The annual proxy for this power equipment company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposal on professional services allowance
Magni voted as follows:
- For and against proforma proposals.
–For directors – The disclosures meet the criteria in Magni’s policy on election of directors.
-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.
- For shareholder proposal on professional services allowance – Companies in our portfolios have some level of good governance. Generally, we are reluctant to intervene in operational issues in well-governed companies. Further, this proposal impacts a tiny proportion of compensation. We are voting in favor of the proposal to express our disapproval at the weak disclosures regarding shareholder engagement and the peer group used for compensation.