The annual proxy for this aluminum manufacturer had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposal on written consent
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 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” – The company discusses shareholder engagement, though compensation is not identified as a topic. The peer group is listed, though the criteria is subjective thus enabling gerrymandering.
- Against the shareholder proposal on written consent. Per the Magni position paper, Magni routinely votes against written consent proposals.