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Reo@ Voting Report
The SEI Japan Equity Fund
VOTING RECORDS
FROM:01/04/2019 TO: 30/06/2019
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
A&D Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 7745
Primary ISIN: JP3160130005 Primary SEDOL: 6601388
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Approve Allocation of Income, with a Final Dividend of JPY 10
1
Mgmt For For Elect Director Morishima, Yasunobu 2.1
Mgmt Against For Elect Director Eto, Masatake 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Murata, Yutaka 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ito, Sadao 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takada, Shingo 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Furukawa, Satoshi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Steven Plunkett 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawada, Hiroshi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Daisho, Yasuhiro 2.9
Mgmt Against For Appoint Statutory Auditor Aya, Katsumi 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Advantest Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 6857
Primary ISIN: JP3122400009 Primary SEDOL: 6870490
Page 1 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Advantest Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Yoshida, Yoshiaki Mgmt For For
Mgmt For For Elect Director Karatsu, Osamu 1.2
Mgmt For For Elect Director Urabe, Toshimitsu 1.3
Mgmt For For Elect Director Nicholas Benes 1.4
Mgmt For For Elect Director Hans-Juergen Wagner 1.5
Mgmt For For Elect Director Tsukakoshi, Soichi 1.6
Mgmt For For Elect Director Fujita, Atushi 1.7
Mgmt For For Elect Director and Audit Committee Member
Kurita, Yuichi 2.1
Mgmt For For Elect Director and Audit Committee Member
Namba, Koichi 2.2
Mgmt For For Elect Alternate Director and Audit Committee
Member Karatsu, Osamu 3
AEON Co., Ltd.
Meeting Date: 05/29/2019 Country: Japan
Meeting Type: Annual Ticker: 8267
Primary ISIN: JP3388200002 Primary SEDOL: 6480048
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yoko, Hiroshi Mgmt For For
Mgmt Against For Elect Director Okada, Motoya 1.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt For For Elect Director Yamashita, Akinori 1.3
Mgmt For For Elect Director Uchinaga, Yukako 1.4
Mgmt For For Elect Director Nagashima, Toru 1.5
Mgmt For For Elect Director Tsukamoto, Takashi 1.6
Mgmt For For Elect Director Ono, Kotaro 1.7
Mgmt For For Elect Director Peter Child 1.8
Page 2 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
AEON DELIGHT CO., LTD.
Meeting Date: 05/30/2019 Country: Japan
Meeting Type: Annual Ticker: 9787
Primary ISIN: JP3389700000 Primary SEDOL: 6476218
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Amend Articles to Restore Shareholder Authority to Vote on Income Allocation
Mgmt For For
Mgmt Against For Approve Allocation of Income, With a Final Dividend of JPY 32
2
Voter Rationale: Making dividend payments does not appear appropriate when the investigation of accounting irregularities is still underway, and the financial statements are not yet finalized.
Mgmt Against For Approve Deep Discount Stock Option Plan 3
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time. In addition, share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable.
Mgmt For For Elect Director Nakayama, Ippei 4.1
Mgmt For For Elect Director Hamada, Kazumasa 4.2
Mgmt Against For Elect Director Yamazato, Nobuo 4.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Furukawa, Yukio 4.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shikata, Motoyuki 4.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Mito, Hideyuki 4.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yashi, Tajiro 4.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sadaoka, Hiroki 4.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sato, Hiroyuki 4.9
Mgmt For For Elect Director Fujita, Masaaki 4.10
Mgmt For For Elect Director Hompo, Yoshiaki 4.11
Page 3 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Alfresa Holdings Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 2784
Primary ISIN: JP3126340003 Primary SEDOL: 6687214
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kanome, Hiroyuki Mgmt For For
Mgmt For For Elect Director Kubo, Taizo 1.2
Mgmt Against For Elect Director Masunaga, Koichi 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Izumi, Yasuki 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Arakawa, Ryuji 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kishida, Seiichi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Katsuki, Hisashi 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimada, Koichi 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Terai, Kimiko 1.9
Mgmt Against For Elect Director Yatsurugi, Yoichiro 1.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Konno, Shiho 1.11
Mgmt For For Approve Trust-Type Equity Compensation Plan 2
Anritsu Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 6754
Primary ISIN: JP3128800004 Primary SEDOL: 6044109
Page 4 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Anritsu Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 13.5 Mgmt For For
Mgmt For For Elect Director Hamada, Hirokazu 2.1
Mgmt For For Elect Director Kubota, Akifumi 2.2
Mgmt For For Elect Director Niimi, Masumi 2.3
Mgmt For For Elect Director Shima, Takeshi 2.4
Mgmt For For Elect Director Seki, Takaya 2.5
Mgmt For For Elect Director Aoki, Kazuyoshi 2.6
Mgmt For For Elect Director and Audit Committee Member
Igarashi, Norio 3.1
Mgmt For For Elect Director and Audit Committee Member
Shimizu, Keiko 3.2
Mgmt For For Elect Director and Audit Committee Member
Taniai, Toshisumi 3.3
Mgmt For For Elect Alternate Director and Audit Committee
Member Sano, Takashi 4
Mgmt For For Approve Annual Bonus 5
Arcs Co., Ltd.
Meeting Date: 05/23/2019 Country: Japan
Meeting Type: Annual Ticker: 9948
Primary ISIN: JP3968600001 Primary SEDOL: 6721930
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 26
Mgmt For For
Mgmt For For Elect Director Miura, Koichi 2.1
Mgmt For For Elect Director Yokoyama, Kiyoshi 2.2
Mgmt Against For Elect Director Furukawa, Koichi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 5 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Arcs Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Muguruma, Akira 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kogarimai, Hideki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fukuhara, Ikuharu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inoue, Koichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sawada, Tsukasa 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nekomiya, Kazuhisa 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Saeki, Hiroshi 2.10
Mgmt For For Elect Director Sasaki, Ryoko 2.11
Mgmt For For Appoint Statutory Auditor Sagawa, Hiroyuki 3.1
Mgmt For For Appoint Statutory Auditor Takashima, Satoru 3.2
Mgmt For For Appoint Statutory Auditor Ito, Kazunori 3.3
Mgmt For For Appoint Statutory Auditor Tamori, Takayuki 3.4
Mgmt For For Approve Annual Bonus 4
Mgmt Against For Approve Director and Statutory Auditor
Retirement Bonus 5
Voter Rationale: There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.
Argo Graphics, Inc.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 7595
Primary ISIN: JP3126110000 Primary SEDOL: 6133687
Page 6 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Argo Graphics, Inc.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50 Mgmt For For
Mgmt For For Elect Director Fujisawa, Yoshimaro 2.1
Mgmt For For Elect Director Ozaki, Muneshi 2.2
Mgmt Against For Elect Director Nakai, Takanori 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ishikawa, Kiyoshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujimori, Takeshi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hasebe, Kunio 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Ido, Rieko 2.7
Mgmt For For Elect Director Ito, Norikazu 2.8
Asahi Broadcasting Group Holdings Corp.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 9405
Primary ISIN: JP3116800008 Primary SEDOL: 6054454
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 18 Mgmt For For
Mgmt For For Amend Articles to Amend Provisions on Director
Titles 2
Mgmt For For Elect Director Okinaka, Susumu 3.1
Mgmt Against For Elect Director Yamamoto, Shinya 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 7 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Asahi Broadcasting Group Holdings Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ogata, Ken 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Chihara, Kuniyoshi 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yasuda, Takao 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kadota, Masato 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ozaki, Hiroshi 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujii, Tatsuya 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kameyama, Keiji 3.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
ASKA Pharmaceutical Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4514
Primary ISIN: JP3541200006 Primary SEDOL: 6880820
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7 Mgmt For For
Mgmt Against For Elect Director Yamaguchi, Takashi 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt For For Elect Director Maruo, Atsushi 2.2
Mgmt For For Elect Director Kato, Kazuhiko 2.3
Mgmt For For Elect Director Yamaguchi, Sota 2.4
Mgmt For For Elect Director Fukui, Yuichiro 2.5
Page 8 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
ASKA Pharmaceutical Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Kumano, Ikuo 2.6
Mgmt For For Elect Director Yoshimura, Yasunori 2.7
Mgmt For For Elect Director Yamanaka, Michizo 2.8
Mgmt For For Elect Director Harino, Tsutomu 2.9
Astellas Pharma, Inc.
Meeting Date: 06/18/2019 Country: Japan
Meeting Type: Annual Ticker: 4503
Primary ISIN: JP3942400007 Primary SEDOL: 6985383
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, With a Final Dividend of JPY 19
Mgmt For For
Mgmt Against For Amend Articles to Authorize Board to Determine Income Allocation
2
Voter Rationale: Excess cash should be returned to shareholders when it is not otherwise invested. Shareholders should retain the right to approve the company's dividend policy.
Mgmt For For Elect Director Hatanaka, Yoshihiko 3.1
Mgmt For For Elect Director Yasukawa, Kenji 3.2
Mgmt For For Elect Director Okamura, Naoki 3.3
Mgmt For For Elect Director Sekiyama, Mamoru 3.4
Mgmt For For Elect Director Yamagami, Keiko 3.5
Mgmt For For Elect Director Kawabe, Hiroshi 3.6
Mgmt For For Elect Director Ishizuka, Tatsuro 3.7
Mgmt For For Elect Director and Audit Committee Member
Shibumura, Haruko 4
Mgmt For For Elect Alternate Director and Audit Committee
Member Takahashi, Raita 5
Mgmt For For Approve Fixed Cash Compensation Ceiling and Annual Bonus Ceiling for Directors Who Are Not Audit Committee Members
6
Mgmt For For Approve Trust-Type Equity Compensation Plan 7
Mgmt For For Approve Annual Bonus 8
Page 9 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Bando Chemical Industries Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 5195
Primary ISIN: JP3779000003 Primary SEDOL: 6075068
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 16
Mgmt For For
Mgmt For For Elect Director Yoshii, Mitsutaka 2.1
Mgmt Against For Elect Director Kashiwada, Shinji 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Someda, Atsushi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hata, Katsuhiko 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Capcom Co., Ltd.
Meeting Date: 06/17/2019 Country: Japan
Meeting Type: Annual Ticker: 9697
Primary ISIN: JP3218900003 Primary SEDOL: 6173694
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 20
Mgmt For For
Mgmt For For Amend Articles to Amend Business Lines 2
Mgmt For For Elect Director Tsujimoto, Kenzo 3.1
Mgmt For For Elect Director Tsujimoto, Haruhiro 3.2
Mgmt For For Elect Director Egawa, Yoichi 3.3
Mgmt For For Elect Director Nomura, Kenkichi 3.4
Mgmt For For Elect Director Neo, Kunio 3.5
Mgmt For For Elect Director Sato, Masao 3.6
Mgmt For For Elect Director Muranaka, Toru 3.7
Page 10 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Capcom Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Mizukoshi, Yutaka 3.8
C'BON COSMETICS Co., Ltd.
Meeting Date: 06/24/2019 Country: Japan
Meeting Type: Annual Ticker: 4926
Primary ISIN: JP3347130001 Primary SEDOL: B3YP9R1
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Amend Articles to Indemnify Directors - Indemnify Statutory Auditors
Mgmt For For
Mgmt Against For Elect Director Inuzuka, Masahiro 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Mikami, Naoko 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sakiyama, Kazuhiro 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Katayama, Toshio 2.4
Mgmt Against For Elect Director Kobayashi, Akihiko 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kadowaki, Hideharu 2.6
Mgmt Against For Elect Director Sai, Masumi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Nakazawa, Hiromi 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Central Japan Railway Co.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 9022
Primary ISIN: JP3566800003 Primary SEDOL: 6183552
Page 11 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Central Japan Railway Co.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75 Mgmt For For
Mgmt Against For Elect Director Niwa, Shunsuke 2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Fujii, Hidenori 3.1
Mgmt For For Appoint Statutory Auditor Ishizu, Hajime 3.2
Mgmt For For Appoint Statutory Auditor Yamashita, Fumio 3.3
Mgmt For For Appoint Statutory Auditor Kifuji, Shigeo 3.4
Mgmt For For Appoint Statutory Auditor Nasu, Kunihiro 3.5
Central Security Patrols Co., Ltd.
Meeting Date: 05/30/2019 Country: Japan
Meeting Type: Annual Ticker: 9740
Primary ISIN: JP3425400003 Primary SEDOL: 6184782
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 20
Mgmt For For
Mgmt For For Elect Director Kamada, Shinichiro 2.1
Mgmt For For Elect Director Sawamoto, Takashi 2.2
Mgmt Against For Elect Director Kokubo, Masaaki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Omata, Rikio 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yokotsuka, Atsushi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Horiba, Hirofumi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 12 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Central Security Patrols Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Kanno, Shuichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Suzuki, Gaku 2.8
Mgmt Against For Elect Director Hiyama, Takeo 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Ito, Atsuko 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Approve Trust-Type Equity Compensation Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Mgmt For For Approve Compensation Ceiling for Directors 5
Cleanup Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 7955
Primary ISIN: JP3270200003 Primary SEDOL: 6203513
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 10
Mgmt For For
Mgmt For For Appoint Statutory Auditor Yamane, Yasumasa 2.1
Mgmt For For Appoint Statutory Auditor Araya, Kenichi 2.2
Mgmt For For Appoint Statutory Auditor Takashina, Akira 2.3
Mgmt For For Appoint Alternate Statutory Auditor Aruga, Fuminobu
3
Corona Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 5909
Primary ISIN: JP3305950002 Primary SEDOL: 6183303
Page 13 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Corona Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14 Mgmt For For
Mgmt Against For Elect Director Uchida, Tsutomu 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Kobayashi, Kazuyoshi 2.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Osabe, Hideo 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sekiya, Shinichi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shibuki, Hideharu 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uchida, Mamoru 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Koike, Hitoshi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Wakamoto, Shojiro 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kido, Eiichi 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nishiyama, Akihiko 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Omomo, Mitsuru 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member Matsudaira, Fumitaka
3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent â?? and companies should strive to make them fully independent.
Page 14 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Corona Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Alternate Director and Audit Committee
Member Sugimoto, Masayoshi 4
Voter Rationale: The audit committee should be majority independent â?? and companies should strive to make them fully independent.
Mgmt Against For Approve Director Retirement Bonus 5
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Mgmt Against For Approve Director Retirement Bonus 6
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Dai Nippon Printing Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 7912
Primary ISIN: JP3493800001 Primary SEDOL: 6250906
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 32 Mgmt For For
Mgmt Against For Elect Director Kitajima, Yoshitoshi 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Kitajima, Yoshinari 2.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Morino, Tetsuji 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Wada, Masahiko 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inoue, Satoru 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miya, Kenji 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tsukada, Tadao 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 15 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Dai Nippon Printing Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Miyajima, Tsukasa 2.8
Mgmt For For Elect Director Tomizawa, Ryuichi 2.9
Mgmt Against For Appoint Statutory Auditor Hoshino, Naoki 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Matsura, Makoto 3.2
Mgmt Against For Appoint Statutory Auditor Sano, Toshio 3.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Morigayama, Kazuhisa 3.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Daiho Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 1822
Primary ISIN: JP3498600000 Primary SEDOL: 6250360
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 75 Mgmt For For
Mgmt For For Elect Director Tada, Fumio 2.1
Mgmt For For Elect Director Nakasugi, Masanobu 2.2
Mgmt For For Elect Director Morishita, Kakue 2.3
Mgmt For For Elect Director Nagata, Shuichi 2.4
Mgmt For For Elect Director Kawaguchi, Tetsuro 2.5
Mgmt For For Elect Director Kakitsuba, Kimiyoshi 2.6
Mgmt For For Elect Director Machino, Shizu 2.7
Mgmt For For Approve Compensation Ceiling for Directors 3
Mgmt Against For Approve Trust-Type Equity Compensation Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Page 16 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Dai-ichi Life Holdings, Inc.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8750
Primary ISIN: JP3476480003 Primary SEDOL: B601QS4
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, With a Final Dividend of JPY 58
Mgmt For For
Mgmt For For Elect Director Watanabe, Koichiro 2.1
Mgmt For For Elect Director Inagaki, Seiji 2.2
Mgmt For For Elect Director Tsuyuki, Shigeo 2.3
Mgmt For For Elect Director Tsutsumi, Satoru 2.4
Mgmt For For Elect Director Ishii, Kazuma 2.5
Mgmt For For Elect Director Taketomi, Masao 2.6
Mgmt For For Elect Director Teramoto, Hideo 2.7
Mgmt For For Elect Director George Olcott 2.8
Mgmt For For Elect Director Maeda, Koichi 2.9
Mgmt For For Elect Director Inoue, Yuriko 2.10
Mgmt For For Elect Director Shingai, Yasushi 2.11
Daito Trust Construction Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 1878
Primary ISIN: JP3486800000 Primary SEDOL: 6250508
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 309 Mgmt For For
Mgmt For For Elect Director Kobayashi, Katsuma 2.1
Mgmt Against For Elect Director Kawai, Shuji 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 17 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Daito Trust Construction Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Takeuchi, Kei 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uchida, Kanitsu 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Saito, Kazuhiko 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakagawa, Takeshi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sato, Koji 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakagami, Fumiaki 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yamaguchi, Toshiaki 2.9
Mgmt For For Elect Director Sasaki, Mami 2.10
Mgmt For For Elect Director Shoda, Takashi 2.11
Mgmt For For Approve Trust-Type Equity Compensation Plan 3
Daiwa House Industry Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 1925
Primary ISIN: JP3505000004 Primary SEDOL: 6251363
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 64
Mgmt For For
Mgmt For For Elect Director Higuchi, Takeo 2.1
Mgmt For For Elect Director Yoshii, Keiichi 2.2
Page 18 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Daiwa House Industry Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ishibashi, Tamio 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kosokabe, Takeshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tsuchida, Kazuto 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujitani, Osamu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamamoto, Makoto 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tanabe, Yoshiaki 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Otomo, Hirotsugu 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Urakawa, Tatsuya 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Dekura, Kazuhito 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ariyoshi, Yoshinori 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimonishi, Keisuke 2.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kimura, Kazuyoshi 2.14
Mgmt For For Elect Director Shigemori, Yutaka 2.15
Mgmt For For Elect Director Yabu, Yukiko 2.16
Mgmt Against For Appoint Statutory Auditor Oda, Shonosuke 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 19 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Daiwa House Industry Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Approve Compensation Ceiling for Statutory
Auditors 4
Mgmt For For Approve Annual Bonus 5
Mgmt Against For Approve Trust-Type Equity Compensation Plan 6
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Mgmt For For Approve Restricted Stock Plan 7
Daiwabo Holdings Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 3107
Primary ISIN: JP3505400006 Primary SEDOL: 6251426
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 200 Mgmt For For
Mgmt For For Elect Director Sakaguchi, Masaaki 2.1
Mgmt For For Elect Director Nogami, Yoshihiro 2.2
Mgmt Against For Elect Director Sawaki, Yuji 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nishimura, Yukihiro 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Saito, Kiyokazu 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Arichi, Kunihiko 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsumoto, Hiroyuki 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Dohi, Kenichi 2.8
Mgmt For For Elect Director Nakamura, Kazuyuki 2.9
Page 20 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Daiwabo Holdings Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Statutory Auditor Ueda, Masuji 3
DTS Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 9682
Primary ISIN: JP3548500002 Primary SEDOL: 6255699
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 60
Mgmt For For
Mgmt For For Elect Director Nishida, Koichi 2.1
Mgmt For For Elect Director Sakamoto, Takao 2.2
Mgmt For For Elect Director Takeuchi, Minoru 2.3
Mgmt For For Elect Director Kobayashi, Hirotoshi 2.4
Mgmt For For Elect Director Asami, Isao 2.5
Mgmt For For Elect Director Hagiwara, Tadayuki 2.6
Mgmt For For Elect Director Suzuki, Shigehiko 2.7
Mgmt For For Elect Director Hirata, Masayuki 2.8
Mgmt For For Elect Director Shishido, Shinya 2.9
Mgmt For For Appoint Statutory Auditor Takei, Yutaka 3
Duskin Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 4665
Primary ISIN: JP3505900005 Primary SEDOL: B1GVJ73
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20 Mgmt For For
Page 21 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Duskin Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Yamamura, Teruji 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt For For Elect Director Miyajima, Kenichi 2.2
Mgmt For For Elect Director Okai, Kazuo 2.3
Mgmt For For Elect Director Narahara, Junichi 2.4
Mgmt For For Elect Director Sumimoto, Kazushi 2.5
Mgmt For For Elect Director Suzuki, Taku 2.6
Mgmt For For Elect Director Yamamoto, Tadashi 2.7
Mgmt For For Elect Director Yoshizumi, Tomoya 2.8
Mgmt For For Elect Director Sekiguchi, Nobuko 2.9
Eisai Co., Ltd.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 4523
Primary ISIN: JP3160400002 Primary SEDOL: 6307200
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Naito, Haruo Mgmt For Against
Voter Rationale: Poison Pill Deployment without Shareholder Approval.
