Breakdown of general meetings by geographic region

Breakdown of votes

Eurozone European 483

North America 1,008

France 221

United Kingdom 239

Asia-Pacific zone 486

Others 173

Against 10.8%

Abstain 2.4%

For 86.8%

voting6. It is also worth remembering that although the investment managers are system- atically required to vote on shares held in the portfolio, in the absence of a periodic rebal- ancing of indices through index-linked man- agement, it may be that they are unable to vote on a share due to it being blocked several days before the general meeting. The main countries giving rise to rejected votes were: Germany (blocking share); Italy (blocking share); Norway (blocking share); Luxembourg (blocking share); Switzerland (blocking share); Portugal (split voting); Spain (another reason).

6 Situation in which more than one investment manager must simultaneously vote on the same share. Only a few countries ban split voting.

Although the FRR s investment managers are required to avoid not voting, their attendance at general meetings is subject to the rebalancing and holding of the share in benchmark indices. This is the main reason for the high percentage of these mandates in the votes rejected.

In terms of voting breakdown, the number of votes FOR resolutions has been relatively stable over time, at 86.8% in 2016. This figure can be explained by the regional diversification of the FRR s investments. Therefore, even if a country has a stormy general assembly season, the other countries would not necessarily be affected, which explains this relatively stable percentage of votes in favour within the FRR s portfolio.