Proxy Voting Guidelines


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PROXY VOTING GUIDELINES / 2019 1 PURPOSE These guidelines set out our expectations with respect to the governance practices of the companies in which we invest; as well as expectations of how they will address environmental and social risks. This document describes how we approach these issues from a proxy voting perspective, and gives guidance to investee companies on how we are likely to vote the shares we own when such matters are put to a shareholder vote. BCI respects the capabilities and expertise of company directors and management, and does not seek to interfere in day-to-day management functions. We expect that the implementation of these guidelines will assist and encourage boards to remain focused on the objective of building shareholder value while holding them accountable for actions taken. Preface BCI is a long-term investor in the global equity markets. We believe companies that take material environmental, social and governance (ESG) matters into account manage risk better and generate long-term value for investors. It is also our belief that sound ESG practices contribute to the integrity of the public corporations we hold and to the creation of value for our clients. Accordingly, through proxy voting and other engagement with portfolio companies, we advocate for improvements in both ESG disclosure and performance where necessary, in order to enhance overall company performance and shareholder value. This is in line with our role and responsibilities as stewards of our clients' assets. PROCESS BCI aims to vote every share that we own at every company meeting held, while recognizing that certain markets continue to employ additional administrative hurdles that may preclude us from the ability to vote. We apply the following guidelines on a global basis while also recognizing that practices can differ dramatically in different markets. These differences will sometimes influence actual voting decisions. In applying our guidelines, BCI reviews company filings, such as the proxy statement or information circular, and may also use research reports from external proxy voting service providers to assist in the voting process, however, we do not follow their voting recommendations.

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