Proxy Blog

Newell Brands Inc. 

April 14, 2020

The annual proxy for this marketer of consumer and commercial products had the following proposals: 

  • Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 

Magni voted for and against proforma proposals.

  • For directors – The board has a majority of independent directors and some have CEO/CFO experience with other companies. The compensation of directors is disclosed with a meaningful portion in equity where the equity has restrictions to align director incentives with long-term value creation. 
  • For auditors – There appear to be no controversies with the financial statements of the company.
  • Against “Say-on-pay” – The disclosure of the shareholder engagement program was okay. The peer group was disclosed, along with high-level criteria. However, the lack of benchmarking of the company against the peer group is a severe shortcoming of the disclosure, particularly when the proxy states that the peer group is new.