Mgmt For For Elect Director Kato, Yasuhiko 1.2
Mgmt For For Elect Director Kanai, Hirokazu 1.3
Mgmt For For Elect Director Kakizaki, Tamaki 1.4
Mgmt For For Elect Director Tsunoda, Daiken 1.5
Mgmt For For Elect Director Bruce Aronson 1.6
Mgmt For For Elect Director Tsuchiya, Yutaka 1.7
Mgmt For For Elect Director Kaihori, Shuzo 1.8
Mgmt For For Elect Director Murata, Ryuichi 1.9
Mgmt For For Elect Director Uchiyama, Hideyo 1.10
Mgmt For For Elect Director Hayashi, Hideki 1.11
Page 22 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Electric Power Development Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 9513
Primary ISIN: JP3551200003 Primary SEDOL: B02Q328
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 40
Mgmt For For
Mgmt For For Elect Director Kitamura, Masayoshi 2.1
Mgmt For For Elect Director Watanabe, Toshifumi 2.2
Mgmt Against For Elect Director Murayama, Hitoshi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uchiyama, Masato 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Urashima, Akihito 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Onoi, Yoshiki 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Minaminosono, Hiromi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sugiyama, Hiroyasu 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tsukuda, Hideki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Honda, Makoto 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kanno, Hitoshi 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kajitani, Go 2.12
Page 23 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Electric Power Development Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ito, Tomonori 2.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director John Buchanan 2.14
Mgmt For For Appoint Statutory Auditor Otsuka, Mutsutake 3.1
Mgmt For For Appoint Statutory Auditor Nakanishi, Kiyoshi 3.2
FALCO HOLDINGS Co., Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 4671
Primary ISIN: JP3802650006 Primary SEDOL: 6354853
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 23 Mgmt For For
Mgmt For For Elect Director Yasuda, Tadashi 2.1
Mgmt Against For Elect Director Matsubara, Nobumasa 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Onishi, Norikazu 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawata, Yoichi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Goda, Tetsuo 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Naito, Kinya 2.6
Mgmt For For Elect Director Katsuyama, Takehiko 2.7
Page 24 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
FANCL Corp.
Meeting Date: 06/22/2019 Country: Japan
Meeting Type: Annual Ticker: 4921
Primary ISIN: JP3802670004 Primary SEDOL: 6131261
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Ikemori, Kenji Mgmt For For
Mgmt For For Elect Director Miyajima, Kazuyoshi 1.2
Mgmt For For Elect Director Shimada, Kazuyuki 1.3
Mgmt For For Elect Director Yamaguchi, Tomochika 1.4
Mgmt For For Elect Director Tsurusaki, Toru 1.5
Mgmt For For Elect Director Ishigami, Yukihiro 1.6
Mgmt For For Elect Director Ikeda, Norito 1.7
Mgmt For For Elect Director Koseki, Katsunori 1.8
Mgmt For For Elect Director Nakakubo, Mitsuaki 1.9
Feed One Co., Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 2060
Primary ISIN: JP3802960009 Primary SEDOL: BQQ1JQ7
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 4.5 Mgmt For For
Mgmt For For Elect Director Yamauchi, Takashi 2.1
Mgmt For For Elect Director Noguchi, Takashi 2.2
Mgmt For For Elect Director Hatanaka, Naoki 2.3
Mgmt For For Elect Director Suzuki, Tsuneo 2.4
Mgmt For For Elect Director Arakida, Yukihiro 2.5
Mgmt For For Elect Director Okada, Yasuhiko 2.6
Mgmt For For Elect Director Ishizuka, Akio 2.7
Mgmt For For Elect Director Nagoya, Yutaka 2.8
Page 25 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Feed One Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Kubota, Kikue 2.9
FIDEA Holdings Co. Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 8713
Primary ISIN: JP3802940001 Primary SEDOL: B3X0911
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Tao, Yuichi Mgmt For For
Mgmt For For Elect Director Ueno, Masashi 1.2
Mgmt For For Elect Director Ito, Arata 1.3
Mgmt For For Elect Director Shiota, Keiji 1.4
Mgmt For For Elect Director Nishibori, Satoru 1.5
Mgmt For For Elect Director Ogawa, Shoichi 1.6
Mgmt For For Elect Director Fukuda, Kyoichi 1.7
Mgmt For For Elect Director Hori, Yutaka 1.8
Mgmt For For Elect Director Sato, Hiroyuki 1.9
Mgmt For For Elect Director Miyauchi, Shinobu 1.10
SH Against Against Amend Articles to Hand over Petition Calling for Abolition of Negative Interest Rate Policy to Governor of the Bank of Japan
2
Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.
SH Against Against Amend Articles to Repay All Public Funds in
2019-20 Fiscal Year 3
Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.
Fujikura Kasei Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4620
Primary ISIN: JP3811200009 Primary SEDOL: 6356729
Page 26 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Fujikura Kasei Co., Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 8 Mgmt For For
Mgmt For For Amend Articles to Adopt Board Structure with Audit Committee - Amend Provisions on Number of Directors - Clarify Director Authority on Board Meetings - Authorize Directors to Execute Day to Day Operations without Full Board Approval
2
Mgmt For For Elect Director Kato, Daisuke 3.1
Mgmt Against For Elect Director Ueda, Hikoji 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimoda, Yoshizo 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kajiwara, Hisashi 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Watanabe, Hiroaki 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takano, Masahiro 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Watanabe, Satoshi 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Tanaka, Osamu 3.8
Mgmt Against For Elect Director Nagahama, Yoichi 3.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member
Saisu, Yuzo 4.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member Naka, Mitsuyoshi
4.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director and Audit Committee Member Watanabe, Takashi
4.3
Page 27 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Fujikura Kasei Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Alternate Director and Audit Committee
Member Miyagawa, Hiroshi 5
Mgmt For For Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members 6
Mgmt For For Approve Compensation Ceiling for Directors
Who Are Audit Committee Members 7
Fujimi, Inc.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 5384
Primary ISIN: JP3820900003 Primary SEDOL: 6355276
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 47
Mgmt For For
Mgmt For For Elect Director Seki, Keishi 2.1
Mgmt Against For Elect Director Ito, Hirokazu 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Suzuki, Akira 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Owaki, Toshiki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Suzuki, Katsuhiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kawashita, Masami 2.6
Mgmt For For Elect Director Asai, Yoshitsugu 2.7
Mgmt For For Appoint Statutory Auditor Takahashi, Masahiko 3
Mgmt For For Appoint Alternate Statutory Auditor Hayashi, Nobufumi
4
Page 28 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Fujitsu Frontech Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 6945
Primary ISIN: JP3818200002 Primary SEDOL: 6357261
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yoshida, Naoki Mgmt For Against
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kimura, Atsunori 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kawakami, Hiromu 1.3
Mgmt Against For Elect Director Watabe, Hiroshi 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kushida, Ryuji 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sawada, Yoichi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member Kubota, Ryuichi
2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent – and companies should strive to make them fully independent.
Mgmt For For Approve Annual Bonus 3
Fujitsu Ltd.
Meeting Date: 06/24/2019 Country: Japan
Meeting Type: Annual Ticker: 6702
Primary ISIN: JP3818000006 Primary SEDOL: 6356945
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Tanaka, Tatsuya Mgmt For For
Page 29 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Fujitsu Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Yamamoto, Masami 1.2
Mgmt For For Elect Director Kojima, Kazuto 1.3
Mgmt For For Elect Director Yokota, Jun 1.4
Mgmt For For Elect Director Mukai, Chiaki 1.5
Mgmt For For Elect Director Abe, Atsushi 1.6
Mgmt For For Elect Director Kojo, Yoshiko 1.7
Mgmt For For Elect Director Tokita, Takahito 1.8
Mgmt For For Elect Director Furuta, Hidenori 1.9
Mgmt For For Elect Director Yasui, Mitsuya 1.10
Mgmt For For Appoint Statutory Auditor Hatsukawa, Koji 2
Fukuyama Transporting Co., Ltd.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 9075
Primary ISIN: JP3806800003 Primary SEDOL: 6357120
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 30
Mgmt For For
Mgmt Against For Amend Articles to Authorize Board to Determine Income Allocation
2
Voter Rationale: Excess cash should be returned to shareholders when it is not otherwise invested. Shareholders should retain the right to approve the company's dividend policy.
Mgmt For For Elect Director Komaru, Shigehiro 3.1
Mgmt For For Elect Director Kumano, Hiroyuki 3.2
Mgmt For For Elect Director Nagahara, Eiju 3.3
Mgmt For For Elect Director Mukai, Shuya 3.4
Mgmt For For Elect Director Wadabayashi, Michiyoshi 3.5
Mgmt For For Elect Director Kusaka, Shingo 3.6
Mgmt Against For Elect Director Arita, Tomoyoshi 3.7
Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.
Mgmt For For Elect Director Maeda, Miho 3.8
Page 30 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Fukuyama Transporting Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Nonaka, Tomoko 3.9
Mgmt For For Appoint Statutory Auditor Sasaki, Nobuhiko 4
Mgmt Against For Approve Director Retirement Bonus 5
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Fuso Pharmaceutical Industries Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 4538
Primary ISIN: JP3823600006 Primary SEDOL: 6357829
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 40
Mgmt For For
Mgmt Against For Elect Director Toda, Mikio 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Toda, Takao 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miyanagi, Junichi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Chigita, Takahiko 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nishimura, Shokichi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsui, Yukinobu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takahashi, Sadao 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Oka, Junichi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 31 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Fuso Pharmaceutical Industries Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ito, Masanori 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Naka, Toshihito 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Koga, Akira 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Otani, Hideki 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sudo, Minoru 2.13
Mgmt For For Elect Director Kawaguchi, Hiroyasu 2.14
G-7 Holdings, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 7508
Primary ISIN: JP3172450003 Primary SEDOL: 6034188
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Provisions on Director Titles
Mgmt For For
Mgmt Against For Elect Director Kinoshita, Mamoru 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kaneda, Tatsumi 2.2
Mgmt For For Elect Director Kinoshita, Norio 2.3
Mgmt Against For Elect Director Kishimoto, Yasumasa 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsuda, Yukitoshi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 32 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
G-7 Holdings, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Seki, Daisaku 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tamaki, Isao 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sakamoto, Mitsuru 2.8
Mgmt For For Elect Director Shida, Yukihiro 2.9
Mgmt Against For Appoint Statutory Auditor Nishii, Hiroki 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Alternate Statutory Auditor Kato, Yasuhiko
4.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Alternate Statutory Auditor Yoneda, Koji 4.2
HABA Laboratories, Inc.
Meeting Date: 06/16/2019 Country: Japan
Meeting Type: Annual Ticker: 4925
Primary ISIN: JP3765130004 Primary SEDOL: 6614494
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Koyanagi, Noriko Mgmt For For
Mgmt For For Elect Director Fujii, Akio 1.2
Mgmt For For Elect Director Miyazaki, Kazunari 1.3
Mgmt For For Elect Director Komata, Noriyasu 1.4
Mgmt For For Elect Director Nanri, Midori 1.5
Mgmt For For Elect Director and Audit Committee Member Umeda, Tsunekazu
2.1
Mgmt For For Elect Director and Audit Committee Member Arikawa, Yoshiko
2.2
Mgmt For For Elect Director and Audit Committee Member Yamato, Kayoko
2.3
Mgmt For For Approve Director Retirement Bonus 3
Page 33 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Hakuhodo DY Holdings, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 2433
Primary ISIN: JP3766550002 Primary SEDOL: B05LZ02
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 14
Mgmt For For
Mgmt Against For Elect Director Narita, Junji 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Toda, Hirokazu 2.2
Mgmt Against For Elect Director Matsuzaki, Mitsumasa 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Imaizumi, Tomoyuki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakatani, Yoshitaka 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nishioka, Masanori 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Mizushima, Masayuki 2.7
Mgmt Against For Elect Director Ochiai, Hiroshi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujinuma, Daisuke 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yajima, Hirotake 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Matsuda, Noboru 2.11
Mgmt Against For Elect Director Hattori, Nobumichi 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yamashita, Toru 2.13
Page 34 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Hakuhodo DY Holdings, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Statutory Auditor Nishimura, Osamu 3.1
Mgmt For For Appoint Statutory Auditor Yamaguchi, Katsuyuki 3.2
Hamakyorex Co., Ltd.
Meeting Date: 06/18/2019 Country: Japan
Meeting Type: Annual Ticker: 9037
Primary ISIN: JP3771150004 Primary SEDOL: 6051444
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Amend Articles to Allow Sales of Supplementary Shares to Odd-Lot Holders
Mgmt For For
Mgmt For For Elect Director Osuka, Masataka 2.1
Mgmt For For Elect Director Osuka, Hidenori 2.2
Mgmt Against For Elect Director Yamazaki, Hiroyasu 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okutsu, Yasuo 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ariga, Akio 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamaoka, Tsuyoshi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nasuda, Kiichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Miyagawa, Isamu 2.8
Mgmt Against For Elect Director Otsu, Yoshitaka 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Yokohara, Sachio 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 35 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Haruyama Holdings, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 7416
Primary ISIN: JP3773600006 Primary SEDOL: 6419815
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Amend Articles to Amend Business Lines Mgmt For For
Mgmt Against For Elect Director Haruyama, Masashi 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt For For Elect Director Ito, Taku 2.2
Mgmt For For Elect Director Matsuda, Yoshinari 2.3
Mgmt For For Elect Director Sugaya, Takako 2.4
Mgmt Against For Appoint Statutory Auditor Nakagawa, Masafumi 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4
Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.
HASEKO Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 1808
Primary ISIN: JP3768600003 Primary SEDOL: 6414401
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 70 Mgmt For For
Mgmt For For Amend Articles to Reduce Directors' Term 2
Mgmt For For Elect Director Oguri, Ikuo 3.1
Mgmt For For Elect Director Tsuji, Noriaki 3.2
Mgmt For For Elect Director Muratsuka, Shosuke 3.3
Mgmt For For Elect Director Ikegami, Kazuo 3.4
Page 36 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
HASEKO Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Tani, Junichi 3.5
Mgmt For For Elect Director Tani, Nobuhiro 3.6
Mgmt For For Elect Director Murakawa, Toshiyuki 3.7
Mgmt For For Elect Director Naraoka, Shoji 3.8
Mgmt For For Elect Director Amano, Kohei 3.9
Mgmt For For Elect Director Takahashi, Osamu 3.10
Mgmt For For Elect Director Ichimura, Kazuhiko 3.11
Mgmt For For Elect Director Kogami, Tadashi 3.12
Mgmt For For Elect Director Nagasaki, Mami 3.13
Mgmt For For Appoint Statutory Auditor Chikayama, Takahisa 4
HEIWADO CO., LTD.
Meeting Date: 05/16/2019 Country: Japan
Meeting Type: Annual Ticker: 8276
Primary ISIN: JP3834400008 Primary SEDOL: 6419611
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 18
Mgmt For For
Mgmt For For Elect Director Natsuhara, Hirakazu 2.1
Mgmt For For Elect Director Hiramatsu, Masashi 2.2
Mgmt Against For Elect Director Natsuhara, Kohei 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Natsuhara, Yohei 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tabuchi, Hisashi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fukushima, Shigeru 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 37 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
HEIWADO CO., LTD. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Tanaka, Hitoshi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kosugi, Shigeki 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Hitachi Ltd.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 6501
Primary ISIN: JP3788600009 Primary SEDOL: 6429104
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Ihara, Katsumi Mgmt For For
Mgmt For For Elect Director Cynthia Carroll 1.2
Mgmt For For Elect Director Joe Harlan 1.3
Mgmt For For Elect Director George Buckley 1.4
Mgmt For For Elect Director Louise Pentland 1.5
Mgmt For For Elect Director Mochizuki, Harufumi 1.6
Mgmt For For Elect Director Yamamoto, Takatoshi 1.7
Mgmt For For Elect Director Yoshihara, Hiroaki 1.8
Mgmt For For Elect Director Nakanishi, Hiroaki 1.9
Mgmt For For Elect Director Nakamura, Toyoaki 1.10
Mgmt For For Elect Director Higashihara, Toshiaki 1.11
SH Against Against Remove Existing Director Nakamura, Toyoaki 2
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proponent makes no persuasive case that there was a lack of oversight by Toyoaki Nakamura, the board as a whole, or Hitachi's management with regard to a possible subsidiary issue.- This proposal, which is valid only until the close of this meeting, is practically meaningless.
