Proxy Blog

Citrix Systems, Inc. 

May 6, 2020

The annual proxy for this software company had the following proposals: 

  1. Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Board proposal on equity incentive plan 

Magni voted as follows: 

  1. 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 proxy contained a complete disclosure of the shareholder engagement program and the peer group. 
  2. For board proposal on equity incentive plan – Equity incentive plans are a good tool for aligning management of a company with shareholder interests. The amendments to the existing plan are relatively minor and the changes are consistent with good governance.