Proxy Voting Result
from Jan. to Mar. 2018
1. Number of management proposals for Japanese companies voted for, against,
abstain, or carte blanche

Management
Proposals
Allocation of Incomeand Dividends
Election/Removal ofDirectors ※1
Election/Removal of
Statutory Auditors ※1
Amendment of Articles
Retirement Bonus for
Directors & Auditors
Revision ofRemuneration
Stock Option ※2
Election/Removal ofAccounting Auditors
CompanyReorganization ※3
Takeover Defense
Others ※4
TotalForCarte
Total
Blanche Proposals% ofagainst

AgainstAbstain192

2300215

10.7%

2,019

102002,121

4.8%

210

5500265

20.8%

71

50076

6.6%

16100026

38.5%

33

00033

0.0%

46

28

0074

37.8%

800080.0%

51006

16.7%

0192,619

82234

0000008212,853

100.0%
9.5%
8.2%(※1) One candidate is counted as one proposal.
(※2) Includes stock options, pay-for-performance plan, executive bonus, etc.
(※3) Includes merger, sale/transfer of business, equity transfer, stock splits, corporate
separation, etc.
(※4) Includes share buyback, legal reserve decline, third party allotment, capital
reduction, reverse equity split, etc.

Copyright © 2018 Nomura
This document is the sole property of Nomura. No part of this document may be reproduced in any form or by any means – electronic, mechanical, photocopying,recording or otherwise – without the prior written permission of Nomura.

12. Number of shareholder proposals for Japanese companies voted for, against,
abstain, or carte blanche

Shareholder
Proposals
Allocation of Incomeand Dividends
Election/Removal ofDirectors ※1
Election/Removal of
Statutory Auditors ※1
Amendment of Articles
Retirement Bonus for
Directors & Auditors
Revision ofRemuneration
Stock Option ※2
Election/Removal of
Accounting Auditors
CompanyReorganization ※3
Takeover Defense
Others ※4
TotalForCarte
TotalBlanche Proposals% ofagainst

AgainstAbstain

1

100

2

50.0%

0

400

4

100.0%

00000－

3

400

7

57.1%

00000－

0

1

00

1

100.0%

00

000－

00000－

00

000－

10
500
10000000

1
0
15

0.0%
－66.7%(※1) One candidate is counted as one proposal.
(※2) Includes stock options, pay-for-performance plan, executive bonus, etc.
(※3) Includes merger, sale/transfer of business, equity transfer, stock splits, corporate
separation, etc.
(※4) Includes share buyback, legal reserve decline, third party allotment, capital
reduction, reverse equity split, etc.

3. Summary of proxy voting results
・・・

For the shareholders' meetings from Jan. to Mar., there were 2,853 cases ofcompany resolutions and 15 cases of shareholder resolutions. Decisions for approvalor disapproval totaled 2,868 cases.
Company resolutions comprised 2,121 cases related to the election of directors, 265cases related to the election of statutory auditors, 215 cases related to the allocationof income and dividends, and 76 cases related to the amendment of articles.
Regarding resolutions of allocation of income and dividends, we voted against mainly
when we judged there to be insufficient shareholder returns in spite of the company
having enough financial capacity.
2

・・・・

Regarding resolutions related to the election of directors, we voted against theappointment of candidates we judged to be responsible for earnings downturns, aswell as outside director candidates that we thought lacked independence.
Regarding resolutions for election of statutory auditors, we mainly voted against
outside statutory auditor candidates that we thought lacked independence.
Regarding resolutions to amend the articles of incorporation, we mainly opposed
giving authority, to the boards of directors of institutions, to determine the dividends ofcompanies whose dividend performance is not high.
As for shareholder resolutions, there were 15 cases, on which we voted for in 5
cases, and against for all other resolutions after assessing their merits.

3