Page 38 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Hochiki Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 6745
Primary ISIN: JP3837400005 Primary SEDOL: 6430065
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 25
Mgmt For For
Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Amend Provisions on Director Titles - Clarify Director Authority on Board Meetings
2
Mgmt For For Elect Director Kanamori, Kenji 3.1
Mgmt For For Elect Director Yamagata, Akio 3.2
Mgmt Against For Elect Director Hosoi, Hajime 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Imai, Makoto 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uemura, Hiroyuki 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Noguchi, Tomoatsu 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kobayashi, Yasuharu 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Itani, Kazuhito 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Mori, Satoshi 3.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yonezawa, Michihiro 3.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ikeda, Tomoki 3.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 39 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Hochiki Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Amano, Kiyoshi 3.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yagi, Kimihiko 3.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Nakamura, Masahide 4.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Adachi, Minako 4.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Honda Motor Co., Ltd.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 7267
Primary ISIN: JP3854600008 Primary SEDOL: 6435145
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Mikoshiba, Toshiaki Mgmt For For
Mgmt For For Elect Director Hachigo, Takahiro 1.2
Mgmt For For Elect Director Kuraishi, Seiji 1.3
Mgmt For For Elect Director Yamane, Yoshi 1.4
Mgmt For For Elect Director Takeuchi, Kohei 1.5
Mgmt For For Elect Director Ozaki, Motoki 1.6
Mgmt For For Elect Director Koide, Hiroko 1.7
Mgmt For For Elect Director Ito, Takanobu 1.8
Mgmt For For Elect Director and Audit Committee Member Yoshida, Masahiro
2.1
Mgmt For For Elect Director and Audit Committee Member Suzuki, Masafumi
2.2
Mgmt For For Elect Director and Audit Committee Member Takaura, Hideo
2.3
Mgmt For For Elect Director and Audit Committee Member Tamura, Mayumi
2.4
Page 40 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Honda Motor Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director and Audit Committee Member
Sakai, Kunihiko 2.5
Hosiden Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 6804
Primary ISIN: JP3845800006 Primary SEDOL: 6439813
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 15
Mgmt For For
Mgmt For For Elect Director Furuhashi, Kenji 2.1
Mgmt For For Elect Director Kitatani, Haremi 2.2
Mgmt For For Elect Director Shigeno, Yasuhiro 2.3
Mgmt For For Elect Director Hombo, Shinji 2.4
Mgmt For For Elect Director Takahashi, Kenichi 2.5
Mgmt For For Elect Director Horie, Hiroshi 2.6
Mgmt For For Appoint Statutory Auditor Maruno, Susumu 3
Mgmt Against For Appoint Alternate Statutory Auditor Nishimura, Kazunori
4.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Alternate Statutory Auditor Mori,
Masashi 4.2
Mgmt For For Approve Annual Bonus 5
HOYA Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 7741
Primary ISIN: JP3837800006 Primary SEDOL: 6441506
Page 41 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
HOYA Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Uchinaga, Yukako Mgmt For For
Mgmt For For Elect Director Urano, Mitsudo 1.2
Mgmt For For Elect Director Takasu, Takeo 1.3
Mgmt For For Elect Director Kaihori, Shuzo 1.4
Mgmt For For Elect Director Yoshihara, Hiroaki 1.5
Mgmt For For Elect Director Suzuki, Hiroshi 1.6
Human Holdings Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 2415
Primary ISIN: JP3794520001 Primary SEDOL: B02QLV3
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 22.5
Mgmt For For
Mgmt Against For Elect Director Sato, Koichi 2.1
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Sato, Tomonari 2.2
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Kurosaki, Kosuke 2.3
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Moromikawa, Kazuomi 2.4
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Page 42 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Human Holdings Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Sato, Yasuhiro 2.5
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Ozawa, Kentaro 2.6
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Otaya, Mitsugu 2.7
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Kawakami, Teruyuki 2.8
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Setoguchi, Shinya 2.9
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Odajima, Hidekazu 2.10
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Appoint Statutory Auditor Niimi, Masaru 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Ishibashi, Yasuo 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Hayashi, Kosaku 3.3
Mgmt For For Appoint Alternate Statutory Auditor Nishioka, Kaihei
4
Page 43 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
ITOCHU Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8001
Primary ISIN: JP3143600009 Primary SEDOL: 6467803
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 46
Mgmt For For
Mgmt For For Elect Director Okafuji, Masahiro 2.1
Mgmt For For Elect Director Suzuki, Yoshihisa 2.2
Mgmt For For Elect Director Yoshida, Tomofumi 2.3
Mgmt For For Elect Director Fukuda, Yuji 2.4
Mgmt For For Elect Director Kobayashi, Fumihiko 2.5
Mgmt For For Elect Director Hachimura, Tsuyoshi 2.6
Mgmt For For Elect Director Muraki, Atsuko 2.7
Mgmt For For Elect Director Mochizuki, Harufumi 2.8
Mgmt For For Elect Director Kawana, Masatoshi 2.9
Mgmt For For Elect Director Nakamori, Makiko 2.10
Mgmt For For Appoint Statutory Auditor Uryu, Kentaro 3
Mgmt For For Approve Fixed Cash Compensation Ceiling and Performance-Based Cash Compensation Ceiling
for Directors
4
Itochu-Shokuhin Co., Ltd.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 2692
Primary ISIN: JP3143700007 Primary SEDOL: 6327855
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 37.5 Mgmt For For
Mgmt Against For Elect Director Okamoto, Hitoshi 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Page 44 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Itochu-Shokuhin Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ogama, Kenichi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawaguchi, Koichi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawahara, Mitsuo 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Osaki, Tsuyoshi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakajima, Satoshi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hosomi, Kensuke 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hashimoto, Ken 2.8
Mgmt Against For Elect Director Miyasaka, Yasuyuki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Okuda, Takako 2.10
Japan Airlines Co., Ltd.
Meeting Date: 06/18/2019 Country: Japan
Meeting Type: Annual Ticker: 9201
Primary ISIN: JP3705200008 Primary SEDOL: B8BRV46
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 55 Mgmt For For
Mgmt For For Elect Director Ueki, Yoshiharu 2.1
Mgmt For For Elect Director Akasaka, Yuji 2.2
Page 45 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Japan Airlines Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Fujita, Tadashi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kikuyama, Hideki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimizu, Shinichiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Toyoshima, Ryuzo 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Gondo, Nobuyoshi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kobayashi, Eizo 2.8
Mgmt For For Elect Director Ito, Masatoshi 2.9
Mgmt Against For Elect Director Hatchoji, Sonoko 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Saito, Norikazu 3
Japan Aviation Electronics Industry, Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 6807
Primary ISIN: JP3705600009 Primary SEDOL: 6470351
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Onohara, Tsutomu Mgmt For For
Mgmt Against For Elect Director Ogino, Yasutoshi 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Urano, Minoru 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 46 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Japan Aviation Electronics Industry, Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Murano, Seiji 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakamura, Tetsuya 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hirohata, Shiro 1.6
Mgmt For For Elect Director Sakaba, Mitsuo 1.7
Mgmt Against For Elect Director Morita, Takayuki 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Approve Annual Bonus 2
Japan Post Holdings Co. Ltd.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 6178
Primary ISIN: JP3752900005 Primary SEDOL: BYT8143
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Nagato, Masatsugu Mgmt For For
Mgmt For For Elect Director Suzuki, Yasuo 1.2
Mgmt For For Elect Director Ikeda, Norito 1.3
Mgmt For For Elect Director Yokoyama, Kunio 1.4
Mgmt For For Elect Director Uehira, Mitsuhiko 1.5
Mgmt For For Elect Director Mukai, Riki 1.6
Mgmt For For Elect Director Mimura, Akio 1.7
Mgmt For For Elect Director Yagi, Tadashi 1.8
Mgmt For For Elect Director Ishihara, Kunio 1.9
Mgmt For For Elect Director Charles D. Lake II 1.10
Mgmt For For Elect Director Hirono, Michiko 1.11
Mgmt For For Elect Director Okamoto, Tsuyoshi 1.12
Mgmt For For Elect Director Koezuka, Miharu 1.13
Page 47 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Japan Post Holdings Co. Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Aonuma, Takayuki 1.14
Mgmt For For Elect Director Akiyama, Sakie 1.15
Japan Pulp & Paper Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 8032
Primary ISIN: JP3694000005 Primary SEDOL: 6470306
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 55
Mgmt For For
Mgmt For For Elect Director Watanabe, Akihiko 2.1
Mgmt Against For Elect Director Miyazaki, Tomoyuki 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Katsuta, Chihiro 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sakurai, Kazuhiko 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Masuda, Itaru 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Takeuchi, Sumiko 2.6
Mgmt Against For Appoint Statutory Auditor Kitamura, Katsunori 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
JEOL Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 6951
Primary ISIN: JP3735000006 Primary SEDOL: 6470544
Page 48 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
JEOL Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 12 Mgmt For For
Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Remove Provisions on Takeover Defense - Amend Provisions on Director Titles - Clarify Director Authority on Board Meetings
2
Mgmt Against For Elect Director Fukuyama, Koichi 3.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nimura, Hideyuki 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakamura, Atsumi 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Oi, Izumi 3.4
Mgmt Against For Appoint Statutory Auditor Wakasa, Takashi 4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Alternate Statutory Auditor Nakanishi, Kazuyuki
5
Mgmt For For Approve Compensation Ceilings for Directors and Statutory Auditors
6
JMS Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 7702
Primary ISIN: JP3386050003 Primary SEDOL: 6640013
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 8 Mgmt For For
Mgmt Against For Elect Director Okukubo, Hiroaki 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Page 49 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
JMS Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Awane, Yasuhiro 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sato, Masafumi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Katsura, Ryuji 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yanagida, Shogo 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Ikemura, Kazuo 2.6
Mgmt Against For Elect Director Ishizaka, Shozo 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Alternate Statutory Auditor Tohi, Akihiro 3
Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4
Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.
JVC Kenwood Corp.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 6632
Primary ISIN: JP3386410009 Primary SEDOL: B3CY5L6
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Amend Articles to Change Company Name - Amend Business Lines - Clarify Director Authority on Shareholder Meetings - Amend
Provisions on Director Titles
Mgmt For For
Mgmt For For Elect Director Tsuji, Takao 2.1
Mgmt For For Elect Director Abe, Yasuyuki 2.2
Mgmt For For Elect Director Eguchi, Shoichiro 2.3
Mgmt For For Elect Director Imai, Masaki 2.4
Page 50 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
JVC Kenwood Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Miyamoto, Masatoshi 2.5
Mgmt For For Elect Director Nomura, Masao 2.6
Mgmt For For Elect Director Sonoda, Yoshio 2.7
Mgmt For For Elect Director Iwata, Shinjiro 2.8
Mgmt For For Elect Director Hamasaki, Yuji 2.9
Mgmt For For Appoint Alternate Statutory Auditor Kuribayashi,
Tsutomu 3
Mgmt For For Approve Compensation Ceiling for Directors 4
Kaga Electronics Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 8154
Primary ISIN: JP3206200002 Primary SEDOL: 6480758
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 45
Mgmt For For
Mgmt For For Amend Articles to Amend Business Lines 2
Mgmt For For Elect Director Tsukamoto, Isao 3.1
Mgmt For For Elect Director Kado, Ryoichi 3.2
Mgmt Against For Elect Director Takahashi, Shinsuke 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kakei, Shintaro 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawamura, Eiji 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Toshinari, Motonori 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nohara, Mitsuhiro 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 51 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kaga Electronics Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Miyoshi, Susumu 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tamura, Akira 3.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hashimoto, Noritomo 3.10
Mgmt Against For Appoint Statutory Auditor Kameda, Kazunori 4.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Ishii, Takahiro 4.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Kakiyasu Honten Co., Ltd.
Meeting Date: 05/24/2019 Country: Japan
Meeting Type: Annual Ticker: 2294
Primary ISIN: JP3206500005 Primary SEDOL: 6008280
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 65
Mgmt For For
Mgmt For For Appoint Statutory Auditor Hio, Kiyoaki 2
Kamei Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 8037
Primary ISIN: JP3219400003 Primary SEDOL: 6482550
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 15 Mgmt For For
Page 52 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kamei Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Kamei, Fumiyuki 2.1
Mgmt Against For Elect Director Kamei, Junichi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takahashi, Hiroyuki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Abe, Jinichi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takahashi, Kiyomitsu 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sato, Atsushi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Endo, Ryoichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kamei, Akio 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Washiashi, Naoki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kikuchi, Nobuhiro 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sato, Seietsu 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Omachi, Masafumi 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Mitsui, Seiichi 2.13
Mgmt For For Appoint Statutory Auditor Goto, Tadao 3
Page 53 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kandenko Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 1942
Primary ISIN: JP3230600003 Primary SEDOL: 6483586
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 13
Mgmt For For
Mgmt For For Elect Director Ishizuka, Masataka 2.1
Mgmt Against For Elect Director Ueda, Yuji 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Uchino, Takashi 2.3
Mgmt Against For Elect Director Kashiwabara, Shoichiro 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kitayama, Shinichiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Goto, Kiyoshi 2.6
Mgmt Against For Elect Director Saito, Hajime 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takaoka, Shigenori 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takahashi, Kenichi 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nagaoka, Shigeru 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakama, Toshio 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miyauchi, Shinichi 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Morito, Yoshimi 2.13
Page 54 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kandenko Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Yukimura, Toru 2.14
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Muto, Shoichi 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Approve Annual Bonus 4
Kanematsu Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8020
Primary ISIN: JP3217100001 Primary SEDOL: 6483467
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Shimojima, Masayuki Mgmt For For
Mgmt For For Elect Director Tanigawa, Kaoru 1.2
Mgmt For For Elect Director Miyabe, Yoshiya 1.3
Mgmt For For Elect Director Tsutano, Tetsuro 1.4
Mgmt For For Elect Director Katayama, Seiichi 1.5
Mgmt For For Elect Director Tahara, Yuko 1.6
Mgmt For For Appoint Statutory Auditor Murao, Tetsuro 2.1
Mgmt For For Appoint Statutory Auditor Miyachi, Tsukasa 2.2
Mgmt For For Appoint Statutory Auditor Kurahashi, Yusaku 2.3
Kawada Technologies, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 3443
Primary ISIN: JP3226300006 Primary SEDOL: B3V2W32
Page 55 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kawada Technologies, Inc.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 100 Mgmt For For
Mgmt For For Elect Director Kawada, Tadahiro 2.1
Mgmt Against For Elect Director Watanabe, Satoru 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawada, Takuya 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ito, Shinsuke 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamazaki, Motoki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yamakawa, Takahisa 2.6
Mgmt For For Elect Director Takakuwa, Koichi 2.7
Kawasumi Laboratories, Inc.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 7703
Primary ISIN: JP3225800006 Primary SEDOL: 6484857
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 7.5 Mgmt For For
Mgmt Against For Elect Director Sakaya, Yoshio 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Saino, Takeshi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miyajima, Hiroyuki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 56 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kawasumi Laboratories, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Shirahama, Noriaki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yuasa, Takeshi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ota, Tadatoshi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Maeda, Takaaki 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kobayashi, Takashi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Approve Restricted Stock Plan 3
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4
Voter Rationale: Where poison pills are adopted, they should be approved by shareholders prior to deployment, include independent oversight, and be of a limited duration. The best defence against a take-over is strong management.
KDDI Corp.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 9433
Primary ISIN: JP3496400007 Primary SEDOL: 6248990
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 55 Mgmt For For
Mgmt For For Elect Director Tanaka, Takashi 2.1
Mgmt Against For Elect Director Morozumi, Hirofumi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Takahashi, Makoto 2.3
Page 57 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
KDDI Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Uchida, Yoshiaki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shoji, Takashi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Muramoto, Shinichi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Mori, Keiichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Morita, Kei 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Amamiya, Toshitake 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamaguchi, Goro 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamamoto, Keiji 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Nemoto, Yoshiaki 2.12
Mgmt For For Elect Director Oyagi, Shigeo 2.13
Mgmt For For Elect Director Kano, Riyo 2.14
Keihin Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 7251
Primary ISIN: JP3277230003 Primary SEDOL: 6487328
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 23 Mgmt For For
Page 58 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Keihin Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Konno, Genichiro 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Abe, Tomoya 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Amano, Hirohisa 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takayama, Yusuke 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakatsubo, Hiroshi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Suzuki, Shinji 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yamamoto, Kotaro 2.7
Mgmt For For Elect Director Aida, Keiichi 2.8
Mgmt Against For Elect Director Mitsubori, Toru 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ito, Yasutoshi 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Tsuji, Chiaki 2.11
Mgmt For For Appoint Alternate Statutory Auditor Yamamoto, Tadashi
3
Kintetsu World Express, Inc.
Meeting Date: 06/18/2019 Country: Japan
Meeting Type: Annual Ticker: 9375
Primary ISIN: JP3262900008 Primary SEDOL: 6282211
Page 59 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kintetsu World Express, Inc.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20 Mgmt For For
Mgmt For For Elect Director Ueda, Kazuyasu 2.1
Mgmt For For Elect Director Torii, Nobutoshi 2.2
Mgmt Against For Elect Director Tomiyama, Joji 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hirata, Keisuke 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takahashi, Katsufumi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hirosawa, Kiyoyuki 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kobayashi, Tetsuya 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Tanaka, Sanae 2.8
Mgmt For For Elect Director Yanai, Jun 2.9
Mgmt Against For Appoint Statutory Auditor Sakai, Takashi 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Watanabe, Katsumi 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kawasaki, Yusuke 3.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Approve Trust-Type Equity Compensation Plan 4
Page 60 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kissei Pharmaceutical Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 4547
Primary ISIN: JP3240600001 Primary SEDOL: 6494061
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 25
Mgmt For For
Mgmt For For Appoint Statutory Auditor Yonekubo, Makoto 2.1
Mgmt For For Appoint Statutory Auditor Nakagawa, Kando 2.2
Mgmt For For Approve Annual Bonus 3
KNT-CT Holdings Co., Ltd.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 9726
Primary ISIN: JP3260400001 Primary SEDOL: 6492980
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Kobayashi, Tetsuya Mgmt For Against
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Maruyama, Takashi 1.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Nakamura, Tetsuo 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ikehata, Koji 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nishimoto, Shinichi 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uryu, Shuichi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 61 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
KNT-CT Holdings Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Shinoda, Manabu 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Koyama, Yoshinobu 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tagahara, Satoshi 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takahashi, Hiroshi 1.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yoneda, Akimasa 1.11
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Hori, Yasunori 1.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takaura, Masahiko 1.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Imai, Katsuhiko 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kawasaki, Yusuke 2.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Komeda, Munehiro 2.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Wakamatsu, Hiroyuki 2.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Konami Holdings Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 9766
Primary ISIN: JP3300200007 Primary SEDOL: 6496681
Page 62 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Konami Holdings Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Kozuki, Kagemasa Mgmt For For
Mgmt For For Elect Director Kozuki, Takuya 1.2
Mgmt For For Elect Director Nakano, Osamu 1.3
Mgmt For For Elect Director Higashio, Kimihiko 1.4
Mgmt For For Elect Director Sakamoto, Satoshi 1.5
Mgmt For For Elect Director Matsura, Yoshihiro 1.6
Mgmt For For Elect Director Gemma, Akira 1.7
Mgmt For For Elect Director Yamaguchi, Kaori 1.8
Mgmt For For Elect Director Kubo, Kimito 1.9
Mgmt For For Appoint Statutory Auditor Yashiro, Takayoshi 2.1
Mgmt For For Appoint Statutory Auditor Kawakita, Chikara 2.2
Mgmt For For Appoint Statutory Auditor Shimada, Hideo 2.3
KOSÉ Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4922
Primary ISIN: JP3283650004 Primary SEDOL: 6194468
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 95
Mgmt For For
Mgmt Against For Elect Director Kumada, Atsuo 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kobayashi, Masanori 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shibusawa, Koichi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 63 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
KOSÉ Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Yanai, Michihito 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yuasa, Norika 2.5
Mgmt Against For Appoint Statutory Auditor Suzuki, Kazuhiro 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Matsumoto, Noboru 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Miyama, Toru 3.3
Mgmt Against For Approve Statutory Auditor Retirement Bonus 4
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Kureha Corp.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 4023
Primary ISIN: JP3271600003 Primary SEDOL: 6497907
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Kobayashi, Yutaka Mgmt For For
Mgmt Against For Elect Director Sato, Michihiro 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Noda, Yoshio 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Tosaka, Osamu 1.4
Mgmt Against For Elect Director Ogoshi, Tadao 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Kiriyama, Masaru 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Oshimi, Yukako 2.2
Page 64 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kureha Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Alternate Statutory Auditor Morikawa,
Shingo 3
Mgmt For For Approve Annual Bonus 4
Kyowa Leather Cloth Co., Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 3553
Primary ISIN: JP3256400007 Primary SEDOL: 6499505
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 16
Mgmt For For
Mgmt For For Elect Director Hanai, Mikio 2.1
Mgmt Against For Elect Director Yamazaki, Hiroshi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Masuda, Takaaki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujisaka, Kazuyoshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakamura, Naoyoshi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Maejima, Noritaka 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Abe, Keizo 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawashima, Ryuta 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inagaki, Tadahiko 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 65 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Kyowa Leather Cloth Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Amano, Toshiki 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Arai, Tamio 2.11
Mgmt Against For Appoint Statutory Auditor Masuda, Yoji 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Oi, Yuichi 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Tabata, Takahisa 3.3
Mgmt Against For Appoint Statutory Auditor Hosoe, Hideaki 3.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Approve Director Retirement Bonus 4
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Mgmt For For Approve Annual Bonus 5
Makino Milling Machine Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 6135
Primary ISIN: JP3862800004 Primary SEDOL: 6555708
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 60 Mgmt For For
Mgmt For For Elect Director Inoue, Shinichi 2.1
Mgmt For For Elect Director Makino, Shun 2.2
Mgmt Against For Elect Director Ueda, Yoshiki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nagano, Toshiyuki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 66 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Makino Milling Machine Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Aiba, Tatsuaki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Suzuki, Hiroshi 2.6
Mgmt For For Elect Director Yoshidome, Shin 2.7
Mgmt Against For Appoint Statutory Auditor Hiruta, Kazuo 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Alternate Statutory Auditor Hosoya, Yoshinori
4
Marubeni Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8002
Primary ISIN: JP3877600001 Primary SEDOL: 6569464
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Kokubu, Fumiya Mgmt For For
Mgmt For For Elect Director Kakinoki, Masumi 1.2
Mgmt For For Elect Director Matsumura, Yukihiko 1.3
Mgmt For For Elect Director Takahara, Ichiro 1.4
Mgmt For For Elect Director Yabe, Nobuhiro 1.5
Mgmt For For Elect Director Miyata, Hirohisa 1.6
Mgmt For For Elect Director Kitabata, Takao 1.7
Mgmt For For Elect Director Takahashi, Kyohei 1.8
Mgmt For For Elect Director Fukuda, Susumu 1.9
Mgmt For For Elect Director Okina, Yuri 1.10
Mgmt For For Appoint Statutory Auditor Minami, Hikaru 2
Page 67 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Maruzen Showa Unyu Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 9068
Primary ISIN: JP3876000005 Primary SEDOL: 6569624
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 35
Mgmt For For
Mgmt For For Elect Director Asai, Toshiyuki 2.1
Mgmt Against For Elect Director Okada, Hirotsugu 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakamura, Masahiro 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Suzuki, Hideaki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakano, Masaya 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ishikawa, Kenichi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ryukoden, Hidetaka 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Wakao, Masamichi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Noguchi, Toshihide 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimada, Ryoji 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ando, Yuichi 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 68 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Maruzen Showa Unyu Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Fukuda, Shunji 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sakurai, Mitsuru 2.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fuwa, Koichi 2.14
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Murabayashi, Kiichi 2.15
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Naito, Akinobu 2.16
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Umewaka, Kazuko 2.17
Mgmt Against For Elect Director Sato, Akio 2.18
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Alternate Statutory Auditor Kawaguchi,
Etsuko 3
Matsui Construction Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 1810
Primary ISIN: JP3863600007 Primary SEDOL: 6572440
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 18
Mgmt For For
Mgmt For For Elect Director Suzuki, Yuko 2
Mgmt For For Appoint Statutory Auditor Yamaguchi, Motoko 3
Mgmt Against For Appoint Alternate Statutory Auditor Ishizaka, Fumito
4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 69 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Matsui Construction Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 5
Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.
