Passive funds are increasingly voting against proposals made by their portfolio companies, according to a report from Morningstar. Among funds mentioned in the report, Deutsche Asset Management and Nomura Asset Management were found to be the most aggressive in voting against companies' boards. The 12 firms voted against board proposals 23% and 22% of the time respectively. Morningstar noted US-based managers were historically less likely to vote against boards than their European counterparts. There is evidence, however, this is changing with US managers becoming more willing to vote for change.
Passive funds are increasingly voting against proposals made by their portfolio companies, according to a report from Morningstar. Among funds mentioned in the report, Deutsche Asset Management and Nomura Asset Management were found to be the most aggressive in voting against companies' boards. The two firms voted against board proposals 23% and 22% of the time respectively. Morningstar noted US-based managers were historically less likely to vote against boards than their European counterparts. There is evidence, however, this is changing with US managers becoming more willing to vote for change.