The annual proxy for this animal health company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on frequency of advisory vote
Magni voted as follows:
- For and against all proforma proposals.
-For 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.
-For auditors – There appear to be no controversies with the financial statements of the company.
-Against “Say-on-pay” – The proxy materials had no information about shareholder engagement. The peer group was listed with very vague criteria. There was no benchmarking of the company.
- For annual votes on the board proposal regarding frequency of “say on pay” votes. Annual feedback from shareholders is good.