Aberdeen Latin America Equity Fund (LAQ) N-PX Annual report of proxy voting record

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-06094

Aberdeen Latin America Equity Fund, Inc.

(Exact name of registrant as specified in charter)

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

(Address of principal executive offices) (Zip code)

Lucia Sitar, Esq.

c/o Aberdeen Asset Management Inc

1735 Market Street, 32nd Floor

Philadelphia, PA 19103

(Name and address of agent for service)

Registrant’s telephone number, including area code: (866) 839-5205

Date of fiscal year end: December 31st

Date of reporting period: July 1, 2012 – June 30, 2013

Item 1. Proxy Voting Record

PROXY VOTING RECORD

FOR PERIOD JULY 1, 2012 TO JUNE 30, 2013

Shares Voted

Company Name

Ticker

CUSIP

Meeting Date

Record Date

Meeting Type

Ballot Status

Shares Available to Vote

Item Number

Proposal

Proponent

Management Recommendation

Vote Instruction

User Notes

484,000

Ultrapar Participacoes S.A.

UGPA3

P94396101

12-Jul-12

25-Jun-12

Special

Confirmed

484,000

1

Approve Acquisition of Temmar - Terminal Maritimo do Maranhao S.A.

Management

For

For

460,097

Multiplan Empreendimentos Imobiliarios S.A

MULT3

P69913104

14-Aug-12

Special

Confirmed

460,097

1

Elect Director

Management

For

Abstain

Although we have no issues with the proposed candidate, we would rather have an independent member instead given the low level of independent representation on their board (only 1 out of 7).

592,000

SONDA S.A.

SONDA

P87262104

30-Aug-12

Special

Confirmed

592,000

1

Authorize Increase in Capital in the Amount of CLP 150 Billion via Share Issuance or Amount Approved by General Meeting

Management

For

For

592,000

SONDA S.A.

SONDA

P87262104

30-Aug-12

Special

Confirmed

592,000

2

Amend Articles to Reflect Changes in Capital

Management

For

For

592,000

SONDA S.A.

SONDA

P87262104

30-Aug-12

Special

Confirmed

592,000

3

Adopt All Necessary Agreements to Execute Approved Resolutions

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

04-Sep-12

29-Aug-12

Special

Confirmed

23,143

1

Revoke Board of Directors

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

04-Sep-12

29-Aug-12

Special

Confirmed

23,143

2

Elect Directors

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

04-Sep-12

29-Aug-12

Special

Confirmed

23,143

3

Authorize Allocation of 7.44 Million Shares with Preemptive Rights

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

04-Sep-12

29-Aug-12

Special

Confirmed

23,143

4

Authorize Board to Determine Issue Price and Conditions of 7.44 Million Shares

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

04-Sep-12

29-Aug-12

Special

Confirmed

23,143

5

Authorize Board to Determine Issue Price of 4.8 Million Shares for Stock Option Plan

Management

For

Abstain

The company asks approval to set the price of the stock option program approved in Dec. 2011 or delegate to the board this task. ISS recommended to vote against. The mgmt of the company provided more information by e-mail with regards to the proposed features of the plan. Vesting period/ dilution and methodology of price setting (with no discount) looks reasonable. However the freedom to set the final price and details of the plan by the board with no clear parameters / limits still doesn’t seem ideal and disable us from accessing the final impact from the decision.

23,143

LATAM Airlines Group SA

LAN

P61894104

04-Sep-12

29-Aug-12

Special

Confirmed

23,143

6

Adopt All Necessary Agreements to Execute Approved Resolutions

Management

For

For

2,262,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

11-Oct-12

28-Sep-12

Special

Confirmed

2,262,000

1

Approve Cash Dividends of MXN 0.183 Per Share

Management

For

For

2,262,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

11-Oct-12

28-Sep-12

Special

Confirmed

2,262,000

2

Present External Auditor’s Report on Fiscal Obligations

Management

2,262,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

11-Oct-12

28-Sep-12

Special

Confirmed

2,262,000

3

Designate Inspector or Shareholder Representative(s) of Minutes of Meeting

Management

For

For

2,262,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

11-Oct-12

28-Sep-12

Special

Confirmed

2,262,000

4

Approve Minutes of Meeting

Management

For

For

11,421,376

Banco de Chile

CHILE

P0939W108

17-Oct-12

10-Oct-12

Special

Confirmed

11,421,376

1

Authorize Increase in Capital in the Amount of CLP 250 Billion via Share Issuance; Amend Article 5 to Reflect Changes in Capital; Adopt All Necessary Agreements to Execute Approved Resolutions

Management

For

For

286,000

Amil Participacoes S.A.

AMIL3

P0R997100

14-Nov-12

Special

Rejected

286,000

1a

Appoint Goldman Sachs do Brasil Banco Multiplo S.A. to Prepare Valuation Report for Tender Offer

Management

For

For

286,000

Amil Participacoes S.A.

AMIL3

P0R997100

14-Nov-12

Special

Rejected

286,000

1b

Appoint UBS Brasil Servicos de Assessoria Financeira Ltda to Prepare Valuation Report for Tender Offer

Management

For

Do Not Vote

Appoint UBS to prepare the valuation report. GS seems a proffered option given the rationale provided on 1a. In line with ISS recommendation.

286,000

Amil Participacoes S.A.

AMIL3

P0R997100

14-Nov-12

Special

Rejected

286,000

1c

Appoint Deutsche Bank S.A. - Banco Alemao to Prepare Valuation Report for Tender Offer

Management

For

Against

Appoint Deutsche to prepare the valuation report - GS seems a proffered option given the rationale provided on 1a. In line with ISS recommendation.In line with ISS recommendation.

286,000

Amil Participacoes S.A.

AMIL3

P0R997100

14-Nov-12

Special

Rejected

286,000

2

Approve Increase in Board Size and Elect Board Members

Management

For

Abstain

Approve the increase of the board size and election of new members suggested by UH. Bundled resolution and % of independent members likely to remain below best practices at 20%.

286,000

Amil Participacoes S.A.

AMIL3

P0R997100

14-Nov-12

Special

Rejected

286,000

3

Amend Article 42

Management

For

For

286,000

Amil Participacoes S.A.

AMIL3

P0R997100

14-Nov-12

Special

Rejected

286,000

4

Amend Articles 11, 12, 14, 15, 16, 17, and 18

Management

For

Abstain

Amendment articles 11 to 18 of the company bylaws. Mostly re-phrasing of the company bylaws suggested by UH to clarify a few topics. Only controversial amendment is the article 14 which gives slightly more freedom to the board to increase the size of the board above the 10 members limit. Although not ideal to give such flexibility to the board the amended article still states that shareholder approval is required in order to increase the size of the board so fine to Abstain.

379,097

Multiplan Empreendimentos Imobiliarios S.A

MULT3

P69913104

23-Nov-12

Special

Rejected

379,097

1

Amend Articles Re: Nivel 2 Regulations

Management

For

For

379,097

Multiplan Empreendimentos Imobiliarios S.A

MULT3

P69913104

23-Nov-12

Special

Rejected

379,097

2

Consolidate Bylaws

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

1

Approve Agreement to Absorb Gens Tecnologia da Informacao Ltda.; YMF Arquitetura Financeira de Negocios Ltda.; TOOLS Arquitetura Financeira de Negocios Ltda.; Hery Participacoes Ltda.; and TOTALBANCO Consultoria e Sistemas Ltda.

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

1

Approve Bonus Matching Plan

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

2

Appoint Independent Appraisers of Proposed Transactions

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

2

Amend Articles to Reflect Changes in Capital

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

3

Approve Independent Appraisals

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

3

Amend Corporate Purpose

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

4

Approve Absorptions

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

4

Amend Articles 21 and 24

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

5

Consolidate Bylaws

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

29-Nov-12

Special

Rejected

150,000

5

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

18-Dec-12

Special

Rejected

235,368

1

Appoint Independent Firm to Appraise Proposed Absorptions

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

18-Dec-12

Special

Rejected

235,368

2

Approve Independent Firm’s Appraisal

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

18-Dec-12

Special

Rejected

235,368

3

Approve Agreement to Absorb Sadia S.A. and Heloisa Industria e Comercio de Produtos Lacteos Ltda.

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

18-Dec-12

Special

Rejected

235,368

4

Amend Articles

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

1

Approve Transaction with Related Party

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

2

Approve Increase in Capital via Share Issuance

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

3

Approve Non-Monetary Contributions that May Be Capitalized in Connection with Company’s Capital Increase

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

4

Authorize Board to Set Issue Price in Connection with Company’s Capital Increase

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

5

Approve Share Subscription Offer to be Made in the First Instance Within Preemptive Subscription Period and the Remaining Shares not Subscribed Within that Period to be Offered in a Remaining Subscription Period

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

6

Approve that All Share Subscription Contracts are Subject to Fulfillment of a Conditional Clause

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

7

Approve Use of Funds Raised from Capital Increase

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

8

Amend Article 5 and Transitory Article 2 to Reflect Changes in Capital

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

9

Adopt All Necessary Agreements to Implement Capital Increase

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

10

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

11

Ratify Third Risk Assessment Company

Management

For

For

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

12.1

Request from Public Company Accounting Oversight Board (PCAOB) to Company’s External Auditors, Ernst & Young

Management

3,780,000

Enersis S.A.

