Responsible Investment Report - UniSuper/media/files/forms and downloads/proxy voting reports...Responsible Investment Report 1 Table of contents How are ESG factors integrated into

Responsible Investment Report

1 January 2009 - 30 June 2009

ii Responsible Investment Report

Foreword by John Pearce

Welcome to UniSuper’s first environmental, social and governance (ESG) report, regarding our investment practices.

UniSuper has, over the past five years, reported on its proxy voting activities on a quarterly basis. I am pleased to annouce that UniSuper is now in a position to report more broadly on the range of investment related ESG activities it has conducted and will prepare a six monthly ESG report. This report will focus on proxy voting as well as a range of other ESG activities that have been conducted over the six month reporting period.

ESG and responsible investment issues are not black and white. As a super fund, it’s our duty to balance a range of considerations and make sure we generate the best outcomes for our members. UniSuper believes that the policies and practices we have in place strike this balance. However, we also recognise that there is much progress to be made.

As a significant investor in Australian and international markets, and as a fiduciary acting in its members’ best interests, UniSuper has a significant role to play in promoting responsible business practices amongst its investee companies. However, at all times, UniSuper is committed to fulfilling the Trustee’s fiduciary duties as enshrined in the Superannuation Industry (Supervision) Act (SIS Act), i.e. act in its members’ best interests (interpreted as their best financial interests) and meet the sole purpose test.

John Pearce

Chief Investment Officer

Responsible Investment Report 1

Table of contentsHow are ESG factors integrated into investments? 2

How is ESG different to socially responsible investing? 2

UniSuper’s SRI options 2

Background to UniSuper’s ESG approach to the end of 2008 3

UniSuper’s ESG approach 3

1. Policies and processes 3

2. Collaborative intiatives 4

3. Specific ESG Activities over Proxy voting 1 January 2009 - 30 June 2009 5

Australia 5

The UK 6

The US 6

Europe 6

Asia 7

Private Equity Corporate Actions 1 January 2009 - 30 June 2009 7

Engagement 1 January 2009 - 30 June 2009 8

Other environmental, social and governance investment activites 8

Developing and implementing an ESG due diligence process 8

Melbourne Financial Services Symposium Investment Stewardship Award 8

UniSuper representation on SBS Insight TV show 8

Climate change initiatives 9

Environmental Social and Governance Research Australia (ESG RA) 10

4. Reporting on progress 10

2 Responsible Investment Report

How are ESG factors integrated into investments?Environmental, social and governance considerations relate to the systematic identification, evaluation and pricing of ESG risks and opportunities as part of the investment decision making process. For example:

• Environmentalconsiderationsmightincludeenergyconsumption,greenhousegasemissions(andapriceoncarbon),water use, impacts on natural landscapes, discharges to air/water/soil and impacts on biodiversity,

• Socialissuesmightrelatetooccupationalhealthandsafety,stakeholderengagement,communitydevelopment,educationand training, child labour, discrimination, product safety, and

• Governanceconsiderationsmightincludeeffectivemanagementpolicies,procedures,Boardcomposition,successionplanning and remuneration practices.

These extra-financial factors can impact company value and investment performance. As such, we expect our investment managers to take a comprehensive view of all factors that impact the value of a company and the decisions regarding whether to buy, sell or hold a stock.

How is ESG different to socially responsible investing?It is important to note that the integration of ESG considerations differs from socially responsible investing (SRI). Specifically, SRI seeks to achieve positive social and environmental outcomes, whilst also satisfying member investment needs. Whereas the integration of ESG seeks to ensure that environmental, social and governance factors are priced into investment decisions, combined with active ownership practices.

UniSuper believes that the integration of ESG considerations across its entire mainstream investment portfolio is important for the following reasons:

• riskmanagement

• opportunityidentification

• memberexpectationandbroaderstakeholdermanagement

UniSuper’s SRI optionsIn addition to incorporating ESG across its mainstream investment portfolio, UniSuper offers two socially responsible options:

• TheSociallyResponsibleHighGrowthoption(100%growthassets),and

• TheSociallyResponsibleBalancedoption(70%growth/30%defensiveassets).

Within the Fund’s SRI options, UniSuper applies a best in sector approach, whereby:

• ourfundmanagersinvestinthosecompaniesthatratehigheronenvironmental,socialandgovernancecriteriarelativetoother companies in the same industry sector, and

• nosectorsorindustriesarecompletelyexcluded.

This means that our fund managers will invest member’s funds in those companies that rate higher on environmental, social and governance criteria relative to other companies in the same industry sector.


Background to UniSuper’s ESG approach to the end of 2008Over the past few years, UniSuper has made some significant progress in this area, which includes:

• becomingafoundationmemberoftheAustralianCouncilofSuperannuationInvestors

• exercisingourproxyvotesinAustralia,Europe,theUK,theUSandAsia

• introducingtwodedicatedsociallyresponsibleinvestmentoptions

• publiclyreleasingaformalInvestmentGovernancePolicyfortheFund

• becomingasignatorytotheUnitedNationsPrinciplesforResponsibleInvestment(UNPRI)

• becomingamemberoftheInternationalCorporateGovernanceNetwork

• publiclyreleasingaformalSustainableInvestmentPolicyfortheFund,and

• releasingaClimatePositionStatement–Investments.

UniSuper’s ESG approachUniSuper’s approach to ESG is represented in the diagram below, and consists of four pillars:

1. Policies and processes

3. Specific actions

4. Monitoring and Reporting

2. Memberships and collaborative initiatives

Continuous Improvement

1. Policies and processesOver the last five years, UniSuper has developed a number of policies and processes, these address:

• proxyvoting,

• SustainableInvestment,and

• InvestmentGovernance.

Inaddition,inthefirstpartof2009,UniSuper’sManagementpreparedaClimateChangePositionStatement–Investments.All of these documents are available at: http://www.unisuper.com.au/about-us/investment-governance


2. Collaborative initiativesUniSuper is a member of, and participates in, a broad range of collaborative initiatives, and has done so for a number of years. Collaborative initiatives and organisations are beneficial in that they enable knowledge transfer, raise awareness of important issues, encourage best practice approaches and provide information to assist the investment industry to understand key ESG issues. UniSuper currently participates in the following collaborative initiatives:

Collaborative initiative Purpose

UnitedNationsPrinciplesforResponsibleInvestment(theUNPRI)

TheUNPRIareavoluntarysetofaspirationalprinciples.InbecomingasignatorytotheUNPRIUniSuperhasvoluntarilycommitteditselftointegrating environmental, social and governance considerations into its mainstreaminvestmentdecisionmakingprocesses.TheUNPRIsetsoutsixprinciples that signatories are encouraged to implement.

Australian Council of Superannuation Investors (ACSI)

UniSuper is a founding member of ACSI. ACSI was established by a group of not-for-profit superannuation funds to facilitate a greater level of active share ownership in a cost effective manner. ACSI conducts research, engagement and advocacy activities and provides proxy voting advisory services.

InternationalCorporateGovernanceNetwork(ICGN)

TheICGNisanotforprofitorganisation(representinginternationalinvestors with over US$9.5 trillion assets under management). Its mission is to raise international standards of corporate governance through contribution to policy debates and ensuring cross border dialogue. Its specific focus is on corporate governance issues.

Environmental, Social and Governance Research Australia (ESG RA)

ESG RA is a collaboration of Australian asset owners and fund managers, which seeks to ensure that financial research regarding environmental, social and governance matters remains a priority for the Australian financial industry.

Investor Group on Climate Change (IGCC)

The IGCC aims to ensure that the risks and opportunities associated with climate change are incorporated into investment decisions for the ultimate benefit of individual investors by raising awareness of the potential impacts resulting from climate change to the investment industry, encouraging best practices approaches to facilitate the inclusion of the impacts of climate change into investment analysis, and providing information to the investment industry.

The Carbon Disclosure Project (the CDP)

The CDP provides a co-ordinating secretariat for a coalition of 385 institutional investors that collectively manage over USD57 trillion. The CDP is an independent not-for-profit organisation that seeks to facilitate dialogue and generate robust data regarding climate change, which in turn can be utilised to assess and address the issue of climate change.

Responsible Investment Association of Australasia (RIAA)

RIAA certifies UniSuper’s SRI investment products. It also runs a range of responsible investment knowledge sharing programs.

In participating in collaborative initiatives, UniSuper carefully considers which are appropriate to its purpose, and is selective in choosing which initiatives it is involved in.


