Proxy Blog


May 8, 2018

The annual proxy for this industrial conglomerate had the following proposals: 

  • Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 

Magni for and against proforma proposals: 

  • For and against directors – Voted for the one independent director (Dewan). Voted against the other director (Lico, who is a former CEO of Fortive and hence not truly independent). The board has multiple classes, and unfortunately, there was no shareholder proposal to eliminate board classes. 
  • Against auditors – The significant board weaknesses justify voting against all board proposals. 
  • Against say-on-pay” Advisory Vote – The significant board weaknesses justify voting against all board proposals.