AUSTRALIA - AMP Capital Investors voted on 473 resolutions in the first half of this year, the asset manager said in its biannual corporate governance report.
This compares to 561 in the same period last year, 556 in the first half of 2007 and 449 in the first six months of 2006.
AMP declined to support incentive issues at 34% of meetings this year, slightly down on last year's figure.
In assessing long-term asset value, AMP believes that too much emphasis is placed on measurable short-term factors compared with longer term qualitative factors.
AMP senior portfolio manager Michael Murray said: "Investors can avoid traps associated with an over-emphasis on short-term company factors by considering intangible and qualitative issues such as corporate governance, environmental and social responsibility."
He added: "Understanding intangible issues and how these impact asset valuations requires a longer-term perspective than is generally adopted by market participants."
AMP believes sell-side analysts generally attach greater emphasis to cost management and efficiency, while company executives believe "soft" issues such and people and culture are more important to company performance.
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