The annual proxy for this real estate investment trust had the following proposals:
- Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni for and against proforma proposals:
- For and against directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors with one exception. Michael Coke is on the board as a legacy of a business deal. The transaction occurred in 2017. He no longer needs to be on the board. Jean Mandeville is also on the board as a legacy of a business deal, though the transaction was recent and his participation on the board is fine, for now.
- For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
- Against “say-on-pay” – The disclosures in the proxy did not meet the benchmarking criteria in Magni’s policy on the advisory vote.