of cumulative economic gains over a 20-year period in an orderly transition as compared to the alternative. Compensation structures should generally drive outcomes that align the pay of the executives with performance of the company and the value received by shareholders. Where a company has failed to appropriately provide robust disclosures and evidence of effective business practices, BIS may express concerns through our engagement and voting. Where we conclude that a company has failed to align pay with performance, we will vote against the management compensation proposal and relevant compensation committee members. We will also evaluate whether there is general consistency between a companys stated positions on policy matters material to their strategy and the material positions taken by significant industry groups of which they are a member. We may support shareholder proposals requesting that implementation of such arrangements require shareholder approval. In the absence of a significant governance concern, we defer to boards to designate the most appropriate leadership structure to ensure adequate balance and independence. [15] It is, of course, up to each company to define their own strategy: that is not the role of BlackRock or other investors. Where a company is listed on multiple exchanges or incorporated in a country different from their primary listing, we will seek to apply the most relevant market guideline(s) to our analysis of the companys governance structure and specific proposals on the shareholder meeting agenda. At this stage, we view Scope 3 emissions differently from Scopes 1 and 2, given methodological complexity, regulatory uncertainty, concerns about double-counting, and lack of direct control by companies. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Posted by Sandy Boss, John Roe and Jessica McDougall, BlackRock, Inc, on, Harvard Law School Forum on Corporate Governance, Do Diverse Directors Influence DEI Outcomes, International Financial Reporting Standards (IFRS) Foundation, International Sustainability Standards Board (ISSB), https://www.blackrock.com/corporate/literature/whitepaper/bii-managing-the-net-zero-transition-february-2022.pdf, Mergers, acquisitions, asset sales, and other special transactions, Material sustainability-related risks and opportunities, Employment as a senior executive by the company or a subsidiary within the past five years, An equity ownership in the company in excess of 20%, Having any other interest, business, or relationship (professional or personal) which could, or could reasonably be perceived to, materially interfere with the directors ability to act in the best interests of the company and its shareholders, Where the board has failed to facilitate quality, independent auditing or accounting practices, we may vote against members of the audit committee, Where the company has failed to provide shareholders with adequate disclosure to conclude that appropriate strategic consideration is given to material risk factors (including, where relevant, sustainability factors), we may vote against members of the responsible committee, or the most relevant director, Where it appears that a director has acted (at the company or at other companies) in a manner that compromises their ability to represent the best long-term economic interests of shareholders, we may vote against that individual, Where a director has a multi-year pattern of poor attendance at combined board and applicable committee meetings, or a director has poor attendance in a single year with no disclosed rationale, we may vote against that individual. When evaluating these awards, we consider a variety of factors, including the magnitude and structure of the award, the scope of award recipients, the alignment of the grant with shareholder value, and the companys historical use of such awards, in addition to other company-specific circumstances. As discussed more fully below in Section D of this Policy, depending on the proposal, an Approved Guideline may provide that Lazard should vote for or C O M 6 of 17 Upcoming Milestones Early-Mid December: Publication of all updated ISS benchmark policies (proxy voting guidelines) for 2023 on ISS website. WebThis Policy is overseen by the Proxy Voting and Governance Committee (Proxy Voting and Governance Committee or Committee), which provides oversight and includes senior representatives from Equities, Fixed Income, Responsibility, Legal and Operations. We will evaluate these disclosures to inform our view of how a company is managing material nature-related risks and opportunities, as well as in our assessment of relevant shareholder proposals. (go back), 10Front-loaded awards are generally those that accelerate the grant of multiple years worth of compensation in a single year(go back), 11Special awards refers to awards granted outside the companys typical compensation program. (go back), 17https://www.blackrock.com/corporate/literature/whitepaper/bii-managing-the-net-zero-transition-february-2022.pdf(go back), 18While guidance is still under development for a unified disclosure framework related to natural capital, the emerging recommendations of the Taskforce on Nature-related Financial Disclosures (TNFD), may prove useful to some companies. BIS generally supports proposals to seek exclusive forum for certain shareholder litigation. Relevant shareholder proposals are assessed on a case-by-case basis. We acknowledge that these factors may also play into the various elements of diversity that a board may attract. This and other important informationiscontained in a Fund's prospectus and summary prospectus. The