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Proxy Voting

Proxy Voting

Expressing our views to boards and management of public companies.

One of the most effective ways to fulfil our responsibilities as an active owner and convey our views to boards of directors and management of public companies is to vote our proxies at annual and special meetings of shareholders.

We oppose resolutions that are likely to reduce long-term shareholder value, even though they may produce short-term gains. We do this because our job is maximize returns without undue risk. We aim to create long-term value in the best interests of the Canada Pension Plan Fund’s more than 22 million contributors and beneficiaries  – both current and future generations. That means value for both our kids and our grandkids.

All of our proxy voting decisions are guided by our Proxy Voting Principles and Guidelines (PVPGs). Our PVPGs have two purposes: (i) to give the directors and officers of companies in which we own shares guidance on we are likely to vote on matters put to the shareholders; and (ii) to communicate our views on other important matters that boards will deal with in the normal course of business.

Our PVPGs are reviewed annually and contain guidelines, not rigid rules. We will respond to specific matters on a company-by-company basis.

Proxy Voting Principles & Guidelines

Our guide for making proxy voting decisions

Proxy Voting Overview

As an engaged asset owner, we are transparent in our voting activities and employ the leading practice of posting our individual proxy vote decisions in advance of meetings.

2023 Proxy Voting Facts for the year ended June 30, 2023

meetings where we conveyed our views


agenda items we voted on


countries where we voted


of cases where we voted against management

Meetings voted in

North America
Latin America
Asia Pacific
Rest of World

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