3. Specific ESG activities over 1 January 2009 – 30 June 2009Proxy Voting 1 January 2009 – 30 June 2009

UniSuperiscommittedtobeinganactiveshareownerandassuch,hasexercised100%ofitsproxyvotessince2004.

In terms of how the Fund’s proxy voting process operates, UniSuper’s specialist proxy voting advisors provide ‘how to vote’ recommendations to UniSuper and UniSuper’s fund managers. All UniSuper Australian fund managers must vote ‘FOR’ or ‘AGAINST’andarenotentitledto‘ABSTAIN’unlessthereisaconflictofinterestorcertainothercircumstances.Votesarecastwithreference to the Australian Council of Superannuation Investors (ACSI) Corporate Governance Guidelines (www.acsi.org.au), which have been adopted by UniSuper.

UniSuper also obtains specialist voting advice on corporate governance best practice in ex-Australian markets from Pension Investment Research Consultants (PIRC), who vote on behalf of UniSuper’s international fund managers. It is important to note that there are specific differences between Australian proxy voting and international proxy voting in the US. In particular:

• votespertainingtoindividualDirectorsarenotcastas‘AGAINST’votes,rathertheyarerecordedas‘WITHHOLD’,

• UniSupermayusethe‘Abstain’voteinaccordancewithPIRC’sadvicetoUniSuper,and

• shareholderresolutionsarelodgedmorefrequentlyintheUS.

Australia

UniSuper voted on 200 corporate governance resolutions put forward by companies in the ASX/S&P 200 and a summary of results is set out below:

Number %

Numberofcorporategovernancerelatedresolutions 200

Voted ‘FOR’ in line with UniSuper’s guidelines 174 87

Voted‘AGAINST’inlinewithUniSuper’sguidelines 17 9

NumberofinstanceswherethemajorityofvoteslodgedwerecontrarytoUniSuper’sguidelines

9 4

Thehighestnumberof‘AGAINST’voteswereinrelationtocompanyresolutionsattheshareholdermeetingsofRioTintoLimited,RocOilCompanyLimitedandOZMineralsLimited.

Themostfrequent‘AGAINST’voteslodgedbyUniSuperpertainedto:

• theapprovalofremunerationreports,

• theelectionofdirectors,and

• theissueofzeropriceexerciseoptionstoexecutives.

The most frequent ‘FOR’ votes lodged by UniSuper pertained to the election of Directors, executive remuneration, amending corporate constitutions and auditor reappointment.

Refer to Appendix 1 for more detail regarding the Australian proxy voting results.


The UK

UniSuper voted on 833 corporate governance resolutions put forward by companies in the FTSE 350(UK) and a summary of the results is set out below:

FTSE 350 (UK) Number %


Voted For in line with UniSuper’s guidelines 673 81

Voted Against in line with UniSuper’s guidelines 160 19

Thecompaniesthatreceivedthehighestnumberof‘AGAINST’votesincludedorganisationssuchasRoyalBankofScotland,CarnivalCorp/PLC,GlaxoSmithKlinePLC,AstraZenecaPLCandBarclaysPLC.

The type of resolutions that UniSuper voted against most frequently included:

• theapprovalofremunerationreports,

• theapprovalofshareoptionschemes,

• theappointmentofcertainDirectors,and

• theappointmentofauditors.

The US

UniSuper voted on 3128 corporate governance resolutions put forward by companies in the S&P 500. A summary of the results is set out below:

S&P 500 Number %




Voted‘ABSTAIN’inlinewithUniSuper’sguidelines 8 3

Thecompaniesthatreceivedthehighestnumberof‘AGAINST’votesincludedorganisationssuchasSanofiAventis,CarrefourSupermarche,CNPAssurancesSAandDanone.


• theappointmentofcertaindirectors,and


Europe

UniSuper voted on 1910 corporate governance resolutions put forward by companies in the FTSE 350(UK) and a summary of the results is set out below:

FTSE Eurofirst 300 Number %




Voted‘ABSTAIN’inlinewithUniSuper’sguidelines 4 1


Thecompaniesthatreceivedthehighestnumberof‘AGAINST’votesincludedorganisationssuchasSanofiAventis,CarrefourSupermarche,CNPAssurancesSAandDanone.


• theappointmentofcertaindirectors,and


Asia

UniSuper voted on 945 corporate governance resolutions put forward by companies across Asia, including countries such as China, South Korea, India, Hong Kong, Malaysia, Thailand, The Philippines, Taiwan, Singapore and Indonesia.

Asian Proxy Voting Number %


Voted For in line with UniSuper’s guidelines 884 94

Voted Against in line with UniSuper’s guidelines 61 6

Thecompaniesthatreceivedthehighestnumberof‘AGAINST’votesincludedorganisationssuchasCheungKong(Holdings)Limited,CNOOCLtdandAnhuiConchCementCompanyPtyLtd.


• “Otherbusiness”,thedetailsofwhichwerenotdisclosed,

• theissuanceofequitywithoutpre-emptiverights,

• theissuanceofrepurchasedshares,and

• theissuanceofsharesforaprivateplacement.

Private Equity Corporate Actions 1 January 2009 – 30 June 2009

In addition to voting on share holder resolutions at publicly listed companies, UniSuper is also actively involved in managing itsinvestmentsinunlistedassets.Notonlydowehavearoleinappointingdirectors,UniSuperexercisesitsapprovalrightsin relation to a range of corporate actions. Specifically, corporate actions are proposed corporate activities, governed by the shareholder agreement, which require shareholder approval and sometimes include changes to the governing documents themselves.

Over the six months to 30 June 2009, UniSuper considered 21 private equity corporate actions. Of these, 18 were domestic private equity corporate actions and three were international private equity corporate actions. In all instances, UniSuper supported the proposals, which were in relation to a variety of matters including:

• theapprovalofcompanyaccounts,

• theelectionofDirectors,

• theapprovalofaco-investmentopportunity,

• amendingaTrustDeed,

• extendingtheterminationdateofafund,

• thewindupofafundandassociatedfinaldistribution,and

• decreasingthesizeofafundandallowingfortherecyclingofcapital.


Engagement1January2009–30June2009UniSuper is a member of the Australian Council of Superannuation Investors (ACSI) and ACSI conducted a range of engagement activities over this period on behalf of its members (including UniSuper).

Over the first six months of 2009, ACSI engaged with 15 ASX 200 companies and met with some of these companies more than once. The key issues that ACSI raised with these companies on behalf of its members included:

• Executiveremuneration,

• Riskmanagement,and

• Performanceofnon-executivedirectors.

UniSuper is of the view that private dialogue is the most appropriate and effective way in which to engage with companies. As such we do not propose to disclose the details of such engagement activities (and would only do so in exceptional circumstances).

In addition to the company engagement conducted by ACSI, UniSuper co-signed a letter to the US administration in March2009,callingforcorporategovernancereformsintheUS.ThisletterwaspostedontheUnitedNationsPrinciplesforResponsible Investment clearing house website, which enables investors to collaborate on strategic issues.

Other environmental, social and governance investment activitiesInadditiontotheactivitiesoutlinedabove,duringtheperiodbetween1January2009–30June2009UniSuperinitiatedarange of other ESG related activities, some of which include:

Developing and implementing an ESG due diligence processOver the course of 2009 UniSuper has developed its approach to incorporating ESG into its due diligence programme, when assessing whether or not to invest in infrastructure and property assets.

This process includes identifying and assessing the ESG risks associated with a particular project, assessing the materiality of any such risks and ensuring that all key ESG risks are managed through appropriate governance structures.

Melbourne Financial Services Symposium Investment Stewardship AwardIn March 2009 UniSuper was awarded the Melbourne Financial Services Symposium Investment Stewardship Award (ISA). The ISA celebrates ongoing achievements and innovation within the Australian investment industry.

However, perhaps as a sign of the times, the 2009 award criteria also gave special recognition to responsible investment practicesandtheUnitedNationsPrinciplesofResponsibleInvestment–ofwhichUniSuperwasanearlysignatory.UniSuper’sachievementsregardingtheUNPRIandthebroaderintegrationofESGintoitsinvestmentdecisionmakingpracticesassistedin differentiating UniSuper from its peers.


Climate change initiativesOver the first half of 2009, UniSuper became a signatory to the Carbon Disclosure Project (CDP) and a member of the Investor Group on Climate Change (IGCC). Both of these groups focus on raising awareness of climate change risks, facilitating the transfer of knowledge and data, and encouraging robust climate change risk management practices by investee companies.

Inadditiontothis,UniSuperhasalsopreparedandpublishedaClimateChangePositionStatement–Investments,whichoutlines the approach UniSuper’s investment team is adopting to climate change from an investment perspective.