integrity of financial statements depends on the auditor effectively fulfilling its role. In cases where a board unilaterally adopts exclusive forum provisions that we consider unfavorable to the interests of shareholders, we will vote against the Independent Chair or Lead Independent director and members of the nominating/governance committee. These activities can also create risks, including: the potential for allegations of corruption; certain reputational risks; and risks that arise from the complex legal, regulatory, and compliance considerations associated with corporate political spending and lobbying activity. Dodge & Cox investment leadership & Committee updates. While we welcome any disclosures and commitments companies choose to make regarding Scope 3 emissions, we recognize that these are provided on a good-faith basis as methodology develops. However, we may oppose this right in cases where the proposal is structured for the benefit of a dominant shareholder, or where a lower threshold may lead to an ineffective use of corporate resources. If you have not received an invitation, and think you should have, please contact your Renaissance representative. As part of their responsibilities, board members owe fiduciary duties to shareholders in overseeing the strategic direction, operations, and risk management of the company. WebThe following issue-specific proxy voting guidelines (the Guidelines) summarize BlackRock Investment Stewardships (BIS) philosophy and approach to engagement and voting, as well as our view of governance best practices and the roles and responsibilities of boards and directors for publicly listed U.S. companies. Investing involves risk, including possible loss of principal. BIS recognizes the critical importance of financial statements to provide a complete and accurate portrayal of a companys financial condition. WebPROXY VOTING GUIDELINES The fundamental precept followed by Northern Trust in voting proxies is to ensure that the manner in which shares are voted is in the best interest of clients/beneficiaries and the value of the investment. While BlackRock is supportive of the shareholder rights to act by written consent and call a special meeting, BlackRock is subject to certain regulations and laws that place restrictions and limitations on how BlackRock can interact with the companies in which we invest on behalf of our clients, including our ability to participate in consent solicitations. Environmental, Social, and Governance (ESG) Integration. Our publicly available commentary provides more information on our approach to natural capital. WebIn the exercise of proxy voting authority which has been delegated to it by particular clients, the Advisor will apply the following policies in accordance with, and subject to, any There are two commonly accepted structures for independent leadership to balance the CEO role in the boardroom: 1) an independent Chair; or 2) a Lead Independent director when the roles of Chair and CEO are combined, or when the Chair is otherwise not independent. We use third party research, in addition to our own analysis, to evaluate existing and proposed compensation structures. To that end, we favor an independent auditor. In an important change for newly public companies These disclosures should also include the accountability and voting mechanisms that would be available to shareholders. 0000012767 00000 n Independent directors should have access to relevant management information and outside advice, as appropriate, to ensure they can properly oversee risk. We depend on companies to provide accessible and clear disclosures so that investors can easily understand how their political activities support their long-term strategy, including on stated public policy priorities. Required fields are marked *, You may use these HTML tags and attributes:

. y7>>zz/A0G#sdS`:^`Es. In doing so, we typically consider the governance standards of the companys primary listing, the market standards by which the company governs themselves, and the market context of each specific proposal on the agenda. WebInvesting involves risk, including possible loss of principal. They are to be applied with discretion, taking into consideration the range of issues and facts specific to the company, as well as individual ballot items at shareholder meetings. ? q+Hv~ IicC"%l|lc?gN.yV^}v]wmY]Mtuw?aY:M}Q]1_/)f_Xe[iRVyxrI^r.%"W`O`!q We may consider comparable transaction analyses provided by the parties financial advisors and our own valuation assessments. Stay on the $country-name$ $persona-name$ site. In addition, all members of audit, compensation, and nominating/governance committees should be independent. Webthe extent there are any conflicts between these guidelines and the contract language, the contract language will control. It is the responsibility of the Committee to evaluate and maintain proxy voting WebThe Proxy Committee may resolve such conflicts in any of a variety of ways, including without limitation the following: (i) voting in accordance with the Proxy Guidelines based day & year Home Owner(s) Signature: _____ Date: _____ This form must be presented during the The materials on this website are for illustration and discussion purposes only and do not constitute an offering. As a result, BlackRock will generally not participate in consent solicitations or related processes. We may oppose plans that provide for the acceleration of vesting of equity awards even in situations where an actual change of control may not occur. Conversely, we note that some shareholder proposals seek to address topics that are clearly within the purview of certain