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.
