PRESS RELEASE
17 AUGUST 2018

NIKKO ASSET MANAGEMENT CO., LTD.

Nikko Asset Management Discloses its Voting Results for2017/18 Shareholder Meetings
At the shareholder meetings of 2,255 Japanese companies in which Nikko Asset Management Co., Ltd.
(Nikko AM) invests held from July 2017 through June 2018, the Firm cast 3,453 negative votes against
22,142 proposals. This translates to 15.6% of the total.
Last year, this was 16.9%, up from 9.1% in 2015/16 - an almost doubling based on an enhanced
commitment to disclosure introduced with 2016/17 Shareholder Meetings, and continued this year.
Nikko AM votes based on its Guidelines on Exercising Voting Rights, which stipulates criteria. See thetables below (Votes by Proposal Type) for further details.

Votes by Proposal Type
1. Company-generated proposals
Proposal

Yea

Nay

Election/Dismissal of directors

14,183

2,934

17,117

Nay
ratio
17.1%

Ref: number of companies
Election/Dismissal of corporate
auditors
Ref: number of companies
Appointment/dismissal of accounting
auditors
Executive remuneration amount

1,252

832

2,084

39.9%

1,568

162

1,730

9.4%

893

135

1,028

13.1%40040

0.0%

699

73

772

9.5%

Retirement benefit payments

16226

188

13.8%

Appropriation of surpluses

1,374

135

1,509

8.9%

43

1154

20.4%

062

62

100.0%

110

8118

6.8%

Revision to articles of incorporation

510

41

551

7.4%

Other

01

1

100.0%

18,6893,453

22,142

15.6%

Proposals on company
bodies

Proposals on executive
renumeration
Proposals on capital
policy (excluding
proposals on articles ofincorporation)

Restructuring
Introduction/renewal/abolishment ofanti-takeover measures
Other capital policy proposals

Total

SubtotalNote: For some of the proposals related to issuing stock acquisition rights as stock options, we changed theproposal type from "Other capital policy proposals" to "Executive remuneration amount". (Changed on 28 August2018)12. Shareholder Proposals
Proposal

Yea

Nay

Subtotal

Yea ratio

Election/Dismissal of directors

54146

10.9%

Ref: number of companies
Election/Dismissal of corporate
auditors
Ref: number of companies
Appointment/dismissal of accounting
auditors
Executive remuneration amount2151711.8%

0000.0%0000.0%0000.0%0770.0%Retirement benefit payments

0000.0%Appropriation of surpluses

651154.5%

Restructuring
Introduction/renewal/abolishment ofanti-takeover measures
Other capital policy proposals

0000.0%202

100.0%

00

00.0%

Revision to articles of incorporation

0000.0%

Other

1286

98

12.2%

25139

164

15.2%

Proposals on company
bodies

Proposals on
executive
remuneration
Proposals on capital
policy(excluding proposals
on articles ofincorporation)

Total

In June 2016, the Firm established its Stewardship & Voting Rights Policy Committee, to ensure
conformity with fiduciary and ESG principles. This Committee is majority composed of outside
representatives who monitor and supervise Nikko AM’s voting activities, and engagement by researchanalysts and others. The Firm also monitors transactions related to potential conflict of interest, and theCommittee supervises the Firm’s voting in relation to this.
Nikko AM is committed to fully adhering to its stewardship responsibilities, as part of efforts to maximize
medium and long-term investment returns for its clients and beneficiaries, and in accordance with thePrinciples for Responsible Institutional Investors set forth in Japan’s Stewardship Code.

– ENDS –About Nikko Asset Management
With US$220.1 billion (23.41 trillion yen)* under management, Nikko Asset Management is one of Asia’s
largest asset managers, providing high-conviction, active fund management across a range of Equity,
Fixed Income, Multi-Asset and Alternative strategies. In addition, its complementary range of passivestrategies covers more than 20 indices and includes some of Asia’s largest exchange-traded funds (ETFs).
Headquartered in Asia since 1959, the firm represents nearly 200** investment professionals and over 30
nationalities across 9 countries. More than 300 banks, brokers, financial advisors and life insurancecompanies around the world distribute the company’s products.
The investment teams benefit from a unique global perspective complemented by the firm's historic AsianDNA, striving to deliver consistent excellence in performance. The firm also prides itself on its progressive
solution-driven approach, which has led to many innovative funds launched for its clients.

2For more information about Nikko Asset Management and to access its investment insights, please visit
the firm’s homepage.
* Consolidated assets under management and sub-advisory of Nikko Asset Management and its subsidiaries as of 31March 2018.
** As of 31 March 2018, including employees of Nikko Asset Management and its subsidiaries.

Important Information
This document is prepared by Nikko Asset Management Co., Ltd. and/or its affiliates (Nikko AM) and is for
distribution only under such circumstances as may be permitted by applicable laws. This document does
not constitute investment advice or a personal recommendation and it does not consider in any way thesuitability or appropriateness of the subject matter for the individual circumstances of any recipient.
This document is for information purposes only and is not intended to be an offer, or a solicitation of anoffer, to buy or sell any investments or participate in any trading strategy. Moreover, the information inthis material will not affect Nikko AM’s investment strategy in any way. The information and opinions inthis document have been derived from or reached from sources believed in good faith to be reliable but
have not been independently verified. Nikko AM makes no guarantee, representation or warranty, express
or implied, and accepts no responsibility or liability for the accuracy or completeness of this document. No
reliance should be placed on any assumptions, forecasts, projections, estimates or prospects contained
within this document. This document should not be regarded by recipients as a substitute for the exerciseof their own judgment. Opinions stated in this document may change without notice.
In any investment, past performance is neither an indication nor guarantee of future performance and aloss of capital may occur. Estimates of future performance are based on assumptions that may not berealised. Investors should be able to withstand the loss of any principal investment. The mention ofindividual stocks, sectors, regions or countries within this document does not imply a recommendation tobuy or sell.
Nikko AM accepts no liability whatsoever for any loss or damage of any kind arising out of the use of all or
any part of this document, provided that nothing herein excludes or restricts any liability of Nikko AM
under applicable regulatory rules or requirements.
All information contained in this document is solely for the attention and use of the intended recipients.
Any use beyond that intended by Nikko AM is strictly prohibited.
Japan: The information contained in this document pertaining specifically to the investment products is
not directed at persons in Japan nor is it intended for distribution to persons in Japan. 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/JapanSecurities Dealers Association.

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