ENERSIS

P37186106

20-Dec-12

14-Dec-12

Special

Confirmed

3,780,000

12.2

Receive Special Auditors’ Report Regarding Related-Party Transactions

Management

150,000

TOTVS SA

TOTS3

P92184103

03-Jan-13

Special

Confirmed

150,000

1

Amend Articles to Reflect Changes in Capital

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

03-Jan-13

Special

Confirmed

150,000

2

Amend Corporate Purpose

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

03-Jan-13

Special

Confirmed

150,000

3

Amend Article 17

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

03-Jan-13

Special

Confirmed

150,000

4

Amend Articles 21 and 24

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

03-Jan-13

Special

Confirmed

150,000

5

Exclude Articles 59, 60, and 61 and Renumber Articles Accordingly

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

03-Jan-13

Special

Confirmed

150,000

6

Add Article 60

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

03-Jan-13

Special

Confirmed

150,000

7

Consolidate Bylaws

Management

For

For

2,077,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

22-Jan-13

09-Jan-13

Special

Confirmed

2,077,000

1

Amend Article 2 of Bylaws

Management

For

For

2,077,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

22-Jan-13

09-Jan-13

Special

Confirmed

2,077,000

1

Approve Cash Dividends of MXN 0.549 Per Share

Management

For

For

2,077,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

22-Jan-13

09-Jan-13

Special

Confirmed

2,077,000

2

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

2,077,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

22-Jan-13

09-Jan-13

Special

Confirmed

2,077,000

2

Approve Modifications of Shared Responsibility Agreement

Management

For

For

2,077,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

22-Jan-13

09-Jan-13

Special

Confirmed

2,077,000

3

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

2,077,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

22-Jan-13

09-Jan-13

Special

Confirmed

2,077,000

3

Approve Minutes of Meeting

Management

For

For

2,077,000

Grupo Financiero Banorte S.A.B. de C.V.

GFNORTEO

P49501201

22-Jan-13

09-Jan-13

Special

Confirmed

2,077,000

4

Approve Minutes of Meeting

Management

For

For

298,570

Empresas CMPC SA

CMPC

P3712V107

24-Jan-13

18-Jan-13

Special

Confirmed

298,570

1

Approve Increase in Capital Up to a Maximum of $ 750 Million

Management

For

For

298,570

Empresas CMPC SA

CMPC

P3712V107

24-Jan-13

18-Jan-13

Special

Confirmed

298,570

2

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

1

Open Meeting/Verify Quorum

Management

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

2

Approve Meeting Agenda/Notice

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

3

Elect Meeting Approval Committee

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

4

Approve Board and Chairman Reports

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

5

Present Individual and Consolidated Financial Statements

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

6

Accept External Auditor’s Report

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

7

Approve Financial Statements and Management Report

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

8

Approve Allocation of Income

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

9

Approve Issuance of Preferred Shares Without Voting Rights

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

10

Elect Directors for Period 2013-2015

Management

For

Abstain

Name of the candidates and bio was not disclosed to shareholders ahead of the meeting, so investors voting via proxy are not able to make an informed decision. Also a bundled resolution.

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

11

Elect Financial Consumer Representative and Alternate

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

12

Approve Remuneration of Directors

Management

For

Abstain

As usual in Colombia no disclosure was given ahead of the meeting.

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

13

Authorize Board to Fix Remuneration of Auditor

Management

For

For

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

14

Approve Donations

Management

For

Against

No disclosure is given so it is not possible to assess the impact of the proposal.

268,000

Bancolombia SA

PFBCOLOM

04-Mar-13

Annual

Confirmed

268,000

15

Other Business (Voting)

Management

For

Against

As required by Colombian regulators this is an open item on the agenda for potential discussions that may be raised during the meeting. Investors voting via proxy are not able to analyse the impacts of the proposals.

150,000

TOTVS SA

TOTS3

P92184103

05-Mar-13

Annual

Confirmed

150,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

05-Mar-13

Annual

Confirmed

150,000

2

Approve Allocation of Income and Dividends

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

05-Mar-13

Annual

Confirmed

150,000

3

Elect Director

Management

For

For

150,000

TOTVS SA

TOTS3

P92184103

05-Mar-13

Annual

Confirmed

150,000

4

Approve Remuneration of Executive Officers and Non-Executive Directors

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Special

Confirmed

1,457,246

1

Authorize Capitalization of Reserves for Bonus Issue

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Special

Confirmed

1,457,246

2

Amend Articles 6, 7, 12, 18, 19, 21, 22, 24, and 25

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

2

Approve Allocation of Income and Dividends

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.1

Elect Lazaro de Mello Brandao as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.2

Elect Antonio Bornia as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.3

Elect Mario Silveira Teixeira Junior as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.4

Elect Joao Aguiar Alvarez as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.5

Elect Denise Aguiar Alvarez as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.6

Elect Luiz Carlos Trabucco Cappi as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.7

Elect Carlos Alberto Rodrigues Guilherme as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.8

Elect Milton Matsumoto as Director

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

3.9

Elect All Directors Presented under Items 3.1-3.8

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

4.1

Elect Nelson Lopes de Oliveira as Fiscal Council Member

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

4.2

Elect Joao Carlos de Oliveira as Fiscal Council Member

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

4.3

Elect Jorge Tadeu Pinto de Figueiredo as Alternate Fiscal Council Member

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

4.4

Elect Renaud Roberto Teixeira as Alternate Fiscal Council Member

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

4.5

Elect All Fiscal Council Members Presented under Items 4.1-4.4

Management

For

For

1,457,246

Banco Bradesco S.A.

BBDC4

P1808G117

11-Mar-13

Annual

Confirmed

1,457,246

5

Approve Remuneration of Company’s Management

Management

For

Against

R$250m in pension benefits is same as proposed last year however the company failed to comply with CVM rules to disclose the amount of highest paid executive and board member and we should support CVM in their efforts. Also, Bradesco’s disclosure is fairly opaque as they include near 100 individuals which prevent shareholders from having a transparent view of the compensation of top executives.

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Special

Confirmed

1,870,000

1

Consolidate Bylaws

Management

For

Against

The details disclosed by the company are insufficient. The rationale given for the amendment in by-laws is “ a change in the bylaws is being proposed, which purpose is to enable greater efficiency in the operations of the business”.

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Special

Confirmed

1,870,000

2

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

Against

Voting against the approval of approved resolutions by the board.

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

1

Accept Board of Directors Report

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

2

Accept CEO’s Report

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

3

Accept Report of Audit and Corporate Governance Committees

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

4

Approve Financial Statements for Fiscal Year 2012

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

5

Approve Allocation of Income for Fiscal Year 2012

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

6

Approve Ordinary Dividend of MXN 0.46 Per Share and Extraordinary Dividends of MXN 0.29 and MXN 0.17 per Share

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

7

Accept Report on Share Repurchase Reserves and Authorize Repurchase of MXN 5 Billion of Shares

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

8

Approve to Cancel Company Treasury Shares

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

9

Accept Report on Adherence to Fiscal Obligations

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

10

Accept Report Re: Employee Stock Purchase Plan

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

11

Accept Report Re: Wal-Mart de Mexico Foundation

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

12

Ratify Board of Directors’ Actions for Fiscal Year 2012

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

13

Elect or Ratify Directors

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

14

Elect Chairmen of Audit and Corporate Governance Committees

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

15

Approve Remuneration of Directors and Officials

Management

For

For

1,870,000

Wal-Mart de Mexico SAB de CV

WALMEXV

P98180105

14-Mar-13

06-Mar-13

Annual

Confirmed

1,870,000

16

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

1

Accept Report of Board of Directors on Financial Statements and Statutory Reports for Fiscal Year 2012, Receive CEO’s Report and Audit and Corporate Practices Committees Chairmen Report

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

2

Accept Report on Adherence to Fiscal Obligations

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

3

Approve Allocation of Income and Distribution of Cash Dividends

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

4

Set Aggregate Nominal Share Repurchase Reserve to a Maximum Amount of up to MXN 3 Billion

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

5

Elect Directors and Secretaries, Verify Independence of Directors, and Approve their Remuneration

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

6

Elect Members and Chairmen of Finance and Planning Committee, Audit Committee and Corporate Practices Committee; Approve Their Remuneration

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

7

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

109,402

Fomento Economico Mexicano SAB de CV (FEMSA)

FEMSAUBD

P4182H115

15-Mar-13

15-Feb-13

Annual

Confirmed

109,402

8

Approve Minutes of Meeting

Management

For

For

338,000

Souza Cruz S.A

CRUZ3

P26663107

15-Mar-13

Annual

Confirmed

338,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

338,000

Souza Cruz S.A

CRUZ3

P26663107

15-Mar-13

Annual

Confirmed

338,000

2

Approve Allocation of Income and Dividends

Management

For

For

338,000

Souza Cruz S.A

CRUZ3

P26663107

15-Mar-13

Annual

Confirmed

338,000

3

Elect Directors

Management

For

Abstain

Bundled reolution.

