PRESS RELEASE
3 AUGUST 2020

NIKKO ASSET MANAGEMENT CO., LTD.

Nikko Asset Management Discloses its Voting Results for
2019/20 Shareholder Meetings
At the shareholder meetings of 2,306 Japanese companies in which Nikko Asset Management Co., Ltd.
(Nikko AM) held voting rights between July 2019 and June 2020, the firm cast 2,758 negative votes against
23,012 company generated proposals. This translates to 12.0% of the total. Please see the tables below forfurther details.
1. Company-generated proposals
Proposal

Proposals on company bodies

Nay

Election/dismissal of directors

15,192

2,191

17,383

12.6%

Ref: number of companies

1,400

746

2,146

34.8%

2,235

203

2,438

8.3%

953

169

1,122

15.1%

Election/dismissal of corporate
auditors
Ref: number of companies

Subtotal

Nay ratio

Appointment/dismissal of
accounting auditors
Executive remuneration amount

57

057

0.0%

713

76

789

9.6%

Retirement benefit payments

58

86

144

59.7%

Appropriation of surpluses

1,416

71

1,487

4.8%

Restructuring

48149

2.0%

Introduction/renewal/abolishmentof anti-takeover measures

094

94

100.0%

Other capital policy proposals564606.7%

Revision to articles of incorporation

478

32510

6.3%

Other

10

10.0%

Total

20,254

2,758

23,01212.0%

Proposals on executiveremuneration

Proposals on capital policy(excluding proposals on articlesof incorporation)en.nikkoam.com

Yea

1

2. Shareholder Proposals
Proposal

Proposals on company bodies

Yea

Nay

Subtotal

Yea ratio

Election/dismissal of directors

993

102

8.8%

Ref: number of companies

52025

20.0%

Election/dismissal of corporate
auditors

63

966.7%

Ref: number of companies

11250.0%

Appointment/dismissal of
accounting auditors
Executive remuneration amount0000.0%03

30.0%

Retirement benefit payments

0000.0%Appropriation of surpluses

27922.2%

Restructuring

01

10.0%

202

100.0%

15616.7%

Revision to articles of incorporation

1128

129

0.8%

Other

00

00.0%

Total

21240

261

8.0%

Proposals on executiveremuneration

Proposals on capital policy(excluding proposals on articles
of incorporation)

Introduction/renewal/abolishmentof anti-takeover measures
Other capital policy proposals

Nikko AM makes voting decisions in accordance with the firm’s Guidelines on Exercising Voting Rights andStandards for Exercising Voting Rights on Japanese Stocks. In addition to these clear guidelines andconditions, the firm also engages with each investee company to best understand its particular situation,and then exercises flexibility to vote in the best interest of each investee’s sustainability and effective use ofcapital.
Furthermore, many investee companies are facing challenging management situations due to the spread of
the novel coronavirus. Nikko AM has increased our engagement with these companies and forged closer
relationships than under normal circumstances, including the opening of a new channel(stewardship@nikkoam.com) for investee companies who would like further engagement. This closer
engagement enables Nikko AM to have an even deeper understanding of each investee’s businessconditions and activities, leading to more flexible decisions for each company.
Nikko AM is committed to fully adhering to its stewardship responsibilities, as part of efforts to maximise
medium and long-term investment returns and protect the assets of its clients and beneficiaries, and inaccordance with the firm’s fiduciary principles.
– ENDS –en.nikkoam.com

2About Nikko Asset Management
With US$205.2 billion* 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 passive strategies covers more than 20 indices and includes some of Asia’s
largest exchange-traded funds (ETFs).
Headquartered in Asia since 1959, the firm employs approximately 200** investment professionals, representing
approximately 30 nationalities across 11 countries. More than 400 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 Asian DNA,
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.
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 31 March 2020.
** As of 31 March 2020, 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 suchcircumstances as may be permitted by applicable laws. This document does not constitute personal investment advice or a personal
recommendation and it does not consider in any way the objectives, financial situation or needs of any recipients. All recipients arerecommended to consult with their independent tax, financial and legal advisers prior to any investment.
This document is for information purposes only and is not intended to be an offer, or a solicitation of an offer, to buy or sell any investments orparticipate in any trading strategy. Moreover, the information in this document will not affect Nikko AM’s investment strategy in any way. The
information and opinions in this document have been derived from or reached from sources believed in good faith to be reliable but have notbeen independently verified. Nikko AM makes no guarantee, representation or warranty, express or implied, and accepts no responsibility orliability for the accuracy or completeness of this document. No reliance should be placed on any assumptions, forecasts, projections, estimatesor prospects contained within this document. This document should not be regarded by recipients as a substitute for the exercise of 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 a loss of capital may occur. Estimates offuture performance are based on assumptions that may not be realised. Investors should be able to withstand the loss of any principal
investment. The mention of individual securities, sectors, regions or countries within this document does not imply a recommendation to buy orsell.
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.
United Kingdom and rest of Europe: This document is communicated by Nikko Asset Management Europe Ltd, which is authorised andregulated in the United Kingdom by the Financial Conduct Authority (the FCA) (FRN 122084). This document constitutes a financial promotion
for the purposes of the Financial Services and Markets Act 2000 (as amended) (FSMA) and the rules of the FCA in the United Kingdom, and isdirected at professional clients as defined in the FCA Handbook of Rules and Guidance.
United States: This document may not be duplicated, quoted, discussed or otherwise shared without prior consent. Any offering or distributionof a Fund in the United States may only be conducted via a licensed and registered broker-dealer or a duly qualified entity. Nikko AssetManagement Americas, Inc. is a United States Registered Investment Adviser.

