Proxy Voting Fact Sheet (March 2014)

For annual general meetings held by Russell 3000 companies in January and February 2014, shareholder proposal volume declined compared with same period last year, possibly a sign that investor engagement continues to be fruitful for companies. The proportion of proposals voted increased versus last year, while omissions declined. Activists have introduced new topics to the voting ballot seeking sustainability reporting, proxy access, information about corporate political contributions, and the elimination of tax gross-ups and golden coffins. Data on the number of voted proposals may indicate that proponents are refining their requests to reduce the likelihood of exclusion by management.