338,000

Souza Cruz S.A

CRUZ3

P26663107

15-Mar-13

Annual

Confirmed

338,000

4

Approve Remuneration of Executive Officers and Non-Executive Directors

Management

For

For

338,000

Souza Cruz S.A

CRUZ3

P26663107

15-Mar-13

Annual

Confirmed

338,000

5

Install Fiscal Council

Management

For

For

338,000

Souza Cruz S.A

CRUZ3

P26663107

15-Mar-13

Annual

Confirmed

338,000

6

Elect Fiscal Council Members and Approve Their Remuneration

Management

For

Abstain

Bundled reolution.

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

1

Verify Quorum

Management

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

2

Approve Meeting Agenda

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

3

Elect Meeting Approval Committee

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

4

Accept Board and Chairman’s Report

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

5

Present Individual and Consolidated Financial Statements and Statutory Reports

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

6

Present Auditor’s Report

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

7

Approve Management Report, Financial Statements and Statutory Reports

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

8

Approve Plan to Implement NIIF as per Law 2784

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

9.1

Approve Allocation of Income

Management

For

For

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

9.2

Approve Donations

Management

For

Against

Standard item in Colombia related to donations. There is no disclosure on amount or terms of donations that are being proposed.

209,901

Almacenes Exito S.A.

EXITO

19-Mar-13

Annual

Confirmed

209,901

10

Other Business

Management

For

Against

‘Other business’ item. Investors voting via proxy cannot assess the impact of eventual proposals submitted by shareholders during the meeting.

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Special

Confirmed

11,421,376

1

Authorize Increase in Capital via Capitalization of 30 Percent of Distributable Net Income for FY 2012; Amend Articles to Reflect Changes in Capital; Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

1

Accept Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012

Management

For

For

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

2

Approve Allocation of Income and Dividends of CLP 3.42 Per Share

Management

For

For

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

3

Elect Director

Management

For

Abstain

We don’t have any particular issue against the quality and composition of the board of directors of the company, however the name of the candidates was not provided ahead of the meeting.

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

4

Approve Remuneration of Directors

Management

For

Abstain

Current levels looks reasonable but as common practice in Chile proposed amounts are not disclosed ahead of the meeting, so we are unable to make an informed decision.

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

5

Approve Remuneration and Budget of Directors and Audit Committee

Management

For

Abstain

Current levels looks reasonable but as common practice in Chile proposed amounts are not disclosed ahead of the meeting, so we are unable to do make informed decision.

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

6

Elect External Auditors

Management

For

For

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

7

Present Directors and Audit Committee Report

Management

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

8

Accept Special Auditors’ Report Regarding Related-Party Transactions

Management

11,421,376

Banco de Chile

CHILE

P0939W108

21-Mar-13

15-Mar-13

Annual

Confirmed

11,421,376

9

Transact Other Business (Non-Voting)

Management

831,000

Odontoprev S.A.

ODPV3

P7344M104

02-Apr-13

Annual

Confirmed

831,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

831,000

Odontoprev S.A.

ODPV3

P7344M104

02-Apr-13

Annual

Confirmed

831,000

2

Approve Allocation of Income and Dividends

Management

For

For

831,000

Odontoprev S.A.

ODPV3

P7344M104

02-Apr-13

Annual

Confirmed

831,000

3

Approve Remuneration of Company’s Management

Management

For

For

831,000

Odontoprev S.A.

ODPV3

P7344M104

02-Apr-13

Annual

Confirmed

831,000

4

Elect Fiscal Council Members

Management

For

Abstain

Bundled item.

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Special

Confirmed

235,368

1

Amend Company Name

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Special

Confirmed

235,368

2

Approve Remuneration of Company’s Management

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Special

Confirmed

235,368

3

Amend Stock Option Plan

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Annual

Confirmed

235,368

1

Approve Financial Statements and Allocation of Income

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Annual

Confirmed

235,368

2

Ratify Board of Directors Deliberations Re: Allocation of Dividends

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Annual

Confirmed

235,368

3

Approve Dividends

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Annual

Confirmed

235,368

4

Fix Number of Directors

Management

For

For

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Annual

Confirmed

235,368

5

Elect Directors

Management

For

Against

We are not supportive of the election of Abilio Diniz to the chairman role since he is currently chairman of Group Pao de Acucar, the largest distributor of BRF’s products in Brazil and thus can represent a conflict of interest, in addition to issues with time commitment for for chairmanship at two major companies.

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Annual

Confirmed

235,368

6

Elect Board Chairman and Vice-Chairman

Management

For

Against

We are not supportive of the election of Abilio Diniz to the chairman role since he is currently chairman of Group Pao de Acucar, the largest distributor of BRF’s products in Brazil and thus can represent a conflict of interest, in addition to issues with time commitment for for chairmanship at two major companies.

235,368

BRF - Brasil Foods SA

BRFS3

P1905C100

09-Apr-13

Annual

Confirmed

235,368

7

Elect Fiscal Council and Audit Committee Members

Management

For

Abstain

This is a bundled resolution.

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year 2012; Accept CEO and Board’s Opinion Reports; Accept Audit and Corporate Practices Committee

Management

For

For

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

2

Accept Report on Activities Undertaken by Board of Directors

Management

For

For

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

3a

Approve Allocation of Income

Management

For

Abstain

Although we support the payment of a dividend, Soriana has not disclosed the proposed dividend amount so this item warrants an abstention.

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

3b

Set Aggregate Nominal Amount of Share Repurchase Reserve

Management

For

Abstain

Again, the company has not disclosed the amount to be allocated to share repurchase reserve. More prudent to abstain.

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

4

Elect Directors, Board Committees Members and Approve their Remuneration

Management

For

Abstain

Neither the names of the nominees nor their proposed remuneration have been disclosed and the bundled nature of the resolution forces shareholders to submit a once and for all vote for each director and their remuneration. Will email the company to suggest they amend this in future.

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

5

Authorize Establishment of Short and Long Term Certificate Program with Dual Revolving Character in the Amount of Up to MXN 15 Billion

Management

For

For

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

6

Amend Articles of Company Bylaws in Order to Comply with Security Market Law

Management

For

Abstain

No detail on the proposed changes to Soriana’s articles.

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

7

Grant Special Authorities to S.D. Indeval Institucion para el Deposito de Valores S.A. de C.V.

Management

For

Abstain

The company did not disclose what the rights are and why they are being offered.

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

8

Approve Granting of Powers

Management

For

Abstain

Insufficient information.

1,339,000

Organizacion Soriana SAB de CV

SORIANAB

P8728U167

10-Apr-13

26-Mar-13

Annual

Confirmed

1,339,000

9

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

462,000

Ultrapar Participacoes S.A.

UGPA3

P94396101

10-Apr-13

21-Mar-13

Annual

Confirmed

462,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

462,000

Ultrapar Participacoes S.A.

UGPA3

P94396101

10-Apr-13

21-Mar-13

Annual

Confirmed

462,000

2

Approve Allocation of Income and Dividends

Management

For

For

462,000

Ultrapar Participacoes S.A.

UGPA3

P94396101

10-Apr-13

21-Mar-13

Annual

Confirmed

462,000

3

Elect Directors

Management

For

For

462,000

Ultrapar Participacoes S.A.

UGPA3

P94396101

10-Apr-13

21-Mar-13

Annual

Confirmed

462,000

4

In event cumulative voting for election of Directors is requested and, therefore, voting instruction in item 3 is disregarded, to allocate total number of cumulative votes equally among the nominees in the slate proposed by the current BOD of the Company

Management

For

For

462,000

Ultrapar Participacoes S.A.

UGPA3

P94396101

10-Apr-13

21-Mar-13

Annual

Confirmed

462,000

5

Elect Fiscal Council Members

Management

For

For

462,000

Ultrapar Participacoes S.A.

UGPA3

P94396101

10-Apr-13

21-Mar-13

Annual

Confirmed

462,000

6

Approve Remuneration of Company’s Management

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Special

Confirmed

319,000

1

Change Location of Company Headquarters

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Special

Confirmed

319,000

2

Amend Corporate Purpose

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Special

Confirmed

319,000

3

Amend Articles 15, 18, and 19

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Special

Confirmed

319,000

4

Amend Articles 34, 35, and 49

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Special

Confirmed

319,000

5

Consolidate Bylaws

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Special

Confirmed

319,000

6

Ratify Acquisition of 65 percent of Emeis Holdings Pty Ltd.

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Annual

Confirmed

319,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Annual

Confirmed

319,000

2

Approve Capital Budget and Allocation of Income

Management

For

For

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Annual

Confirmed

319,000

3

Elect Directors

Management

For

Abstain

Although the company did provide all information required and level of board independence is at 33% (above 20% required by Novo Mercado standards), it has failed to unbundle the voting item.

319,000

Natura Cosmeticos S.A

NATU3

P7088C106

12-Apr-13

Annual

Confirmed

319,000

4

Approve Remuneration of Company’s Management

Management

For

Against

Reasonable increase (circa. 10%) of total compensation approved for 2013, in fact the average compensation per management member decreased 12%. However the company has failed to include stock-option based remuneration as part of the highest/lowest compensation disclosure.

757,563

BM&FBOVESPA S.A.

