Proxy Blog

Iron Mountain 

May 21, 2019

The annual proxy for the document retention company only had the following proposals: 

  • Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 

Magni voted for and against proforma proposals. 

  • For directorsThe 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 
  • For auditors. There appear to be no controversies with the financial statements of the company. 
  • Against say-on-pay”  The proxy materials documented a reactive shareholder engagement process (e.g., if a shareholder contacts the board, the board will respond). That is entirely inadequate. The peer group was listed with some high-level criteria, thus allowing room for gerrymandering.