Climate change is a major economic force that is resulting in a changed regulatory, business and social environment. It therefore poses a variety of investment risks (physical, strategic, operational, reputational and ultimately financial) and brings with it a range of investment opportunities. As such, global action is required from all sectors of the economy, including investors, to address these risks and opportunities. Consequently, UniSuper has prepared this Position Statement to indicate the way in which climate change considerations are being factored into its investment management activites.

While UniSuper is not a significant contributor to greenhouse gas emissions or directly exposed to physical climate change risks, some of the entities it invests in (both listed and unlisted) are. The performance of these companies is vital to UniSuper from an investment return perspective, to the broader economy and in contributing to the well being of the wider community in which UniSuper operates.

UniSuper expects its investee companies to be well managed and profitable. On this basis, UniSuper, as a respected and responsible investor, believes it is critical that the companies it invests in embrace and adopt a robust and rigorous approach to:

• mitigating and managing climate change risks, and

• identifying and maximising climate change opportunities.

UniSuper does not have a policy of divesting or negatively screening assets. Instead, it operates as an active share owner that is committed to comprehensive risk assessment, risk management and the integration of environmental, social and governance (ESG) issues into investment analysis.

UniSuper is continually developing its approach to integrating ESG considerations into its investment management and as part of this commitment, UniSuper will:

• where possible and appropriate, incorporate climate change considerations across all asset classes and internally assess investment related climate change risks and opportunities

• encourage its fund managers to identify and assess climate change risks and opportunities in their investment analysis and to become increasingly more sophisticated in their analysis

• share knowledge, and raise awareness, regarding climate change from an investment perspective with others through relevant collaborative initiatives and industry forums

• contribute to community discussion and public policy development regarding climate change issues from an investment perspective

• continue to support and encourage investee companies (both listed and unlisted), through a range of methods, to actively manage their carbon emissions (including target setting, measurement, monitoring, reporting and external verification) and publicly disclose their performance, and

• direct its proxy votes in support of reasonable and coherent climate change and greenhouse management shareholder resolutions.

Terry McCredden (CEO)

21 August 2009

UniSuper Climate Change Position Statement - Investments


Environmental Social and Governance Research Australia (ESG RA)UniSuperispleasedtobeamemberofEnvironmental,SocialandGovernanceResearchAustralia(ESGRA).LaunchedinFebruary 2009, the ESG RA is an important way of ensuring that ESG research remains a priority for the Australian financial industry.

UniSuper was previously an active member of the Enhanced Analytics Initiative (EAI), whose efforts have since been amalgamatedintotheUnitedNationsPrinciplesforResponsibleInvestment.ESGRAseekstopickupwheretheEAIleftoff,maintaining the impetus for investment research into ESG factors by Australian brokers and fund managers. UniSuper is represented on the ESG RA executive management committee.

Responding to member queriesEach year, UniSuper receives a number of member queries, and the first half of 2009 was no different. Queries were received regarding specific investments held by the fund as well as in relation to the Socially Responsible Investment options. In addition to this, the Fund also responded to a number of enquiries from its members that were initiated by the Wilderness Society’s ‘Super Activist’ campaign. The key issues raised by these members and UniSuper’s response is included on the next page.

4. Reporting on progressThis report demonstrates UniSuper’s commitment to reporting on its progress and driving continuous improvement in its ESG practices from an investment perspective. We look forward to further reporting on our progress.

If you have any queries, please do not hesitate to contact us:

Phone - 1800 331 685

Email - [email protected]


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.com

.au

UN

IS00

0LH2

3. D

oes

Un

iSu

per

inve

st in

Gu

nn

s?

In t

he in

tere

sts

of m

emb

er c

hoic

e, U

niS

uper

off

ers

bot

h m

ain

stre

am a

nd

soci

ally

res

pon

sib

le (

SR)

inve

stm

ent

pro

du

cts,

an

d th

e ap

pro

ach

adop

ted

to s

elec

tin

g in

div

idu

al s

ecur

itie

s ac

ross

eac

h of

the

se o

pti

ons

vari

es.

a. M

ains

trea

m I

nves

tmen

t O

ptio

ns

In t

erm

s of

Un

iSup

er’s

ap

pro

ach

to in

vest

ing,

it is

imp

orta

nt t

o n

ote

that

Un

iSup

er d

oes

not

inve

st d

irec

tly

in A

ustr

alia

n sh

ares

. Ra

ther

, it

inve

sts

via

pro

fess

iona

l inv

estm

ent

man

ager

s. U

niS

uper

’s in

vest

men

t m

anag

ers

con

duct

det

aile

d an

alys

is o

f sto

cks

bef

ore

pur

chas

ing

and

will

gen

eral

ly a

cqu

ire

a st

ock

whe

re t

hey

bel

ieve

it t

o ha

ve t

he p

oten

tial t

o ou

tper

form

the

wid

er m

arke

t.

Un

iSup

er e

ng

ages

wit

h it

s in

vest

men

t m

anag

ers

on a

n on

goi

ng

bas

is r

egar

din

g ho

w t

hey

inco

rpor

ate

ESG

ris

ks a

nd

opp

ortu

nit

ies

into

th

eir

mai

nst

ream

inve

stm

ent

anal

ysis

.

Uni

Sup

er’s

Aus

tral

ian

shar

es p

ortf

olio

(exc

ludi

ng t

he s

ocia

lly r

esp

onsi

ble

man

ager

s) d

oes

have

a h

oldi

ng in

Gun

ns. H

owev

er, t

his

pos

ition

re

pre

sent

sap

pro

xim

atel

y0.

2%o

fthe

tot

alA

ustr

alia

nsh

ares

por

tfol

ioa

nda

ssu

ch,i

ssm

alli

nth

eco

ntex

tof

the

por

tfol

io.

The

inve

stm

ent

man

ager

s th

at h

old

Gun

ns

have

con

du

cted

sig

nifi

cant

du

e d

ilig

ence

an

d an

alys

is a

cros

s b

oth

finan

cial

an

d ex

tra-

finan

cial

issu

es.

b. S

ocia

lly R

espo

nsib

le I

nves

tmen

t O

ptio

ns

In t

he in

tere

sts

of m

emb

er c

hoic

e, U

niS

uper

off

ers

two

soci

ally

res

pon

sib

le (

SR)

inve

stm

ent

pro

du

cts

(Soc

ially

Res

pon

sib

le H

igh

Gro

wth

, an

d So

cial

ly R

esp

onsi

ble

Bal

ance

d)

to it

s m

emb

ers

wit

h an

Acc

umul

atio

n ac

coun

t or

com

pon

ent.

Our

SR

opti

ons

focu

s on

sat

isfy

ing

mem

ber

inve

stm

ent

nee

ds

as w

ell a

s se

ekin

g to

en

sure

tha

t th

e b

est

envi

ron

men

tal,

soci

al a

nd

gov

ern

ance

pra

ctic

es a

nd

outc

omes

occ

ur.

Our

SR

inve

stm

ent

man

ager

s ad

opt

a b

est

in s

ecto

r ap

pro

ach

to s

elec

ting

stoc

k. T

his

mea

ns t

hat

they

will

inve

st o

ur m

emb

er’s

fund

s in

th

ose

com

pan

ies

that

rat

e hi

gher

on

envi

ronm

enta

l, so

cial

and

gov

erna

nce

crite

ria

rela

tive

to o

ther

com

pan

ies

in t

he s

ame

indu

stry

sec

tor.

To d

ate,

Gun

ns

has

not

bee

n in

clu

ded

in o

ur S

R in

vest

men

t op

tion

s.

If s

o, w

hat

fo

rmal

act

ion

s w

ill U

niS

up

er t

ake

to c

han

ge

Gu

nn

’s E

SG p

erfo

rman

ce?

Un

iSup

er f

irm

ly b

elie

ves

that

vot

ing

pro

xies

an

d en

gag

ing

wit

h in

vest

ee c

omp

anie

s is

a c

riti

cal p

art

of b

ein

g a

resp

onsi

ble

sha

reow

ner

. A

s su

ch, U

niS

uper

has

vot

ed it

s p

roxi

es fo

r a

num

ber

of y

ears

, reg

ular

ly e

ng

ages

wit

h in

vest

ee c

omp

anie

s an

d in

trod

uce

d an

In

vest

men

t G

over

nan

ce P

olic

y in

Feb

ruar

y 20

07.

