Proxy Blog

CME Group Inc.

March 29, 2021

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.