The annual proxy for this industrial conglomerate had the following proposals:
- Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on eliminating supermajorities
Magni voted as follows:
- For and against the proforma proposals.
–For and against directors – Two of the directors are founders of Danaher and remain on the board, though only one is appropriate. Steven Rales appears to have the stronger set of experiences. As with a year ago, Magni voted against Mitchell Rales.
-For auditors – There appear to be no controversies with the financial statements of the company.
-Against “say-on-pay” – The lack of benchmarking of the company against the peer group means that shareholders do not have perspective on the appropriateness of the peer group.
- For board proposal to eliminate supermajority voting requirements – Strong shareholder relationships mean avoiding governance structures that reduce or eliminate the impact of shareholder votes. Governance structures with supermajority voting requirements are inconsistent with strong shareholder relationships.