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Finance

Foreign asset managers split on revealing shareholder votes

Amundi won't publish detailed information despite Japan request

TOKYO -- Foreign institutional investors in Japan are divided on whether to disclose how they vote proxies at shareholder meetings, as urged by the financial watchdog here.

Schroder Investment Management will start publishing its voting decision for each proposal relating to the Japanese stocks its local unit holds. The move marks broader disclosure by the British company, which previously made public its voting history for Japanese shares managed in London.

Standard Life Investments, which already discloses its voting records in Japan in English, will consider publishing the information in the Japanese language as well.

Amundi plans to simply indicate that it cast a dissenting vote, without specifying the resolution or providing any further details. The French company will provide voting records and the reasons for them if requested by an investing company.

BlackRock Japan and FIL Investments (Japan), known as Fidelity, are considering whether to disclose information for each proposal.

Japan's Financial Services Agency urges institutional investors to disclose voting results for each proposal or explain the reason if they do not. But it is not feasible to list a reason for voting against for every proposal, Amundi's Hiromitsu Kamata said. Expressing opposition without a sufficient explanation might end up causing misunderstanding of a company, which would hinder engagement with it, he added.

(Nikkei)

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