Proxy Blog

Allegion PLC 

May 14, 2019

The annual proxy for this provider of security products had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and compensation 
  2. Proforma European-style votes on annual confirmation of authorities 

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 compensation – The proxy materials did not disclose any shareholder engagement efforts. The peer group was listed, though the criteria were high level witlittle comparison of the company to the peer group. 
  2. For European proforma proposalsUnder 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.