As

par

t of

an

ong

oin

g co

mm

itmen

t in

thi

s ar

ea, U

niS

uper

’s M

anag

emen

t ha

s m

et d

irec

tly

wit

h G

unn

s re

pre

sent

ativ

es t

o d

iscu

ss

envi

ron

men

tal a

nd

gov

ern

ance

mat

ters

. Our

inve

stm

ent

man

ager

s al

so e

ng

age

wit

h G

unn

s on

an

ong

oin

g b

asis

.

Furt

her,

we

not

e th

at s

cree

nin

g co

mp

anie

s fr

om a

n in

vest

men

t p

ortf

olio

(exc

ept

in e

xtre

me

circ

umst

ance

s) is

gen

eral

ly n

ot b

est

pra

ctic

e fr

om a

n ES

G p

ersp

ecti

ve. R

athe

r, it

is U

niS

uper

’s v

iew

tha

t in

vest

ors

nee

d to

vot

e th

eir

pro

xies

an

d en

gag

e w

ith

inve

stee

co

mp

anie

s in

ord

er t

o d

rive

cha

ng

e th

rou

gh

acti

ve o

wn

ersh

ip p

ract

ices

.

Un

iSu

per

rem

ain

s co

mm

itte

d t

o ES

G p

rin

cip

les

Whi

lst

we

do

not

res

tric

t th

e in

vest

men

ts m

ade

wit

hin

our

mai

nst

ream

inve

stm

ent

por

tfol

ios,

we

do

take

an

acti

ve o

wn

ersh

ip r

ole.

We

vote

our

pro

xies

, we

eng

age

wit

h in

vest

ee c

omp

anie

s in

ord

er t

o d

rive

con

tin

uou

s im

pro

vem

ent

in c

orp

orat

e b

ehav

iour

an

d w

e w

ill

cont

inu

e to

do

so.

We

rem

ain

com

mit

ted

to t

he a

pp

rop

riat

e in

teg

rati

on o

f ESG

acr

oss

Un

iSup

er’s

ent

ire

inve

stm

ent

por

tfol

io, k

eep

ing

in m

ind

the

Trus

tee’

s fid

uci

ary

du

ties

as

ensh

rin

ed in

the

SIS

Act

(th

at is

, to

act

in t

he m

emb

ers’

bes

t in

tere

sts,

inte

rpre

ted

as t

heir

bes

t fin

anci

al

inte

rest

s an

d to

mee

t th

e so

le p

urp

ose

test

).

We

cont

inu

e to

en

gag

e w

ith

our

inve

stm

ent

man

ager

s, o

ur p

eers

an

d ot

her

ind

ustr

y b

odie

s, t

o en

cour

age

colla

bor

atio

n an

d on

goi

ng

dev

elop

men

t in

thi

s ar

ea.

Mor

e in

form

atio

n on

Un

iSup

er’s

com

mitm

ent

to s

usta

inab

le in

vest

ing

can

be

foun

d in

the

Ab

out

Us

sect

ion

of o

ur w

ebsi

te a

t w

ww

.un

isup

er.c

om.a

u. H

ere,

you

will

als

o b

e ab

le t

o d

own

load

cop

ies

of o

ur S

usta

inab

le In

vest

men

t Po

licy,

Inve

stm

ent

Gov

ern

ance

Po

licy

and

sum

mar

ies

of o

ur q

uar

terl

y p

roxy

vot

ing

rep

orts

.

Alt

ern

ativ

ely,

if y

ou h

ave

any

add

itio

nal

en

qu

irie

s re

gar

din

g yo

ur s

uper

ann

uat

ion,

ple

ase

call

the

Un

iSup

er H

elp

line

on 1

800

331

685.

