The annual proxy for this company that operates securities exchanges had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni for and against proforma proposals:
- For and against directors – Since the last proxy, the company has not improved in this area. The board needs to be more independent. Magni voted against Mr. Carey who is a legacy of the CBOT transaction and no longer needs to serve on the board. Magni also voted against Mr. Gepsman and Mr. Shepard who are both long-term CME employees and hence not independent. The company should seek new board members, particularly ones with CEO or CFO experience with public companies.
- For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
- Against advisory vote – The disclosures in the proxy did not meet the criteria in Magni’s policy on the advisory vote.