Proxy Voting Policy

The Trustee recognises that voting rights and corporate actions are an important aspect of share ownership and should be managed effectively. Voting rights should be exercised and proxy votes should be cast in a manner that seeks to improve the long term investment performance of the Fund.

For the Fund’s investments in Australian share mandates, the Trustee requires the investment managers to have a written board approved policy on the exercising of proxy votes and formal internal procedures to ensure the policy is applied consistently. The Trustee has delegated the authority and responsibility for exercising the Fund’s proxy votes to these investment managers and expects them to actively participate in all corporate actions and voting rights and requires its’ voting to be in the best interests of members of the Fund. While the investment managers will retain autonomy for exercising proxy votes, the Trustee retains the ability to direct investment managers in relation to the exercise of proxy voting and corporate actions but will only do so where it is deemed to be in the best interests of the Fund.

The exercise of proxy votes by investment managers is monitored by the Trustee, to ensure the managers are properly discharging their share voting responsibilities and fulfilling its duty to member of the Fund, and that the Trustee has satisfied its fiduciary duty.

It is recognised that the Fund’s investment in international shares is via pooled unit trusts and accordingly, the Trustee has limited opportunity to influence voting decisions.

In accordance with the SIS Act (2.38), the Trustee will disclose this policy with regards proxy voting on the Fund’s website, as well as a summary of how the entity has exercised its voting rights in relation to shares in listed companies during the previous financial year.

This is an extract from the Fund’s Investment Policy Statement (June 2017).