Proxy Blog

Alaska Air Group, Inc.

April 15, 2020

The annual proxy for this airline company had the following proposals: 

  1. Proforma votes on directors, the appointment of auditors, and executive compensation 
  2. Shareholder proposal on eliminating supermajority voting requirements and two proposals related to lobbying and political activities 

Magni voted as follows: 

  1. 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 where the equity has 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” advisory vote – A shareholder engagement program was not disclosed. The peer group was listed, and high-level criteria were disclosed; however, the company was not benchmarked against the peer group. Disclosure of the position of the company against the peer group is important transparency. 
  2. Against shareholder proposals related to lobbying and political activity – The company already provides good disclosures of these activities. In addition, the proposals seek to limit participation in industry trade groups. Such groups are helpful to the company.