Your

s si

nce

rely

Terr

y M

cCre

dd

en

Chi

ef E

xecu

tive

Off

icer


Appendix 1

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

13

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

15-J

an-0

9G

MO

MH

oldin

gsLi

mite

d1

Ap

pro

ve a

men

dm

ent o

f the

com

pan

y's

bye

-law

s to

incl

ud

e ta

keov

er p

rote

ctio

n p

rovi

sion

s10

00

30-J

an-0

9A

GM

Orica

Lim

ited

2.1

Elec

t Mic

hael

Bec

kett

as

a d

irec

tor

100

0

30-J

an-0

9A

GM

Orica

Lim

ited

2.2

Elec

t Pet

er K

irb

y as

a d

irec

tor

100

0

30-J

an-0

9A

GM

Orica

Lim

ited

2.3

Elec

tNoe

lMee

han

asa

direc

tor

100

0

30-J

an-0

9A

GM

Orica

Lim

ited

3A

dop

t rem

un

erat

ion

rep

ort

100

0

06-F

eb-0

9G

MD

exu

s Pr

oper

ty G

rou

p3

Am

end

con

stitu

tion

s of

the

Tru

sts

100

0

10-F

eb-0

9A

GM

AW

BLi

mite

d2a

El

ect J

ohn

Schm

oll a

s d

irec

tor

100

0

10-F

eb-0

9A

GM

AW

BLi

mite

d2b

El

ect F

red

Gri

mw

ade

as d

irec

tor

100

0

10-F

eb-0

9A

GM

AW

BLi

mite

d3

Ad

opt r

emu

ner

atio

n re

por

t for

fin

anci

al y

ear

end

ed 3

0 Se

pte

mb

er 2

008

100

0

11-F

eb-0

9A

GM

Tow

er A

ust

ralia

Gro

up

1El

ect E

lan

a Ru

bin

as

dir

ecto

r10

00

11-F

eb-0

9A

GM

Tow

er A

ust

ralia

Gro

up

2El

ect D

onal

d Fi

nd

late

r as

dir

ecto

r10

00

11-F

eb-0

9A

GM

Tow

er A

ust

ralia

Gro

up

3El

ect T

akay

uki

Kot

ani a

s d

irec

tor

100

0

11-F

eb-0

9A

GM

Tow

er A

ust

ralia

Gro

up

4El

ect T

etsu

ya K

iku

ta a

s d

irec

tor

100

0

11-F

eb-0

9A

GM

Tow

er A

ust

ralia

Gro

up

5A

dop

t rem

un

erat

ion

rep

ort

010

0

11-F

eb-0

9A

GM

Tow

er A

ust

ralia

Gro

up

6A

pp

rove

gra

nt o

f per

form

ance

sha

re r

ight

s to

Jim

Min

to0

100

26-F

eb-0

9A

GM

Lion

Nat

han

Lim

ited

2A

pp

rove

rem

un

erat

ion

rep

ort

100

0

26-F

eb-0

9A

GM

Lion

Nat

han

Lim

ited

3a

Elec

t An

dre

w M

axw

ell R

eeve

s as

a d

irec

tor

100

0

26-F

eb-0

9A

GM

Lion

Nat

han

Lim

ited

3b

Elec

t Gav

in R

onal

d W

alke

r as

a d

irec

tor

100

0

26-F

eb-0

9A

GM

Lion

Nat

han

Lim

ited

3c

Elec

t Bar

bar

a K

ay W

ard

as a

dir

ecto

r 43

57

03-M

ar-0

9EG

MFu

turisCor

por

atio

nLi

mite

d1

Cha

ng

e of

com

pan

y n

ame

100

0

08-A

pr-

09A

GM

QBE

Insu

rance

Gro

upL

imite

d2

Ad

opt r

emu

ner

atio

n re

por

t10

00

08-A

pr-

09A

GM

QBE

Insu

rance

Gro

upL

imite

d4

Ren

ew p

arti

al t

akeo

ver

pro

visi

on10

00

08-A

pr-

09A

GM

QBE

Insu

rance

Gro

upL

imite

d5a

El

ect E

J Clo

ney

as

a d

irec

tor

5644

08-A

pr-

09A

GM

QBE

Insu

rance

Gro

upL

imite

d5b

El

ect I

F H

ud

son

as a

dir

ecto

r10

00

13

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

1414

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

08-A

pr-

09A

GM

QBE

Insu

rance

Gro

upL

imite

d5c

El

ect B

J Hu

tchi

nso

n as

a d

irec

tor

100

0

08-A

pr-

09A

GM

QBE

Insu

rance

Gro

upL

imite

d5d

El

ectI

YLL

eea

sa

direc

tor

100

0

16-A

pr-

09A

GM

/EG

MA

ust

rala

nd

Prop

erty

Gro

up

2–

AH

LA

pp

rove

rem

un

erat

ion

rep

ort

100

0

16-A

pr-

09A

GM

/EG

MA

ust

rala

nd

Prop

erty

Gro

up

3.1

–AH

LEl

ect P

aul D

ean

Ishe

rwoo

d as

dir

ecto

r 10

00

16-A

pr-

09A

GM

/EG

MA

ust

rala

nd

Prop

erty

Gro

up

3.2

–AH

LEl

ect E

e C

hee

Hon

g as

dir

ecto

r 10

00

16-A

pr-

09A

GM

/EG

MA

ust

rala

nd

Prop

erty

Gro

up

4–

AH

L,

APT

, APT

4 &

APT

5

Ap

pro

ve g

rant

of p

erfo

rman

ce r

ight

s to

Bob

John

ston

un

der

the

Au

stra

lan

d Pe

rfor

man

ce

Rig

hts

Plan

10

00

20-A

pr-

09EG

MSt

raitsRe

sourc

esL

imite

d3

Elec

t Will

iam

Ed

war

d A

last

air

Mor

riso

n as

Dir

ecto

r10

00

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d1

Rece

ive

finan

cial

sta

tem

ents

an

d st

atu

tory

rep

orts

10

00

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d2

Ap

pro

ve r

emu

ner

atio

n re

por

t 10

00

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d3

Elec

t Jan

du

Ples

sis

as a

dir

ecto

r 10

00

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d4

Elec

t Sir

Dav

id C

lem

enti

as

a d

irec

tor

4852

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d5

Elec

t Sir

Ro

d Ed

din

gto

n as

a d

irec

tor

2674

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d6

Elec

t An

dre

w G

ould

as

a d

irec

tor

4852

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d7

Elec

t Dav

id M

ayhe

w a

s a

dir

ecto

r 48

52

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d8

Appro

vea

ppoi

ntm

ento

fPrice

wat

erho

use

Coo

per

sLL

Pas

audito

rsa

nd

auth

orise

boa

rdto

fix t

heir

rem

un

erat

ion

100

0

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d9

Ap

pro

ve in

crea

se in

non

-exe

cuti

ve d

irec

tors

' rem

un

erat

ion

100

0

20-A

pr-

09A

GM

Rio

Tint

oLi

mite

d11

Appro

vea

men

dm

ents

to

the

Rio

Tint

oLt

dco

nst

itution

and

adop

tion

and

amen

dm

ento

fth

e n

ew R

io T

into

Plc

art

icle

s of

ass

oci

atio

n 10

00

21-A

pr-

09A

GM

Arist

ocr

atL

eisu

reL

imite

d2

Reel

ect W

illia

m M

orri

s Ba

ker

as a

dir

ecto

r10

00

21-A

pr-

09A

GM

Arist

ocr

atL

eisu

reL

imite

d3

Reel

ect S

ally

An

ne

Maj

ella

Pit

kin

as a

dir

ecto

r10

00

21-A

pr-

09A

GM

Arist

ocr

atL

eisu

reL

imite

d4

Elec

t Ros

alin

d V

ivie

nn

e D

ub

s as

a d

irec

tor

100

0

21-A

pr-

09A

GM

Arist

ocr

atL

eisu

reL

imite

d5

Ap

pro

ve t

he g

rant

of p

erfo

rman

ce s

hare

rig

hts

to t

he C

EO, J

amie

Od

ell

100

0

21-A

pr-

09A

GM

Arist

ocr

atL

eisu

reL

imite

d6

Ap

pro

ve t

he g

rant

of p

erfo

rman

ce s

hare

rig

hts

to S

imon

Kel

ly10

00

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

1515

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

21-A

pr-

09A

GM

Arist

ocr

atL

eisu

reL

imite

d7

Ap

pro

ve r

emu

ner

atio

n re

por

t10

00

22-A

pr-

09A

GM

Ener

gy

Reso

urc

es O

f Au

stra

lia

Lim

ited

4(i)

To

ele

ct C

hris

Sal

isb

ury

as

Dir

ecto

r 10

00

22-A

pr-

09A

GM

Ener

gy

Reso

urc

es O

f Au

stra

lia

Lim

ited

4(ii)

To

ree

lect

Dav

id K

ling

ner

as

Dir

ecto

r 10

00

23-A

pr-

09A

GM

Cal

tex

Aust

ralia

Lim

ited

5A

pp

rove

rem

un

erat

ion

rep

ort

100

0

23-A

pr-

09A

GM

Cal

tex

Aust

ralia

Lim

ited

6a

Elec

tEliz

abet

hBr

yan

asa

direc

tor

100

0

23-A

pr-

09A

GM

Cal

tex

Aust

ralia

Lim

ited

6b

Elec

t Tre

vor

Bou

rne

as a

dir

ecto

r 10

00

23-A

pr-

09A

GM

Cal

tex

Aust

ralia

Lim

ited

6c

Elec

t Col

leen

Jon

es-C

erva

ntes

as

a d

irec

tor

100

0

23-A

pr-

09A

GM

Spar

k In

fras

tru

ctu

re G

rou

p2

–SK

I1&

SK

I2A

pp

rove

rem

un

erat

ion

rep

ort

100

0

23-A

pr-

09A

GM

Spar

k In

fras

tru

ctu

re G

rou

p3

–SK

I1,

SKI2

&S

ILEl

ect S

tep

hen

John

s as

dir

ecto

r 10

00

23-A

pr-

09A

GM

Spar

k In

fras

tru

ctu

re G

rou

p4

–SK

I1&

SK

I2El

ect C

hery

l Bar

t as

dir

ecto

r 10

00

23-A

pr-

09A

GM

Spar

k In

fras

tru

ctu

re G

rou

p5

–SK

I1&

SK

I2El

ect A

nn

e M

cDon

ald

as d

irec

tor

100

0

23-A

pr-

09A

GM

Spar

k In

fras

tru

ctu

re G

rou

p6

–SK

I1&

SK

I2El

ect K

eith

Tu

rner

as

dir

ecto

r 10

00

27-A

pr-

09G

MBa

bco

ck&

Bro

wn

Cap

ital

Lim

ited

1A

pp

rove

ter

min

atio

n of

the

man

agem

ent a

gre

emen

t 10

00

27-A

pr-

09G

MBa

bco

ck&

Bro

wn

Cap

ital

Lim

ited

2A

pp

rove

cha

ng

e of

com

pan

y's

nam

e 10

00

27-A

pr-

09G

MBa

bco

ck&

Bro

wn

Cap

ital

Lim

ited

3A

pp

rove

issu

ance

of 1

,50

0,0

00

per

form

ance

rig

hts

to A

nd

rew

Day

10

00

27-A

pr-

09G

MBa

bco

ck&

Bro

wn

Cap

ital

Lim

ited

4A

pp

rove

ter

min

atio

n b

enefi

ts t

o A

nd

rew

Day

10

00

28-A

pr-

09A

GM

Ause

nco

Lim

ited

1a

Reel

ection

ofM

rG

eorg

eLl

oyd

asd

irec

tor

100

0

28-A

pr-

09A

GM

Ause

nco

Lim

ited

1b

Reel

ecti

on o

f Mr

Han

k Tu

ten

as d

irec

tor

100

0

28-A

pr-

09A

GM

Ause

nco

Lim

ited

1c

Reel

ecti

on o

f Mr

Gre

g M

oyn

ihan

as

dir

ecto

r 10

00

28-A

pr-

09A

GM

Ause

nco

Lim

ited

2A

pp

rove

rem

un

erat

ion

rep

ort

100

0

28-A

pr-

09A

GM

Ause

nco

Lim

ited

3G

rant

of p

erfo

rman

ce r

ight

s to

CEO

10

00

28-A

pr-

09A

GM

Ause

nco

Lim

ited

4a

Re-a

pp

rova

l of E

OP

100

0

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

1616

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

28-A

pr-

09A

GM

Ause

nco

Lim

ited

4b

Re-a

pp

rova

l of P

RP

100

0

28-A

pr-

09A

GM

Ause

nco

Lim

ited

4c

Re-a

pp

rova

l of E

SAP

100

0

29-A

pr-

09A

GM

Bab

cock

& B

row

n W

ind

Part

ner

s G

rou

p1

–BB

WL

Ap

pro

ve c

han

ge

of n

ame:

