The annual proxy for this fabless semiconductor company had the following proposals:
- Proforma votes on directors and the appointment of auditors
- Special vote on a board proposal to amend the Employee Share Purchase Plan
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. The compensation levels are set using a benchmarking process.
-Auditors – There appear to be no controversies with the financial statements of the company.
-“Say-on-pay” – The shareholder engagement and peer group disclosures indicate good governance practices in executive compensation.
- For board proposal. The changes to the stock purchase plan are mostly minor items and generally these changes are consistent with good governance.