On what basis can a member justify not voting every proxy?

When considering the issue of voting proxies, a member can justify not voting every proxy based on a cost-benefit analysis. This approach involves evaluating whether the benefits of voting a particular proxy outweigh the associated costs, which might include the time, resources, and potential impact on investment performance. For example, if a proxy issue is deemed to have little effect on the investment outcome or the shareholder value, a member may decide that it is more efficient and beneficial to focus efforts on more significant issues instead of casting votes on every proxy. This rationale aligns with the ethical responsibility to manage clients' assets effectively and responsibly.