The annual proxy for this public utility company had the following proposals:
- Proforma votes on directors, the appointment of auditors, and executive compensation
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 was not benchmarked against the peer group.