Stewardship in action

Voting and engagement in FY26

Stewardship is how we use our rights and influence as an investor to protect and enhance long-term value for our members. We seek to deliver this through informed voting, purposeful engagement with company boards, management, and others, and targeted advocacy that aims to encourage system changes and improve industry standards.  

Voting

We publicly disclose our voting decisions shortly after company meetings. You can search by company and view detailed voting outcomes through our online voting register. 

Please see our Stewardship Statement for more information on our approach to Stewardship and our voting policies.

The charts below show how we voted across our Australian and global holdings in FY26, and the types of resolutions considered during the year.

CBUS ASX holdings 

Proxy voting outcomes

Resolution by themes

CBUS global holdings 

Proxy voting outcomes

Resolution by themes

The information in this section is based on voting decisions made by CBUS in FY26 and is prepared on the basis of data available at the time of publication from our third-party proxy execution provider.

Engagement

Engagement gives us an opportunity to raise issues directly with companies to encourage sound governance, accountability and decision-making that support long-term value for members. The examples below show how this can work in practice.

Case study: Governance and leadership at WiseTech Global

The issue

WiseTech Global faced a protracted period of uncertainty following ongoing conduct allegations involving its founder, an ASIC investigation into share trading activities, and changes to the company's leadership structure.

Our role

We engaged with the company both directly and through collaborative investor channels to better understand how the board was addressing these issues. Discussions focused on board renewal, leadership accountability, succession planning and oversight of workforce impacts associated with the company's artificial intelligence transformation program.

The outcome

Our multi-year engagement with WiseTech focused on governance, leadership accountability and board oversight during a period of significant change. During this period, the company made a number of governance changes, including appointing an independent Board Chair. We will continue to engage with WiseTech and monitor developments and progress.

Case study: Remuneration accountability at Macquarie Group

The issue

Macquarie Group faced ongoing regulatory issues, including fines, licence conditions and remediation programs. These matters prompted investor concerns about whether executive remuneration appropriately reflected the challenges facing the business and accountability. At its 2025 annual general meeting (AGM), the company received its first strike with 25.4% of shareholders voting against its executive remuneration report.

Our role

We engaged with Macquarie, both directly and through collaborative investor initiatives, to better understand the board's response to the strike, its approach to executive remuneration and broader accountability measures. Discussions focused on how remuneration outcomes could better reflect company performance and shareholder expectations. Following ongoing regulatory issues, our engagement sought to understand how the board was strengthening oversight and aligning remuneration outcomes with accountability.

The outcome

The company reduced remuneration for senior executives, improved disclosure and took steps to reinforce accountability. We supported the FY26 remuneration report, which received more than 94% shareholder support, and will continue to monitor governance and remuneration practices that support sustainable long-term value for members.

¹ Where ASX companies receive >25% against vote from shareholders on its remuneration report resolution. Two consecutive strikes require boards to put forward a board spill resolution.