PRESS RELEASE

AUGUST 25, 2016

NIKKO ASSET MANAGEMENT CO., LTD.

Nikko Asset Management Votes at 2015/16 Shareholder
Meetings
Total opposition votes increase over last year
At the shareholder meetings of 2,157 companies in which Nikko Asset Management invests, the firm cast
2,163 negative votes against 23,657 proposals from July 2015 through June 2016. This translates to 9.1%of total votes, a slight increase over the 8.7% of total votes in 2014/15. See the tables on the following
page (Votes by Proposal Type) for further details.
The ratio of nay votes against proposals for appropriation of surpluses rose to 4.3% from 1.2% in 2014/15.
Japan’s introduction of its Corporate Governance Code has raised awareness of ROE and increasing
shareholder returns, but this has not yet fully lead to sufficient changes at all firms. The ratio of nay votes
against proposals for anti-takeover defense remained high, dropping only slightly to 89.6% from 92.9% in
2014/15. Finally, the ratio of nay votes against proposals for election/dismissal of directors andelection/dismissal of corporate auditors changed by only about 1% from 2014/15.
Nikko Asset Management has announced its adoption of the "Principles for Responsible Institutional
Investors" (also known as Japan’s Stewardship Code), emphasizing the importance of fully exercising its
voting rights in the companies in which it invests as an opportunity to make its voice heard. Nikko AssetManagement’s Stewardship & Voting Rights Policy Committee exercises voting rights appropriately and inaccordance with the firm’s related Guidelines.
Nikko Asset Management is committed to fulfilling its fiduciary duty through engaging the companies inwhich it invests.

en.nikkoam.com

Votes by Proposal Type
1. Company-generated Proposals
July 2015 – June 2016
ProposalYea

Nay(For Ref.) July 2014 – June 2015
Nay
ratio

Subtotal

Yea

Nay

Nay
ratio

Subtotal

1,426

64

1,490

4.3%

1,440

17

1,457

1.2%

855

85

940

9.0%

1,031

71

1,102

6.4%

Election/Dismissal of directors

15,085

1,412

16,497

8.6%

14,6801,265

15,945

7.9%

Election/Dismissal
auditors

2,566

360

2,926

12.3%

2,949

391

3,340

11.7%

177

65

242

26.9%

195

82

277

29.6%

898

16

914

1.8%561

22583

3.8%

238

51289

17.6%

142

58

200

29.0%

12103

115

89.6%

791

98

92.9%

Restructuring

49251

3.9%

366

42

14.3%

Selection of corporate auditors

46

1

47

2.1%

201

21

4.8%

Other

142

4

146

2.7%

52

0

52

0.0%

21,494

2,163

23,657

9.1%

21,113

2,004

23,117

8.7%

Appropriation of surpluses
Partial revision
incorporation

toarticles

ofofcorporate

Retirement benefit payments
Revision of executive remuneration
amountGranting of stock acquisition rights(Stock Option Plan)
Granting of stock acquisition rights(anti-takeover measures)Total

2. Shareholder Proposals
July 2015 – June 2016

(For Ref.) July 2014 – June 2015

Proposal
Yea

Nay

Subtotal

Yea ratio

Yea

Nay

Subtotal

Yea ratio

Appropriation of surpluses

841266.7%

57

12

41.7%

Election/Dismissal of officers

133

34

2.9%

036

36

0.0%

Other proposals(incl. revision to articles of incorporation)

11104

115

9.6%

3120

123

2.4%

Total

20141

161

12.4%

8163

171

4.7%

en.nikkoam.com

About Nikko Asset Management
Nikko Asset Management is positioning itself to be Asia’s premier global asset manager. The firm offers
world-class asset management solutions for global investors, and has US$154.9 billion (17.42 trillion yen) inassets under management*. With more than 200 investment professionals**, the firm leverages its
extensive global resources representing over 30 nationalities across 11 countries. Headquartered in Asia forover 55 years, Nikko Asset Management’s vantage point, extending east to west, distinguishes its
investment approach.
For more information, please visit http://en.nikkoam.com/* Consolidated assets under management and sub-advisory of Nikko Asset Management and its subsidiaries as of March 31, 2016.
** As of March 31, 2016, including employees of Nikko Asset Management and its subsidiaries.

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/Japan Securities Dealers Association

en.nikkoam.com

3