The annual proxy for this manufacturer of lithium-based products had the following proposals:
- Proforma votes on directors and appointment of auditors. There was no “say-on-pay” advisory vote
- Board proposals to set frequency of advisory compensation vote, declassify board, and eliminate supermajority
Magni voted as follows:
- For and against proforma proposals.
-Against directors – This company is a spinoff from another company. It is relatively new. The bylaws were written recently, yet the bylaws contain rules inconsistent with modern good governance (see board proposals). Further, too much of the board are people from the prior parent.
-For auditors – There appear to be no controversies with the financial statements of the company.
- For board proposals – annual compensation vote, declassified boards, and simply majority voting have been the best practices for a while.