The annual proxy for this home improvement and appliance retailer had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposals on reducing threshold for special meetings to 15% and employee stock purchase plan
- Shareholder proposal on reducing threshold for special meetings to 10%
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 – There appear to be no controversies with the financial statements of the company.
-“Say-on-pay” – The proxy disclosure contained information on both the shareholder engagement program and the peer group.
- For board proposals.
–Lowering the threshold for special meetings to 15% – Per the Magni position paper, Magni routinely votes in favor of these proposals.
-Employee stock purchase plan – Employee purchasing of company shares is a good way to engage them in the long-term success of the company.
- For shareholder proposal on lowering the threshold for special meetings to 10% – Per the Magni position paper, Magni routinely votes in favor of these proposals.