Medipal Holdings Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 7459
Primary ISIN: JP3268950007 Primary SEDOL: 6782090
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Watanabe, Shuichi Mgmt For For
Mgmt Against For Elect Director Chofuku, Yasuhiro 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yoda, Toshihide 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sakon, Yuji 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hasegawa, Takuro 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Watanabe, Shinjiro 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kasutani, Seiichi 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kagami, Mitsuko 1.8
Mgmt For For Elect Director Asano, Toshio 1.9
Mgmt For For Elect Director Shoji, Kuniko 1.10
Mgmt For For Appoint Statutory Auditor Hirasawa, Toshio 2.1
Mgmt For For Appoint Statutory Auditor Kanda, Shigeru 2.2
Page 70 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Medipal Holdings Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Statutory Auditor Kitagawa, Tetsuo 2.3
Mgmt For For Appoint Statutory Auditor Sanuki, Yoko 2.4
MEGMILK SNOW BRAND Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 2270
Primary ISIN: JP3947800003 Primary SEDOL: B3ZC078
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Nishio, Keiji Mgmt For For
Mgmt For For Elect Director Nishibaba, Shigeru 1.2
Mgmt For For Elect Director Motoi, Hideki 1.3
Mgmt For For Elect Director Kosaka, Shinya 1.4
Mgmt For For Elect Director Tsuchioka, Hideaki 1.5
Mgmt For For Elect Director Anan, Hisa 1.6
Mgmt For For Elect Alternate Director and Audit Committee Member Omori, Setsuya
2.1
Mgmt For For Elect Alternate Director and Audit Committee Member Manabe, Tomohiko
2.2
Meitec Corp.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 9744
Primary ISIN: JP3919200000 Primary SEDOL: 6576356
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 115.5 Mgmt For For
Mgmt For For Elect Director Kokubun, Hideyo 2.1
Mgmt For For Elect Director Uemura, Masato 2.2
Page 71 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Meitec Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Yoneda, Hiroshi 2.3
Mgmt For For Elect Director Rokugo, Hiroyuki 2.4
Mgmt For For Elect Director Ito, Keisuke 2.5
Mgmt For For Elect Director Shimizu, Minao 2.6
Mgmt For For Elect Director Kishi, Hiroyuki 2.7
Mgmt For For Elect Director Yamaguchi, Akira 2.8
Mgmt For For Elect Director Yokoe, Kumi 2.9
Mgmt For For Appoint Statutory Auditor Kunibe, Toru 3
Mgmt For For Approve Compensation Ceiling for Directors 4
METAWATER Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 9551
Primary ISIN: JP3921260000 Primary SEDOL: BSTJDT3
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Nakamura, Yasushi Mgmt For For
Mgmt For For Elect Director Kato, Akira 1.2
Mgmt For For Elect Director Okuda, Noboru 1.3
Mgmt For For Elect Director Yamaguchi, Kenji 1.4
Mgmt For For Elect Director Sakabe, Susumu 1.5
Mgmt For For Elect Director Matsumura, Motofumi 1.6
Mgmt For For Elect Director Sue, Keiichiro 1.7
Mgmt For For Elect Director Aizawa, Kaoru 1.8
Mgmt For For Elect Director Kosao, Fumiko 1.9
Mgmt Against For Appoint Statutory Auditor Hatsumata, Shigeru 2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 72 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Mitsubishi Logisnext Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 7105
Primary ISIN: JP3753800006 Primary SEDOL: 6643647
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 13
Mgmt For For
Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Clarify Director Authority
on Board Meetings
2
Mgmt For For Elect Director Ninomiya, Hideaki 3.1
Mgmt For For Elect Director Mikogami, Takashi 3.2
Mgmt Against For Elect Director Kagami, Masanori 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujita,Shinji 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kato, Takayuki 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okochi, Ken 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Suematsu, Masayuki 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Maeshima, Hiroshi 4.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kuragaki, Masahide 4.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Fukuoka, Yasuyuki 4.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Baba, Koji 4.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 73 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Mitsubishi UFJ Financial Group, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 8306
Primary ISIN: JP3902900004 Primary SEDOL: 6335171
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 11
Mgmt For For
Mgmt For For Elect Director Fujii, Mariko 2.1
Mgmt For For Elect Director Kato, Kaoru 2.2
Mgmt For For Elect Director Matsuyama, Haruka 2.3
Mgmt For For Elect Director Toby S. Myerson 2.4
Mgmt For For Elect Director Nomoto, Hirofumi 2.5
Mgmt For For Elect Director Okuda, Tsutomu 2.6
Mgmt For For Elect Director Shingai, Yasushi 2.7
Mgmt For For Elect Director Tarisa Watanagase 2.8
Mgmt For For Elect Director Yamate, Akira 2.9
Mgmt For For Elect Director Kuroda, Tadashi 2.10
Mgmt For For Elect Director Okamoto, Junichi 2.11
Mgmt For For Elect Director Hirano, Nobuyuki 2.12
Mgmt For For Elect Director Ikegaya, Mikio 2.13
Mgmt For For Elect Director Araki, Saburo 2.14
Mgmt For For Elect Director Mike, Kanetsugu 2.15
Mgmt For For Elect Director Kamezawa, Hironori 2.16
Mitsuboshi Belting Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 5192
Primary ISIN: JP3904000001 Primary SEDOL: 6596989
Page 74 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Mitsuboshi Belting Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 36 Mgmt For For
Mgmt For For Elect Director Kakiuchi, Hajime 2.1
Mgmt Against For Elect Director Yamaguchi, Yoshio 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakajima, Masayoshi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Katayama, Takashi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ikeda, Hiroshi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Usami, Takashi 2.6
Mgmt For For Elect Director Miyao, Ryuzo 2.7
Mgmt Against For Appoint Statutory Auditor Okushima, Yoshio 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Okuda, Shinya 3.2
Mgmt For For Appoint Alternate Statutory Auditor Kato, Ichiro 4
mixi, Inc.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 2121
Primary ISIN: JP3882750007 Primary SEDOL: B1BSCX6
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Kimura, Koki Mgmt For For
Page 75 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
mixi, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Taru, Kosuke 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Osawa, Hiroyuki 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okuda, Masahiko 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kasahara, Kenji 1.5
Mgmt Against For Elect Director Shima, Satoshi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Shimura, Naoko 1.7
Mgmt Against For Elect Director Murase, Tatsuma 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Matsunaga, Tatsuya 1.9
Mgmt For For Appoint Statutory Auditor Nishimura, Yuichiro 2.1
Mgmt For For Appoint Statutory Auditor Ueda, Nozomi 2.2
Mgmt For For Appoint PricewaterhouseCoopers Aarata LLC as
New External Audit Firm 3
Mizuho Financial Group, Inc.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8411
Primary ISIN: JP3885780001 Primary SEDOL: 6591014
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Sakai, Tatsufumi Mgmt For For
Mgmt For For Elect Director Ishii, Satoshi 1.2
Mgmt For For Elect Director Umemiya, Makoto 1.3
Mgmt For For Elect Director Wakabayashi, Motonori 1.4
Mgmt For For Elect Director Ehara, Hiroaki 1.5
Page 76 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Mizuho Financial Group, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Sato, Yasuhiro 1.6
Mgmt For For Elect Director Hirama, Hisaaki 1.7
Mgmt For For Elect Director Kosugi, Masahiro 1.8
Mgmt For For Elect Director Seki, Tetsuo 1.9
Mgmt For For Elect Director Kainaka, Tatsuo 1.10
Mgmt For For Elect Director Abe, Hirotake 1.11
Mgmt For For Elect Director Yamamoto, Masami 1.12
Mgmt For For Elect Director Ota, Hiroko 1.13
Mgmt For For Elect Director Kobayashi, Izumi 1.14
SH Against Against Amend Articles to Renounce Qualification of JGB
Market Special Participant 2
Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.
Mochida Pharmaceutical Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4534
Primary ISIN: JP3922800002 Primary SEDOL: 6598004
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 90 Mgmt For For
Mgmt For For Elect Director Mochida, Naoyuki 2.1
Mgmt Against For Elect Director Sakata, Chu 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sagisaka, Keiichi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kono, Yoichi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sakaki, Junichi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 77 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Mochida Pharmaceutical Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Mizuguchi, Kiyoshi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawakami, Yutaka 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hashimoto, Yoshiharu 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kugisawa, Tomo 2.9
Mgmt Against For Elect Director Sogawa, Hirokuni 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Takahashi, Ichiro 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Suzuki, Akiko 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 4
Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.
Morinaga & Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 2201
Primary ISIN: JP3926400007 Primary SEDOL: 6602604
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 66 Mgmt For For
Mgmt For For Elect Director Ota, Eijiro 2.1
Mgmt Against For Elect Director Miyai, Machiko 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 78 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Morinaga & Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Hirakue, Takashi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uchiyama, Shinichi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sakai, Toshiyuki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Mori, Shinya 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujii, Daisuke 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hirota, Masato 2.8
Mgmt For For Elect Director Takano, Shiho 2.9
Mgmt For For Appoint Statutory Auditor Igarashi, Akiyuki 3.1
Mgmt For For Appoint Statutory Auditor Iwamoto, Hiroshi 3.2
NAFCO Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 2790
Primary ISIN: JP3651160008 Primary SEDOL: 6712815
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 19
Mgmt For For
Mgmt Against For Elect Director Fukamachi, Tadashi 2.1
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Page 79 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
NAFCO Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ishida, Takumi 2.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.In addition, the board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Ishida, Yoshiko 2.3
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Takano, Masamitsu 2.4
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Fukamachi, Keiji 2.5
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Masumoto, Koji 2.6
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Takase, Toshio 2.7
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Mabuchi, Yuji 2.8
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Fukumoto, Osamu 2.9
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Suematsu, Yasuyuki 2.10
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Page 80 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
NAFCO Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ono, Tetsuhiko 2.11
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Yamada, Yasuhiro 2.12
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Yamada, Isao 2.13
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Imai, Tomoharu 2.14
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Hirose, Takaaki 2.15
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Approve Director Retirement Bonus 3
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Mgmt For For Approve Annual Bonus 4
Nakano Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 1827
Primary ISIN: JP3643600004 Primary SEDOL: 6620844
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14 Mgmt For For
Mgmt Against For Elect Director Oshima, Yoshikazu 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 81 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Nakano Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Asai, Akira 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Taketani, Toshiyuki 2.3
Mgmt Against For Elect Director Tanada, Hiroyuki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sato, Tetsuo 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kawamura, Moriyasu 2.6
Mgmt Against For Elect Director Fukuda, Makoto 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Yamaya, Kohei 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Sekizawa, Hideaki 3.2
Net One Systems Co., Ltd.
Meeting Date: 06/13/2019 Country: Japan
Meeting Type: Annual Ticker: 7518
Primary ISIN: JP3758200004 Primary SEDOL: 6036548
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, With a Final Dividend of JPY 20
Mgmt For For
Mgmt For For Elect Director Yoshino, Takayuki 2.1
Mgmt For For Elect Director Arai, Toru 2.2
Mgmt For For Elect Director Kawaguchi, Takahisa 2.3
Mgmt For For Elect Director Hirakawa, Shinji 2.4
Mgmt For For Elect Director Takeshita, Takafumi 2.5
Mgmt For For Elect Director Tanaka, Takuya 2.6
Mgmt For For Elect Director Shinoura, Fumihiko 2.7
Page 82 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Net One Systems Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Kawakami, Kunio 2.8
Mgmt For For Elect Director Imai, Mitsuo 2.9
Mgmt For For Elect Director Nishikawa, Rieko 2.10
Mgmt For For Elect Director Hayano, Ryugo 2.11
Mgmt For For Appoint Statutory Auditor Matsuda, Toru 3
Mgmt For For Approve Annual Bonus 4
Nichiha Corp.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 7943
Primary ISIN: JP3662200009 Primary SEDOL: 6638331
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 28
Mgmt For For
Mgmt For For Elect Director Yamanaka, Tatsuo 2.1
Mgmt Against For Elect Director Kojima, Kazuyuki 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tonoi, Kazushi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawamura, Yoshinori 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kochi, Kazuhiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawashima, Hisayuki 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yoshida, Yasunori 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 83 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Nichiha Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Kesamaru, Kazuhiro 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yagi, Kiyofumi 2.9
Mgmt For For Elect Director Tajiri, Naoki 2.10
Mgmt Against For Appoint Statutory Auditor Shibata, Yoshihiro 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Sasaki, Kenji 3.2
Nichireki Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 5011
Primary ISIN: JP3665600007 Primary SEDOL: 6638687
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 32 Mgmt For For
Mgmt For For Elect Director Obata, Manabu 2.1
Mgmt Against For Elect Director Takahashi, Yasumori 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawaguchi, Yuji 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hanyu, Akiyoshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Eri, Katsumi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nemoto, Seiichi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 84 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Nichireki Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Nagasawa, Isamu 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kobayashi, Osamu 2.8
Mgmt For For Elect Director Shibumura, Haruko 2.9
Mgmt For For Appoint Statutory Auditor Nohara, Masaaki 3.1
Mgmt For For Appoint Statutory Auditor Kanitani, Tsutomu 3.2
Mgmt For For Appoint Statutory Auditor Kidokoro, Takuya 3.3
Nihon Kohden Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 6849
Primary ISIN: JP3706800004 Primary SEDOL: 6639970
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 18 Mgmt For For
Mgmt For For Elect Director Ogino, Hirokazu 2.1
Mgmt For For Elect Director Tamura, Takashi 2.2
Mgmt For For Elect Director Hasegawa, Tadashi 2.3
Mgmt For For Elect Director Yanagihara, Kazuteru 2.4
Mgmt For For Elect Director Hirose, Fumio 2.5
Mgmt For For Elect Director Tanaka, Eiichi 2.6
Mgmt For For Elect Director Yoshitake, Yasuhiro 2.7
Mgmt For For Elect Director Yamauchi, Masaya 2.8
Mgmt For For Elect Director Obara, Minoru 2.9
Nihon Unisys, Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 8056
Primary ISIN: JP3754200008 Primary SEDOL: 6642688
Page 85 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Nihon Unisys, Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30 Mgmt For For
Mgmt For For Elect Director Hiraoka, Akiyoshi 2.1
Mgmt For For Elect Director Mukai, Susumu 2.2
Mgmt For For Elect Director Mukai, Toshio 2.3
Mgmt For For Elect Director Saito, Noboru 2.4
Mgmt For For Elect Director Katsuya, Koji 2.5
Mgmt For For Elect Director Sugimoto, Toshiki 2.6
Mgmt For For Elect Director Kawada, Go 2.7
Mgmt For For Elect Director Sonoda, Ayako 2.8
Mgmt For For Elect Director Sato, Chie 2.9
Mgmt For For Approve Deep Discount Stock Option Plan 3
Nintendo Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 7974
Primary ISIN: JP3756600007 Primary SEDOL: 6639550
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 640
Mgmt For For
Mgmt For For Elect Director Furukawa, Shuntaro 2.1
Mgmt For For Elect Director Miyamoto, Shigeru 2.2
Mgmt For For Elect Director Takahashi, Shinya 2.3
Mgmt For For Elect Director Shiota, Ko 2.4
Mgmt For For Elect Director Shibata, Satoru 2.5
Page 86 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Nippon Soda Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4041
Primary ISIN: JP3726200003 Primary SEDOL: 6640585
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 30
Mgmt For For
Mgmt For For Elect Director Ishii, Akira 2.1
Mgmt Against For Elect Director Okubo, Toshimichi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tsujikawa, Tateshi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimoide, Nobuyuki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takano, Izumi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Machii, Kiyotaka 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Narukawa, Tetsuo 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yamaguchi, Junko 2.8
Mgmt Against For Elect Director Uryu, Hiroyuki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Alternate Statutory Auditor Waki, Yoko 3
Nippon Telegraph & Telephone Corp.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 9432
Primary ISIN: JP3735400008 Primary SEDOL: 6641373
Page 87 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Nippon Telegraph & Telephone Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 95 Mgmt For For
Mgmt Against For Elect Director Oka, Atsuko 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sakamura, Ken 2.2
Mgmt For For Elect Director Takegawa, Keiko 2.3
Mgmt For For Appoint Statutory Auditor Ide, Akiko 3.1
Mgmt For For Appoint Statutory Auditor Maezawa, Takao 3.2
Mgmt For For Appoint Statutory Auditor Iida, Takashi 3.3
Mgmt For For Appoint Statutory Auditor Kanda, Hideki 3.4
Mgmt For For Appoint Statutory Auditor Kashima, Kaoru 3.5
SH Against Against Remove Existing Director Shimada, Akira 4
NISSHIN FUDOSAN Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 8881
Primary ISIN: JP3677900007 Primary SEDOL: 6259345
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 16
Mgmt For For
Mgmt For For Approve Adoption of Holding Company Structure and Transfer of Operations to Wholly
Owned Subsidiary
2
Mgmt For For Amend Articles to Change Company Name - Amend Business Lines - Indemnify Directors -
Indemnify Statutory Auditors
3
Mgmt For For Appoint Statutory Auditor Yoshizumi, Kiyotaka 4.1
Mgmt For For Appoint Statutory Auditor Fujioka, Juzaburo 4.2
Mgmt For For Appoint Statutory Auditor Kojima, Tetsuya 4.3
Mgmt For For Appoint Statutory Auditor Yoshino, Hirosuke 4.4
Page 88 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
NISSHIN FUDOSAN Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Alternate Statutory Auditor Kamimori,
Kyoji 5
Mgmt Against For Approve Director and Statutory Auditor
Retirement Bonus 6
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Mgmt Against For Approve Bonus Related to Retirement Bonus
System Abolition 7
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
NISSO Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 6569
Primary ISIN: JP3679860001 Primary SEDOL: BFM75T7
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 37 Mgmt For For
Mgmt For For Elect Director Shimizu, Ryuichi 2.1
Mgmt For For Elect Director Yabana, Takuo 2.2
Mgmt For For Elect Director Shimizu, Tadao 2.3
Mgmt For For Elect Director Matsuo, Shinichi 2.4
Mgmt For For Elect Director Horisawa, Shigeru 2.5
Mgmt For For Elect Director Monzawa, Shin 2.6
Mgmt For For Approve Fixed Cash Compensation Ceiling and Performance-Based Cash Compensation Ceiling for Directors
3
Mgmt Against For Approve Restricted Stock Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Nojima Corp.
