August 26, 2013

Press Release
Nikko Asset Management Co., Ltd.

Results of Exercise of Voting Rights at June 2013 GSMs
Nikko Asset Management Co., Ltd. (“Nikko AM”) announced today the results of its exercise of voting
rights in proposals made at the general shareholder meetings of 1,908 invested companies between July2012 and June 2013. Nikko AM voted against 1,803 of a total 18,929 company-generated proposals,resulting in a 9.5 percent ratio of nay votes on such proposals. Details may be found in the table below.
Nikko AM voted against 1,001 of a total 13,731 proposals regarding the election of directors. The nay
ratio in this category fell by 2.6% from the previous year to 7.3% mainly due to a decrease from last year in
the number of companies underperforming, as well as an increase in efforts by companies to strengthen
their corporate governance, such as the appointment of outside directors. Nikko AM voted against 76 of a
total 271 proposals regarding the payment of retirement benefits. Due to a decrease in the number ofproposals on payments to outside directors and outside auditors, which Nikko AM generally votes against,
the nay ratio in this category fell by 12.7% from the previous year to 28%. Nikko AM's nay ratio for
proposals on preventive measures against acquisition remained high at 97.4%.
In aiming to ensure the fulfillment of its fiduciary responsibility by appropriately exercising its voting rights
in the companies in which it invests, Nikko AM established its Guidelines for the Exercise of Voting Rights
in 2002 and exercises its voting rights based on the content of those guidelines, while also making
revisions to them when so required. Nikko AM was the first asset management company in Japan torelease 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 for your reference on the following page on our website.
http://en.nikkoam.com/voting-rights/results
Nikko AM will continue to fulfill its fiduciary responsibility through active dialogue with the companies inwhich 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 2012 – June 2013
Proposal(For Ref.) July 2011 – June 2012

Subtotal

Yea

Nay

Nay
ratio

Subtotal

Yea

1,320

1,302

18

1.4%

1,309

1,283

26

2.0%

624

570

54

8.7%

562

501

61

10.9%

Election/Dismissal of directors

13,731

12,730

1,001

7.3%

12,731

11,465

1,266

9.9%

Election/Dismissal of corporate auditors

2,183

1,788

395

18.1%

3,185

2,561

624

19.6%

Retirement benefit payments

271

195

76

28.0%

339

201

138

40.7%

Revision of executive remuneration amount

317

292

257.9%

373

346

277.2%

Granting of stock acquisition rights

160

102

5836.3%176

112

6436.4%

Restructuring

63

46

1727.0%61

441727.9%Other company-generated proposals

260

101

159

61.2%

214

110

104

48.6%

153

4

149

97.4%

100

4

9696.0%

Selection of corporate auditors

25

223

12.0%

31

3100.0%

Other

82

75

78.5%

83

75

89.6%

18,92917,126

1,803

9.5%

18,95016,623

2,327

12.3%

Appropriation of surpluses
Partial revision to articles of incorporation

Granting of stock acquisition rights

NayratioNay(preventive measures against acquisition)

Total

2. Shareholder Proposals
July 2012 – June 2013
Proposal(For Ref.) July 2011 – June 2012

Subtotal

Yea

Nay

Yea
ratio

Subtotal

Yea

Nay

Yea
ratio

Appropriation of surpluses

50

50.0%

51

4

20.0%

Election/Dismissal of officers

49

049

0.0%

62

260

3.2%

Other proposals

68068

0.0%

85

085

0.0%

122

0122

0.0%

152

3149

2.0%

(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
Established in 1959, the Nikko Asset Management group (Nikko AM) has grown to become the largest
regional asset management company headquartered in Asia, with total AUM of US$162 billion* and one of
the largest distributor networks across the Asia-Pacific region, comprising over 300 banks, brokers, IFAs andlife insurance companies.
Nikko AM manages a wide range of Asian equity and Asian fixed income strategies for retail and institutional
investors around the world. The company has been recognised by industry peers for outstanding
performance, product innovation and market leadership across the Asia-Pacific region, winning a number ofprestigious awards**, including “Asia-Based Asset Manager of the Year” in 2012 and “Best Japan Onshore
Fund Manager” in 2013, 2012 and 2011, both from AsianInvestor.
Nikko AM also offers specialist third-party expertise – currently from over 40 fund managers – through theWorld Series Fund Platform®, operating a “best-in-class” approach across a broad range of asset classes.
Nikko AM’s senior management team has significant experience across Asian as well as global markets. The
team combines local knowledge with internationally recognised standards of investment practice,transparency and corporate governance to achieve growth across the business. The company adopts a“multi local” approach – giving local management teams a high degree of autonomy to address local market
conditions and client servicing needs.
Nikko AM’s head office is in Tokyo and the firm has an extensive footprint across the Asia-Pacific region that
includes offices in Singapore, Hong Kong, Sydney, Melbourne, Brisbane and Auckland. Offices in New Yorkand London with full service teams provide support to investors in the US, Europe and the Middle East.
Nikko AM’s strong Asian presence is cemented with stakes in several joint venture companies. Rongtong
Fund Management is one of the largest Sino-foreign joint venture fund management firms in China, while
Hwang Investment Management Berhad and Asian Islamic Investment Management Sdn. Bhd. are leading
investment management firms in Malaysia. Recent additions Ambit Investment Advisory Private Limited in
Mumbai and Ambit Mauritius Investment Management Private Limited provide Indian equity expertise toNikko AM’s global clients.
Nikko AM is an independently managed asset management company, majority owned by Sumitomo Mitsui
Trust Holdings and with DBS Bank as the second largest shareholder.
For more information, please visit www.nikkoam.com/english* Consolidated assets under management and advice of Nikko AM and its subsidiaries as at 31 March 2013. “Largest” based on AUM sourced from Asia,including Australia and New Zealand, using third party published AUM figures as of June 30, 2012. “Regional” excludes firms with more than 75% of AUM
sourced from a single country.
**These awards are based on past performance and does not guarantee future investment performance.

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