The annual proxy for this scientific solutions provider had the following proposals:
- Proforma votes on directors and appointment of auditors
- Board proposal to approve employee stock purchase plan
Magni voted as follows:
- For and against proforma proposals.
-For 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, though the equity does not have restrictions to align director incentives with long-term value creation.
-For auditors – There appear to be no controversies with the financial statements of the company.
-Against “say-on-pay” – The proxy materials disclosed a shareholder engagement program, though the scope of discussion and the level of activity were not disclosed. There was high-level peer group criteria and the peer group was listed, though the company was not benchmarked against the peer group.
- For board proposal on stock purchase plan. Employee purchasing of company shares is a good way to engage the employees in the long-term success of the company.