The $154 billion sovereign wealth fund voted against equity grants to Pinnacle Investment Management's managing director Ian Macoun and two executive directors, a summary of its proxy voting for FY19 shows.
Future Fund was happy to support re-election of executive director Andrew Chambers but voted against an equity grant proposal for Chambers and fellow executive director Adrian Whittingham.
In September last year, Pinnacle Investment Management sought shareholder approval to grant 1.4 million 'loan shares' to Macoun, Chambers and Whittingham.
"To fund the acquisition of the...loan shares, the company (or subsidiary) will lend funds to the relevant executive director on an interest-free, limited recourse basis. The executive director must then use those funds to acquire the loan shares directly, or if they are permitted by the board, to fund a nominated associate to acquire the loan shares," the resolutions put to PNI shareholders in September, 2018 said.
However, Future Fund's opposition to issue of shares to Macoun, Chambers and Whittingham wasn't fruitful.
Over 87% of the votes supported the equity grant resolutions.
Last financial year, Future Fund voted against Magellan Financial Group's resolutions to grant equity and a loan to former Wallabies star John Eales who is a non-executive director at MFG's board.
Future Fund released the details of its proxy voting yesterday as a part of its ESG disclosures.
In all, it voted against 102 resolutions put to shareholders in FY18. This financial year, the "against" votes from the sovereign wealth fund were down slightly to 93.
Future Fund also voted against granting equity to former NAB chief Andrew Thorburn at NAB's 19 December 2018 meeting and supported equity grants to ANZ chief Shayne Elliott, Commonwealth Bank chief Matt Comyn and Westpac chief Brian Hartzer.
However it voted against Westpac's remuneration report.
At AMP, it supported the elections of David Murray, John Fraser, John O'Sullivan and Andrea Slattery. It voted against a board spill resolution and abstained from voting on AMP's remuneration report.