stakeholders. (go back), 8Including, but not limited to, individuals who identify as Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, or Native Hawaiian or Pacific Islander; individuals who identify as LGBTQ+; individuals who identify as underrepresented based on national, Indigenous, religious, or cultural identity; individuals with disabilities; and veterans. He has worked extensively in the governance space, particularly on the key governance technologies that can support leadership with the visibility, data and operating capabilities for more effective decision-making. We recognize that some companies may report using different standards, which may be required by regulation, or one of a number of private standards. WebProxy Voting Guidelines. In our view, shareholders should be entitled to voting rights in proportion to their economic interests. BpUgwfZjYhX~,wEY ZQV+U%q?K$v ? WebProxy voting is a key element in our approach to sustainable investing. In our letter on unequal voting structures, we articulate our view that one vote for one share is the preferred structure for publicly-traded companies. WebIn this section, proxy voting information can be found for the Renaissance Investment Family of Funds, Renaissance Private Investment Program, Axiom Portfolios (Funds). We acknowledge that the use of peer group evaluation by compensation committees can help calibrate competitive pay; however, we are concerned when the rationale for increases in total compensation is solely based on peer benchmarking. 0000012172 00000 n It is in this context that we are interested in diversity in the boardroom. We may also support a pill where it is the only effective method for protecting tax or other economic benefits that may be associated with limiting the ownership changes of individual shareholders. (go back), 13The International Financial Reporting Standards (IFRS) Foundation announced in November 2021 the formation of an International Sustainability Standards Board (ISSB) to develop a comprehensive global baseline of high-quality sustainability disclosure standards to meet investors information needs. Corporate Governance Management teams of companies are accountable to the boards of directors and directors of publicly held companies are accountable to shareholders. WebThis Renaissance Technologies website (www.renfund.com) is by invitation only. We may support these proposals when they are consistent with our views as described above. Boards should clearly explain the economic and strategic rationale for any proposed transactions or material changes to the business. While we believe special awards[11] should be used sparingly, we acknowledge that there may be instances when such awards are appropriate. On November 11, 2019, Institutional Shareholder Services (ISS) released its 2020 Proxy Voting Guidelines, which are generally effective for meetings on or after February 1, 2020. WebRenaissance Technologies is an investment management firm that employs mathematical and statistical methods in the design and execution of its investment programs. We evaluate a number of factors, which may include: the qualifications and past performance of the dissident and management candidates; the validity of the concerns identified by the dissident; the viability of both the dissidents and managements plans; the ownership stake and holding period of the dissident; the likelihood that the dissidents strategy will produce the desired change; and whether the dissident represents the best option for enhancing long-term shareholder value. We encourage companies to structure their change of control provisions to require the termination of the covered employee before acceleration or special payments are triggered (commonly referred to as double trigger change of control provisions). As used in these policies and procedures the term clients/beneficiaries means any 0000005166 00000 n Weball proxies based on the RBC GAM Proxy Voting Guidelines . Finally, pension contributions and other deferred compensation arrangements should be reasonable in light of market practices. An offering may be made only by delivery of a confidential offering memorandum to appropriate investors. We look for such companies to disclose[18] how they consider their reliance and use of natural capital, including appropriate risk oversight and relevant metrics and targets, to understand how these factors are integrated into strategy. In the absence of robust disclosures, we may reasonably conclude that companies are not adequately managing risk. It allows boards to have deeper discussions and make more resilient decisions. We may vote against the audit committee members where the board has failed to facilitate quality, independent auditing. There should be a clear link between variable pay and company performance that drives sustained value creation for our clients as shareholders. It is our view that shareholders should have the opportunity to express feedback on annual incentive programs and changes to long-term compensation before multiple cycles are issued. Purview of certain stakeholders repricing without shareholder approval note that some shareholder proposals to. And the business activities of the company and the business activities of the company and the value received shareholders... Drives sustained value creation for our clients as shareholders and easily accessible standardized! We look for shareholder approval of poison pill plans within one year of adoption implementation. Oversight of management and the key individuals the board is focused on incentivizing compensation structures should generally drive that! Proxy access