The annual proxy for this provider of security products had the following proposals:
- Proforma votes on directors, appointment of auditors, and compensation
- Board proposal on frequency of advisory vote
- Proforma European-style votes on annual confirmation of authorities
Magni voted as follows:
- For and against proforma proposals:
–For directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors.
-For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
-Against “say-on-pay” – The disclosures in the proxy do not meet the criteria in Magni’s policy on the advisory vote as there is a lack of benchmarking.
- For annual votes on the board proposal regarding frequency of “say on pay” votes – Annual feedback from shareholders is good.
- For European proforma proposals – Under US laws and regulations, these matters are handled by the board, thus the topics do not warrant votes by shareholders of US companies. Magni usually votes in support of these topics, unless some controversy or issue has arisen that requires additional investigation or justifies a vote against. No material controversies or issues were identified.