Meeting Date: 06/14/2019 Country: Japan
Meeting Type: Annual Ticker: 7419
Primary ISIN: JP3761600000 Primary SEDOL: 6616876
Page 89 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Nojima Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Amend Articles to Amend Business Lines Mgmt For For
Mgmt For For Elect Director Nojima, Hiroshi 2.1
Mgmt For For Elect Director Nojima, Ryoji 2.2
Mgmt For For Elect Director Fukuda, Koichiro 2.3
Mgmt For For Elect Director Nukumori, Hajime 2.4
Mgmt For For Elect Director Nabeshima, Kenichi 2.5
Mgmt For For Elect Director Tanokashira, Yasuhiko 2.6
Mgmt For For Elect Director Takahashi, Hiroaki 2.7
Mgmt For For Elect Director Hoshina, Mitsuo 2.8
Mgmt For For Elect Director Tsunezawa, Kahoko 2.9
Mgmt For For Elect Director Koriya, Daisuke 2.10
Mgmt For For Elect Director Ikeda, Jun 2.11
Mgmt For For Elect Director Hiramoto, Kazuo 2.12
Mgmt For For Elect Director Takami, Kazunori 2.13
Mgmt For For Elect Director Yamada, Ryuji 2.14
Mgmt For For Elect Director Matsumoto, Akira 2.15
Mgmt Against For Approve Stock Option Plan 3
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.In addition, this plan could lead to excessive dilution.Further, share options should not be granted to non-executive directors as this may compromise their independence and ability to hold management accountable.
NOMURA Co., Ltd.
Meeting Date: 05/23/2019 Country: Japan
Meeting Type: Annual Ticker: 9716
Primary ISIN: JP3762400004 Primary SEDOL: 6646237
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 52
Mgmt For For
Page 90 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
NOMURA Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Watanabe, Masaru 2.1
Mgmt For For Elect Director Enomoto, Shuji 2.2
Mgmt Against For Elect Director Nakagawa, Masahiro 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okumoto, Kiyotaka 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Owada, Tadashi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Makino, Shuichi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okuno, Fukuzo 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sakai, Shinji 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sakaba, Mitsuo 2.9
Mgmt For For Elect Director Komiya, Etsuko 2.10
Mgmt Against For Appoint Statutory Auditor Yamada, Tatsumi 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Noritake Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 5331
Primary ISIN: JP3763000001 Primary SEDOL: 6641522
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Ogura, Tadashi Mgmt For For
Mgmt For For Elect Director Kato, Hiroshi 1.2
Page 91 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Noritake Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ogura, Hisaya 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Higashiyama, Akira 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fuma, Yuko 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Komori, Tetsuo 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Tomozoe, Masanao 1.7
Mgmt Against For Appoint Statutory Auditor Sago, Sumihito 2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
North Pacific Bank, Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 8524
Primary ISIN: JP3843400007 Primary SEDOL: B7VKZP7
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 5
Mgmt For For
Mgmt Against For Elect Director Ishii, Junji 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Shibata, Ryu 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yasuda, Mitsuharu 2.3
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Takeuchi, Iwao 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 92 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
North Pacific Bank, Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Nagano, Minoru 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shindo, Satoshi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hiatari, Takafumi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Wakakuri, Nobuo 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Maiya, Yoshiharu 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hayashi, Mikako 2.10
Mgmt For For Elect Director Ubagai, Rieko 2.11
Mgmt For For Elect Director Shimamoto, Kazuaki 2.12
Mgmt Against For Appoint Statutory Auditor Kubota, Hitoshi 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
NTT DATA Corp.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 9613
Primary ISIN: JP3165700000 Primary SEDOL: 6125639
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 8.5
Mgmt For For
Mgmt For For Amend Articles to Amend Provisions on Number of Directors
2
Mgmt For For Elect Director Homma, Yo 3.1
Mgmt Against For Elect Director Yanagi, Keiichiro 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 93 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
NTT DATA Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Yamaguchi, Shigeki 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujiwara, Toshi 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kitani, Tsuyoshi 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takeuchi, Shunichi 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ito, Koji 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsunaga, Hisashi 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Okamoto, Yukio 3.9
Mgmt For For Elect Director Hirano, Eiji 3.10
Mgmt Against For Elect Director Ebihara, Takashi 3.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director John McCain 3.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Fujii, Mariko 3.13
NTT DoCoMo, Inc.
Meeting Date: 06/18/2019 Country: Japan
Meeting Type: Annual Ticker: 9437
Primary ISIN: JP3165650007 Primary SEDOL: 6129277
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 55 Mgmt For For
Page 94 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
NTT DoCoMo, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Tsubouchi, Koji 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujiwara, Michio 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tateishi, Mayumi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kuroda, Katsumi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Sagae, Hironobu 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kajikawa, Mikio 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Nakata, Katsumi 3.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Tsujiyama, Eiko 3.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
NuFlare Technology, Inc.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 6256
Primary ISIN: JP3756350009 Primary SEDOL: B1VPXZ6
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 150 Mgmt For For
Mgmt For For Elect Director Sugimoto, Shigeki 2.1
Mgmt Against For Elect Director Yamada, Hirokazu 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 95 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
NuFlare Technology, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Kanehara, Takaaki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takamatsu, Jun 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kikuiri, Nobutaka 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Saito, Hideo 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimomichi, Takuya 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kano, Hisayoshi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Mori, Yuji 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inoue, Soichi 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Alternate Statutory Auditor Koyanagi, Takahiro
3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
OBIC Business Consultants Co., Ltd.
Meeting Date: 06/24/2019 Country: Japan
Meeting Type: Annual Ticker: 4733
Primary ISIN: JP3173500004 Primary SEDOL: 6174620
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25 Mgmt For For
Page 96 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
OBIC Business Consultants Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Noda, Masahiro 2.1
Mgmt For For Elect Director Wada, Shigefumi 2.2
Mgmt Against For Elect Director Wada, Hiroko 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakayama, Shigeru 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Karakama, Katsuhiko 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ogino, Toshio 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tachibana, Shoichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Ito, Chiaki 2.8
Mgmt For For Elect Director Okihara, Takamune 2.9
Mgmt Against For Elect Director Kawanishi, Atsushi 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Kurozu, Shigekazu 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Isaka, Shinji 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Takahashi, Toshiro 3.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Approve Bonus Related to Retirement Bonus System Abolition
4
Mgmt Against For Approve Restricted Stock Plan 5
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Mgmt For For Approve Annual Bonus 6
Page 97 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Ohsho Food Service Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 9936
Primary ISIN: JP3174300008 Primary SEDOL: 6660936
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 60
Mgmt For For
Mgmt For For Amend Articles to Amend Provisions on Number of Directors
2
Mgmt For For Approve Compensation Ceiling for Directors 3
Mgmt Against For Approve Restricted Stock Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Mgmt For For Elect Director Watanabe, Naoto 5.1
Mgmt Against For Elect Director Ueda, Minoru 5.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Koreda, Hideki 5.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kiso, Yutaka 5.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kadobayashi, Hiroshi 5.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Toda, Kosuke 5.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sugita, Motoki 5.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ikeda, Naoko 5.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Watanabe, Masayuki 5.9
Mgmt Against For Elect Director Sekijima, Chikara 5.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 98 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Ohsho Food Service Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Nonaka, Yasuhiro 5.11
Mgmt For For Appoint Statutory Auditor Matsuyama, Hideki 6
Mgmt For For Appoint Alternate Statutory Auditor Shikata,
Toshikazu 7
Oji Holdings Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 3861
Primary ISIN: JP3174410005 Primary SEDOL: 6657701
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Amend Articles to Amend Business Lines Mgmt For For
Mgmt For For Elect Director Yajima, Susumu 2.1
Mgmt For For Elect Director Kaku, Masatoshi 2.2
Mgmt Against For Elect Director Watari, Ryoji 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takeda, Yoshiaki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujiwara, Shoji 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Koseki, Yoshiki 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kisaka, Ryuichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kamada, Kazuhiko 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Isono, Hiroyuki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 99 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Oji Holdings Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Ishida, Koichi 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shindo, Fumio 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Nara, Michihiro 2.12
Mgmt For For Elect Director Takata, Toshihisa 2.13
Mgmt For For Appoint Statutory Auditor Otsuka, Nobuko 3
Okamura Corp.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 7994
Primary ISIN: JP3192400004 Primary SEDOL: 6657842
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14 Mgmt For For
Mgmt For For Amend Articles to Clarify Director Authority on Shareholder Meetings - Amend Provisions on Number of Directors - Amend Provisions on Director Titles - Clarify Director Authority on Board Meetings
2
Mgmt For For Elect Director Nakamura, Masayuki 3.1
Mgmt Against For Elect Director Kikuchi, Shigeji 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Toshida, Teiichi 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamamoto, Fumio 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamaki, Kenichi 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 100 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Okamura Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Fukuda, Sakae 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tsukamoto, Kotaro 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Asano, Hiromi 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ito, Hiroyoshi 3.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Iwata, Toshikazu 4.1
Mgmt For For Appoint Statutory Auditor Kishigami, Keiko 4.2
Mgmt For For Appoint Alternate Statutory Auditor Hayashi,
Mutsuo 5.1
Mgmt For For Appoint Alternate Statutory Auditor Uchida,
Harumichi 5.2
Oki Electric Industry Co., Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 6703
Primary ISIN: JP3194000000 Primary SEDOL: 6657682
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 50
Mgmt For For
Mgmt For For Elect Director Kawasaki, Hideichi 2.1
Mgmt For For Elect Director Kamagami, Shinya 2.2
Mgmt For For Elect Director Hoshi, Masayuki 2.3
Mgmt For For Elect Director Tsuboi, Masashi 2.4
Mgmt For For Elect Director Fuse, Masashi 2.5
Mgmt For For Elect Director Asaba, Shigeru 2.6
Mgmt For For Elect Director Saito, Tamotsu 2.7
Mgmt For For Elect Director Kawashima, Izumi 2.8
Page 101 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Oki Electric Industry Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Kigawa, Makoto 2.9
Mgmt Against For Appoint Statutory Auditor Hatakeyama, Toshiya 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Olympus Corp.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 7733
Primary ISIN: JP3201200007 Primary SEDOL: 6658801
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30 Mgmt For For
Mgmt For For Amend Articles to Adopt Board Structure with Three Committees - Clarify Director Authority on Shareholder Meetings - Amend Provisions on
Director Titles - Indemnify Directors
2
Mgmt For For Elect Director Takeuchi, Yasuo 3.1
Mgmt For For Elect Director Sasa, Hiroyuki 3.2
Mgmt For For Elect Director Stefan Kaufmann 3.3
Mgmt For For Elect Director Koga, Nobuyuki 3.4
Mgmt For For Elect Director Shimizu, Masashi 3.5
Mgmt For For Elect Director Fujita, Sumitaka 3.6
Mgmt For For Elect Director Katayama, Takayuki 3.7
Mgmt For For Elect Director Kaminaga, Susumu 3.8
Mgmt For For Elect Director Kikawa, Michijiro 3.9
Mgmt For For Elect Director Iwamura, Tetsuo 3.10
Mgmt For For Elect Director Masuda, Yasumasa 3.11
Mgmt For For Elect Director Natori, Katsuya 3.12
Mgmt For For Elect Director Iwasaki, Atsushi 3.13
Mgmt For For Elect Director D. Robert Hale 3.14
Mgmt For For Elect Director Jim C. Beasley 3.15
Page 102 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Origin Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 6513
Primary ISIN: JP3200400004 Primary SEDOL: 6661508
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 30
Mgmt For For
Mgmt For For Elect Director Seo, Kazuhiro 2.1
Mgmt Against For Elect Director Shinohara, Shinichi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Genjima, Yasuhiro 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takagi, Katsuyuki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Higuchi, Junichi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ishida, Takeo 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kotoyori, Masahiko 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tojo, Hiroshi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Koike, Tatsuko 2.9
Mgmt For For Elect Alternate Director and Audit Committee Member Takahashi, Ichiro
3
Paltac Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8283
Primary ISIN: JP3782200004 Primary SEDOL: B61BG94
Page 103 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Paltac Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Mikita, Kunio Mgmt For For
Mgmt For For Elect Director Kasutani, Seiichi 1.2
Mgmt Against For Elect Director Wada, Osamu 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tashiro, Masahiko 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Noma, Masahiro 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Moriya, Akiyoshi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Isobe, Ryohei 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yogo, Katsutoshi 1.8
Mgmt For For Elect Director Matsumoto, Ryu 1.9
Mgmt For For Elect Director Oishi, Kaori 1.10
Mgmt Against For Appoint Statutory Auditor Shintani, Takashi 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Suzuki, Hideo 2.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kamei, Hiroshi 2.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Hara, Mayuko 2.4
Pigeon Corp.
Meeting Date: 04/25/2019 Country: Japan
Meeting Type: Annual Ticker: 7956
Primary ISIN: JP3801600002 Primary SEDOL: 6688080
Page 104 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Pigeon Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 34 Mgmt For For
Mgmt For For Amend Articles to Change Fiscal Year End 2
Mgmt For For Appoint Statutory Auditor Amari, Kazuhisa 3.1
Mgmt For For Appoint Statutory Auditor Hashimoto, Nobuyuki 3.2
Mgmt For For Appoint Statutory Auditor Otsu, Koichi 3.3
Mgmt For For Appoint Statutory Auditor Taishido, Atsuko 3.4
Mgmt For For Appoint Alternate Statutory Auditor Omuro,
Sachiko 4
Mgmt For For Approve Director Retirement Bonus 5
Mgmt For For Approve Bonus Related to Retirement Bonus
System Abolition 6
Mgmt For For Approve Compensation Ceiling for Directors 7
Mgmt For For Approve Trust-Type Equity Compensation Plan 8
Resona Holdings, Inc.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8308
Primary ISIN: JP3500610005 Primary SEDOL: 6421553
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Higashi, Kazuhiro Mgmt For For
Mgmt For For Elect Director Iwanaga, Shoichi 1.2
Mgmt For For Elect Director Fukuoka, Satoshi 1.3
Mgmt For For Elect Director Minami, Masahiro 1.4
Mgmt For For Elect Director Isono, Kaoru 1.5
Mgmt For For Elect Director Sanuki, Yoko 1.6
Mgmt For For Elect Director Urano, Mitsudo 1.7
Mgmt For For Elect Director Matsui, Tadamitsu 1.8
Page 105 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Resona Holdings, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Sato, Hidehiko 1.9
Mgmt For For Elect Director Baba, Chiharu 1.10
Mgmt For For Elect Director Iwata, Kimie 1.11
SH Against Against Amend Articles to Hand over Petition Calling for Abolition of Negative Interest Rate Policy to Governor of the Bank of Japan
2
Voter Rationale: The proposed content falls within the realm of matters best left to the discretion of management under board oversight.
Rheon Automatic Machinery Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 6272
Primary ISIN: JP3979400003 Primary SEDOL: 6732619
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 14 Mgmt For For
Mgmt For For Elect Director Tashiro, Yasunori 2.1
Mgmt Against For Elect Director Kobayashi, Mikio 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Onoguchi, Kazuyoshi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kaneko, Tamotsu 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Watanabe, Masahiko 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Morito, Toshimitsu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Netsu, Masahito 2.7
Mgmt For For Elect Director Hirahara, Ko 2.8
Mgmt For For Approve Annual Bonus 3
Page 106 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Rohto Pharmaceutical Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4527
Primary ISIN: JP3982400008 Primary SEDOL: 6747367
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Amend Articles to Add Provisions on Management Philosophy - Amend Business
Lines
Mgmt For For
Mgmt For For Elect Director Yamada, Kunio 2.1
Mgmt For For Elect Director Sugimoto, Masashi 2.2
Mgmt Against For Elect Director Lekh Raj Juneja 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Saito, Masaya 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kunisaki, Shinichi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamada, Tetsumasa 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uemura, Hideto 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Rikiishi, Masako 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Segi, Hidetoshi 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Matsunaga, Mari 2.10
Mgmt For For Elect Director Torii, Shingo 2.11
Mgmt For For Elect Director Iriyama, Akie 2.12
Mgmt For For Appoint Ernst & Young ShinNihon LLC as New External Audit Firm
3
Page 107 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
ROUND ONE Corp.
Meeting Date: 06/22/2019 Country: Japan
Meeting Type: Annual Ticker: 4680
Primary ISIN: JP3966800009 Primary SEDOL: 6248365
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 10
Mgmt For For
Mgmt For For Elect Director Sugino, Masahiko 2.1
Mgmt Against For Elect Director Sasae, Shinji 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nishimura, Naoto 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inagaki, Takahiro 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawaguchi, Hidetsugu 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Teramoto, Toshitaka 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Futagami, Tatsuhiro 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawabata, Kazuyuki 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okamoto, Jun 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Tsuzuruki, Tomoko 2.10
Mgmt For For Elect Director Takaguchi, Ayako 2.11
Mgmt For For Appoint Statutory Auditor Goto, Tomoyuki 3.1
Mgmt For For Appoint Statutory Auditor Iwakawa, Hiroshi 3.2
Mgmt For For Appoint Statutory Auditor Okuda, Junji 3.3
Page 108 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
ROUND ONE Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Alternate Statutory Auditor Shimizu,
Hideki 4.1
Mgmt For For Appoint Alternate Statutory Auditor Sugo, Arata 4.2
Sakai Chemical Industry Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 4078
Primary ISIN: JP3312800000 Primary SEDOL: 6769402
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Yabe, Masaaki Mgmt For Against
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Yoshioka, Akira 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yoshikawa, Yoshiyuki 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sado, Megumu 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakanishi, Atsuya 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okamoto, Yasuhiro 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yoshida, Toshinori 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yagishita, Masayuki 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sano, Toshiaki 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 109 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sakai Chemical Industry Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Sasai, Kazumi 1.10
Mgmt For For Elect Director Sano, Yumi 1.11
Mgmt For For Approve Annual Bonus 2
Sankyo Frontier Co., Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 9639
Primary ISIN: JP3328200005 Primary SEDOL: 6860394
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Nagatsuma, Takatsugu Mgmt For Against
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Hayama, Hideto 1.2
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Mito, Shigeo 1.3
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Fujita, Takeshi 1.4
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Kojima, Shunichi 1.5
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Mgmt Against For Elect Director Anzai, Mitsuharu 1.6
Voter Rationale: The board should recruit two outside directors as a key step to broaden and diversify board discussion. The Japanese Corporate Governance Code recommends listed companies have at least two independent directors on the board. The boards should strive to establish one-third independence to ensure appropriate balance of independence and objectivity. If the company does not comply, the board should explain to shareholders why it has not recruited an outside director.
Page 110 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sankyo Frontier Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Nokura, Manabu 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Murai, Yasuyuki 2.1
Mgmt Against For Appoint Statutory Auditor Ishiguro, Hiroshi 2.2
Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.
