The annual proxy for this healthcare company had the following proposals:
- Proforma votes on directors, the appointment of auditors, and executive compensation
- Votes on shareholder proposal covering independent chairman
Magni voted as follows:
- For proforma proposals:
-Directors – The board has a majority of independent directors and some have CEO/CFO experience with other companies. The compensation of directors is disclosed with a meaningful portion in equity where the equity has restrictions to align director incentives with long-term value creation. The compensation levels are set using a benchmarking process.
-Auditors – There appear to be no controversies with the financial statements of the company.
-“Say-on-pay” Advisory Vote – The shareholder engagement and peer group disclosures indicate good governance practices in executive compensation.
- For shareholder proposal on independent chairman. Magni wrote a position paper regarding shareholder proposals for independent chairman.