Media Release
For immediate release
Melbourne, Tuesday 25 November 2008
UniSuper to begin proxy voting in Asia
In a bid to improve shareholder participation and representation, the $23 billion industry
super fund, UniSuper, is extending its proxy voting policy to include Asian investments.
With approximately AU$1 billion currently invested in Asia, UniSuper has commenced voting on a
third of its stocks in Asia, representing more than 400 companies.
UniSuper’s Chief Investment Officer, David St. John, says that an increase in the number of
foreign holdings combined with an improvement in voting services to the region, has meant that
investors can 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”.
“By voting in Asia UniSuper has the potential to contribute to, and drive, improvements in the
region’s corporate governance standards. Not only is this expected to enhance the long-term
risk/return performance of UniSuper’s investments, it will also encourage greater participation
from other global investors,” said St. John.
The approach is consistent with the OECD Principles of Corporate Governance, which highlight
the need to address cross-border impediments and encourage institutions to vote in as many
jurisdictions as practicable. It also demonstrates the Fund’s commitment to the United Nations
Principles of Responsible Investment (UNPRI), which encourage funds to actively vote their
proxies.
“Our move into Asia reflects UniSuper’s ongoing commitment to good governance. And, as one of
Australia’s earliest signatories to the UNPRI we are delighted to be extending our voting reach
into Asian markets,” said St. John.
Asia is one of the world’s largest market regions, representing more than 19% of world stock
market capitalisation. As with its US, UK and European equities, UniSuper is utilising UK-based
proxy advice specialists Pension Investment Research Consultants (PIRC) as its proxy voting
advisor in Asia.
For further information, contact:
David St. John
Terry McCredden
Chief Investment Officer
Chief Executive Officer
UniSuper Management Pty Ltd
UniSuper Management Pty Ltd
(03) 9691 4105
(03) 9691 4102
About UniSuper:
UniSuper is an Australian superannuation fund that provides retirement benefits primarily for
employees of Australian universities. UniSuper’s net funds under management total over $24.0
billion, supporting over 441,000 members. The Fund’s assets are spread across 147 investment
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