题目和答案如下。 （我的分析是：Kuznetsov的原话是对的，代表客户利益的决议必须要投标。那么投票给Matric当然不违规。但是，Barnikoff的议题是变更财年，不涉及客户利益，所以投不投票，也不应该违规，也就是C也应该正确，那么为什么答案是B?)
Dimitri Kuznetsov, CFA, is a portfolio manager and holds shares of Barnikoff Limited
and Matric Ventures in all client portfolios. Both companies have upcoming annual
general meetings scheduled for the same day. The management of Barnikoff
proposes to change its financial year-end from September to December, while MatricVentures proposes to enter into a high-risk venture. The proxy voting policy clause
in all client investment management agreements managed by Kuznetsov states,
“When voting proxies provides a cost benefit to the client, the manager must vote a
proxy.” With regard to the proxy votes for Matric and Barnikoff, Kuznetsov would least
likely violate CFA Institute Standard III(A)–Loyalty, Prudence, and Care if he votes:
A. with management.
B. only the Matric proxy.
C. only the Barnikoff proxy.
Solution
B is correct because Standard III(A)–Loyalty, Prudence, and Care states that it is a member or
candidate’s duty to vote proxies on behalf of clients in an informed and responsible manner.
However, if a cost–benefit analysis shows voting all proxies may not benefit the client, voting
all proxies may not be necessary. The member or candidate is responsible for informing all
clients if this is the policy of the fund manager. The member or candidate must take steps to
disclose this proxy voting policy to clients. Voting the Barnikoff proxy does not appear to offer
a benefit because the issue is not of a critical nature, but voting the proxy for Matric involves
a material issue and is a benefit that should be voted on.