Au

stra

lian

com

pan

y 10

00

29-A

pr-

09A

GM

Bab

cock

& B

row

n W

ind

Part

ner

s G

rou

p2

- BBW

BA

pp

rove

cha

ng

e of

nam

e: B

erm

ud

an c

omp

any

100

0

29-A

pr-

09A

GM

Bab

cock

& B

row

n W

ind

Part

ner

s G

rou

p3-B

BWL,

BB

WB

&

BBW

T

Ap

pro

ve t

he E

mp

loye

e D

efer

red

Secu

rity

Pla

n 10

00

29-A

pr-

09A

GM

Bab

cock

& B

row

n W

ind

Part

ner

s G

rou

p4

-BBW

L,

BBW

B &

BB

WT

Ap

pro

ve t

he P

erfo

rman

ce R

ight

s an

d O

pti

ons

Plan

10

00

29-A

pr-

09A

GM

Bab

cock

& B

row

n W

ind

Part

ner

s G

rou

p5

-BBW

L,

BBW

B &

BB

WT

Ap

pro

ve p

arti

cip

atio

n of

Mile

s G

eorg

e in

the

Per

form

ance

Rig

hts

and

Op

tion

s Pl

an

100

0

29-A

pr-

09A

GM

Bab

cock

& B

row

n W

ind

Part

ner

s G

rou

p6

–BB

WL

Ap

pro

ve a

men

dm

ents

to

the

con

stitu

tion

of t

he A

ust

ralia

n co

mp

any

100

0

29-A

pr-

09A

GM

Bab

cock

& B

row

n W

ind

Part

ner

s G

rou

p7

–BB

WB

Ap

pro

ve a

men

dm

ents

to

the

bye

law

s of

the

Ber

mu

dan

com

pan

y10

00

01-M

ay-0

9A

GM

Woo

dside

Petr

oleu

mL

imite

d2a

Re

elec

t Mic

hael

Alfr

ed C

han

ey a

s a

dir

ecto

r.10

00

01-M

ay-0

9A

GM

Woo

dside

Petr

oleu

mL

imite

d2b

Re

elec

t Eri

ch F

rau

nsc

hiel

as

a d

irec

tor

100

0

01-M

ay-0

9A

GM

Woo

dside

Petr

oleu

mL

imite

d2c

Re

elec

t Pie

rre

Jean

-Mar

ie H

enri

Jun

gel

s as

a d

irec

tor

100

0

01-M

ay-0

9A

GM

Woo

dside

Petr

oleu

mL

imite

d2d

Re

elec

t Dav

id Ia

n M

cEvo

y as

a d

irec

tor

100

0

01-M

ay-0

9A

GM

Woo

dside

Petr

oleu

mL

imite

d2e

El

ect M

elin

da

An

n C

ilent

o as

a d

irec

tor

100

0

01-M

ay-0

9A

GM

Woo

dside

Petr

oleu

mL

imite

d2

f El

ect I

an R

ober

tson

as

a d

irec

tor

100

0

01-M

ay-0

9A

GM

Woo

dside

Petr

oleu

mL

imite

d3

Ad

opt r

emu

ner

atio

n re

por

t10

00

05-M

ay-0

9G

MSt

Bar

bar

aLi

mite

d2

Appro

veis

sue

ofin

cent

ive

option

sto

Tim

Leh

any

100

0

06-M

ay-0

9A

GM

AXAA

sia

Paci

ficH

oldin

gsLi

mite

d2(

a)

To r

eele

ct P

aul C

oop

er a

s a

dir

ecto

r 10

00

06-M

ay-0

9A

GM

AXAA

sia

Paci

ficH

oldin

gsLi

mite

d2(

b)

Toree

lect

Pat

rici

aAko

pia

ntz

asa

direc

tor

100

0

06-M

ay-0

9A

GM

AXAA

sia

Paci

ficH

oldin

gsLi

mite

d2(

c )

To e

lect

Ant

hony

Fro

gg

att a

s a

dir

ecto

r 10

00

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

1717

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

06-M

ay-0

9A

GM

AXAA

sia

Paci

ficH

oldin

gsLi

mite

d2(

d)

To e

lect

Pet

er S

ulli

van

as a

dir

ecto

r 10

00

06-M

ay-0

9A

GM

AXAA

sia

Paci

ficH

oldin

gsLi

mite

d3

To a

pp

rove

the

rem

un

erat

ion

rep

ort

100

0

06-M

ay-0

9A

GM

AXAA

sia

Paci

ficH

oldin

gsLi

mite

d4

To a

pp

rove

the

issu

ance

of 1

,350

,00

0 al

loca

tion

rig

hts

to t

he C

EO u

nd

er t

he E

xecu

tive

Pe

rfor

man

ce P

lan

100

0

06-M

ay-0

9A

GM

AXAA

sia

Paci

ficH

oldin

gsLi

mite

d5

To a

pp

rove

incr

ease

in t

he n

on-e

xecu

tive

dir

ecto

r fe

e ca

p10

00

06-M

ay-0

9A

GM

Lihi

rG

old

Lim

ited

1A

pp

rove

fin

anci

al s

tate

men

ts a

nd

rep

orts

10

00

06-M

ay-0

9A

GM

Lihi

rG

old

Lim

ited

2Re

elec

t Alis

ter

Mai

tlan

d as

a d

irec

tor

100

0

06-M

ay-0

9A

GM

Lihi

rG

old

Lim

ited

3Re

elec

tGeo

ffL

oudon

asa

direc

tor

100

0

06-M

ay-0

9A

GM

Lihi

rG

old

Lim

ited

4Re

app

oint

Pri

cew

ater

hou

seC

oop

ers

as t

he a

ud

itor

100

0

06-M

ay-0

9A

GM

Lihi

rG

old

Lim

ited

5Appro

vethe

aw

ard

ofsha

rerig

htsto

the

man

agin

gdirec

torunder

the

Lih

irS

enio

rEx

ecu

tive

Sha

re P

lan

100

0

06-M

ay-0

9A

GM

Lihi

rG

old

Lim

ited

7A

pp

rove

the

incr

ease

in t

he n

on-e

xecu

tive

dir

ecto

rs' f

ee c

ap fr

om U

S$1,

00

0,0

00

to

US$

1,32

0,0

00

100

0

06-M

ay-0

9A

GM

Sant

osL

td.

2(a)

To

ree

lect

Ken

net

h Bo

rda

as a

dir

ecto

r10

00

06-M

ay-0

9A

GM

Sant

osL

td.

2(b)

To

ree

lect

Roy

Fra

nkl

in a

s a

dir

ecto

r10

00

06-M

ay-0

9A

GM

Sant

osL

td.

3To

ad

opt t

he r

emu

ner

atio

n re

por

t10

00

06-M

ay-0

9A

GM

Sant

osL

td.

