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November 2020

Country Ranking Trends Magni recently completed a review of Banking Supervision in the Philippines. Our purpose was to evaluate the weaknesses in the country’s banking system, the weakness that enabled the North Koreans to pull off the 2016 bank heist using Philippine banks. They got $81 million from a Bangladesh bank. Unfortunately, the review demonstrated […]

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Air Products and Chemicals, Inc. 

The annual proxy for this industrial gas company had the following proposals:  Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote  Board proposal on long-term incentive plan  Magni voted as follows:  For and against proforma proposals: –For directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors. -For auditors – The company meets the criteria in Magni’s policy on auditor ratification. […]

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October 2020

Country Ranking Trends Magni recently completed a review of Monetary Policy. As part of the review, Magni identified a new source which provided greater insight into key factors in our model. We now have better information on specifics regarding each country’s policies, especially the important topic of inflation. Most countries received an upgrade or a […]

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Medtronic PLC 

The annual proxy for this medical device company had the following proposals:  Proforma proposals on directors, appointment of auditors, and advisory vote on compensation  Proforma European proposals on share transaction authorities  Magni voted as follows  For proforma proposals: –Directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors. -Auditors – The company meets the criteria in Magni’s policy on auditor ratification. -Advisory […]

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Autozone, Inc. 

The annual proxy for this retailer of aftermarket automotive parts had the following proposals:  Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote  Board proposal on omnibus incentive plan  Magni voted as follows:  For and against proforma proposals: –For directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors. -For auditors – The company meets the criteria in […]

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Covetrus, Inc. 

The special proxy for this animal health company had a proposal to convert the preferred shares from a financing transaction into common shares.  Magni voted for the proposal. The chairman recommended voting for the conversion based on the cash savings on dividends. While such a consideration in important, there are bigger issues. Having a single class of stock so all shareholders have comparable rights is part of […]

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Cisco Systems, Inc.

The annual proxy for this technology services company had the following proposals:  Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote  Board proposals to incorporate in Delaware and approve stock incentive plan  Shareholder proposal on independent chairman  Magni voted as follows:  For and against proforma proposals: –For directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors. -For auditors – […]

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Microsoft Corporation 

The annual proxy for this software company had the following proposals:  Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote  Shareholder proposal on employee representation on the board  Magni voted as follows:  For the proforma proposals. –Directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors. -Auditors – The company meets the criteria in Magni’s policy on auditor ratification. -“Say-on-pay” – The disclosures in the proxy […]

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September 2020

Country Ranking Trends Magni recently completed a review of Market Integrity. China has made some progress in implementing prior commitments, thus justifying a small upgrade. The Philippines also made some progress in a few areas; however, material deficiencies remain unaddressed. These deficiencies prevent Magni from upgrading the country’s Market Integrity score. Everything About Brexit is […]

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Fluor Corporation

The annual proxy for this engineering and construction firm had the following proposals:  Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote  Board proposal on a revised incentive plan  Magni voted as follows:  For and against proforma proposals: –For directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors. -For auditors – The company […]

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