Proxy Blog

Banco de Chile

March 22, 2019

The annual proxy for this Chilean bank and financial services holding company had seven proposals. None addressed the members of the board of directors. On the company website, one of the documents for the annual general meeting listed the names of the board members, but there was no explanation of who these people are or why they make sense for the board. Such opaqueness is inconsistent with good governance. The board represents the shareholders and the shareholders need to elect the nominees. As such, Magni voted against all seven proposals.