Major fund to exercise rights in Asia
One of Australia’s largest industry superannuation funds, UniSuper, has decided to extend its policy of exercising its voting rights in major companies into Asia.
The fund announced the move was intended to improve shareholder participation and representation.
Commenting on the move, UniSuper chief investment officer David St John said an increase in the fund’s foreign holdings combined with an improvement in voting services in the region meant investors could now vote in Asian markets with greater confidence.
“Although corporate governance practices in Asia are still maturing and the proxy voting processes are variable across the region, the necessary infrastructure is in place for UniSuper to start voting,” he said.
St John said by voting in Asia, the fund had the potential to contribute to and drive improvements in the region’s corporate governance standards.
AUTHOR
Mike Taylor
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