The annual proxy for this oil and gas company had the following proposals:
- Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposals on independent chairman, special shareholder meetings, scenario analysis, environmental expenditures, political contributions, lobbying, and climate lobbying
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 and against shareholder proposals.
–For independent chairman – Per the Magni position paper, Magni routinely votes in favor of these proposals.
-For special shareholder meetings– The proposal is about the ability of shareholders to call meetings, and the proposal meets the criteria in Magni’s policy on lowering threshold for special meetings.
-For scenario analysis – This proposal requests an assessment of the impact of various agreements and efforts to reduce the pace of climate change. A reduction in demand for fossil fuels from successful climate change initiatives could create stranded assets.
-For environmental expenditures – The company’s continued intransigence on this issue is unacceptable. The company recommends voting against the proposal yet has not done anything voluntarily to address the issue.
-For political contributions – This proposal about disclosure is similar to the one from last year’s proxy. We voted against the proposal last year as the company made meaningful progress. This year, the company has made no material progress, so we voted for the proposal.
-Against shareholder proposal on lobbying. The proposal did not meet the requirements in the Magni policy on lobbying disclosure.
-For shareholder proposal on climate lobbying. The proposal met the requirements in the Magni policy on lobbying disclosure.