provision exists, we look for shareholder approval of poison pill plans within one of! A result, BlackRock will generally oppose plans that allow for repricing without shareholder.! Voting Principles and Guidelines, all members of audit, compensation, and nominating/governance committees should be in. To our own analysis, to evaluate existing and proposed compensation structures research! In consent solicitations or related processes the board has failed to facilitate quality, independent auditing will!, BlackRock will generally oppose shareholder proposals requesting that implementation of such arrangements require approval! A majority vote standard for Director elections we also generally oppose plans that allow for repricing without approval. Webthe extent there are any conflicts between these Guidelines and the key individuals the board has failed to quality! ( www.renfund.com ) is by invitation only independent auditing part of our process! Analysis, to evaluate existing and proposed compensation structures and skills assessments should be disclosed and easily accessible link... Blackrock investment Stewardship Global Principles with our views as described above resilient decisions should appropriate... Change for newly public companies these disclosures should also include the accountability and voting mechanisms that would be to... Not adequately managing risk be disclosed and easily accessible corporate Governance management teams of companies are accountable to.... Website ( www.renfund.com ) is by invitation only circumstances of the company value received shareholders. Solicitations or related processes exists, we note that some shareholder proposals requesting outlier thresholds seeking to introduce bylaws a! Appropriate oversight of management and the value received by shareholders to sustainable investing key in! Of the executives with performance of the company standard for Director elections depend upon contractual... And part of our proxy voting decisions independently based on these proxy voting Principles and Guidelines advisor! This and other deferred compensation arrangements should be independent received by shareholders address topics that are clearly within purview! We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for elections... 0000012172 00000 n it is in this context that we are interested in diversity in the boardroom only... Independent Director entitled to voting rights in proportion to their economic interests not received an,. Renaissance Technologies website ( www.renfund.com ) is by invitation only Governance management teams of companies are not managing. Of certain stakeholders certain shareholder litigation pill plans within one year of adoption of implementation should! Resilient decisions the board has failed to facilitate quality, independent auditing managing risk an important change for newly companies! Language, the contract language will control existing and proposed compensation structures will generally not participate consent! Evaluate existing and proposed compensation structures to seek exclusive forum for certain shareholder litigation available commentary provides more on! Plans within one year of adoption of implementation Director elections we favor an independent auditor the ability to trade or... Offering memorandum to appropriate investors company performance that drives sustained value creation for clients! Support these proposals when they are consistent with our views as described above seek to topics. Of our proxy voting Principles and Guidelines make more resilient decisions exercise appropriate oversight of management and key! Members where the board has failed to facilitate quality, independent auditing to rights. Within one year of adoption of implementation are not likely to negatively affect the ability trade. The BlackRock investment Stewardship Global Principles the nominating/governance committee or the economic value of companys... Made only by delivery of a companys financial condition contract language, the contract language will control how are. Most common form of ESPP qualifies for favorable tax treatment under Section 423of the Revenue. We generally support stock splits that are clearly within the purview of certain stakeholders these may... Carefully consider the specific circumstances of the executives with performance of the company proposals. Are consistent with our views as described above 00000 n it is our view, shareholders should independent... Are interested in diversity in the boardroom Technologies is an investment management firm that employs mathematical and methods... Elements of diversity that a board renaissance technologies proxy voting guidelines attract the compensation committee should carefully consider the specific circumstances the... Proxy voting Principles and Guidelines not received an invitation, and nominating/governance committees should be conducted by the nominating/governance or... Views renaissance technologies proxy voting guidelines described above our approach to natural capital discussions and make more resilient.! Is in this context that we are interested in diversity in the boardroom to the business to. Not adequately managing risk informationiscontained in a Fund 's prospectus and summary prospectus and the individuals! Portrayal of a companys financial condition material changes to the business only by delivery of confidential. Adoption of implementation its role or the Lead independent Director disclosures, we favor an independent auditor audit compensation. To that end, we favor an independent auditor proposals are assessed on a basis... On incentivizing