Mgmt For For Appoint Statutory Auditor Terajima, Tetsuo 2.3
Mgmt Against For Approve Statutory Auditor Retirement Bonus 3
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
Mgmt For For Approve Annual Bonus 4
Sanyo Chemical Industries, Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 4471
Primary ISIN: JP3337600005 Primary SEDOL: 6776800
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Ueno, Kan Mgmt For Against
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Ando, Takao 1.2
Mgmt Against For Elect Director Higuchi, Akinori 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Maeda, Kohei 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Narutaki, Hideya 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ota, Atsushi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 111 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sanyo Chemical Industries, Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Shimominami, Hiroyuki 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamamoto, Masaya 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Aikyo, Shigenobu 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Shirai, Aya 1.10
Mgmt Against For Appoint Statutory Auditor Horiie, Takafumi 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Karube, Jun 2.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Sato Holdings Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 6287
Primary ISIN: JP3321400008 Primary SEDOL: 6777579
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 35
Mgmt For For
Mgmt For For Elect Director Kotaki, Ryutaro 2.1
Mgmt For For Elect Director Abe, Yoichi 2.2
Mgmt For For Elect Director Narumi, Tatsuo 2.3
Mgmt For For Elect Director Tanaka, Yuko 2.4
Mgmt For For Elect Director Ito, Ryoji 2.5
Mgmt For For Elect Director Shimaguchi, Mitsuaki 2.6
Mgmt For For Elect Director Yamada, Hideo 2.7
Mgmt For For Elect Director Matsuda, Chieko 2.8
Mgmt For For Appoint Statutory Auditor Nagakura, Junichi 3
Page 112 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sato Holdings Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Alternate Statutory Auditor Shikou Yun 4
Mgmt For For Approve Compensation Ceiling for Statutory
Auditors 5
SAXA Holdings, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 6675
Primary ISIN: JP3471200000 Primary SEDOL: 6728975
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 50
Mgmt For For
Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 2
Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.
Mgmt Against For Elect Director Sogabe, Atsushi 3.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Katagiri, Yuichiro 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Takeuchi, Sawako 3.3
Mgmt For For Appoint Alternate Statutory Auditor Yamazaki,
Hayato 4.1
Mgmt For For Appoint Alternate Statutory Auditor Takaguchi,
Yoji 4.2
SECOM Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 9735
Primary ISIN: JP3421800008 Primary SEDOL: 6791591
Page 113 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
SECOM Co., Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 85 Mgmt For For
Mgmt Against For Elect Director Iida, Makoto 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Nakayama, Yasuo 2.2
Mgmt Against For Elect Director Yoshida, Yasuyuki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Ozeki, Ichiro 2.4
Mgmt Against For Elect Director Fuse, Tatsuro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Izumida, Tatsuya 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kurihara, Tatsushi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hirose, Takaharu 2.8
Mgmt For For Elect Director Kawano, Hirobumi 2.9
Mgmt For For Elect Director Watanabe, Hajime 2.10
Mgmt For For Appoint Statutory Auditor Ito, Takayuki 3.1
Mgmt For For Appoint Statutory Auditor Kato, Koji 3.2
Mgmt For For Appoint Statutory Auditor Kato, Hideki 3.3
Mgmt For For Appoint Statutory Auditor Yasuda, Makoto 3.4
Mgmt For For Appoint Statutory Auditor Tanaka, Setsuo 3.5
Shikoku Chemicals Corp.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 4099
Primary ISIN: JP3349600001 Primary SEDOL: 6804303
Page 114 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Shikoku Chemicals Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Yamashita, Kunihiko Mgmt For Against
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Tanaka, Naoto 1.2
Mgmt Against For Elect Director Yoshioka, Takashi 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsubara, Jun 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Watanabe, Mitsunori 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hamazaki, Makoto 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Manabe, Yoshinori 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Enjo, Hiroshi 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shibuya, Hiroshi 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Terada, Toshifumi 1.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Tanabe, Kenji 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Nishihara, Koji 2.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Alternate Statutory Auditor Mizuno, Takeo
3
Page 115 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Shikoku Chemicals Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Approve Trust-Type Equity Compensation Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Shindengen Electric Manufacturing Co. Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 6844
Primary ISIN: JP3377800002 Primary SEDOL: 6804541
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 125 Mgmt For For
Mgmt For For Elect Director Suzuki, Yoshinori 2.1
Mgmt Against For Elect Director Negishi, Yasumi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Horiguchi, Kenji 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tanaka, Nobuyoshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamada, Ichiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hashimoto, Hideyuki 2.6
Mgmt Against For Appoint Statutory Auditor Higo, Yoshiaki 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Miyake, Yuichiro 3.2
Mgmt Against For Appoint Alternate Statutory Auditor Chiba, Shoji 4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 116 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Shindengen Electric Manufacturing Co. Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Approve Restricted Stock Plan 5
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Mgmt Against For Approve Takeover Defense Plan (Poison Pill) 6
Voter Rationale: Decisions related to the exercise of a poison pill should be undertaken by independent directors on behalf of the board. The board should avoid provisions that empower the board to block potential bids through onerous information requests. The best defence against takeover is high quality management and efficient utilisation of assets.
Shin-Etsu Chemical Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4063
Primary ISIN: JP3371200001 Primary SEDOL: 6804585
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 100 Mgmt For For
Mgmt For For Elect Director Saito, Yasuhiko 2.1
Mgmt Against For Elect Director Ishihara, Toshinobu 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ueno, Susumu 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsui, Yukihiro 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miyajima, Masaki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Frank Peter Popoff 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Miyazaki, Tsuyoshi 2.7
Mgmt For For Elect Director Fukui, Toshihiko 2.8
Mgmt Against For Elect Director Kasahara, Toshiyuki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 117 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Shin-Etsu Chemical Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Maruyama, Kazumasa 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Okamoto, Hiroaki 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Nagano, Kiyoshi 3.2
Mgmt Against For Appoint Statutory Auditor Onezawa, Hidenori 3.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Approve Stock Option Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Shinko Electric Industries Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 6967
Primary ISIN: JP3375800004 Primary SEDOL: 6804927
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 12.5
Mgmt For For
Mgmt For For Elect Director Fujita, Masami 2.1
Mgmt Against For Elect Director Hasebe, Hiroshi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kodaira, Tadashi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ozawa, Takashi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Approve Annual Bonus 3
Page 118 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
ShinMaywa Industries, Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 7224
Primary ISIN: JP3384600007 Primary SEDOL: 6804488
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 27
Mgmt For For
Mgmt For For Elect Director Isogawa, Tatsuyuki 2.1
Mgmt For For Elect Director Ishimaru, Kanji 2.2
Mgmt For For Elect Director Tanuma, Katsuyuki 2.3
Mgmt For For Elect Director Itami, Atsushi 2.4
Mgmt For For Elect Director Nishioka, Akira 2.5
Mgmt For For Elect Director Kume, Toshiki 2.6
Mgmt For For Elect Director Kanda, Yoshifumi 2.7
Mgmt For For Elect Director Hideshima, Nobuya 2.8
Mgmt For For Elect Director Nagai, Seiko 2.9
Mgmt Against For Appoint Statutory Auditor Nishida, Koji 3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Approve Annual Bonus 4
Shionogi & Co., Ltd.
Meeting Date: 06/18/2019 Country: Japan
Meeting Type: Annual Ticker: 4507
Primary ISIN: JP3347200002 Primary SEDOL: 6804682
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 50 Mgmt For For
Mgmt For For Elect Director Shiono, Motozo 2.1
Mgmt For For Elect Director Teshirogi, Isao 2.2
Mgmt For For Elect Director Sawada, Takuko 2.3
Page 119 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Shionogi & Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Mogi, Teppei 2.4
Mgmt For For Elect Director Ando, Keiichi 2.5
Mgmt For For Elect Director Ozaki, Hiroshi 2.6
Mgmt Against For Appoint Statutory Auditor Okamoto, Akira 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Fujinuma, Tsuguoki 3.2
Mgmt For For Approve Compensation Ceiling for Statutory Auditors
4
Showa Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 7274
Primary ISIN: JP3360300002 Primary SEDOL: 6805629
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 19 Mgmt For For
Mgmt For For Amend Articles to Amend Provisions on Number of Directors - Authorize Directors to Execute Day to Day Operations without Full Board
Approval
2
Mgmt For For Elect Director Sugiyama, Nobuyuki 3.1
Mgmt For For Elect Director Ichimura, Hiroshi 3.2
Mgmt For For Elect Director Wakiyama, Narutoshi 3.3
Mgmt For For Elect Director Matsumura, Tetsuya 3.4
Mgmt For For Elect Director and Audit Committee Member
Mano, Yosuke 4.1
Mgmt For For Elect Director and Audit Committee Member
Mizusawa, Tsuneo 4.2
Mgmt For For Elect Director and Audit Committee Member
Miwa, Hikoyuki 4.3
Mgmt For For Elect Director and Audit Committee Member
Takada, Shinya 4.4
Mgmt For For Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members 5
Page 120 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Showa Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Approve Annual Bonus 6
Soda Nikka Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 8158
Primary ISIN: JP3431400005 Primary SEDOL: 6818810
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Nagasu, Takahiko Mgmt For Against
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt For For Elect Director Mori, Masato 1.2
Mgmt For For Elect Director Miyamoto, Takahiro 1.3
Mgmt For For Elect Director Hosoya, Iwao 1.4
Mgmt For For Elect Director Adachi, Yoshimasa 1.5
Mgmt For For Elect Director Ikeda, Jun 1.6
Mgmt For For Elect Director Watari, Yuji 1.7
Mgmt For For Elect Director Furukawa, Yuji 1.8
Mgmt For For Appoint Statutory Auditor Tsuchiya, Hiroyasu 2
Mgmt Against For Approve Restricted Stock Plan 3
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
SoftBank Group Corp.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 9984
Primary ISIN: JP3436100006 Primary SEDOL: 6770620
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 22 Mgmt For For
Page 121 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
SoftBank Group Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Son, Masayoshi 2.1
Mgmt Against For Elect Director Ronald Fisher 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Marcelo Claure 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sago, Katsunori 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Rajeev Misra 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miyauchi, Ken 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Simon Segars 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yun Ma 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yasir O. Al-Rumayyan 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yanai, Tadashi 2.10
Mgmt For For Elect Director Iijima, Masami 2.11
Mgmt Against For Elect Director Matsuo, Yutaka 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Toyama, Atsushi 3
Sojitz Corp.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 2768
Primary ISIN: JP3663900003 Primary SEDOL: 6594143
Page 122 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sojitz Corp.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 9.5 Mgmt For For
Mgmt For For Elect Director Hara, Takashi 2.1
Mgmt For For Elect Director Fujimoto, Masayoshi 2.2
Mgmt For For Elect Director Tanaka, Seiichi 2.3
Mgmt For For Elect Director Nishihara, Shigeru 2.4
Mgmt For For Elect Director Naito, Kayoko 2.5
Mgmt For For Elect Director Otsuka, Norio 2.6
Sony Corp.
Meeting Date: 06/18/2019 Country: Japan
Meeting Type: Annual Ticker: 6758
Primary ISIN: JP3435000009 Primary SEDOL: 6821506
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Yoshida, Kenichiro Mgmt For For
Mgmt For For Elect Director Totoki, Hiroki 1.2
Mgmt For For Elect Director Sumi, Shuzo 1.3
Mgmt For For Elect Director Tim Schaaff 1.4
Mgmt For For Elect Director Matsunaga, Kazuo 1.5
Mgmt For For Elect Director Miyata, Koichi 1.6
Mgmt For For Elect Director John V. Roos 1.7
Mgmt For For Elect Director Sakurai, Eriko 1.8
Mgmt For For Elect Director Minakawa, Kunihito 1.9
Mgmt For For Elect Director Oka, Toshiko 1.10
Mgmt For For Elect Director Akiyama, Sakie 1.11
Mgmt For For Elect Director Wendy Becker 1.12
Mgmt For For Elect Director Hatanaka, Yoshihiko 1.13
Page 123 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sony Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Approve Stock Option Plan 2
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Sony Financial Holdings, Inc.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8729
Primary ISIN: JP3435350008 Primary SEDOL: B249SN5
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 62.5 Mgmt For For
Mgmt For For Elect Director Ishii, Shigeru 2.1
Mgmt For For Elect Director Kiyomiya, Hiroaki 2.2
Mgmt For For Elect Director Ito, Yutaka 2.3
Mgmt For For Elect Director Totoki, Hiroki 2.4
Mgmt For For Elect Director Kambe, Shiro 2.5
Mgmt For For Elect Director Matsuoka, Naomi 2.6
Mgmt For For Elect Director Kuniya, Shiro 2.7
Mgmt For For Elect Director Ito, Takatoshi 2.8
Mgmt For For Elect Director Oka, Masashi 2.9
Mgmt For For Elect Director Ikeuchi, Shogo 2.10
Mgmt Against For Appoint Statutory Auditor Hayase, Yasuyuki 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Makiyama, Yoshimichi 3.2
Mgmt For For Appoint Alternate Statutory Auditor Saegusa,
Takaharu 4
Page 124 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sumitomo Bakelite Co., Ltd.
Meeting Date: 06/24/2019 Country: Japan
Meeting Type: Annual Ticker: 4203
Primary ISIN: JP3409400003 Primary SEDOL: 6858504
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 37.5
Mgmt For For
Mgmt For For Elect Director Hayashi, Shigeru 2.1
Mgmt For For Elect Director Fujiwara, Kazuhiko 2.2
Mgmt Against For Elect Director Inagaki, Masayuki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Asakuma, Sumitoshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakamura, Takashi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kuwaki, Goichiro 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kobayashi, Takashi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Abe, Hiroyuki 2.8
Mgmt For For Elect Director Matsuda, Kazuo 2.9
Mgmt Against For Elect Director Deguchi, Toshihisa 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Terasawa, Tsuneo 3.1
Mgmt For For Appoint Statutory Auditor Aoki, Katsushige 3.2
Mgmt For For Appoint Statutory Auditor Yamagishi, Kazuhiko 3.3
Mgmt For For Appoint Statutory Auditor Nagashima, Etsuko 3.4
Mgmt For For Appoint Alternate Statutory Auditor Yufu, Setsuko
3.5
Page 125 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sumitomo Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8053
Primary ISIN: JP3404600003 Primary SEDOL: 6858946
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 38
Mgmt For For
Mgmt For For Elect Director Nakamura, Kuniharu 2.1
Mgmt For For Elect Director Hyodo, Masayuki 2.2
Mgmt Against For Elect Director Takahata, Koichi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamano, Hideki 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nambu, Toshikazu 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Seishima, Takayuki 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Ehara, Nobuyoshi 2.7
Mgmt Against For Elect Director Ishida, Koji 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Iwata, Kimie 2.9
Mgmt For For Elect Director Yamazaki, Hisashi 2.10
Mgmt For For Appoint Statutory Auditor Hosono, Michihiko 3
Mgmt For For Approve Annual Bonus 4
Sumitomo Dainippon Pharma Co., Ltd.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 4506
Primary ISIN: JP3495000006 Primary SEDOL: 6250865
Page 126 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sumitomo Dainippon Pharma Co., Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 19 Mgmt For For
Mgmt For For Elect Director Tada, Masayo 2.1
Mgmt For For Elect Director Nomura, Hiroshi 2.2
Mgmt Against For Elect Director Odagiri, Hitoshi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kimura, Toru 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tamura, Nobuhiko 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Atomi, Yutaka 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Arai, Saeko 2.7
Mgmt For For Elect Director Endo, Nobuhiro 2.8
Sumitomo Mitsui Financial Group, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 8316
Primary ISIN: JP3890350006 Primary SEDOL: 6563024
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 95 Mgmt For For
Mgmt For For Elect Director Kunibe, Takeshi 2.1
Mgmt For For Elect Director Ota, Jun 2.2
Mgmt For For Elect Director Takashima, Makoto 2.3
Mgmt For For Elect Director Nagata, Haruyuki 2.4
Mgmt For For Elect Director Nakashima, Toru 2.5
Page 127 of 171
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Sumitomo Mitsui Financial Group, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Inoue, Atsuhiko 2.6
Mgmt For For Elect Director Mikami, Toru 2.7
Mgmt For For Elect Director Kubo, Tetsuya 2.8
Mgmt For For Elect Director Matsumoto, Masayuki 2.9
Mgmt For For Elect Director Arthur M. Mitchell 2.10
Mgmt For For Elect Director Yamazaki, Shozo 2.11
Mgmt For For Elect Director Kono, Masaharu 2.12
Mgmt For For Elect Director Tsutsui, Yoshinobu 2.13
Mgmt For For Elect Director Shimbo, Katsuyoshi 2.14
Mgmt For For Elect Director Sakurai, Eriko 2.15
Sumitomo Mitsui Trust Holdings, Inc.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 8309
Primary ISIN: JP3892100003 Primary SEDOL: 6431897
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 75
Mgmt For For
Mgmt For For Elect Director Okubo, Tetsuo 2.1
Mgmt For For Elect Director Araumi, Jiro 2.2
Mgmt For For Elect Director Nishida, Yutaka 2.3
Mgmt For For Elect Director Hashimoto, Masaru 2.4
Mgmt For For Elect Director Kitamura, Kunitaro 2.5
Mgmt For For Elect Director Tsunekage, Hitoshi 2.6
Mgmt For For Elect Director Shudo, Kuniyuki 2.7
Mgmt For For Elect Director Tanaka, Koji 2.8
Mgmt For For Elect Director Suzuki, Takeshi 2.9
Mgmt For For Elect Director Araki, Mikio 2.10
Mgmt For For Elect Director Matsushita, Isao 2.11
Mgmt For For Elect Director Saito, Shinichi 2.12
Page 128 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Sumitomo Mitsui Trust Holdings, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Yoshida, Takashi 2.13
Mgmt For For Elect Director Kawamoto, Hiroko 2.14
Mgmt For For Elect Director Aso, Mitsuhiro 2.15
Suzuken Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 9987
Primary ISIN: JP3398000004 Primary SEDOL: 6865560
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Bessho, Yoshiki Mgmt For For
Mgmt For For Elect Director Miyata, Hiromi 1.2
Mgmt Against For Elect Director Asano, Shigeru 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Saito, Masao 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Izawa, Yoshimichi 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tamura, Hisashi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ueda, Keisuke 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Iwatani, Toshiaki 1.8
Mgmt For For Elect Director Usui, Yasunori 1.9
Mgmt For For Appoint Statutory Auditor Muranaka, Toru 2
Page 129 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Systena Corp.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 2317
Primary ISIN: JP3351050004 Primary SEDOL: 6537881
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Hemmi, Yoshichika Mgmt For For
Mgmt For For Elect Director Miura, Kenji 1.2
Mgmt Against For Elect Director Kai, Takafumi 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawachi, Shinichiro 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Taguchi, Makoto 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujii, Hiroyuki 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hemmi, Shingo 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Suzuki, Yukio 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ogawa, Koichi 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Hishida, Toru 2.1
Mgmt For For Appoint Statutory Auditor Sato, Masao 2.2
Mgmt For For Appoint Statutory Auditor Adagawa, Hiroshi 2.3
Mgmt For For Appoint Alternate Statutory Auditor Tokuono, Nobushige
3
Mgmt Against For Approve Trust-Type Equity Compensation Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Page 130 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Tachi-S Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 7239
Primary ISIN: JP3465400004 Primary SEDOL: 6869498
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Nakayama, Taro Mgmt For Against
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Yamamoto, Yuichiro 1.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Saito, Kiyoshi 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Arishige, Kunio 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tamura, Kazumi 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Komatsu, Atsushi 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kinoshita, Toshio 1.7
Mgmt For For Elect Director Mihara, Hidetaka 1.8
Mgmt For For Appoint Statutory Auditor Ozawa, Nobuaki 2
Mgmt For For Approve Annual Bonus 3
Taikisha Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 1979
Primary ISIN: JP3441200007 Primary SEDOL: 6869959
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 66 Mgmt For For
Page 131 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Taikisha Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Uenishi, Eitaro 2.1
Mgmt For For Elect Director Kato, Koji 2.2
Mgmt Against For Elect Director Mukai, Hiroshi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hayakawa, Kazuhide 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakajima, Yasushi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakagawa, Masanori 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inagawa, Nobutaka 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Murakawa, Junichi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Hikosaka, Hirokazu 2.9
Mgmt For For Elect Director Fuke, Kiyotaka 2.10
Mgmt For For Appoint Statutory Auditor Hanazawa, Toshiyuki 3
Mgmt For For Appoint Alternate Statutory Auditor Kono,
Takashi 4
Mgmt Against For Approve Trust-Type Equity Compensation Plan 5
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
TAISEI Corp. (1801)
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 1801
Primary ISIN: JP3443600006 Primary SEDOL: 6870100
Page 132 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
TAISEI Corp. (1801)
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 70 Mgmt For For
Mgmt For For Amend Articles to Reduce Directors' Term 2
Mgmt For For Elect Director Yamauchi, Takashi 3.1
Mgmt For For Elect Director Murata, Yoshiyuki 3.2
Mgmt For For Elect Director Sakurai, Shigeyuki 3.3
Mgmt For For Elect Director Tanaka, Shigeyoshi 3.4
Mgmt For For Elect Director Yaguchi, Norihiko 3.5
Mgmt For For Elect Director Shirakawa, Hiroshi 3.6
Mgmt For For Elect Director Aikawa, Yoshiro 3.7
Mgmt For For Elect Director Kimura, Hiroshi 3.8
Mgmt For For Elect Director Nishimura, Atsuko 3.9
Mgmt For For Elect Director Murakami, Takao 3.10
Mgmt For For Elect Director Otsuka, Norio 3.11
Mgmt For For Elect Director Kokubu, Fumiya 3.12
Mgmt Against For Appoint Statutory Auditor Hayashi, Takashi 4.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Noma, Akihiko 4.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Maeda, Terunobu 4.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Taisho Pharmaceutical Holdings Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4581
Primary ISIN: JP3442850008 Primary SEDOL: B3QX5G4
Page 133 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Taisho Pharmaceutical Holdings Co., Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 70 Mgmt For For
Mgmt For For Elect Director Uehara, Akira 2.1
Mgmt Against For Elect Director Uehara, Shigeru 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ohira, Akira 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uehara, Ken 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujita, Kenichi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Watanabe, Tetsu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Osawa, Katsuichi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kunibe, Takeshi 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uemura, Hiroyuki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Kobayashi, Kyuji 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kameo, Kazuya 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Aoi, Chushiro 3.3
Mgmt Against For Appoint Statutory Auditor Sato, Junya 3.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 134 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Takasago International Corp.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 4914
Primary ISIN: JP3454400007 Primary SEDOL: 6870360
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 30
Mgmt For For
Mgmt For For Elect Director Masumura, Satoshi 2.1
Mgmt For For Elect Director Noyori, Ryoji 2.2
Mgmt Against For Elect Director Kasamatsu, Hironori 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujiwara, Hisaya 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamagata, Tatsuya 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Somekawa, Kenichi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yanaka, Fumihiro 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Matsuda, Komei 2.8
Mgmt Against For Elect Director Mizuno, Naoki 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Isono, Hirokazu 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawabata, Shigeki 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 135 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Takasago Thermal Engineering Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 1969
Primary ISIN: JP3455200000 Primary SEDOL: 6870520
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 27
Mgmt For For
Mgmt For For Elect Director Ouchi, Atsushi 2.1
Mgmt Against For Elect Director Takahara, Choichi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hara, Yoshiyuki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamawake, Hiroshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kojima, Kazuhito 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kamiya, Tadashi 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yokote, Toshikazu 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Matsunaga, Kazuo 2.8
Mgmt Against For Elect Director Yabunaka, Mitoji 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Fujimura, Kiyoshi 2.10
Mgmt For For Elect Director Seki, Yoko 2.11
Mgmt For For Appoint Statutory Auditor Yamamoto, Yukitoshi 3
Page 136 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Terumo Corp.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 4543
Primary ISIN: JP3546800008 Primary SEDOL: 6885074
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 27
Mgmt For For
Mgmt For For Elect Director Mimura, Takayoshi 2.1
Mgmt For For Elect Director Sato, Shinjiro 2.2
Mgmt For For Elect Director Takagi, Toshiaki 2.3
Mgmt For For Elect Director Hatano, Shoji 2.4
Mgmt For For Elect Director Nishikawa, Kyo 2.5
Mgmt For For Elect Director Mori, Ikuo 2.6
Mgmt For For Elect Director Ueda, Ryuzo 2.7
Mgmt For For Elect Director Kuroda,Yukiko 2.8
Mgmt For For Elect Director and Audit Committee Member Kimura, Yoshihiro
3.1
Mgmt For For Elect Director and Audit Committee Member Nakamura, Masaichi
3.2
Mgmt For For Elect Director and Audit Committee Member Uno, Soichiro
3.3
Mgmt For For Elect Alternate Director and Audit Committee Member Sakaguchi, Koichi
4
Mgmt Against For Approve Restricted Stock Plan 5
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
T-Gaia Corp.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 3738
Primary ISIN: JP3893700009 Primary SEDOL: 6744670
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 38.5 Mgmt For For
Page 137 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
T-Gaia Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Amend Articles to Amend Business Lines 2
Voter Rationale: Changes in company's by-laws should not result in the erosion of shareholder rights.
