The annual proxy for this provider of equipment, software, and services for the semiconductor industry had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on written consent
Magni voted as follows:
- For all proforma proposals.
-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.
-Auditors – There appear to be no controversies with the financial statements of the company.
-“Say-on-pay” – The proxy disclosed a shareholder engagement program, the activity, and the scope of discussions. The proxy also disclosed high-level criteria for the peer group, the members of the peer group, and benchmarking of the company against the peer group members.
- Against board proposal on written consent. Per the Magni position paper, Magni routinely votes against these proposals.