BVMF3

P73232103

15-Apr-13

Special

Confirmed

757,563

1

Amend Stock Option Plan

Management

For

Abstain

Although the company did try to mitigate potential conflicts of interest (no discounts can be given to non-executives and changes in the plan must be approved by shareholders), and the size of the plan is fairly small (330k options/year, 30k to each member), compensating non-executives with options is not seen as ideal as it might incentivise short-term performance rather than long-term. This is in addition to the conflict of them being responsible of policing the program.

757,563

BM&FBOVESPA S.A.

BVMF3

P73232103

15-Apr-13

Annual

Confirmed

757,563

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

757,563

BM&FBOVESPA S.A.

BVMF3

P73232103

15-Apr-13

Annual

Confirmed

757,563

2

Approve Allocation of Income and Dividends

Management

For

For

757,563

BM&FBOVESPA S.A.

BVMF3

P73232103

15-Apr-13

Annual

Confirmed

757,563

3

Elect Directors

Management

For

Abstain

All requested information was provided and the majority of the board is composed by independent members. However, the election was bundled in only one voting item.

757,563

BM&FBOVESPA S.A.

BVMF3

P73232103

15-Apr-13

Annual

Confirmed

757,563

4

Approve Remuneration of Company’s Management

Management

For

Against

Although all details were provided, the company seek to approve a budget of a BRL46.5mln, which is 42.6% higher than total remuneration paid in 2012 and 35.2% higher than 2012 budget. This is mostly due to a increase in estimated stock option based remuneration that is expected to increase from BRL 14.7mln budgeted in 2012 to up to BRL 25.3mln for 2013.

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

1

Accept Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012

Management

For

For

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

2

Approve Allocation of Income, Dividends and Future Dividend Policy

Management

For

For

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

3

Approve Remuneration of Directors; Approve Remuneration and Budget of Directors’ Committee

Management

For

Abstain

As usual in Chile disclosure of amounts was not provided ahead of the meeting, so we are unable to assess the impacts of the proposal.

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

4

Present Report of Directors’ Committee Activities and Expenses

Management

For

For

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

5

Receive Special Auditors’ Report Regarding Related-Party Transactions

Management

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

6

Elect External Auditors

Management

For

For

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

7

Designate Newspaper to Publish Meeting Announcements

Management

For

For

592,000

SONDA SA

SONDA

P87262104

15-Apr-13

09-Apr-13

Annual

Confirmed

592,000

8

Other Business (Voting)

Management

For

Against

Insufficient information at time of voting.

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

1

Accept Annual Report, Financial Statements, and Reports of External Auditors and Auditors for Fiscal Year 2012

Management

For

For

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

2

Approve Allocation of Income and Distribution of Dividends

Management

For

For

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

3

Elect Directors

Management

For

Abstain

Bundled election.

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

4

Approve Remuneration of Directors

Management

For

Abstain

Past amount is reasonable, but no disclosure is given with regards to 2013 budget which is not a requirement in Chile.

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

5

Approve Remuneration and Budget of Directors’ Committee for Fiscal Year 2013

Management

For

Abstain

Past amount is reasonable, but no disclosure is given with regards to 2013 budget which is not a requirement in Chile.

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

6

Present Information on Board Reports on Board Expenses, Annual Management, Expenditures and Activities of the Directors’ Committee

Management

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

7

Elect External Auditors

Management

For

For

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

8

Elect Two Auditors and their Respective Alternates; Approve Their Remuneration

Management

For

Abstain

No disclosure was given with regards to the names of candidates and expected remuneration.

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

9

Designate Risk Assessment Companies

Management

For

For

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

10

Approve Investment and Financing Policy

Management

For

For

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

11

Present Information on Dividend Policy and Procedures for Dividend Distribution

Management

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

12

Receive Special Auditors’ Report Regarding Related-Party Transactions

Management

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

13

Present Report Re: Processing, Printing, and Mailing Information Required by Chilean Law

Management

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

14

Other Business (Voting)

Management

For

Against

Insufficient information.

3,780,000

Enersis SA

ENERSIS

P37186106

16-Apr-13

10-Apr-13

Annual

Confirmed

3,780,000

15

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year 2012

Management

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

2

Present CEO and External Auditor Report for Fiscal Year 2012

Management

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

3

Present Board of Directors’ Report in Accordance with Art. 28, Section IV of Stock Market Law Including Tax Report

Management

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

4

Authorize Board to Ratify and Execute Approved Resolutions in Proposals 1 and 2 of this Agenda

Management

For

For

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

5

Approve Allocation of Income, Increase in Reserves and Set Aggregate Nominal Amount of Share Repurchase

Management

For

For

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

6

Elect Directors and Chairman of Audit, Corporate Practices, Finance and Planning Committee; Elect Board Secretary and Deputy Secretary

Management

For

Abstain

ISS recommends voting against this item due to a lack of disclosure and bundled resolution. However, IR disclosed the details of the proposed directors via email, clarifying that independent directors Fernando Flores and Aaron Dychter are due to be replaced by 2 new independent members, namely Elsa Beatriz Garcia Bojorges and Ricardo Gutiérrez Muñoz. Biographies have been supplied. In addition, current director Diego Quintana will be appointed as President and Jose Luis Guerrero Alvarez is up for reappointment.  Have emailed to suggest OMA unbundle this item going forward, but given the level of disclosure more reasonable to abstain.

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

7

Approve Remuneration of Directors and Other Committees

Management

For

Abstain

Despite emailing to request further information, IR has been unable to get the proposed remuneration in time so it is more prudent to abstain rather than vote in favour as ISS recommends. Have emailed to encourage more timely disclosure as well as unbundling this resolution.

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

8

Approve Reduction in Share Capital and Consequently Amend Article 6 of Bylaws

Management

For

For

259,000

Grupo Aeroportuario del Centro Norte SAB de CV

OMAB

P49530101

16-Apr-13

22-Mar-13

Annual/Special

Confirmed

259,000

9

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

599,875

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

599,875

1.1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

599,875

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

599,875

1.2

Approve Allocation of Income and Dividends

Management

For

For

599,875

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

599,875

1.3

Elect Directors

Management

For

Withhold

The company provided all requested information, though the election was bundled in one single voting item.

599,875

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

599,875

1.4

Elect Fiscal Council Members

Management

For

Withhold

Bundled election.

599,875

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

599,875

1.5

Approve Remuneration of Company’s Management

Management

For

Withhold

The company has failed to disclose the remuneration of its highest paid executives, which is a requirement of CVM. The company based its decision on a legal injunction filed in 2010 claiming that this requirement violate the privacy of executives and expose them to security risks.

599,875

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

599,875

2.1

Amend Articles

Management

For

For

599,875

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

599,875

2.2

Consolidate Bylaws

Management

For

For

862,776

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

862,776

1.1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

862,776

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

862,776

1.2

Approve Allocation of Income and Dividends

Management

For

For

862,776

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

862,776

1.3

Elect Directors

Management

For

Withhold

The company provided all requested information, though the election was bundled in one single voting item.

862,776

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

862,776

1.4

Elect Fiscal Council Members

Management

For

Withhold

Bundled election.

862,776

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

862,776

1.5

Approve Remuneration of Company’s Management

Management

For

Withhold

The company has failed to disclose the remuneration of its highest paid executives, which is a requirement of CVM. The company based its decision on a legal injunction filed in 2010 claiming that this requirement violate the privacy of executives and expose them to security risks.

862,776

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

862,776

2.1

Amend Articles

Management

For

For

862,776

Vale S.A.

VALE5

P2605D109

17-Apr-13

11-Mar-13

Annual/Special

Confirmed

862,776

2.2

Consolidate Bylaws

Management

For

For

333,096

Lojas Renner

LREN3

P6332C102

18-Apr-13

Annual

Confirmed

333,096

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

333,096

Lojas Renner

LREN3

P6332C102

18-Apr-13

Annual

Confirmed

333,096

2

Approve Allocation of Income and Dividends

Management

For

For

333,096

Lojas Renner

LREN3

P6332C102

18-Apr-13

Annual

Confirmed

333,096

3

Authorize Capitalization of Reserves

Management

For

For

333,096

Lojas Renner

LREN3

P6332C102

18-Apr-13

Annual

Confirmed

333,096

4

Elect Directors

Management

For

For

333,096

Lojas Renner

LREN3

P6332C102

18-Apr-13

Annual

Confirmed

333,096

5

Approve Remuneration of Company’s Management

Management

For

For

333,096

Lojas Renner

LREN3

P6332C102

18-Apr-13

Annual

Confirmed

333,096

6

Elect Fiscal Council Members

Management

For

For

333,096

Lojas Renner

LREN3

P6332C102

18-Apr-13

Annual

Confirmed

333,096

7

Approve Remuneration of Fiscal Council Members

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

2

Approve Allocation of Income and Dividends

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.1

Elect Alfredo Egydio Arruda Villela Filho as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.2

Elect Alfredo Egydio Setubal as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.3

Elect Candido Botelho Bracher as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.4

Elect Demosthenes Madureira de Pinho Neto as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.5

Elect Gustavo Jorge Laboissiere Loyola as Independent Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.6

Elect Henri Penchas as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.7

Elect Israel Vainboim as Independent Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.8

Elect Nildemar Secches as Independent Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.9

Elect Pedro Luiz Bodin Moraes as Independent Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.10

Elect Pedro Moreira Salles as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.11

Elect Ricardo Villela Marino as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

3.12

Elect Roberto Egydio Setubal as Director

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

4.1

Elect Alberto Sozin Furuguem as Fiscal Council Member

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

4.2

Elect Iran Siqueira Lima as Fiscal Council Member

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

4.3

Elect Joao Costa as Alternate Fiscal Council Member

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

4.4

Elect Jose Caruso Cruz Henriques as Alternate Fiscal Council Member

Management

For

For

106,300

Itau Unibanco Holding SA

ITUB4

P5968U113

19-Apr-13

Annual

Confirmed

106,300

5

Approve Remuneration of Company’s Management

Management

For

Against

Once again the company has failed to disclose the maximum remuneration paid to its executives and board members, thus not complying with CVM rules and we should support CVM on their efforts to improve transparency.

