Proxy Blog

Alcoa Corporation 

May 2, 2019

The annual proxy for this aluminum manufacturer had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Shareholder proposal on written consent 

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” – 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. 
  2. Against the shareholder proposal on written consent. Per the Magni position paper, Magni routinely votes against written consent proposals.