Proxy Voting

As a long-term investor in global equity markets, PSP Investments engages in proxy voting to promote better corporate governance and responsibility on the part of the issuers whose shares it holds. In fiscal year 2017, PSP Investments exercised its voting rights at 3,871 meetings, voting against or abstaining from management’s recommendations around 9% of the 40,625 proposed resolutions.

The main issues upon which PSP Investments is called to vote upon are described below:

Board Independence and Effectiveness

PSP Investments believes that a strong, independent board of directors is best positioned to successfully direct and control a company in a way that ensures the creation of long-term shareholder value. In the latest fiscal year, PSP Investments withheld its votes from selected nominees because of non-independence issues, non-separation of the role of Chair and CEO, poor attendance records and director time-commitment issues.


PSP Investments believes that compensation incentives to executives should be suitably structured to enhance shareholder value while rewarding performance that meets or exceeds stated objectives. During the latest fiscal year, PSP Investments voted against several compensation plans that were misaligned with performance or that failed to adequately disclose performance conditions.

Capital Structure

PSP Investments is generally supportive of changes to a company’s capital structure, provided there are sound business reasons for the proposed changes. In the latest fiscal year, PSP Investments voted against certain changes to capital structures because of dilution issues not justified by business considerations.

Shareholder Proposals

Shareholder-initiated proxy proposals can be a useful and relevant means of addressing concerns and effecting change at companies that underperform or have poor environmental, social and government practices. PSP Investments reviews all shareholder proposals on a case-by-case basis. We generally supports shareholder proposals that increase the board of directors’ level of accountability to shareholders and serve the company’s financial interest, without putting excessive constraints on the company, its board of directors or its management. In the latest fiscal year, PSP Investments supported shareholder proposals relating to compensation, majority voting for the election of directors, and additional disclosure with respect to risks.

Auditor Irregularities

PSP Investments supports the election of auditors where they meet generally accepted independence standards and the integrity of an audit has not been compromised. On a limited number of occasions during the past fiscal year, PSP Investments voted against auditors who, in the opinion of PSP Investments, did not meet these standards.

Amendment to Articles

From time to time, PSP Investments is asked to consider resolutions regarding amendments to the articles of a company. Examples of amendments that PSP Investments was asked to vote on include amendments to articles that would limit the right to call a special meeting, or that would change the jurisdiction of incorporation of a company. All resolutions amending articles are reviewed on a case-by-case basis in light of the proposed changes to the company’s governance structure. PSP Investments generally votes against amendments to articles that reduce shareholders’ rights.

Anti-Takeover Protection and M&A

PSP Investments always evaluates takeover-protection policies and proposals as well as shareholder rights plans on a case-by-case basis. During the past fiscal year, PSP Investments voted against takeover proposals, policies and shareholder rights plans where it felt they were not structured to maximize shareholder value, or compromised the rights of shareholders.

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* from april 1, 2016
to december 31, 2017

Issues on which PSP Investments voted against management's recommendation or abstained on resolutions