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

1

Accept Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012

Management

For

For

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

2

Approve Allocation of Income and Dividends

Management

For

For

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

3

Elect External Auditors and Designate Risk Assessment Companies

Management

For

Abstain

No information was released on this topic.

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

4

Approve Remuneration of Directors

Management

For

For

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

5

Approve Remuneration and Budget of Directors’ Committee

Management

For

For

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

6

Designate Newspaper to Publish Meeting Announcements

Management

For

For

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

7

Receive Special Auditors’ Report Regarding Related-Party Transactions

Management

540,000

Vina Concha y Toro SA

CONCHATORO

P9796J100

23-Apr-13

17-Apr-13

Annual

Confirmed

540,000

8

Other Business (Voting)

Management

For

Against

Standard item in Chile, in which new voting items can be raised during the meeting.

251,844

Weg S.A

WEGE3

P9832B129

23-Apr-13

Annual

Confirmed

251,844

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

251,844

Weg S.A

WEGE3

P9832B129

23-Apr-13

Annual

Confirmed

251,844

2

Approve Allocation of Income and Dividends

Management

For

For

251,844

Weg S.A

WEGE3

P9832B129

23-Apr-13

Annual

Confirmed

251,844

3

Approve Remuneration of Company’s Management

Management

For

Against

Compensation plan to be approved for 2013 is 3.5 percent compared to 2012. However, the company does not include stock option plan as part of remuneration, omitting therefore individual and total disclosure of equity compensation.

251,844

Weg S.A

WEGE3

P9832B129

23-Apr-13

Annual

Confirmed

251,844

4

Elect Fiscal Council Members

Management

For

Abstain

All required details were provided but the company has failed to unbundle the election.

251,844

Weg S.A

WEGE3

P9832B129

23-Apr-13

Annual

Confirmed

251,844

5

Approve Remuneration for Fiscal Council Members

Management

For

For

251,844

Weg S.A

WEGE3

P9832B129

23-Apr-13

Annual

Confirmed

251,844

6

Designate Newspapers to Publish Company Announcements

Management

For

For

98,000

Empresas Copec SA

COPEC

P7847L108

24-Apr-13

18-Apr-13

Annual

Confirmed

98,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year 2012; Present Current Company Standing Report

Management

For

For

98,000

Empresas Copec SA

COPEC

P7847L108

24-Apr-13

18-Apr-13

Annual

Confirmed

98,000

2

Approve Special Auditors’ Report Regarding Related-Party Transactions

Management

For

For

98,000

Empresas Copec SA

COPEC

P7847L108

24-Apr-13

18-Apr-13

Annual

Confirmed

98,000

3

Approve Remuneration of Directors

Management

For

Abstain

Amounts proposed for 2013 were not disclosed ahead of the meeting. Although this is not a requirement under Chilean regulation we have seen other companies adopting this so worth encouraging them to follow the same route.

98,000

Empresas Copec SA

COPEC

P7847L108

24-Apr-13

18-Apr-13

Annual

Confirmed

98,000

4

Approve Remuneration and Budget of Directors’ Committee; Present Report on Directors’ Committee Expenses and Activities

Management

For

Abstain

Amounts proposed for 2013 were not disclosed ahead of the meeting. Although this is not a requirement under Chilean regulation we have seen other companies adopting this so worth encouraging them to follow the same route.

98,000

Empresas Copec SA

COPEC

P7847L108

24-Apr-13

18-Apr-13

Annual

Confirmed

98,000

5

Elect External Auditor and Designate Risk Assessment Companies

Management

For

For

98,000

Empresas Copec SA

COPEC

P7847L108

24-Apr-13

18-Apr-13

Annual

Confirmed

98,000

6

Other Business (Voting)

Management

For

Against

Open item in the agenda, which doesn’t allow investors voting via proxy to assess the impact of discussions that may be raised during the meeting.

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

1

Accept External Auditor’s Reports, Annual Report and Financial Statements for Fiscal Year 2012

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

2

Approve Allocation of Income and Dividends

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

3

Approve Dividend Policy

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

4

Approve Special Auditors’ Report Regarding Related-Party Transactions

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

5

Elect External Auditors

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

6

Designate Risk Assessment Companies

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

7

Approve Remuneration of Directors

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

8

Present Board’s Expense Report

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

9

Approve Remuneration and Budget of Directors’ Committee

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

10

Present Report on Activities Carried Out and Expenses Incurred by Directors’ Committee

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

11

Designate Newspaper to Publish Meeting Announcements

Management

For

For

84,144

Inversiones Aguas Metropolitanas SA

IAM

P58595102

24-Apr-13

01-Apr-13

Annual

Confirmed

84,144

12

Other Business (Voting)

Management

For

Against

Common practice in Chile, in which any topic can be discussed, so we tend to vote against as we can not assess the impact from proposals that may be raised during the meeting.

253,000

Cia. Hering

HGTX3

P50753105

25-Apr-13

Annual

Confirmed

253,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

253,000

Cia. Hering

HGTX3

P50753105

25-Apr-13

Annual

Confirmed

253,000

2

Approve Capital Budget for Upcoming Fiscal Year

Management

For

For

253,000

Cia. Hering

HGTX3

P50753105

25-Apr-13

Annual

Confirmed

253,000

3

Approve Allocation of Income and Dividends

Management

For

For

253,000

Cia. Hering

HGTX3

P50753105

25-Apr-13

Annual

Confirmed

253,000

4

Elect Directors

Management

For

Abstain

Bundled election.

253,000

Cia. Hering

HGTX3

P50753105

25-Apr-13

Annual

Confirmed

253,000

5

Approve Remuneration of Company’s Management

Management

For

For

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

1

Accept Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012

Management

For

For

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

2

Approve Allocation of Income and Dividends

Management

For

For

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

3

Approve Dividend Policy

Management

For

For

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

4

Elect Directors

Management

For

Abstain

Bundled election

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

5

Approve Remuneration of Directors, Directors’ Committee and Audit Committee Members

Management

For

Abstain

Chilean companies are not required to disclose the amounts that are being proposed ahead of the meeting. However, although we don’t have any particular concern with remuneration levels, we are unable to assess the impact from the proposal. Worth abstaining and encourage the company to enhance disclosure.

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

6

Elect External Auditors for Fiscal Year 2013

Management

For

Abstain

The company did not provide disclosure of fees ahead of the meeting, so we should keep encouraging the company to enhance disclosure.

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

7

Designate Risk Assessment Companies

Management

For

Abstain

Chilean companies are not required to disclose the amounts that are being proposed ahead of the meeting. However, although we don’t have any particular concern with remuneration levels, we are unable to assess the impact from the proposal. Worth abstaining and encourage the company to enhance disclosure.

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

8

Receive Special Auditors’ Report Regarding Related-Party Transactions

Management

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

9

Designate Newspaper to Publish Meeting Announcements

Management

For

For

318,000

Embotelladora Andina SA

ANDINA-B

P3697S103

25-Apr-13

19-Apr-13

Annual

Confirmed

318,000

10

Other Business (Voting)

Management

For

Against

The open nature of this proposal disenfranchises investors voting via proxy who cannot assess the impacts of discussions that may be raised at the meeting.

298,570

Empresas CMPC SA

CMPC

P3712V107

25-Apr-13

19-Apr-13

Annual

Confirmed

298,570

1

Approve Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012

Management

For

For

298,570

Empresas CMPC SA

CMPC

P3712V107

25-Apr-13

19-Apr-13

Annual

Confirmed

298,570

2

Approve Allocation of Income and Dividends of CLP 6 Per Share

Management

For

For

298,570

Empresas CMPC SA

CMPC

P3712V107

25-Apr-13

19-Apr-13

Annual

Confirmed

298,570

3

Receive Special Auditors’ Report Regarding Related-Party Transactions

Management

298,570

Empresas CMPC SA

CMPC

P3712V107

25-Apr-13

19-Apr-13

Annual

Confirmed

298,570

4

Elect External Auditors and Designate Risk Assessment Companies

Management

For

For

298,570

Empresas CMPC SA

CMPC

P3712V107

25-Apr-13

19-Apr-13

Annual

Confirmed

298,570

5

Approve Remuneration of Directors; Approve Remuneration and Budget of Directors’ Committee

Management

For

Abstain

Amounts proposed were not disclosed ahead of the meeting. ISS recommends investors vote FOR on the basis that disclosure is not a requirement and the current level of remuneration is reasonable, however we have encouraged companies to enhance the level of disclosure so will ABSTAIN and express to the management our view.