Mgmt For For Elect Director Kanaji, Nobutaka 3.1
Mgmt Against For Elect Director Tada, Soichiro 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Konda, Tsuyoshi 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miyashita, Masahiro 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawase, Koichi 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Asaba, Toshiya 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Deguchi, Kyoko 3.7
Mgmt For For Elect Director Kamata, Junichi 3.8
Mgmt For For Appoint Statutory Auditor Hashimoto, Ryo 4
Mgmt For For Appoint Alternate Statutory Auditor Ikadai, Makoto
5
Mgmt Against For Approve Cash Compensation Ceiling and Restricted Stock Plan for Directors
6
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
The 77 Bank, Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 8341
Primary ISIN: JP3352000008 Primary SEDOL: 6804165
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 25
Mgmt For For
Page 138 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The 77 Bank, Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Amend Articles to Amend Provisions on Number
of Directors 2
Mgmt Against For Elect Director Ujiie, Teruhiko 3.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Kobayashi, Hidefumi 3.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Igarashi, Makoto 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sugawara, Toru 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Suzuki, Koichi 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shito, Atsushi 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Onodera, Yoshikazu 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tabata, Takuji 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sugita, Masahiro 3.9
Mgmt Against For Elect Director Nakamura, Ken 3.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okuyama, Emiko 3.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member
Nagayama, Yoshiaki 4.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member
Chubachi, Mitsuo 4.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 139 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The 77 Bank, Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director and Audit Committee Member
Suzuki, Toshio 4.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent – and companies should strive to make them fully independent.
Mgmt Against For Elect Director and Audit Committee Member Yamaura, Masai
4.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.
Mgmt Against For Elect Director and Audit Committee Member Wako, Masahiro
4.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.
Mgmt Against For Elect Director and Audit Committee Member Ushio, Yoko
4.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.
The Aichi Bank Ltd.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 8527
Primary ISIN: JP3103000000 Primary SEDOL: 6196550
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 55
Mgmt For For
Mgmt Against For Elect Director Koide, Shinichi 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Ito, Yukinori 2.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Kobayashi, Masato 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ito, Yoshihiro 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 140 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Aichi Bank Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Takahashi, Tomoyuki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsuno, Hiroyasu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kuratomi, Nobuhiko 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
The Kansai Electric Power Co., Inc.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 9503
Primary ISIN: JP3228600007 Primary SEDOL: 6483489
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 25 Mgmt For For
Mgmt For For Approve Transfer of Electric Transmission and Distribution Operations to Wholly Owned Subsidiary
2
Mgmt For For Amend Articles to Amend Business Lines 3
Mgmt For For Elect Director Yagi, Makoto 4.1
Mgmt For For Elect Director Iwane, Shigeki 4.2
Mgmt Against For Elect Director Doi, Yoshihiro 4.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Morimoto, Takashi 4.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Misono, Toyokazu 4.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inada, Koji 4.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 141 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Kansai Electric Power Co., Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Morinaka, Ikuo 4.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimamoto, Yasuji 4.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsumura, Takao 4.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Inoue, Noriyuki 4.10
Mgmt Against For Elect Director Okihara, Takamune 4.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kobayashi, Tetsuya 4.12
Mgmt For For Elect Director Makimura, Hisako 4.13
Mgmt For For Appoint Statutory Auditor Yashima, Yasuhiro 5.1
Mgmt For For Appoint Statutory Auditor Sugimoto, Yasushi 5.2
Mgmt For For Appoint Statutory Auditor Higuchi, Yukishige 5.3
Mgmt For For Appoint Statutory Auditor Toichi, Tsutomu 5.4
Mgmt For For Appoint Statutory Auditor Otsubo, Fumio 5.5
Mgmt For For Appoint Statutory Auditor Sasaki, Shigeo 5.6
Mgmt For For Appoint Statutory Auditor Kaga, Atsuko 5.7
SH Against Against Amend Articles to Promote Renewable Energies 6
Voter Rationale: It is clearly too early to rule out nuclear power remaining a safe and economical component of the future generation mix. It would be inappropriate to incorporate a vaguely worded statement into the articles of incorporation.
SH Against Against Amend Articles to Record Shareholder Meeting
Proceedings Accurately and Disclose Them 7
Voter Rationale: The proposal appears primarily aimed at gaining publicity for the causes of activist shareholders, with no apparent benefits for shareholders as a whole.
SH Against Against Amend Articles to Add Provisions Concerning
Management Based on CSR 8
Voter Rationale: The proposal appears primarily aimed at gaining publicity for the causes of activist shareholders, with no apparent benefits for shareholders as a whole.
SH Against Against Amend Articles to Add Provisions Concerning Management Based on CSR
9
Voter Rationale: The proposal appears primarily aimed at gaining publicity for the causes of activist shareholders, with no apparent benefits for shareholders as a whole.
Page 142 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Kansai Electric Power Co., Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
SH Against Against Approve Alternative Allocation of Income, with a Final Dividend of JPY 5 Higher Than Management Proposal
10
Voter Rationale: For the year under review (2018-19), the utility proposes to raise annual dividend payments by JPY 15, to JPY 50 per share in Item 1, which merits support.
SH Against Against Remove Incumbent Director Iwane, Shigeki 11
Voter Rationale: The arguments presented do not provide strong evidence for any serious lapse in Iwane's leadership.
SH Against Against Amend Articles to Require Individual Performance and Compensation Disclosure for Directors
12
Voter Rationale: While individual compensation disclosure is welcome, the proposed language requiring disclosure of the "performance" of individual directors is vague, and thus is not appropriate to be incorporated into the articles of incorporation.
SH Against Against Amend Articles to Add Provisions on Processing
and Control of Spent Nuclear Fuels 13
Voter Rationale: Complex policy calls of this sort are best left to management and the board, rather than being left to a shareholder referendum on an inflexible mandate such as proposed here.
SH Against Against Amend Articles to Ban Investment to and Debt Guarantee for Japan Atomic Power Company
14
Voter Rationale: Complex policy calls of this sort are best left to management and the board, rather than being left to a shareholder referendum on an inflexible mandate such as proposed here.
SH Against Against Amend Articles to Ban Reprocessing of Spent Nuclear Fuels
15
Voter Rationale: Complex policy calls of this sort are best left to management and the board, rather than being left to a shareholder referendum on an inflexible mandate such as proposed here.
SH Against Against Amend Articles to Ban Operation of Nuclear Power Plants
16
Voter Rationale: The option of nuclear power should not be inflexibly ruled out while the possibility remains that safety and financial findings may show it to be a desirable part of the mix.
SH Against Against Amend Articles to Launch Committee on Aging
of Nuclear Power Plants 17
Voter Rationale: There are no grounds to believe that the company has failed to factor in the issue of aging of nuclear plants in its business operations.
SH Against Against Amend Articles to Promote Maximum Disclosure
to Gain Consumer Trust 18
Voter Rationale: The proposal does not offer a substantive change to current policy.
SH For Against Amend Articles to Require Individual Compensation Disclosure for Directors
19
Voter Rationale: A vote FOR this shareholder proposal is recommended because the amendment may enhance the company's overall reputation for transparency and accountability.
SH Against Against Amend Articles to Encourage Dispersed
Renewable and Natural Gas Power 20
Voter Rationale: The proposal does not offer a substantive change to current policy, and it is not clear that firm's quest for power source diversity lacks vigor.
Page 143 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Kansai Electric Power Co., Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
SH Against Against Amend Articles to Request the Government to Develop Necessary Legal System to Promote Separation of Power Generation and Transmission
21
Voter Rationale: The proposal does not offer a substantive change to current policy, and it is not clear that firm's quest for power source diversity lacks vigor.
SH Against Against Amend Articles to Cease Nuclear Operations and Decommission All Nuclear Facilities as Soon as
Possible
22
Voter Rationale: It is not prudent to include language that inflexibly rules out all future use of nuclear power as a component in the firm's generation mix.
SH Against Against Amend Articles to Commit to Nurture of Work Climate Conducive to Improving Quality of Nuclear Safety Mechanisms Through Debate Among Employees
23
Voter Rationale: The proponent is correct in stressing the importance of a culture of safety and of open debate, but does not clarify in what sense this is currently lacking, or highlight an example of any objectionable or concerning behavior.
SH Against Against Amend Articles to Ban Hiring or Service on the Board or at the Company by Former Government Officials
24
Voter Rationale: It would impose an inflexible restriction that could disqualify good candidates in cases where true conflicts of interest do not exist.
SH Against Against Amend Articles to Reduce Maximum Board Size from 20 to 10 and Require Majority Outsider Board
25
Voter Rationale: Reducing the board to the extent proposed on cost grounds, with no consideration of the need to adequately staff board committees or the need for vacancies for potential dissident nominees, is hard to justify on governance grounds. While requiring a majority outsider board would be ideal as a theoretical concept, mandating such change in reality would change the utility's board function completely, posing a risk of disruption, and there are no grounds to believe that the current board has such extensive problems or conflicts that it should be changed in the way requested by the proponents.
SH Against Against Amend Articles to End Reliance on Nuclear
Power 26
Voter Rationale: It is not prudent to effectively rule out significant continued use of nuclear power even if safety and cost considerations show it to be desirable in the judgment of management and the board.
The Nagano Bank Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 8521
Primary ISIN: JP3648300006 Primary SEDOL: 6636692
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 30
Mgmt For For
Page 144 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Nagano Bank Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Amend Articles to Remove All Provisions on
Advisory Positions 2
Mgmt Against For Elect Director Nakajo, Isao 3.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Nishizawa, Hitoshi 3.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Uchikawa, Hirofumi 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kondo, Masayasu 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uchikawa, Sayuri 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Futatsugi, Keizo 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tokutake, Katsuo 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Miyazaki, Sachio 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Godo, Mika 4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
The Nisshin OilliO Group, Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 2602
Primary ISIN: JP3677200002 Primary SEDOL: 6641049
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 45 Mgmt For For
Page 145 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Nisshin OilliO Group, Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Kuno, Takahisa 2.1
Mgmt Against For Elect Director Ogami, Hidetoshi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yoshida, Nobuaki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kobayashi, Arata 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawarasaki, Yasushi 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okano, Yoshiharu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Shirai, Sayuri 2.7
Mgmt For For Elect Director Yamamoto, Isao 2.8
Mgmt Against For Appoint Statutory Auditor Oba, Katsuhito 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Kusamichi, Tomotake 3.2
Mgmt For For Appoint Alternate Statutory Auditor Matsumura,
Tatsuhiko 4
The Shizuoka Bank, Ltd.
Meeting Date: 06/14/2019 Country: Japan
Meeting Type: Annual Ticker: 8355
Primary ISIN: JP3351200005 Primary SEDOL: 6805328
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 11
Mgmt For For
Mgmt Against For Elect Director Nakanishi, Katsunori 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Page 146 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Shizuoka Bank, Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Shibata, Hisashi 2.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Sugimoto, Hirotoshi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yagi, Minoru 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nagasawa, Yoshihiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Iio, Hidehito 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kobayashi, Mitsuru 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamamoto, Toshihiko 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Fujisawa, Kumi 2.9
Mgmt For For Elect Director Ito, Motoshige 2.10
Mgmt Against For Appoint Statutory Auditor Saito, Hiroki 3.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kozuki, Kazuo 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Yamashita, Yoshihiro 3.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Ushio, Naomi 3.4
THE TOTTORI BANK LTD.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 8383
Primary ISIN: JP3628600003 Primary SEDOL: 6892171
Page 147 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
THE TOTTORI BANK LTD.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 30 Mgmt For For
Mgmt Against For Elect Director Miyazaki, Masahiko 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Hirai, Koji 2.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Yamagami, Keigo 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Onozawa, Hironari 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fukuta, Tomohiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yamawaki, Akiko 2.6
Mgmt Against For Elect Director Ashizaki, Takeshi 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kitamura, Mitsuharu 2.8
Mgmt For For Appoint Statutory Auditor Taguchi, Masahiro 3.1
Mgmt For For Appoint Statutory Auditor Takahashi, Keiichi 3.2
Mgmt For For Appoint Statutory Auditor Nakayama, Hiro 3.3
Mgmt For For Appoint Statutory Auditor Enomoto, Taketoshi 3.4
Mgmt For For Appoint Alternate Statutory Auditor Hosokawa,
Ryozo 4
The Yamanashi Chuo Bank, Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 8360
Primary ISIN: JP3942000005 Primary SEDOL: 6985361
Page 148 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
The Yamanashi Chuo Bank, Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, With a Final
Dividend of JPY 17.5 Mgmt For For
Mgmt Against For Elect Director Shindo, Nakaba 2.1
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Seki, Mitsuyoshi 2.2
Voter Rationale: Top management is responsible for the company's unfavourable ROE performance.
Mgmt Against For Elect Director Kitta, Kazuhiko 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Osada, Yukio 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Asai, Kimihiro 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tanaka, Norihiko 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujita, Yutaka 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Furuya, Yoshiaki 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Furuya, Fumihiko 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamadera, Masahiko 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Masukawa, Michio 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kano, Riyo 2.12
Page 149 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
TIS, Inc. (Japan)
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 3626
Primary ISIN: JP3104890003 Primary SEDOL: B2Q4CR0
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 50
Mgmt For For
Mgmt For For Amend Articles to Amend Business Lines 2
Mgmt For For Elect Director Kuwano, Toru 3.1
Mgmt Against For Elect Director Adachi, Masahiko 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okamoto, Yasushi 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yanai, Josaku 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kitaoka, Takayuki 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shinkai, Akira 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sano, Koichi 3.7
Mgmt For For Elect Director Tsuchiya, Fumio 3.8
Mgmt Against For Elect Director Mizukoshi, Naoko 3.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Matsuoka, Tatsufumi 4
Toei Animation Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 4816
Primary ISIN: JP3560200002 Primary SEDOL: 6301871
Page 150 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Toei Animation Co., Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 70 Mgmt For For
Mgmt Against For Appoint Statutory Auditor Yatsuda, Yoshihiro 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Higuchi, Munehisa 2.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Wada, Koichi 2.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Kayama, Keizo 2.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Imamura, Kenshi 2.5
Mgmt Against For Approve Bonus Related to Retirement Bonus System Abolition
3
Voter Rationale: There should be disclosure of the total award of retirement bonuses. Retirement bonuses should not be granted to outside directors or employees that take up other positions within the company.