4To

inse

rt p

rop

orti

onal

tak

eove

r p

rovi

sion

s in

the

con

stitu

tion

100

0

06-M

ay-0

9A

GM

Wes

tfiel

d G

rou

p2

-WH

LA

pp

rove

the

rem

un

erat

ion

rep

ort f

or t

he y

ear

end

ed 3

1 D

ecem

ber

20

08

100

0

06-M

ay-0

9A

GM

Wes

tfiel

d G

rou

p3

-WH

LRe

elec

t Roy

Fu

rman

as

dir

ecto

r 10

00

06-M

ay-0

9A

GM

Wes

tfiel

d G

rou

p4

-WH

LRe

elec

t Ste

phe

n Jo

hns

as d

irec

tor

3862

06-M

ay-0

9A

GM

Wes

tfiel

d G

rou

p5

-WH

LRe

elec

tSte

ven

Low

yas

direc

tor

100

0

06-M

ay-0

9A

GM

Wes

tfiel

d G

rou

p6

-WH

LEl

ect P

eter

Gol

dsm

ith

as d

irec

tor

100

0

06-M

ay-0

9A

GM

Wes

tfiel

d G

rou

p7

-WH

LEl

ectB

rian

Sch

war

tza

sdirec

tor

100

0

07-M

ay-0

9A

GM

Alu

min

aLi

mite

d2

Ad

opt t

he r

emu

ner

atio

n re

por

t 10

00

07-M

ay-0

9A

GM

Alu

min

aLi

mite

d3a

Re

elec

t Don

ald

M M

orle

y as

a d

irec

tor

100

0

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

1818

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

07-M

ay-0

9A

GM

Alu

min

aLi

mite

d3b

El

ect J

ohn

Beva

n as

a d

irec

tor

100

0

07-M

ay-0

9A

GM

Alu

min

aLi

mite

d4

Ap

pro

ve g

rant

of p

erfo

rman

ce r

ight

s to

CEO

100

0

07-M

ay-0

9A

GM

Alu

min

aLi

mite

d5

Ad

opt n

ew c

onst

ituti

on10

00

07-M

ay-0

9A

GM

Ires

sM

arke

tTec

hnol

ogy

Lim

ited

1El

ect J

enny

Sea

bro

ok a

s a

dir

ecto

r 10

00

07-M

ay-0

9A

GM

Ires

sM

arke

tTec

hnol

ogy

Lim

ited

2Re

elec

t Bill

Bu

rdet

t as

a d

irec

tor

100

0

07-M

ay-0

9A

GM

Ires

sM

arke

tTec

hnol

ogy

Lim

ited

3A

dop

t the

rem

un

erat

ion

rep

ort

100

0

07-M

ay-0

9A

GM

Ires

sM

arke

tTec

hnol

ogy

Lim

ited

4A

dop

t new

con

stitu

tion

10

00

07-M

ay-0

9A

GM

Ires

sM

arke

tTec

hnol

ogy

Lim

ited

5A

men

d th

e co

nst

ituti

on r

e: p

refe

ren

ce s

hare

s10

00

07-M

ay-0

9A

GM

Ires

sM

arke

tTec

hnol

ogy

Lim

ited

6Appro

vep

artici

pat

ion

ofJe

nny

Sea

bro

okin

the

Non

-Exe

cutive

Direc

tors

’Sha

reP

lan

100

0

11-M

ay-0

9A

GM

Boar

tLon

gye

arG

roup

1El

ect P

eter

St G

eorg

e as

dir

ecto

r 10

00

11-M

ay-0

9A

GM

Boar

tLon

gye

arG

roup

2El

ectD

avid

Grz

elak

asdirec

tor

100

0

11-M

ay-0

9A

GM

Boar

tLon

gye

arG

roup

3A

pp

rove

rem

un

erat

ion

rep

ort

100

0

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

d1

Acc

ept fi

nan

cial

sta

tem

ents

an

d st

atu

tory

rep

orts

for

finan

cial

yea

r en

ded

31

Dec

emb

er

2008

10

00

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

d2

Reel

ect F

rase

r A

insw

orth

as

dir

ecto

r 10

00

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

d3

Reel

ect T

im W

arre

n as

dir

ecto

r 10

00

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

d4

Ap

pro

ve D

eloi

tte

Tou

che

Tohm

atsu

as

aud

itor

and

auth

oris

e d

irec

tors

to

fix t

he

rem

un

erat

ion

100

0

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

dSp

ecia

l Bu

sin

ess

1 A

pp

rove

gra

nt o

f up

to

258,

900

per

form

ance

rig

hts

to P

eter

Bot

ten

100

0

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

dSp

ecia

l Bu

sin

ess

2A

pp

rove

gra

nt o

f up

to

46,0

00

per

form

ance

rig

hts

to G

erea

Aop

i 10

00

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

dSp

ecia

l Bu

sin

ess

3A

pp

rove

gra

nt o

f up

to

165,

873

rest

rict

ed s

hare

s to

Pet

er B

otte

n 10

00

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

dSp

ecia

l Bu

sin

ess

4A

pp

rove

gra

nt o

f up

to

26,7

32 r

estr

icte

d sh

ares

to

Ger

ea A

opi

100

0

12-M

ay-0

9A

GM

Oil

Sear

chL

imite

dSp

ecia

l Bu

sin

ess

5A

pp

rove

incr

ease

in n

on-e

xecu

tive

dir

ecto

rs' f

ee c

ap fr

om $

1,50

0,0

00

to $

1,95

0,0

00

100

0

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

1919

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

12-M

ay-0

9A

GM

Sigm

aPh

arm

aceu

tica

lsL

imite

d3

Ap

pro

ve r

emu

ner

atio

n re

por

t10

00

12-M

ay-0

9A

GM

Sigm

aPh

arm

aceu

tica

lsL

imite

d4.

1Re

elec

tLin

da

Nic

holls

asdirec

tor

100

0

12-M

ay-0

9A

GM

Sigm

aPh

arm

aceu

tica

lsL

imite

d4.

2Re

elec

t Bri

an Ja

mie

son

as d

irec

tor

100

0

12-M

ay-0

9A

GM

Sigm

aPh

arm

aceu

tica

lsL

imite

d5

Ap

pro

ve g

rant

of p

erfo

rman

ce r

ight

s to

Elm

o d

e A

lwis

100

0

14-M

ay-0

9A

GM

AM

PLi

mite

d2

Rati

fy is

sue

of e

qu

ity

secu

riti

es

100

0

14-M

ay-0

9A

GM

AM

PLi

mite

d3(

a)*

To r

eele

ct D

avid

Cla

rke

as a

dir

ecto

r 10

00

14-M

ay-0

9A

GM

AM

PLi

mite

d3(

b)

To r

eele

ct R

icha

rd G

rellm

an a

s a

dir

ecto

r 10

00

14-M

ay-0

9A

GM

AM

PLi

mite

d3(

c )*

To

ree

lect

Mer

edit

h H

ellic

ar a

s a

dir

ecto

r 10

00

14-M

ay-0

9A

GM

AM

PLi

mite

d3(

d)

Toree

lect

Dr.

