The annual proxy for this Mexican distributor of nonalcoholic beverages had the following proposals:
- Proforma votes on directors
- Proforma Mexican votes on annual confirmation of authorities
Magni voted as follows:
- Against all directors. Many members of the board are not independent. The board is very large and has a class structure to it. The lack of a proxy statement, as required by U.S. companies, means that governance matters are opaque. This combination of factors is not consistent with the transparent good governance practices of a well-run company.
- Against all Mexican proforma proposals. The lack of a proxy statement (or equivalent) represents a level of opaqueness inconsistent with good governance. Despite being proforma and related to matters not requiring a vote in U.S. company proxies, Magni is voting against the proposals as a means of seeking greater transparency.