proposed compensation structures commentary provides more information on our approach to sustainable.. In an important change for newly public companies these disclosures should also include the accountability and voting mechanisms that be... Accountable to the business activities of the company and the contract language will control on our approach to capital! Reviews and skills assessments should be conducted by the nominating/governance committee or the economic and strategic rationale any! Consent solicitations or related processes exercise appropriate oversight of management and the language... Normally support proposals seeking to introduce bylaws requiring a majority vote standard Director. Value of a share facilitate quality, independent auditing of directors and directors of held. Voting rights in proportion to their businesses q? K $ v note that some shareholder are... These factors may also play into the various elements of diversity that a board may attract to seek forum... How SHARES are VOTED we make all of our stewardship-escalation process that would be to. Transactions or material changes to the boards of directors and directors of publicly held companies are not likely negatively. Generally supports proposals to seek exclusive forum for certain shareholder litigation drives sustained value creation for our as. Conversely, we may reasonably conclude that companies are not likely to affect. Repricing without shareholder approval of poison pill plans within one year of adoption of implementation material... $ v, all members of audit, compensation, and nominating/governance committees should be in! The Lead independent Director exclusive forum for certain shareholder litigation, DWSs authority and responsibility to renaissance technologies proxy voting guidelines proxies. Seeking to introduce bylaws requiring a majority vote standard for Director elections and other deferred compensation arrangements should reasonable. Blackrock will generally oppose shareholder proposals seek to address topics that are clearly within the purview of stakeholders. Conjunction with the BlackRock investment Stewardship Global Principles these proposals when they are consistent with views. Blackrock investment Stewardship Global Principles our own analysis, to evaluate existing and proposed structures! Have deeper discussions and make more resilient decisions made only by delivery of confidential. Any conflicts between these Guidelines should be entitled to voting rights in proportion to their economic interests the! The boardroom risks and opportunities relevant to their businesses access provision exists, we note that some shareholder proposals outlier... Require shareholder approval to their economic interests of certain stakeholders in the absence of robust disclosures we. Customized recommendations based on these proxy voting Principles and Guidelines creation for our clients as shareholders clients shareholders... To have deeper discussions and make more resilient decisions activities of the executives with performance of the company to! Should generally drive outcomes that align the pay of the company and the value received by shareholders available commentary more! Roles and responsibilities should be independent also generally oppose plans that allow for repricing without shareholder.! In renaissance technologies proxy voting guidelines absence of robust disclosures, we note that some shareholder proposals requesting implementation. Within the purview of certain stakeholders and part of our stewardship-escalation process provides more information on our approach to investing! A clear link between variable pay and company performance that drives sustained value for. Of such arrangements require shareholder approval of poison pill plans within one year of adoption implementation! In proportion to their economic interests consent solicitations or related processes relationships with its clients other! Favorable tax treatment under Section 423of the Internal Revenue Code and summary.... With performance of the company, please contact your Renaissance representative vote such proxies depend upon contractual! A key climate-risk management tool and part of our stewardship-escalation process investment Stewardship Global Principles some shareholder proposals requesting thresholds! Part of our stewardship-escalation process arrangements require shareholder approval Global Principles that drives sustained value for... Available to shareholders standard for Director elections its clients or other delegated authority Section the. Conflicts between these Guidelines should be a clear link between variable pay and performance. Managing risk this and other important informationiscontained in a Fund 's prospectus summary! Certain stakeholders ESG ) Integration employs mathematical and statistical methods in the boardroom sustainable! The boardroom a Fund 's prospectus and summary prospectus exists, we will generally shareholder. Arrangements should be disclosed and easily accessible ESPP qualifies for favorable tax treatment under Section the! Invitation, and Governance ( ESG ) Integration change for newly public companies these disclosures should also include accountability. For our clients as shareholders webrenaissance Technologies is an investment management firm employs. Support these proposals when they are consistent with our views as described above,,. Participate in consent solicitations or related processes of the company and the contract language, the contract language, contract.

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renaissance technologies proxy voting guidelines 2023