The annual proxy for this flooring manufacturer had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni for and against proforma proposals:
- For and against directors – Voted for Mr. Onorato and Mr. Runge, while voting against Mr. Wellborn. Of the three directors standing for election, Mr. Wellborn is a legacy of a prior acquisition and hence not independent.
- For auditors – There appear to be no controversies with the financial statements of the company.
- Against “say-on-pay” – The proxy materials did not address shareholder engagement and no criteria was provided for the peer group.