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The key objective of Washington Crossing
Advisors' Proxy Voting Policy is to maximize
shareholder value, and proxies will be voted
with this in mind. Our policies acknowledge
that a company’s management is responsible
for both daily operations of a business and
longer-term strategic planning of the
company, subject to the oversight of the
company’s board of directors.
Although ordinary business matters are
primarily the responsibility of management
and should be approved solely by the
corporation’s board of directors, we also
recognize that the company’s shareholders
must have final say over how management and
directors are performing, and how
shareholders’ rights and ownership interests
are handled, especially when matters could
have substantial economic implications to
the shareholders.
Therefore, we will pay particular attention
to the following matters in exercising our
proxy voting responsibilities as a fiduciary
for our clients:
Each company should be able to explain their
actions and take prompt corrective actions
for actions that are not conducive with
promoting long-run shareholder interests.
Management must be accountable to its board
of directors, who, in turn, are accountable
to shareholders.
In addition, each company should seek to
align management and the board of directors
with the interests of shareholders.
Compensation, for example, should be
designed to reward management for a job well
done as measured by the creation of value
for the shareholders.
Lastly, companies should disclose
material and other important information
about its business operations and financial
performance to investors on a prompt and
timely basis. The information should
also be complete enough to allow investors
and creditors to evaluate the company’s
performance, assess its creditworthiness, and
allow for an informed investment decision.
A copy of our complete Proxy Voting Policies
and Procedures is available to clients of
our clients, without charge, by sending a
request to the address below. In addition,
we will provide each client, without charge,
and upon request, information regarding the
proxy votes cast by us with regard to
securities held in our portfolios. We may
receive, and therefore vote, a proxy for the
total number of shares held by all clients
in a particular issuer, rather than a proxy
for each individual client’s holding.
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