298,570

Empresas CMPC SA

CMPC

P3712V107

25-Apr-13

19-Apr-13

Annual

Confirmed

298,570

6

Approve Policy and Procedures on Dividend and Allocation of Income

Management

For

For

298,570

Empresas CMPC SA

CMPC

P3712V107

25-Apr-13

19-Apr-13

Annual

Confirmed

298,570

7

Other Business (Voting)

Management

For

Against

Insufficient information.

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

1a

Approve CEO’s and Auditor’s Report on Financial Statements and Statutory Reports for Fiscal Year 2012

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

1b

Approve Board’s Report on Accounting Criteria Policy and Disclosure Policy in Accordance with Article 172-B of Company Law

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

1c

Approve Report Re: Activities and Operations Undertaken by the Board in Accordance with Article 28 IV (E) of Company Law

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

1d

Accept Individual and Consolidated Financial Statements and Statutory Reports for Fiscal Year 2012

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

1e

Approve Audit Committee’s Report Regarding Company’s Subsidiaries in Accordance with Article 43 of Company Law

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

1f

Accept Report on Adherence to Fiscal Obligations in Accordance with Article 86 of Tax Law

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

2a

Approve Increase in Legal Reserves

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

2b

Approve Net Dividends in the Amount of MXN 4 per Share to Series B and BB Shareholders

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

2c

Set Maximum Nominal Amount of Share Repurchase Reserve for Fiscal Year 2013 in Accordance with Art. 56 of Mexican Securities Law; Approve Policy Related to Acquisition of Own Shares

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3a

Approve Discharge of Board of Directors and CEO for Fiscal Year 2012

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.1

Elect/Ratify Fernando Chico Pardo as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.2

Elect/Ratify Jose Antonio Perez Anton as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.3

Elect/Ratify Luis Chico Pardo as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.4

Elect/Ratify Aurelio Perez Alonso as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.5

Elect/Ratify Rasmus Christiansen as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.6

Elect/Ratify Francisco Garza Zambrano as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.7

Elect/Ratify Ricardo Guajardo Touche as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.8

Elect/Ratify Guillermo Ortiz Martinez as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3b.9

Elect/Ratify Roberto Servitje Sendra as Director

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3c

Elect/Ratify Ricardo Guajardo Touche as Chairman of Audit Committee

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3d

Elect/Ratify Fernando Chico Pardo, Jose Antonio Perez Anton and Roberto Servitje Sendra as Members of Nominations and Compensations Committee

Management

For

Abstain

Although the three nominees have been disclosed (namely Fernando Chico Pardo, Jose Antonio Perez Anton and Roberto Servitje Sendra), the resolution is bundled restricting our vote. It is more prudent to abstain but we will engage the company to suggest this item is unbundled in future.

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3e.1

Approve Remuneration of Directors in the Amount of MXN 50,000

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3e.2

Approve Remuneration of Operations Committee in the Amount of MXN 50,000

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3e.3

Approve Remuneration of Nominations and Compensations Committee in the Amount of MXN 50,000

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3e.4

Approve Remuneration of Audit Committee in the Amount of MXN 70,000

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

3e.5

Approve Remuneration of Acquisitions and Contracts Committee in the Amount of MXN 15,000

Management

For

For

51,134

Grupo Aeroportuario del Sureste SAB de CV

ASURB MM

P4950Y100

25-Apr-13

25-Mar-13

Annual

Confirmed

51,134

4a

Authorize Claudio R. Gongora Morales, Rafael Robles Miaja and Ana Maria Poblanno Chanona to Ratify and Execute Approved Resolutions

Management

For

For

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year 2012; Receive External Auditor’s Report

Management

For

For

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

2

Elect Directors

Management

For

Abstain

Bundled resolution. ISS recommended investors to go against as names were not disclosed ahead of the meeting,  however the company did provide the names of the candidates appointed by minorities.

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

3

Approve Remuneration of Directors for Fiscal Year 2013 and Accept Expense Report of Board of Directors for Fiscal Year 2012

Management

For

For

Although disclosure of proposal ahead of the meeting is not required under Chilean regulation we saw other companies providing such information so worth Abstaining and encourage the company to enhance disclosure.

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

4

Present Report Re: Directors’ Committee Activities and Expenses; Fix Their Remuneration and Budget

Management

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

5

Receive Special Auditors’ Report Regarding Related-Party Transactions

Management

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

6

Elect External Auditors

Management

For

For

692,000

Parque Arauco SA

��

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

7

Designate Risk Assessment Companies

Management

For

For

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

8

Designate Newspaper to Publish Meeting Announcements

Management

For

For

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

9

Approve Allocation of Income and Dividend Policy

Management

For

For

692,000

Parque Arauco SA

PARAUCO

P76328106

25-Apr-13

19-Apr-13

Annual

Confirmed

692,000

10

Other Business (Voting)

Management

For

For

The open nature of this proposal disenfranchises investors voting via proxy who cannot assess the impacts of discussions that may be raised at the meeting.

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

1

Accept Annual Report, Financial Statements, Internal Statutory Auditors’ Report and External Auditors’ Reports, and Statutory Reports for Fiscal Year 2012

Management

For

For

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

2

Elect External Auditors and Internal Statutory Auditors

Management

For

Abstain

The board proposes PWC as the preferred option followed by Deloitte and KPMG.  The company provided full disclosure of the proposal including audit fees which looks reasonable, but involvement of PWC on LaPolar event and subsequent investigations raises concerns with regards to the quality of the auditing process.

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

3

Approve Special Auditors’ Report Regarding Related-Party Transactions

Management

For

For

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

4

Approve Investment and Financing Policy

Management

For

For

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

5

Approve Allocation of Income and Dividends, and Dividend Policy

Management

For

For

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

6

Receive Report on Board’s Expenses

Management

For

For

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

7

Elect Directors and Fix Their Remuneration

Management

For

Abstain

Bundled resolution and names of the candidates were not publicly disclosed ahead of the meeting as usual in Chile. However, the company provided full disclosure on proposed remuneration and we don’t have any particular issue against the current board so will abstain and encourage the company to unbundle the proposal going forward.

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

8

Receive Issues Related to Directors’ and Audit Committees

Management

For

For

18,800

Sociedad Quimica y Minera de Chile SA SQM

SQM-B

P8716X108

25-Apr-13

19-Apr-13

Annual

Confirmed

18,800

9

Other Business (Voting)

Management

For

Against

Due to the open nature of the item we are unable to assess the impact of matters discussed at the meeting.

18,518

AntarChile SA

ANTARCHILE

P0362E138

26-Apr-13

20-Apr-13

Annual

Confirmed

18,518

1

Accept Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012; Present Current Company Standing Report

Management

For

For

18,518

AntarChile SA

ANTARCHILE

P0362E138

26-Apr-13

20-Apr-13

Annual

Confirmed

18,518

2

Elect Directors

Management

For

Abstain

In line with market practices the name of the candidates were not disclosed ahead of the meeting.

18,518

AntarChile SA

ANTARCHILE

P0362E138

26-Apr-13

20-Apr-13

Annual

Confirmed

18,518

3

Approve Special Auditors’ Report Regarding Related-Party Transactions

Management

For

For

18,518

AntarChile SA

ANTARCHILE

P0362E138

26-Apr-13

20-Apr-13

Annual

Confirmed

18,518

4

Approve Remuneration of Directors

Management

For

Abstain

Although remuneration was disclosed in the FY12 financials, the company failed to disclose the amounts proposed for 2013.

18,518

AntarChile SA

ANTARCHILE

P0362E138

26-Apr-13

20-Apr-13

Annual

Confirmed

18,518

5

Approve Remuneration and Budget of Directors’ Committee

Management

For

Abstain

Although remuneration was disclosed in the FY12 financials, the company failed to disclose the amounts proposed for 2013.

18,518

AntarChile SA

ANTARCHILE

P0362E138

26-Apr-13

20-Apr-13

Annual

Confirmed

18,518

6

Elect External Auditor and Designate Risk Assessment Companies

Management

For

For

18,518

AntarChile SA

ANTARCHILE

P0362E138

26-Apr-13

20-Apr-13

Annual

Confirmed

18,518

7

Other Business (Voting)

Management

For

Against

Due to the open nature of the proposal we are unable to assess the impacts of eventual discussions raised during the meeting.

