Investment managers are delegated responsibility to exercise voting rights on behalf of the Authority but the Authority retains the ultimate voting right.
Managers are required to vote in the interests of the Fund and their voting record is monitored. New Zealand managers are required to advise the Authority of their voting intent where the issue is likely to be publicly contentious, against the recommendation of an approved proxy voting service or give rise to a conflict of interest. In such cases, Management may direct the manager’s votes under delegation from the Board.
Managers’ voting record is summarised on the website every six months.