How to identifying the actual investment client and voting proxy policies?

Identifying the Actual Investment Client

管理个人资产→资产所有人就是客户

管理信托资产→信托的最终受益人才是客户

管理指数基金、特定的合约→把“mandate”作为客户

管理信托资产→信托的最终受益人才是客户

例：假设万科是美国公司，宝能对万科发起收购，万科为了保卫控制权，要求公司的养老金管理人使用万科的养老金收购本公司股票。

如果，养老金管理人认为万科被低估，以资本增值为目的的买入行为是合理的。

如果，养老金管理人认为万科未被低估，则必须忽视万科管理层的要求，因为管理人的客户是最终受益人，万科的广大员工。

The duty of loyalty, prudence, and care to client is especially important because the investment manager typically possesses greater knowledge in investment than the client does.

The manager in these situations should ensure that the client’s objectives and expectations of the account are realistic and suitable to their circumstances and that the risks involved are appropriate. （要确保客户的目标和预期是现实可行的，风险是合适的）

In most circumstances, recommended investment strategies should relate to the long term objectives and circumstances of the client. （要考虑客户长期的目标和状况）

Particular care must be taken to detect whether the goals of the investment manager or the firm in placing business, selling products, and executing security transactions potentially conflict with the best interests and objectives of the client. （避免设定的目标与客户是冲突的）

Must follow any guidelines set by their clients for asset management.

Investment decisions must be judged in the context of the total portfolio rather than by individual investment within the portfolio. （站在整个组合的角度，而不是仅考虑单个资产）

A client will direct a manager to use the brokerage to purchase goods or services for the client (directed brokerage). Because brokerage commission is an asset of the client and is used to benefit that client, not the manager, such a practice does not violate any duty of loyalty.

Voting Proxy Policies

Proxies have economic value to a client. Must ensure that they properly safeguard and maximize this value. An investment manager who fails to vote, casts a vote without considering the impact of the question, or votes blindly with management on non-routine governance issues may violate duty to clients, loyalty. （不能盲目跟着管理层投票）

A cost–benefit analysis may show that voting all proxies may not benefit the client, so voting proxies may not be necessary in all instances. Should disclose to clients their proxy voting policies. （考虑到成本效益原则，有时可以不投票）