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Special

Confirmed

1,984,000

1

Amend Article 2 of Bylaws Re: Exclusion of Ixe Banco and Fincasa Hipotecaria; Change Company Names from Ixe Soluciones to Solida Administradora de Portafolios SOFOM and from Ixe Fondos to Operadora de Fondos Banorte Ixe

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Special

Confirmed

1,984,000

2

Approve Text and Subscribe New Agreement of Shared Responsibilities Including all of Grupo Financiero Banorte’s Entities

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Special

Confirmed

1,984,000

3

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Special

Confirmed

1,984,000

4

Approve Minutes of Meeting

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year 2012

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

2

Approve Allocation of Income

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a1

Elect Guillermo Ortiz Martinez as Board Chairman

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a2

Elect Bertha Gonzalez Moreno as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a3

Elect David Villarreal Montemayor as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a4

Elect Manuel Saba Ades as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a5

Elect Alfredo Elias Ayub as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a6

Elect Herminio Blanco Mendoza as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a7

Elect Everardo Elizondo Almaguer as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a8

Elect Patricia Armendariz Guerra as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a9

Elect Armando Garza Sada as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a10

Elect Hector Reyes Retana as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a11

Elect Juan Carlos Braniff Hierro as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a12

Elect Alejandro Burillo Azcarraga as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a13

Elect Miguel Aleman Magnani as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a14

Elect Enrique Castillo Sanchez Mejorada as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a15

Elect Alejandro Valenzuela del Rio as Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a16

Elect Jesus O. Garza Martinez as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a17

Elect Juan Antonio Gonzalez Moreno as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a18

Elect Jose G. Garza Montemayor as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a19

Elect Alberto Saba Ades as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a20

Elect Isaac Becker Kabacnik as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a21

Elect Manuel Aznar Nicolin as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a22

Elect Ramon A. Leal Chapa as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a23

Elect Julio Cesar Mendez Rubio as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a24

Elect Guillermo Mascarenas Milmo as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a25

Elect Javier Molinar Horcasitas as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.a26

Elect Jose Marcos Ramirez Miguel as Alternate Director

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.b

Approve Directors Liability and Indemnification

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

3.c

Elect Hector Avila Flores as Board Secretary; Elect Jose Morales Martinez as Undersecretary Who Will Not Be Part of Board

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

4

Approve Remuneration of Directors

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

5.a

Elect Hector Reyes Retana as Chairman of Audit and Corporate Practices Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

5.b

Elect Herminio Blanco Mendoza as Member of Audit and Corporate Practices Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

5.c

Elect Manuel Aznar Nicolin as Member of Audit and Corporate Practices Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

5.d

Elect Patricia Armendariz Guerra as Member of Audit and Corporate Practices Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

5.e

Elect Julio Cesar Mendez Rubio as Member of Audit and Corporate Practices Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6.a

Elect Juan Carlos Braniff Hierro as Chairman of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6.b

Elect Alfredo Elias Ayub as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6c

Elect Everardo Elizondo Almaguer as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6d

Elect Manuel Aznar Nicolin as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6e

Elect Alejandro Valenzuela del Rio as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6f

Elect Manuel Romo Villafuerte as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6g

Elect Fernando Solis Soberon as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6h

Elect Gerardo Zamora Nanez as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6i

Elect Marcos Ramirez Miguel as Member of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

6j

Elect David Aaron Margolin Schabes as Secretary of Risk Policies Committee

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

7

Approve Report on Share Repurchase; Set Aggregate Nominal Amount of Share Repurchase Program

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

8

Approve Modification to Integration and Duties of Regional Boards

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

9

Authorize Board to Obtain Certification of Company Bylaws

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

10

Authorize Board to Ratify and Execute Approved Resolutions

Management

For

For

1,984,000

Grupo Financiero Banorte SAB de CV

GFNORTEO

P49501201

26-Apr-13

15-Apr-13

Annual

Confirmed

1,984,000

11

Approve Minutes of Meeting

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

1

Accept Financial Statements and Statutory Reports

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

2

Approve that No Sum be Credited to Legal Reserve

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

3

Approve that No Sum be Set Aside to Contingency Reserve

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

4

Approve Distribution $18,070,576

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

5

Ratify KPMG as Auditors

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

6

Authorize Board to Fix Remuneration of the Auditors

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

7

Fix Number of Directors at Seven

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

8.1

Elect Cezar Baiao as Director

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

8.2

Elect Paulo Fernando Fleury as Director

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

8.3

Elect Felipe Gutterres as Director

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

8.4

Elect Claudio Marote as Director

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

8.5

Elect Andres Rozental as Director

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

8.6

Elect William Henry Salomon as Director

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

8.7

Elect Jose Francisco Gouvea Vieira as Director

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

9.1

Appoint Jose Francisco Gouvea Vieira as Chairman until 2014 AGM

Management

For

For

289,400

Wilson Sons Ltd.

WSON11 BZ

G96810117

26-Apr-13

22-Mar-13

Annual

Confirmed

289,400

9.2

Appoint William Henry Salomon as Deputy Chairman until 2014 AGM

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

1

Approve Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

2

Approve Allocation of Income and Dividends of CLP 1.24 Per Share

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

3

Elect External Auditors

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

4

Designate Risk Assessment Companies

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

5

Elect Juan Pedro Santa Maria as Alternate Director

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

6

Approve Remuneration of Directors

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

7

Approve Remuneration and Budget of Directors’ Committee and Audit Committee; Receive Directors and Audit Committee’s Report

Management

For

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

8

Approve Special Auditors’ Report Regarding Related-Party Transactions

Management

For

25,113,969

Banco Santander Chile

BSANTANDER

P1506A107

29-Apr-13

23-Apr-13

Annual

Confirmed

25,113,969

9

Transact Other Business (Non-Voting)

Management

Against

The open nature of this proposal disenfranchises investors voting via proxy who cannot assess the impacts of discussions that may be raised at the meeting.

307,800

Bradespar S.A

BRAP4

P1808W104

29-Apr-13

Annual

Confirmed

307,800

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

307,800

Bradespar S.A

BRAP4

P1808W104

29-Apr-13

Annual

Confirmed

307,800

2

Approve Allocation of Income and Dividends

Management

For

For

307,800

Bradespar S.A

BRAP4

P1808W104

29-Apr-13

Annual

Confirmed

307,800

3

Elect Directors

Management

For

Abstain

Bundled election.

307,800

Bradespar S.A

BRAP4

P1808W104

29-Apr-13

Annual

Confirmed

307,800

4

Elect Fiscal Council Members and Approve their Remuneration

Management

For

Abstain

The company has grouped two decisions into one single item and has also bundled the election.

307,800

Bradespar S.A

BRAP4

P1808W104

29-Apr-13

Annual

Confirmed

307,800

5

Approve Remuneration of Company’s Management

Management

For

Against

The company has failed to disclose the remuneration of its highest paid directors.

255,366

Companhia de Bebidas Das Americas - AMBEV

AMBV4

P0273S127

29-Apr-13

Special

Confirmed

255,366

1

Amend Articles to Reflect Changes in Capital

Management

For

For

255,366

Companhia de Bebidas Das Americas - AMBEV

AMBV4

P0273S127

29-Apr-13

Annual

Confirmed

255,366

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

255,366

Companhia de Bebidas Das Americas - AMBEV

AMBV4

P0273S127

29-Apr-13

Annual

Confirmed

255,366

2

Approve Allocation of Income and Dividends

Management

For

For

255,366

Companhia de Bebidas Das Americas - AMBEV

AMBV4

P0273S127

29-Apr-13

Annual

Confirmed

255,366

3

Elect Fiscal Council Members and Alternates

Management

For

Abstain

Bundled election.

255,366

Companhia de Bebidas Das Americas - AMBEV

AMBV4

P0273S127

29-Apr-13

Annual

Confirmed

255,366

4

Approve Remuneration of Company’s Management

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

1

Approve Financial Statements and Statutory Reports for Fiscal Year 2012

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

2

Approve Dividends

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

3

Approve Remuneration of Directors

Management

For

Abstain

Chilean companies are not required to disclosure the remuneration prior to the meeting, but abstention should the most appropriate alternative once we will not be aware of the proposed amount.

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

4

Approve Remuneration and Budget of Directors’ Committee

Management

For

Abstain

Chilean companies are not required to disclosure the remuneration prior to the meeting, but abstention should the most appropriate alternative once we will not be aware of the proposed amount.

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

5

Approve External Auditors, Designate Risk-Assessment Companies; Present Special Auditors’ Report Regarding Related-Party

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

6

Present Report Re: Processing, Printing, and Mailing Information Required by Chilean Law

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

7

Designate Newspaper to Publish Meeting Announcements

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

29-Apr-13

23-Apr-13

Annual

Confirmed

23,143

8

Other Business (Voting)

Management

For

Against

Common practice in Chile, in which any topic can be discussed, so we tend to vote against as we can not assess the impact from proposals that may be raised during the meeting.

