Proxy Blog

HP Inc. 

April 28, 2020

The annual proxy for this information technology company had the following proposals: 

  1. Proforma votes on directors, the appointment of auditors, and executive compensation 
  2. Board proposal on employee stock purchase plan 
  3. Shareholder proposal on written consent 

Magni voted as follows: 

  1. 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. 
  2. For the board proposal on employee stock purchase plan – These plans are a good tool for aligning employees with shareholder interests.  
  3. Against shareholder proposal on written consent – Per the Magni position paper, Magni routinely votes against written consent proposals.