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Singapore: This document is for information to institutional investors as defined in the Securities and Futures Act (Chapter 289), andintermediaries only. Nikko Asset Management Asia Limited (Co. Reg. No. 198202562H) is regulated by the Monetary Authority of Singapore.
Hong Kong: This document is for information to professional investors as defined in the Securities and Futures Ordinance, and intermediaries
only. The contents of this document have not been reviewed by the Securities and Futures Commission or any regulatory authority in HongKong. Nikko Asset Management Hong Kong Limited is a licensed corporation in Hong Kong.
Australia: This document is issued in Australia by Nikko AM Limited (ABN 99 003 376 252, AFSL 237563). It is for the use of wholesale clients,
researchers, licensed financial advisers and their authorised representatives only.
New Zealand: This document is issued in New Zealand by Nikko Asset Management New Zealand Limited (Company No. 606057, FSP22562). It
is for the use of wholesale clients, researchers, licensed financial advisers and their authorised representatives only.
Kingdom of Bahrain: The document has not been approved by the Central Bank of Bahrain which takes no responsibility for its contents. No
offer to the public to purchase the Strategy will be made in the Kingdom of Bahrain and this document is intended to be read by the addresseeonly and must not be passed to, issued to, or shown to the public generally.
Kuwait: This document is not for general circulation to the public in Kuwait. The Strategy has not been licensed for offering in Kuwait by theKuwaiti Capital Markets Authority or any other relevant Kuwaiti government agency. The offering of the Strategy in Kuwait on the basis a private
placement or public offering is, therefore, restricted in accordance with Decree Law No. 7 of 2010 and the bylaws thereto (as amended). No
private or public offering of the Strategy is being made in Kuwait, and no agreement relating to the sale of the Strategy will be concluded inKuwait. No marketing or solicitation or inducement activities are being used to offer or market the Strategy in Kuwait.
Kingdom of Saudi Arabia: This document is communicated by Nikko Asset Management Europe Ltd (Nikko AME), which is authorised andregulated by the Financial Services and Markets Act 2000 (as amended) (FSMA) and the rules of the Financial Conduct Authority (the FCA) in theUnited Kingdom (the FCA Rules). This document should not be reproduced, redistributed, or sent directly or indirectly to any other party or
published in full or in part for any purpose whatsoever without a prior written permission from Nikko AME.
This document does not constitute investment advice or a personal recommendation and does not consider in any way the suitability or
appropriateness of the subject matter for the individual circumstances of any recipient. In providing a person with this document, Nikko AME is
not treating that person as a client for the purposes of the FCA Rules other than those relating to financial promotion and that person will nottherefore benefit from any protections that would be available to such clients.
Nikko AME and its associates and/or its or their officers, directors or employees may have or have had positions or material interests, may at any
time make purchases and/or sales as principal or agent, may provide or have provided corporate finance services to issuers or may provide or
have provided significant advice or investment services in any investments referred to in this document or in related investments. Relevant
confidential information, if any, known within any company in the Nikko AM group or Sumitomo Mitsui Trust Holdings group and not available
to Nikko AME because of regulations or internal procedure is not reflected in this document. The investments mentioned in this document may
not be eligible for sale in some states or countries, and they may not be suitable for all types of investors.
Oman: The information contained in this document nether constitutes a public offer of securities in the Sultanate of Oman as contemplated by
the Commercial companies law of Oman (Royal decree 4/74) or the Capital Markets Law of Oman (Royal Decree80/98, nor does it constitute anoffer to sell, or the solicitation of any offer to buy non-Omani securities in the Sultanate of Oman as contemplated by Article 139 of theExecutive Regulations to the Capital Market law (issued by Decision No. 1/2009). This document is not intended to lead to the conclusion of any
contract of whatsoever nature within the territory of the Sultanate of Oman.
Qatar (excluding QFC): The Strategies are only being offered to a limited number of investors who are willing and able to conduct an
independent investigation of the risks involved in an investment in such Strategies. The document does not constitute an offer to the public
and should not be reproduced, redistributed, or sent directly or indirectly to any other party or published in full or in part for any purpose
whatsoever without a prior written permission from Nikko Asset Management Europe Ltd (Nikko AME). No transaction will be concluded in yourjurisdiction and any inquiries regarding the Strategies should be made to Nikko AME.
United Arab Emirates (excluding DIFC): This document and the information contained herein, do not constitute, and is not intended toconstitute, a public offer of securities in the United Arab Emirates and accordingly should not be construed as such. The Strategy is only being
offered to a limited number of investors in the UAE who are (a) willing and able to conduct an independent investigation of the risks involved in
an investment in such Strategy, and (b) upon their specific request.
The Strategy has not been approved by or licensed or registered with the UAE Central Bank, the Securities and Commodities Authority or any
other relevant licensing authorities or governmental agencies in the UAE. This document is for the use of the named addressee only and should
not be given or shown to any other person (other than employees, agents or consultants in connection with the addressee's consideration
thereof).
No transaction will be concluded in the UAE and any inquiries regarding the Strategy should be made to Nikko Asset Management Europe Ltd.
Republic of Korea: This document is being provided for general information purposes only, and shall not, and under no circumstances is, to beconstrued as, an offering of financial investment products or services. Nikko AM is not making any representation with respect to the eligibilityof any person to acquire any financial investment product or service. The offering and sale of any financial investment product is subject to theapplicable regulations of the Republic of Korea. Any interests in a fund or collective investment scheme shall be sold after such fund isregistered under the private placement registration regime in accordance with the applicable regulations of the Republic of Korea, and theoffering of such registered fund shall be conducted only through a locally licensed distributor.
Comprehensive Risk Information on Mutual Funds: http://en.nikkoam.com/risk-information-mutual-funds

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