The annual proxy for this manufacturer of lithium-based products had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposals to declassify board and eliminate supermajority
Magni voted as follows:
- For and against proforma proposals.
–For directors – The disclosures meet most of the criteria in Magni’s policy on election of directors. Too many people with connections to the former parent company are on the board. Last year, we voted against all nominees due to the lack of independence. The company made significant progress in moving toward an independent board. Starting next year, we will accept one and only one director from the former parent.
-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 board proposals on declassified boards and eliminating super majority voting – both proposals address issues where there are established best practices.