Proxy Blog

Amgen Inc. 

April 21, 2020

The annual proxy for this biotechnology company had the following proposals: 

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

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 proxy materials disclosed the shareholder engagement program and the peer group. If the company had disclosed a benchmark of the company against the peer group, Magni could have voted for the proposal. 
  2. For the shareholder proposal on independent chairman – Magni wrote a position paper regarding shareholder proposals for independent chairman.