Proxy Blog

Cemex, S.A.B. de C.V. 

March 19, 2019

The annual proxy for this Mexican building materials company had the following proposals: 

  1. Proforma votes on directors 
  2. Proforma Mexican votes on annual authorities and related items 
  3. Board proposalon an extraordinary meeting on a restructuring 

Magni voted against all ten proposals. The materials arriving with the proxy had very high-level explanations of the proposals. At the end of the materials there was a recommended link for more information. It was the Investor Relations tab on the company website. This tab did not have information organized in a way that allows shareholders to understand what is being proposed. This level of opaqueness across multiple topics is inconsistent with good governance. Magni voted against every proposal as an indication of the need to substantial change.