Asset manager Neuberger Berman has launched a proxy voting initiative to publicly disclose the firm’s voting rationale at over 25 key annual shareholder meetings.
The initiative, named NB25+, is a move to change the company’s practices and become the “first major asset management firm” to provide advance proxy vote disclosure.
Certain disclosures could include a planned vote against a director who sits on many other boards and is “unlikely” to fulfil all responsibilities adequately, or a vote on a compensation plan which “may not foster long-term” capital allocation.
Companies where Neuberger Berman has voting power include Adobe Systems, Stanley Black & Decker, and construction firm Lennar Corp.
Chief executive George Walker said: “Leadership matters, especially in difficult periods. Firms with sustainable practices will be more resilient. Shareholders need to engage as owners for our capitalist system to work.”
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