Proxy Blog

Lowe’s Companies, Inc.

May 9, 2020

The annual proxy for this home improvement and appliance retailer had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Board proposals on reducing threshold for special meetings to 15% and employee stock purchase plan 
  3. Shareholder proposal on reducing threshold for special meetings to 10% 

Magni voted as follows: 

  1. 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. 
  2. 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.
  3. 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.