The annual proxy for this provider of electronic design, test, and related solutions had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on frequency of advisory vote
Magni voted as follows:
- For and against proforma proposals:
–For directors – With one exception, the disclosures in the proxy meet the criteria in Magni’s policy on election of directors. Magni voted against Heath Mitts, CFO of the company, as he is not independent. With a non-independent chairman and a CEO on the board, the company doesn’t need a third insider.
-For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
-Against advisory vote – The disclosures in the proxy did not meet the criteria in Magni’s policy on the advisory vote.
- For annual votes on the board proposal regarding frequency of “say on pay” votes – Annual feedback from shareholders is good.