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

2

Approve Allocation of Income and Dividends

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.1

Elect Jose Salim Mattar as Board Chairman

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.2

Elect  Antonio Claudio Brandao Resende as Vice-Chairman

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.3

Elect Eugenio Pacelli Mattar as Director

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.4

Elect Flavio Brandao Resende as Director

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.5

Elect Maria Leticia de Freitas Costa as Independent Director

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.6

Elect Jose Gallo as Independent Director

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.7

Elect Oscar de Paula Bernardes Neto as Independent Director

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

3.8

Elect Stefano Bonfiglio as Independent Director

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Annual

Confirmed

261,000

4

Approve Remuneration of Company’s Management

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Special

Confirmed

261,000

1

Authorize Capitalization of Reserves

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Special

Confirmed

261,000

2

Amend Articles to Reflect Changes in Capital

Management

For

For

261,000

Localiza Rent A Car S.A

RENT3

P6330Z111

29-Apr-13

Special

Confirmed

261,000

3

Amend Bonus Matching Plan

Management

For

For

393,334

Multiplan Empreendimentos Imobiliarios S.A

MULT3

P69913104

29-Apr-13

Annual

Confirmed

393,334

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

393,334

Multiplan Empreendimentos Imobiliarios S.A

MULT3

P69913104

29-Apr-13

Annual

Confirmed

393,334

2

Approve Allocation of Income and Dividends

Management

For

For

393,334

Multiplan Empreendimentos Imobiliarios S.A

MULT3

P69913104

29-Apr-13

Special

Confirmed

393,334

1

Approve Remuneration of Company’s Management

Management

For

For

393,334

Multiplan Empreendimentos Imobiliarios S.A

MULT3

P69913104

29-Apr-13

Special

Confirmed

393,334

2

Amend Articles to Reflect Changes in Capital

Management

For

For

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

2

Approve Capital Budget for Upcoming Fiscal Year

Management

For

For

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

3

Approve Allocation of Income and Dividends

Management

For

For

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

4a

Elect Directors Appointed by Controlling Shareholder

Management

For

Abstain

The company has bundled the election of more than one candidate into a single voting item.

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

4b

Elect Directors Appointed by Minority Shareholders

Management

For

For

We would like to vote FOR the election of Mauro Gentile Rodrigues da Cunha as representative of shareholders of ordinary shares and Jorge Gerdau Johannpeter as representative of shareholders of preferred shares.

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

5

Elect Board Chairman Appointed by Controlling Shareholder

Management

For

Abstain

The government seems to be increasing its influence over the business and in his role of chairman he doesn’t seem to be paying due regard to the interest of all shareholders including minorities.

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

6a

Elect Fiscal Council Members Appointed by Controlling Shareholder

Management

For

Abstain

Bundled resolution.

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

6b

Elect Fiscal Council Members Appointed by Minority Shareholders

Management

For

For

Vote FOR to elect Reginaldo Alexandre as representative of shareholders of ordinary shares (Mario Cordeiro Filho as alternate) and Walter Luis Bernardes Albertoni (Robert Lamb as alternative) as representative of preferred shares.

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

7

Approve Remuneration of Company’s Management

Management

For

For

46,000

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

46,000

1

Authorize Capitalization of Reserves

Management

For

For

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

2

Approve Capital Budget for Upcoming Fiscal Year

Management

For

For

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

3

Approve Allocation of Income and Dividends

Management

For

For

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

4a

Elect Directors Appointed by Controlling Shareholder

Management

For

Abstain

The company has bundled the election of more than one candidate into a single voting item.

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

4b

Elect Directors Appointed by Minority Shareholders

Management

For

For

We would like to vote FOR the election of Mauro Gentile Rodrigues da Cunha as representative of shareholders of ordinary shares and Jorge Gerdau Johannpeter as representative of shareholders of preferred shares.

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

5

Elect Board Chairman Appointed by Controlling Shareholder

Management

For

Abstain

The government seems to be increasing its influence over the business and in his role of chairman he doesn’t seem to be paying due regard to the interest of all shareholders including minorities.

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

6a

Elect Fiscal Council Members Appointed by Controlling Shareholder

Management

For

Abstain

Bundled resolution.

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

6b

Elect Fiscal Council Members Appointed by Minority Shareholders

Management

For

For

Vote FOR to elect Reginaldo Alexandre as representative of shareholders of ordinary shares (Mario Cordeiro Filho as alternate) and Walter Luis Bernardes Albertoni (Robert Lamb as alternative) as representative of preferred shares.

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

7

Approve Remuneration of Company’s Management

Management

For

For

1,292,433

Petroleo Brasileiro SA-Petrobras

PETR4

P78331140

29-Apr-13

08-Apr-13

Annual/Special

Confirmed

1,292,433

1

Authorize Capitalization of Reserves

Management

For

For

294,667

Arezzo Industria e Comercio SA

ARZZ3

30-Apr-13

Annual

Confirmed

294,667

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

294,667

Arezzo Industria e Comercio SA

ARZZ3

30-Apr-13

Annual

Confirmed

294,667

2

Approve Allocation of Income and Dividends

Management

For

For

294,667

Arezzo Industria e Comercio SA

ARZZ3

30-Apr-13

Annual

Confirmed

294,667

3

Approve Capital Budget for Upcoming Fiscal Year

Management

For

For

294,667

Arezzo Industria e Comercio SA

ARZZ3

30-Apr-13

Annual

Confirmed

294,667

4

Approve Remuneration of Company’s Management

Management

For

For

294,667

Arezzo Industria e Comercio SA

ARZZ3

30-Apr-13

Annual

Confirmed

294,667

5

Elect Directors

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

1

Approve Annual Report, Financial Statements and External Auditors’ Report for Fiscal Year 2012

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

2

Approve Allocation of Income

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

3

Approve Dividends Policy

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

4

Approve Remuneration of Directors

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

5

Elect External Auditors and Risk Assessment Companies

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

6

Designate Newspaper to Publish Meeting Announcements

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

7

Approve Special Auditors’ Report Regarding Related-Party Transactions

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

8

Approve Remuneration and Budget of Directors’ Committee; Receive Directors Committee’s Report

Management

For

For

77,000

SACI Falabella

FALABELLA

P3880F108

30-Apr-13

24-Apr-13

Annual

Confirmed

77,000

9

Other Business (Voting)

Management

For

Against

Due to the open nature of the item we are unable to assess the impact of matters discussed at the meeting.

154,200

Valid Solucoes e Serv. Seg. Meios Pag. Ident. S.A

VLID3

P0282R102

30-Apr-13

Annual

Confirmed

154,200

1

Accept Financial Statements and Statutory Reports for Fiscal Year Ended Dec. 31, 2012

Management

For

For

154,200

Valid Solucoes e Serv. Seg. Meios Pag. Ident. S.A

VLID3

P0282R102

30-Apr-13

Annual

Confirmed

154,200

2

Approve Allocation of Income and Dividends

Management

For

For

154,200

Valid Solucoes e Serv. Seg. Meios Pag. Ident. S.A

VLID3

P0282R102

30-Apr-13

Annual

Confirmed

154,200

3

Fix Board Size and Elect Directors

Management

For

Abstain

Bundled election.

154,200

Valid Solucoes e Serv. Seg. Meios Pag. Ident. S.A

VLID3

P0282R102

30-Apr-13

Annual

Confirmed

154,200

4

Approve Remuneration of Company’s Management

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

1

Receive and Approve Board’s and Auditor’s Reports

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

2

Approve Consolidated Financial Statements

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

3

Approve Financial Statements

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

4

Approve Allocation of Income and Dividends

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

5

Approve Discharge of Directors

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

6

Elect Directors

Management

For

Abstain

The company is proposing the re-election of all members of the board of directors for another 1 year term. Resolution is bundled. ISS recommended investors vote against based on the low level of independents (3 out of 10) and the accumulation of chairman and CEO roles by Mr. Paolo Rocca. Given the short notice for the voting we could not engage with the company so will abstain for now and contact the company expressing our concern with regards to the board composition.

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

7

Approve Remuneration of Directors

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

8

Approve Auditors and Authorize Board to Fix Their Remuneration

Management

For

For

260,000

TENARIS SA

TEN

L90272102

02-May-13

17-Apr-13

Annual

Confirmed

260,000

9

Allow Electronic Distribution of Company Documents to Shareholders

Management

For

For

154,200

Valid Solucoes e Serv. Seg. Meios Pag. Ident. S.A

VLID3

P0282R102

10-May-13

Special

Confirmed

154,200

1

Amend Corporate Purpose

Management

For

For

154,200

Valid Solucoes e Serv. Seg. Meios Pag. Ident. S.A

VLID3

P0282R102

10-May-13

Special

Confirmed

154,200

2

Consolidate Bylaws

Management

For

For

23,143

LATAM Airlines Group SA

LAN

P61894104

11-Jun-13

05-Jun-13

Special

Confirmed

23,143

1

Approve Increase in Capital in the Amount of USD 1 Billion via Share Issuance; Approve Assignment of Portion of Increase in Capital for Compensation Plan; Amend Bylaws Accordingly

Management

For

Abstain

Although we are supportive of the capital increase, the company has bundled two important matters into a single voting item and it has not disclosed the features of the plan for which part of the shares will be allocated.

23,143

LATAM Airlines Group SA

LAN

P61894104

11-Jun-13

05-Jun-13

Special

Confirmed

23,143

2

Set Placement Price of 4.8 Million Shares Allocated to Compensation Plans; Adopt All Necessary Resolutions In Order To Implement Decisions and Bylaws Amendments Adopted by Meeting

Management

For

Against

The company has not disclosed the proposed exercise price for these shares and also according to ISS interpretations this plan allows for the repricing of options which isn’t in line with best CG practices.

SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Aberdeen Latin America Equity Fund, Inc.
By (Signature and Title):	/s/ Christian Pittard
	Christian Pittard
	President
Date: August 22, 2013