The annual proxy for this information technology company had the following proposals:
- Proforma votes on directors, the appointment of auditors, and executive compensation
- Board proposal on employee stock purchase plan
- Shareholder proposal on written consent
Magni voted as follows:
- For all proforma proposals.
–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 where the equity has restrictions to align director incentives with long-term value creation.
-Auditors – There appear to be no controversies with the financial statements of the company.
-“Say-on-pay” – The shareholder engagement and peer group disclosures indicate good governance practices in executive compensation.
- For the board proposal on employee stock purchase plan – These plans are a good tool for aligning employees with shareholder interests.
- Against shareholder proposal on written consent – Per the Magni position paper, Magni routinely votes against written consent proposals.