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Local Government Super discloses voting intentions
Local Government Super (LGS) has launched a website disclosing their voting intentions in advance of investee company shareholder meetings.
The website discloses company proposals for consideration by shareholders and LGS' voting intentions in real time.
"The main objective of the new site is to increase transparency and disclosure of how we invest our members' retirement savings," LGS chief executive, Peter Lambert, said.
Where LGS votes against a proposal they will provide a reason for their voting decision. LGS will vote against recommendations if they believe there is a long-term environmental, social, and governance (ESG) risk leading to loss of shareholder value.
"We engage with companies on a range of ESG issues to ensure we are addressing potential risks across our investment portfolio," Lambert said.
"We are raising awareness of where we invest our members' savings and how their rights as ultimate beneficiaries of shares are being honoured."
LGS votes in accordance with the Australian Council of Superannuation Investors (ACSI) and CGI Glass Lewis recommendations. LGS has voted against company proposals in the past after concerns of:
- Board diversity and independence
- Remuneration report recommendations
- Sustainability reporting disclosure
- Climate change
LGS holds shares in the majority of top listed companies in Australia and overseas.
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