The annual proxy for this manufacturer of home fixtures and hardware had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni for and against proforma proposals:
- For directors – The board has a majority of independent directors and some have CEO/CFO experience with other companies. The compensation of directors is disclosed with a meaningful portion in equity and there are ownership requirements.
- For auditors – There appear to be no controversies with the financial statements of the company.
- Against “Say-on-pay” Advisory Vote – The proposal did not address shareholder engagement. A peer group is listed; however, the process for inclusion on the list is not clear and the company is smaller than the average of the peer group.
