The annual proxy for this mining company had the following proposals:
- Proforma votes on directors, the appointment of auditors, and executive compensation
- Board proposal on stock incentive plan
Magni voted as follows:
- For proforma proposals.
-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.
-Auditors – There appear to be no controversies with the financial statements of the company.
-“Say-on-pay” advisory vote – Disclosures on shareholder engagement and the peer group were thorough.
- For board proposal on stock incentive plan. Employee ownership of company shares is a good way to engage the employees in the long-term success of the company.