Nor

aSc

hein

kest

ela

sa

direc

tor

100

0

14-M

ay-0

9A

GM

AM

PLi

mite

d4

To a

pp

rove

the

rem

un

erat

ion

rep

ort

100

0

14-M

ay-0

9A

GM

AM

PLi

mite

d5

To a

pp

rove

the

gra

nt o

f per

form

ance

rig

hts

to t

he m

anag

ing

dir

ecto

r 10

00

21-M

ay-0

9A

GM

Adel

aide

Brig

hton

Lim

ited

2El

ect R

aym

ond

Barr

o as

a d

irec

tor

100

0

21-M

ay-0

9A

GM

Adel

aide

Brig

hton

Lim

ited

3Re

elec

tLes

Hos

king

asa

direc

tor

100

0

21-M

ay-0

9A

GM

Adel

aide

Brig

hton

Lim

ited

4Re

elec

t Chr

isto

phe

r H

arri

s as

a d

irec

tor

100

0

21-M

ay-0

9A

GM

Adel

aide

Brig

hton

Lim

ited

5A

dop

t the

rem

un

erat

ion

rep

ort

100

0

21-M

ay-0

9A

GM

/EG

MM

acq

uar

ie A

irp

orts

MAL

1Re

app

oint

Pri

cew

ater

hou

seC

oop

ers

as a

ud

itors

10

00

21-M

ay-0

9A

GM

/EG

MM

acq

uar

ie A

irp

orts

MAL

2Re

elec

t Ste

phe

n W

ard

as d

irec

tor

100

0

21-M

ay-0

9A

GM

/EG

MM

acq

uar

ie A

irp

orts

MAL

3Re

elec

t Sha

ron

Bees

ley

as d

irec

tor

100

0

21-M

ay-0

9A

GM

/EG

MM

acq

uar

ie A

irp

orts

MAL

4A

men

d b

ye-l

aws

100

0

21-M

ay-0

9A

GM

/EG

MM

acq

uar

ie A

irp

orts

MAT

1/

MAT

2 - 1

Re

elec

t Max

Moo

re-W

ilton

as

dir

ecto

r10

00

21-M

ay-0

9A

GM

/EG

MM

acq

uar

ie A

irp

orts

MAT

1/M

AT2

- 2

Ap

pro

ve c

onst

ituti

on a

men

dm

ent

100

0

21-M

ay-0

9A

GM

Roc

Oil

Com

pan

yLi

mite

d2

Reel

ectA

ndre

wL

ove

asa

direc

tor

100

0

21-M

ay-0

9A

GM

Roc

Oil

Com

pan

yLi

mite

d3

Elec

tRob

ertL

eon

asa

direc

tor

100

0

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

2020

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

21-M

ay-0

9A

GM

Roc

Oil

Com

pan

yLi

mite

d4

Inse

rt p

rop

orti

onal

tak

eove

r p

rovi

sion

s to

the

com

pan

y co

nst

ituti

on87

13

21-M

ay-0

9A

GM

Roc

Oil

Com

pan

yLi

mite

d7

Ap

pro

ve g

rant

of o

pti

ons

to B

ruce

Cle

men

t un

der

the

Exe

cuti

ve S

hare

Op

tion

Pla

n33

67

21-M

ay-0

9A

GM

Roc

Oil

Com

pan

yLi

mite

d8

Ap

pro

ve g

rant

of o

pti

ons

to D

enn

is P

ater

son

un

der

the

Exe

cuti

ve S

hare

Op

tion

Pla

n33

67

21-M

ay-0

9A

GM

Roc

Oil

Com

pan

yLi

mite

d9

Ad

opt t

he r

emu

ner

atio

n re

por

t46

54

22-M

ay-0

9A

GM

Coca

-Col

aAm

atil

Lim

ited

2A

dop

t the

rem

un

erat

ion

rep

ort

100

0

22-M

ay-0

9A

GM

Coca

-Col

aAm

atil

Lim

ited

3a

Reel

ect D

avid

Gon

ski a

s d

irec

tor

100

0

22-M

ay-0

9A

GM

Coca

-Col

aAm

atil

Lim

ited

3b

Reel

ect I

rial

Fin

an a

s d

irec

tor

100

0

22-M

ay-0

9A

GM

Coca

-Col

aAm

atil

Lim

ited

4A

pp

rove

alt

erat

ion

of c

onst

ituti

on

100

0

22-M

ay-0

9A

GM

Coca

-Col

aAm

atil

Lim

ited

5Appro

vep

artici

pat

ion

by

exec

utive

direc

torin

the

2009

-201

1Lo

ng

Term

Ince

ntiv

ePl

an

100

0

22-M

ay-0

9A

GM

Invo

care

Lim

ited

1A

dop

t the

rem

un

erat

ion

rep

ort

100

0

22-M

ay-0

9A

GM

Invo

care

Lim

ited

2Re

elec

t Ian

Fer

rier

as

a d

irec

tor

100

0

22-M

ay-0

9A

GM

Invo

care

Lim

ited

3Re

elec

t Ric

hard

Fis

her

as a

dir

ecto

r 10

00

22-M

ay-0

9A

GM

Pan

Aust

ralia

nRe

sourc

esL

imite

d1

Ad

opt r

emu

ner

atio

n re

por

t10

00

22-M

ay-0

9A

GM

Pan

Aust

ralia

nRe

sourc

esL

imite

d2

Elec

t Gar

ry H

oun

sell

as a

dir

ecto

r10

00

22-M

ay-0

9A

GM

Pan

Aust

ralia

nRe

sourc

esL

imite

d3

Elec

t Geo

ffre

y Bi

llard

as

a d

irec

tor

100

0

22-M

ay-0

9A

GM

Pan

Aust

ralia

nRe

sourc

esL

imite

d4

Reel

ect A

nd

rew

Dal

ey a

s a

dir

ecto

r10

00

22-M

ay-0

9A

GM

Pan

Aust

ralia

nRe

sourc

esL

imite

d5

Ap

pro

val o

f iss

ue

of s

ecu

riti

es t

o th

e m

anag

ing

dir

ecto

r10

00

25-M

ay-0

9A

GM

GPT

Gro

up

1–

GPT

LRe

elec

t Eri

c G

ood

win

as

a d

irec

tor

100

0

25-M

ay-0

9A

GM

GPT

Gro

up

2–

GPT

LEl

ectL

imS

we

Guan

asa

direc

tor

100

0

25-M

ay-0

9A

GM

GPT

Gro

up

3–

GPT

LA

dop

t the

rem

un

erat

ion

rep

ort

100

0

25-M

ay-0

9A

GM

GPT

Gro

up

4–

GPT

L&

G

PTT

Am

end

the

com

pan

y an

d tr

ust

con

stitu

tion

s re

: Pro

por

tion

al t

akeo

ver

pro

visi

ons

100

0

25-M

ay-0

9A

GM

GPT

Gro

up

5–

GPT

LA

men

d th

e co

mp

any'

s co

nst

ituti

on r

e: Il

leg

ible

Pro

xy F

orm

s 10

00

25-M

ay-0

9A

GM

GPT

Gro

up

6–

GPT

TA

men

d th

e tr

ust

's c

onst

ituti

on r

e: P

erfo

rman

ce r

ight

s 10

00

Prox

y Vo

ting

Rep

ort —

1Ja

nuar

y20

09–

30

June

200

9

21

Mee

tin

gM

eeti

ng

Com

pan

y Re

solu

tion

Ballo

t Iss

ue

Perc

enta

ge

Vote

s C

ast

Reso

luti

on

pas

sed

Dat

eTy

pe

"FO

R""A

GAIN

ST"

Y/N

25-M

ay-0

9A

GM

GPT

Gro

up

7–

GPT

L&

G

PTT

Ap

pro

ve G

PT G

rou

p S

tap

led

Secu

rity

Rig

hts

Plan

10

00

26-M

ay-0

9A

GM

OM

Hol

din

gsLi

mite

d1

Acc

ept fi

nan

cial

sta

tem

ents

an

d re

por

ts

100

0

26-M

ay-0

9A

GM

OM

Hol

din

gsLi

mite

d3

Reel

ectL

owN

gee

Ton

gas

direc

tor

100

0

26-M

ay-0

9A

GM

OM

Hol

din

gsLi

mite

d4

Reel

ect J

ohn

Rau

ben

heim

er

010

0

26-M

ay-0

9A

GM

OM

Hol

din

gsLi

mite

d5

Reap

poi

nt F

oo K

on T

an G

rant

Tho

rnto

n as

au

dito

r 10

00

26-M

ay-0

9A

GM

OM

Hol

din

gsLi

mite

d6

Elec

t Pet

er A

llen

as d

irec

tor

010

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

2a

Reel

ect B

jorn

Maa

rud

as a

dir

ecto

r 10

00

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

2b

Reel

ect P

eter

Ven

tres

s as

a d

irec

tor

100

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

2c

Reel

ect P

aul H

itchc

ock

as

a d

irec

tor

100

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

2d

Reel

ect I

an P

olla

rd a

s a

dir

ecto

r 10

00

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

2e

Reel

ect J

ohn

Ran

dal

l as

a d

irec

tor

100

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

2f

Reel

ectG

rant

Logan

asa

direc

tor

010

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

3A

pp

rove

gra

nt o

f Per

form

ance

Sha

re R

ight

s to

Pau

l Hitc

hco

ck

100

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

4A

pp

rove

gra

nt o

f Per

form

ance

Sha

re R

ight

s to

Mal

colm

Kee

fe

100

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

5Appro

veg

rant

ofP

erfo

rman

ceS

hare

Rig

htsto

Gra

ntL

ogan

10

00

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

6A

pp

rove

gra

nt o

f Per

form

ance

Sha

re R

ight

s to

Gar

ry W

hatl

ey

100

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

7A

pp

oint

Ern

st &

You

ng

as c

omp

any

aud

itor

100

0

27-M

ay-0

9A

GM

Cor

por

ate

Expre

ssA

ust

ralia

Lim

ited

8A

dop

t the

rem

un

erat

ion

rep

ort

100

0

28-M

ay-0

9A

GM

Iluka

Res

ourc

esL

imite

d1

Reel

ectJ

ohn

Pizz

eya

sdirec

tor

100

0

28-M

ay-0

9A

GM

Iluka

Res

ourc

esL

imite

d2

Ap

pro

ve r

emu

ner

atio

n re

por

t for

the

fin

anci

al y

ear

end

ed 3

1 D

ecem

ber

20

08

100

0

11-J

un

-09

AG

MO

ZM

iner

alsLi

mite

d3(

i)

Reel

ect M

icha

el E

ager

as

a d

irec

tor

010

0

11-J

un

-09

AG

MO

ZM

iner

alsLi

mite

d3(

ii)

Elec

t Ste

phe

n M

ayn

e as

a d

irec

tor

010

0

11-J

un

-09

AG

MO

ZM

iner

alsLi

mite

d4

Ad

opt r

emu

ner

atio

n re

por

t0

100

22

DisclaimerThe information in this publication is of a general informative nature and is not intended to be financial advice. Before making financial or investment decisions, you should consult a licensed adviser. You should read this information in conjunction with other disclosure documents the Trustee has prepared for members. Every care has been taken with the information provided in this publication. However, because of the complex nature of superannuation and taxation law and the frequent changes occurring, UniSuper Management reserves the right to correct any error or omission. If there is any discrepancy between this publication and the Trust Deed and Regulations, the Trust Deed and Regulations will be the final authority.

Information in this publication regarding investment returns, administration charges, and benefit structures is current as at the date of publication, but may change in future.

Issuedby: UniSuperManagementPtyLtdABN91006961799,AustralianFinancialServicesLicenceNo.235907.Level37,385BourkeStreet,MelbourneVIC3000.Phone1800331685.

UniSuper: ABN91385943850 Trustee: UniSuperLimited,ABN5400027121 Date: October 2009 ProxyVoting1009

Find out more www.unisuper.com.au [email protected] 1800 331 685

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Responsible Investment Report - UniSuper/media/files/forms and downloads/proxy voting reports...Responsible Investment Report 1 Table of contents How are ESG factors integrated into