Mgmt Against For Approve Trust-Type Equity Compensation Plan 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Toho Co., Ltd. (9602)
Meeting Date: 05/23/2019 Country: Japan
Meeting Type: Annual Ticker: 9602
Primary ISIN: JP3598600009 Primary SEDOL: 6895200
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 27.5
Mgmt For For
Mgmt For For Elect Director Shimatani, Yoshishige 2.1
Page 151 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Toho Co., Ltd. (9602) Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Tako, Nobuyuki 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Urai, Toshiyuki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ichikawa, Minami 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Seta, Kazuhiko 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsuoka, Hiroyasu 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sumi, Kazuo 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamashita, Makoto 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ikeda, Atsuo 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ota, Keiji 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ikeda, Takayuki 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Biro, Hiroshi 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kato, Harunori 2.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 152 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Toho Holdings Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 8129
Primary ISIN: JP3602600003 Primary SEDOL: 6895556
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1.1 Elect Director Hamada, Norio Mgmt For For
Mgmt Against For Elect Director Kono, Hiroyuki 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Kato, Katsuya 1.3
Mgmt Against For Elect Director Edahiro, Hiromi 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujimoto, Shigeru 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Morikubo, Mitsuo 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Udo, Atsushi 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Homma, Toshio 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsutani, Takeo 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Naito, Atsuko 1.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Umada, Akira 1.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Nakagomi, Tsuguo 1.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 153 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Toho Holdings Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Kawamura, Makoto 1.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Watanabe, Shunsuke 1.14
Mgmt For For Elect Director Murayama, Shosaku 1.15
Mgmt Against For Elect Director Nagasawa, Toru 1.16
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
TOKAI Corp. /9729/
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 9729
Primary ISIN: JP3552250007 Primary SEDOL: 6894359
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 15 Mgmt For For
Mgmt For For Elect Director Onogi, Koji 2.1
Mgmt Against For Elect Director Usui, Tadahiko 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shiraki, Motoaki 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hirose, Akiyoshi 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Asai, Toshiaki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Matsuno, Eiko 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member
Horie, Norihito 3.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 154 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
TOKAI Corp. /9729/ Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director and Audit Committee Member
Uno, Hiroshi 3.2
Mgmt Against For Approve Director Retirement Bonus 4
Voter Rationale: There should be disclosure of the total award of retirement bonuses.
TOKAI RIKA CO., LTD.
Meeting Date: 06/12/2019 Country: Japan
Meeting Type: Annual Ticker: 6995
Primary ISIN: JP3566600007 Primary SEDOL: 6894025
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 32
Mgmt For For
Mgmt For For Elect Director Miura, Kenji 2.1
Mgmt Against For Elect Director Sato, Koki 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Noguchi, Kazuhiko 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tanaka, Yoshihiro 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ono, Hideki 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hayashi, Shigeru 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Akita, Toshiki 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Imaeda, Koki 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 155 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
TOKAI RIKA CO., LTD. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Nishida, Hiroshi 2.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Hotta, Masato 2.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sato, Masahiko 2.11
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamanaka, Yasushi 2.12
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Fujioka, Kei 2.13
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Yamada, Yoshinori 3.1
Mgmt Against For Appoint Statutory Auditor Yamashina, Tadashi 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Approve Annual Bonus 4
Tokio Marine Holdings, Inc.
Meeting Date: 06/24/2019 Country: Japan
Meeting Type: Annual Ticker: 8766
Primary ISIN: JP3910660004 Primary SEDOL: 6513126
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 90
Mgmt For For
Mgmt For For Elect Director Nagano, Tsuyoshi 2.1
Mgmt For For Elect Director Okada, Makoto 2.2
Mgmt For For Elect Director Yuasa, Takayuki 2.3
Mgmt For For Elect Director Fujita, Hirokazu 2.4
Mgmt For For Elect Director Komiya, Satoru 2.5
Mgmt For For Elect Director Mimura, Akio 2.6
Page 156 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Tokio Marine Holdings, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Egawa, Masako 2.7
Mgmt For For Elect Director Mitachi, Takashi 2.8
Mgmt For For Elect Director Endo, Nobuhiro 2.9
Mgmt For For Elect Director Hirose, Shinichi 2.10
Mgmt For For Elect Director Harashima, Akira 2.11
Mgmt For For Elect Director Okada, Kenji 2.12
Mgmt For For Appoint Statutory Auditor Ito, Takashi 3.1
Mgmt For For Appoint Statutory Auditor Horii, Akinari 3.2
Mgmt Against For Approve Cash Compensation Ceiling and Deep
Discount Stock Option Plan for Directors 4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Tokyo Electric Power Co. Holdings, Inc.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 9501
Primary ISIN: JP3585800000 Primary SEDOL: 6895404
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Kawamura, Takashi Mgmt For For
Mgmt For For Elect Director Kunii, Hideko 1.2
Mgmt For For Elect Director Utsuda, Shoei 1.3
Mgmt For For Elect Director Takaura, Hideo 1.4
Mgmt For For Elect Director Annen, Junji 1.5
Mgmt For For Elect Director Toyama, Kazuhiko 1.6
Mgmt For For Elect Director Kobayakawa, Tomoaki 1.7
Mgmt For For Elect Director Fubasami, Seiichi 1.8
Mgmt For For Elect Director Moriya, Seiji 1.9
Mgmt For For Elect Director Akimoto, Nobuhide 1.10
Mgmt For For Elect Director Makino, Shigenori 1.11
Mgmt For For Elect Director Yamashita, Ryuichi 1.12
Page 157 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Tokyo Electric Power Co. Holdings, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Elect Director Morishita, Yoshihito 1.13
SH Against Against Amend Articles to Freeze Decommissioning Plan
of Fukushima Daiichi Nuclear Plant 2
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- It is unthinkable that the utility can realistically freeze the decommissioning plan of Fukushima Daiichi Nuclear Plant.- The proposed action of this kind is best left to management under appropriate board supervision, rather than leaving it to a shareholder referendum.
SH Against Against Amend Articles to Develop Technologies for Storage of Radiation-Tainted Water and
Extraction of Radionuclide from Tainted Water
3
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action is of a kind best left to management under appropriate board supervision, rather than leaving it to a shareholder referendum.- The proposed language is redundant to the utility's current efforts, and thus it is questionable if the addition of the language to the articles would have a meaningful impact on the utility's behavior.
SH Against Against Amend Articles to Add Provisions on Evacuation Plan in Nuclear Accident Emergency
4
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action of this kind is best left to management under appropriate board supervision, rather than leaving it to a shareholder referendum.
SH Against Against Amend Articles to Ban Support for Japan Atomic Power Company
5
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The provision imposes an inflexible mandate on what is properly a complex policy call.- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.
SH Against Against Amend Articles to Directly Hire On-Site Workers
at Nuclear Power Plants 6
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.
SH Against Against Amend Articles to Promote Decentralized
Electricity Transmission System 7
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.
SH Against Against Amend Articles to Allow Consumers to Opt-out
from the Use of Smart Meter 8
Voter Rationale: A vote AGAINST this shareholder proposal is warranted because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.
SH Against Against Amend Articles to Promote Female Directors and Executives
9
Voter Rationale: A vote AGAINST this shareholder proposal is recommended because:- The proposed language is redundant to the utility's current efforts, and thus it is questionable if the addition of the language to the articles would have a meaningful impact on the utility's behavior.
SH Against Against Amend Articles to Add Provisions on Recording, Maintenance and Disclosure of Meeting Minutes
10
Voter Rationale: A vote AGAINST this shareholder proposal is warranted because:- The proposed action is of a kind best left to management under the board's appropriate supervision, rather than leaving it to a shareholder referendum.
Page 158 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Tokyo Steel Manufacturing Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 5423
Primary ISIN: JP3579800008 Primary SEDOL: 6895879
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 7
Mgmt For For
Mgmt For For Amend Articles to Amend Provisions on Number of Directors
2
Mgmt For For Elect Director Nishimoto, Toshikazu 3.1
Mgmt For For Elect Director Imamura, Kiyoshi 3.2
Mgmt For For Elect Director Nara, Nobuaki 3.3
Mgmt For For Elect Director and Audit Committee Member Adachi, Toshio
4.1
Mgmt For For Elect Director and Audit Committee Member Matsumura, Tatsuhiko
4.2
Mgmt For For Elect Director and Audit Committee Member Nomoto, Minatsu
4.3
Mgmt For For Elect Alternate Director and Audit Committee Member Kanda, Fumihiro
5
Mgmt Against For Approve Restricted Stock Plan 6
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
Tokyu Construction Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 1720
Primary ISIN: JP3567410000 Primary SEDOL: 6689351
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 20 Mgmt For For
Mgmt For For Amend Articles to Amend Provisions on Director
Titles 2
Mgmt For For Elect Director Iizuka, Tsuneo 3.1
Page 159 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Tokyu Construction Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Imamura, Toshio 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Terada, Mitsuhiro 3.3
Mgmt Against For Elect Director Asano, Kazushige 3.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Takagi, Motoyuki 3.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Shimizu, Masatoshi 3.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tsukui, Yushi 3.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Otsuka, Hiroshi 3.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kubota, Yutaka 3.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tomoe, Masao 3.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Yoshida, Kahori 3.11
TOLI Corp.
Meeting Date: 06/19/2019 Country: Japan
Meeting Type: Annual Ticker: 7971
Primary ISIN: JP3620600001 Primary SEDOL: 6900342
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 8 Mgmt For For
Page 160 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
TOLI Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Suzuki, Jun 2.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Amano, Hirofumi 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tokushima, Hiroyasu 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Imazaki, Yasuo 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Morikawa, Taku 3.1
Mgmt Against For Appoint Statutory Auditor Ebe, Harunobu 3.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Watanuma, Teruo 3.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Tonami Holdings Co., Ltd.
Meeting Date: 06/24/2019 Country: Japan
Meeting Type: Annual Ticker: 9070
Primary ISIN: JP3629400007 Primary SEDOL: 6896526
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 50
Mgmt For For
Mgmt For For Elect Director Watanuki, Katsusuke 2.1
Mgmt Against For Elect Director Takata, Kazuo 2.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Izumi, Shinichi 2.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 161 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Tonami Holdings Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Terabayashi, Yasuo 2.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Terahai, Toyonobu 2.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Saegusa, Yasuhiro 2.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Sato, Masaaki 2.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Inushima, Shinichiro 2.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tanaka, Ichiro 2.9
Voter Rationale: Directors are expected to attend all board meetings. Attendance is crucial for making valuable contributions to the board and fulfilling fiduciary duties.
Mgmt For For Appoint Statutory Auditor Wadachi, Mitsuharu 3.1
Mgmt For For Appoint Statutory Auditor Matsumura, Atsuki 3.2
Mgmt For For Appoint Statutory Auditor Oda, Toshiyuki 3.3
Mgmt For For Appoint Alternate Statutory Auditor Ishii,
Norifumi 4
Toppan Forms Co., Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 7862
Primary ISIN: JP3629200001 Primary SEDOL: 6105028
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 12.5
Mgmt For For
Mgmt Against For Elect Director Omura, Tomoyuki 2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Appoint Statutory Auditor Sakuma, Kunio 3.1
Page 162 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Toppan Forms Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Statutory Auditor Obata, Akiko 3.2
Mgmt For For Approve Compensation Ceiling for Directors 4
Toshiba Tec Corp.
Meeting Date: 06/28/2019 Country: Japan
Meeting Type: Annual Ticker: 6588
Primary ISIN: JP3594000006 Primary SEDOL: 6894887
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Ikeda, Takayuki Mgmt For For
Mgmt Against For Elect Director Inoue, Yukio 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Uchiyama, Masami 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamada, Masahiro 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kaneda, Hitoshi 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Yamaguchi, Naohiro 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kuwahara, Michio 1.7
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Nagase, Shin 1.8
Mgmt Against For Elect Director Takei, Junichi 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Wada, Ayumi 1.10
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Page 163 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Toshiba Tec Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Appoint Statutory Auditor Suzuki, Michio 2
Mgmt For For Appoint Alternate Statutory Auditor Sagaya,
Tsuyoshi 3
Towa Pharmaceutical Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 4553
Primary ISIN: JP3623150004 Primary SEDOL: 6899581
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 60
Mgmt For For
Mgmt For For Amend Articles to Amend Business Lines - Adopt Board Structure with Audit Committee - Amend Provisions on Number of Directors - Authorize Directors to Execute Day to Day Operations without Full Board Approval
2
Mgmt For For Elect Director Yoshida, Itsuro 3.1
Mgmt Against For Elect Director Konno, Kazuhiko 3.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Tanaka, Masao 3.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director and Audit Committee Member
Shirakawa, Toshio 4.1
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent – and companies should strive to make them fully independent.
Mgmt Against For Elect Director and Audit Committee Member
Eiki, Norikazu 4.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.The audit committee should be majority independent - and companies should strive to make them fully independent.
Mgmt For For Elect Director and Audit Committee Member Nemoto, Hidehito
4.3
Mgmt For For Elect Alternate Director and Audit Committee Member Higuchi, Hideaki
5
Mgmt For For Approve Compensation Ceiling for Directors Who Are Not Audit Committee Members
6
Page 164 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Towa Pharmaceutical Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Approve Compensation Ceiling for Directors
Who Are Audit Committee Members 7
Mgmt For For Approve Restricted Stock Plan 8
Mgmt For For Approve Annual Bonus 9
Toyota Motor Corp.
Meeting Date: 06/13/2019 Country: Japan
Meeting Type: Annual Ticker: 7203
Primary ISIN: JP3633400001 Primary SEDOL: 6900643
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Uchiyamada, Takeshi Mgmt For For
Mgmt Against For Elect Director Hayakawa, Shigeru 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Toyoda, Akio 1.3
Mgmt Against For Elect Director Kobayashi, Koji 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Didier Leroy 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Terashi, Shigeki 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Sugawara, Ikuro 1.7
Mgmt Against For Elect Director Sir Philip Craven 1.8
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kudo, Teiko 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Kato, Haruhiko 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Page 165 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Toyota Motor Corp. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Appoint Statutory Auditor Ogura, Katsuyuki 2.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt For For Appoint Statutory Auditor Wake, Yoko 2.3
Mgmt For For Appoint Statutory Auditor Ozu, Hiroshi 2.4
Mgmt For For Appoint Alternate Statutory Auditor Sakai, Ryuji 3
Mgmt Against For Approve Cash Compensation Ceiling and Restricted Stock Plan for Directors
4
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
TS TECH CO., LTD.
Meeting Date: 06/21/2019 Country: Japan
Meeting Type: Annual Ticker: 7313
Primary ISIN: JP3539230007 Primary SEDOL: B1P1JR4
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 42 Mgmt For For
Mgmt For For Appoint Alternate Statutory Auditor Yamada,
Hideo 2
Ube Industries Ltd.
Meeting Date: 06/27/2019 Country: Japan
Meeting Type: Annual Ticker: 4208
Primary ISIN: JP3158800007 Primary SEDOL: 6910705
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 80
Mgmt For For
Page 166 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Ube Industries Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt For For Amend Articles to Abolish Board Structure with Statutory Auditors - Adopt Board Structure with Audit Committee - Amend Provisions on Number of Directors - Authorize Directors to Execute Day to Day Operations without Full Board Approval
2
Mgmt For For Elect Director Yamamoto, Yuzuru 3.1
Mgmt For For Elect Director Izumihara, Masato 3.2
Mgmt For For Elect Director Koyama, Makoto 3.3
Mgmt For For Elect Director Fujii, Masayuki 3.4
Mgmt For For Elect Director Terui, Keiko 3.5
Mgmt For For Elect Director Higashi, Tetsuro 3.6
Mgmt For For Elect Director and Audit Committee Member
Yamamoto, Atsushi 4.1
Mgmt For For Elect Director and Audit Committee Member
Ochiai, Seiichi 4.2
Mgmt For For Elect Director and Audit Committee Member
Shoda, Takashi 4.3
Mgmt For For Elect Alternate Director and Audit Committee
Member Terui, Keiko 5
Mgmt For For Approve Compensation Ceiling for Directors
Who Are Not Audit Committee Members 6
Mgmt For For Approve Compensation Ceiling for Directors
Who Are Audit Committee Members 7
Mgmt Against For Approve Deep Discount Stock Option Plan 8
Voter Rationale: This plan does not effectively link executive pay to performance. The board should introduce stretching performance targets that reward strong performance and build shareholder value over time.
United Super Markets Holdings, Inc.
Meeting Date: 05/24/2019 Country: Japan
Meeting Type: Annual Ticker: 3222
Primary ISIN: JP3949450005 Primary SEDOL: BVZ6XS8
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Fujita, Motohiro Mgmt For For
Page 167 of 171
The SEI Japan Equity Fund All Votes Report
Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
United Super Markets Holdings, Inc. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Tezuka, Daisuke 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Furuse, Ryota 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ishii, Toshiki 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Kawada, Taketoshi 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Okada, Motoya 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt For For Elect Director Torikai, Shigekazu 1.7
Mgmt For For Elect Director Makino, Naoko 1.8
Mgmt Against For Elect Director Terakawa, Akira 1.9
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Appoint Statutory Auditor Mizuhashi, Tatsuo 2.1
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Yoyogi, Tadayoshi 2.2
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Koyama, Shigeru 2.3
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
Mgmt Against For Appoint Statutory Auditor Ihara, Koichi 2.4
Voter Rationale: The Kansayaku statutory auditor board should be majority independent and work closely with the independent directors to ensure a robust system of oversight and internal control.
V Technology Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 7717
Primary ISIN: JP3829900004 Primary SEDOL: 6301989
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V Technology Co., Ltd.
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 160 Mgmt For For
Mgmt For For Appoint Statutory Auditor Okura, Nobukazu 2.1
Mgmt For For Appoint Statutory Auditor Nakahara, Aritsune 2.2
WDB Holdings Co., Ltd.
Meeting Date: 06/20/2019 Country: Japan
Meeting Type: Annual Ticker: 2475
Primary ISIN: JP3505940001 Primary SEDOL: B0YZFQ1
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 13.5
Mgmt For For
Mgmt For For Elect Director Nakano, Toshimitsu 2.1
Mgmt For For Elect Director Otsuka, Miki 2.2
Mgmt For For Elect Director Kuroda, Kiyoyuki 2.3
Mgmt For For Elect Director Kimura, Hiroshi 2.4
Mgmt For For Elect Director Nakaoka, Kinya 2.5
Yashima Denki Co., Ltd.
Meeting Date: 06/25/2019 Country: Japan
Meeting Type: Annual Ticker: 3153
Primary ISIN: JP3931700003 Primary SEDOL: B4YRGK6
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1.1 Elect Director Ota, Akio Mgmt For For
Mgmt Against For Elect Director Shiraishi, Seijin 1.2
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
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Yashima Denki Co., Ltd. Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
Mgmt Against For Elect Director Todo, Kenji 1.3
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ishizawa, Teruyuki 1.4
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Ozeki, Hajime 1.5
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Mgmt Against For Elect Director Motoyanagi, Masao 1.6
Voter Rationale: The board should establish one-third board independence to ensure appropriate balance of independence and objectivity.
Yossix Co., Ltd.
Meeting Date: 06/26/2019 Country: Japan
Meeting Type: Annual Ticker: 3221
Primary ISIN: JP3957600004 Primary SEDOL: BSZM2R7
Proposal
Number
Proponent
Proposal Text
Mgmt Rec
Vote
Instruction
1 Approve Allocation of Income, with a Final Dividend of JPY 12
Mgmt For For
Mgmt For For Appoint Alternate Statutory Auditor Atsumi, Toshihiko
2
Zenkoku Hosho Co., Ltd.
Meeting Date: 06/14/2019 Country: Japan
Meeting Type: Annual Ticker: 7164
Primary ISIN: JP3429250008 Primary SEDOL: B92MT10
Proposal Number
Proponent
Proposal Text
Mgmt Rec
Vote Instruction
1 Approve Allocation of Income, with a Final
Dividend of JPY 87 Mgmt For For
Page 170 of 171
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Vote Summary Report Reporting Period: 04/01/2019 to 06/30/2019
Page 171 of 171
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reasonably believed to be reliable and are subject to change at any time. The report reflects voting
instructions given, not votes cast and the information has been provided by an external supplier. BMO
Global Asset Management may from time to time deal in investments that may be mentioned herein on
behalf of their clients. © 2015 BMO Global Asset Management. All rights reserved. BMO Global Asset
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