August 27, 2014

Press Release
Nikko Asset Management Co., Ltd.

Nikko Asset Management Casts Fewer Nay Votes at Shareholder Meetings in 2013/14
Growing awareness of strengthening corporate governance in Japan and improving corporate earnings
has led Nikko Asset Management to cast fewer negative votes at general shareholder meetings of the firmsthat the Tokyo-based asset manager has invested in the year to June 2014, the company announced today.
Nikko Asset Management unveiled the results of its voting rights exercised in proposals made at thegeneral shareholder meetings of 1,996 companies that the asset manager invested between July 1st, 2013
and June 30th, 2014.
The results showed that the asset manager voted against 1,430 out of a total 18,753
company-generated proposals. This translates into a 7.6% ratio of opposition votes, down from a 9.5%
ratio during the same period a year ago.
In regard to proposals to elect directors, the percentage of Nikko Asset Management’s nay votes
dropped to 5.4% from 7.3% a year ago. In the proposal for electing corporate auditors, the asset
manager’s opposition votes fell to 16.8% compared with 18.1% a year ago.
The asset management firm’s ratio of no votes for proposals on measures to prevent acquisitions
remained high at 95.2%, although it dropped against the previous year’s 97.4%.
In May 2014, Nikko Asset Management announced its adoption of the "Principles for Responsible
Institutional Investors" (also known as Japan’s Stewardship Code) in relation to its investments in publicly
traded Japanese stocks. Nikko Asset Management unveiled its policy on the stewardship code in order tospecify how it will fulfill its stewardship responsibilities (http://en.nikkoam.com/stewardshipcode). As thispolicy indicates, Nikko Asset Management emphasizes the exercising of voting rights in the companies inwhich it invests as an opportunity to express its opinion and does so in accordance with its Guidelines on
Exercising Voting Rights. Moreover, the asset manager was the first asset management company in Japanto release results of its exercise of voting rights, and has been doing so since 2007. The past results of its
exercise of voting rights are available on the following website (http://en.nikkoam.com/voting-rights/results).
Nikko Asset Management will continue to fulfill its fiduciary responsibility through appropriate
engagement with the companies in which it invests.

Nikko Asset Management Co., Ltd.
Midtown Tower, 9-7-1 Akasaka, Minato-ku, Tokyo, 107-6242, Japan
www.nikkoam.com

Status of Exercise of Voting Rights by Proposal Type
1. Company-generated Proposals
July 2013 – June 2014
Proposal(For Ref.) July 2012 – June 2013

Subtotal

Yea

Nay

Nay
ratio

Subtotal

Yea

Nay

Nay
ratio

1,403

1,390

130.9%

1,320

1,302

18

1.4%

647608

39

6.0%

624

570

548.7%

Election/Dismissal of directors

13,593

12,854739

5.4%

13,731

12,730

1,001

7.3%

Election/Dismissal of corporate auditors

2,016

1,677

339

16.8%

2,183

1,788

395

18.1%

Retirement benefit payments

261

199

6223.8%

271

195

76

28.0%

Revision of executive remuneration amount

350

334

164.6%

317

292

257.9%

Granting of stock acquisition rights

175

129

46

26.3%

160

102

58

36.3%

Restructuring

49

44

510.2%

63

46

1727.0%

Other company-generated proposals

259

88

171

66.0%

260

101

159

61.2%

1678159

95.2%

153

4

149

97.4%

Selection of corporate auditors

3432

25.9%

25

22312.0%

Other5848

1017.2%

82

75

78.5%

18,753

17,323

1,430

7.6%

18,92917,126

1,803

9.5%

Appropriation of surpluses
Partial revision to articles of incorporation

Granting of stock acquisition rights(preventive measures against acquisition)

Total

2. Shareholder Proposals
July 2013 – June 2014
Proposal(For Ref.) July 2012 – June 2013

Subtotal

Yea

Nay

Yea
ratio

Subtotal

Yea

Nay

Yea
ratio

Appropriation of surpluses

72528.6%

5050.0%Election/Dismissal of officers

350350.0%490490.0%

Other proposals

12111200.8%

680680.0%

1633160

1.8%

122

0

1220.0%(incl. revision to articles of incorporation)

Total

Nikko Asset Management Co., Ltd.
Midtown Tower, 9-7-1 Akasaka, Minato-ku, Tokyo, 107-6242, Japan
www.nikkoam.com

About Nikko Asset Management
Nikko Asset Management (Nikko AM) is a leader in the Asian financial services industry, with $158 billion in assets undermanagement as of March 31, 2014. Established in 1959, the firm has representation across 24 locations in 12 countries
and enjoys one of the largest distributor networks in the region, serving both retail and institutional clients. More than 300banks, brokers, financial advisors and life insurance companies distribute the company’s products.
Nikko AM manages a wide range of equity and fixed income strategies in both active and passive formats, leveraging thetalents of over 270 investment professionals. In 2013 alone, Nikko AM won awards for excellence in asset managementfrom Lipper, Morningstar, Mercer, AsianInvestor, R&I, among others.
The company’s management team is highly diverse and experienced, and is committed to running the company
according to international best practices. Nikko AM’s independence from the limitations imposed on many captive asset
management companies allows it to focus on the interests of clients. At the same time, the company enjoys a stable baseof shareholders, with majority ownership held by Sumitomo Mitsui Trust Holdings and a smaller stake by DBS Bank.
For more information, please visit http://en.nikkoam.com/* Consolidated assets under management and sub-advisory of Nikko AM and its subsidiaries as of 31 March 2014. AUM figures are converted into US
dollars using the month-end exchange rate.
** Represents the 24 locations of Nikko Asset Management and its overseas subsidiaries and affiliates (including minority joint ventures) across 12countries.

Nikko Asset Management Co., LTD
Registration Number: Director of the Kanto Local Finance Bureau (Financial instruments firms) No. 368
Member Associations: The Investment Trusts Association, Japan/Japan Investment Advisers Association

Nikko Asset Management Co., Ltd.
Midtown Tower, 9-7-1 Akasaka, Minato-ku, Tokyo, 107-6242, Japan
www.nikkoam.com