As a responsible investor, NILGOSC believes that it has a legitimate interest in the management of the companies in which it invests, and supports the use of voting as a means of expressing concern over environmental, social or governance (ESG) issues. For almost two decades, NILGOSC has been exercising its right to vote (if possible) at all company meetings in its actively-managed equity holdings, seeking to improve corporate behaviour and protect shareholder value.
The most recent peak voting period ended in June 2025. During the year, NILGOSC cast 2,840 votes at a total of 212 meetings held by 192 globally-listed companies. Of the 19 countries in which the investee companies were located, more than half of the resolutions were filed in North America (1,732 resolutions over 129 meetings).
In early 2025, NILGOSC commenced using Pass-through Voting (PtV) to further expand its stewardship of the Fund’s assets, allowing the Investment team to indicate a preference on how votes are placed on a proportionate share of the passively-managed equities held in the LGIM pooled funds in which NILGOSC invests. Subject to some restrictions, the use of PtV during the last peak voting period has helped NILGOSC to vote consistently across the equities that it holds in both its actively-managed mandates and in the passively-managed funds. Of the 212 meetings at which NILGOSC voted in the year to 30 June 2025, pass through voting was used to cast votes at 118 of them.
NILGOSC has a bespoke Voting Policy which sets out its expectations for good corporate governance, including how companies manage their impact on society and the environment. More information about NILGOSC’s voting records and Voting Policy can be found on Voting Policy and Activity.
NILGOSC believes that all resolutions should be reviewed on a case-by-case basis, and supports proposals that are: compatible with its policies; follow good market practice; and are in the best interests of shareholders. It is recognised that public sector pension funds tend to have a much higher propensity to oppose management on resolutions when compared to the average shareholder. NILGOSC is no exception, actively expressing concerns over corporate governance issues through voting. In total, NILGOSC voted against management recommendations on 43.9% of all resolutions, whereas the average shareholder demonstrated a dissent level of 5.0% over the same period.
A report with full details of NILGOSC’s voting activities up to 30 June 2025, as well as full disclosure of how NILGOSC voted on Shareholder resolutions over the period is available on our Annual Voting Reviews page.
