1. Proxy Voting Principles
We will exercise the voting rights for shares pertaining to client assets and trust assets (hereinafter referred to as “Investment Portfolios”) for which investment decisions are entrusted to us, based on a reasonable judgment of what will best serve the financial interests of the client or beneficiary. When exercising our voting rights, we will aim to increase the value of shares held in the Investment Portfolios or to prevent the loss of the value of such shares. We will follow our Proxy Voting Regulations when making specific decisions on proxy voting.
2. Decision-Making Processes and Organizational Structure for Proxy Voting
The Investment Policy Committee makes the final decision on the exercising of our proxy voting rights. In the decision-making process, a fund manager drafts a proposal for exercising voting rights and the head of the Equity Strategy Department approves it and submits it to the Investment Policy Committee.
3. Proxy Voting Guidelines
We have set forth guidelines for the exercising of proxy voting rights. When going about exercising our voting rights, it is our policy to respect the management decisions made by individual companies and to not exercise our voting rights as a means of resolving specific social or political issues. We will carefully scrutinize a proposal particularly in cases involving the exercising of voting rights by a company if it falls under any of the following circumstances:
- When the company has violated the law or has been involved in anti-social activities
- When the company’s audit opinion is not unqualified
- When the company’s disclosure of information has been deemed inappropriate and harmful to shareholder interests
- When the company has continued to experience a significant slump in business performance or investment returns, and its management has been deemed to have made insufficient efforts to address that situation
- When the company’s business or financial strategy has been deemed to harm shareholder interests
- When the company’s board of directors or board of corporate auditors has been deemed inappropriate in terms of size, composition, etc. and harmful to shareholder interests
- When there are other circumstances that have clearly been deemed to harm shareholder interests
- When the proposal has been submitted by shareholders
4. Proxy Voting Results
Our proxy voting results are as shown below.
| December 25, 2025 |
Disclosure of individual proposals which we voted against at the general meetings of shareholders held from July 2024 to June 2025 |
| October 22, 2025 |
Results of proxy voting at the general meetings of shareholders held in May and June 2025 |
| June 25, 2025 |
Disclosure of individual proposals which we voted against at the general meetings of shareholders held in June 2025 |
| February 26, 2025 |
Disclosure of individual proposals which we voted against at the general meetings of shareholders held from July 2023 to June 2024 |
| October 16, 2024 |
Results of proxy voting at the general meetings of shareholders held in May and June 2024 |
| September 21, 2023 |
Results of proxy voting at the general meetings of shareholders held in May and June 2023 |
| December 26, 2022 |
Disclosure of individual proposals which we voted against at the general meetings of shareholders held from July 2021 to June 2022 |
| September 14, 2022 |
Results of proxy voting at the general meetings of shareholders held in May and June 2022 |
| December 28, 2021 |
Disclosure of individual proposals which we voted against at the general meetings of shareholders held from July 2020 to June 2021 |
| September 30, 2021 |
Results of proxy voting at the general meetings of shareholders held in May and June 2021 |
| April 15, 2021 |
Results of proxy voting at the general meetings of shareholders held in May and June 2020 |
| April 15, 2021 |
Disclosure of individual proposals which we voted against at the general meetings of shareholders held from July 2019 to June 2020 |
| September 30, 2019 |
Results of proxy voting at the general meetings of shareholders held in May and June 2019 |
| February 27, 2019 |
Disclosure of individual proposals which we voted against at the general meetings of shareholders held from January to June 2018 |
| August 29, 2018 |
Results of proxy voting at the general meetings of shareholders held in May and June 2018 |
| August 17, 2017 |
Results of proxy voting at the general meetings of shareholders held in May and June 2017 |
| August 3, 2016 |
Results of proxy voting at the general meetings of shareholders held in May and June 2016 |
| July 8, 2015 |
Results of proxy voting at the general meetings of shareholders held in May and June 2015 |
| July 1, 2014 |
Results of proxy voting at the general meetings of shareholders held in May and June 2014 |
| July 1, 2013 |
Results of proxy voting at the general meetings of shareholders held in May and June 2013 |
| July 12, 2012 |
Results of proxy voting at the general meetings of shareholders held in May and June 2012 |
| July 8, 2011 |
Results of proxy voting at the general meetings of shareholders held in May and June 2011 |
| August 27, 2010 |
Results of proxy voting at the general meetings of shareholders held in May and June 2010 |
