The annual proxy for this real estate investment trust had the following proposals:
- Proforma votes on directors, the appointment of auditors, and executive compensation
- Shareholder proposal on eliminating supermajority voting
Magni voted as follows:
- For 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 disclosures on shareholder engagement and the peer group covered the key topics.
- For shareholder proposal on eliminating supermajority voting requirements –Supermajority requirements isolate the board from the shareholders. Many of these provisions are a legacy of the 1980s.