The annual proxy for this electric utility had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposals on written consent and lobbying report
Magni voted as follows:
- For and against proforma proposals.
–For directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors.
-For auditors. There appear to be no controversies with the financial statements of the company.
-Against “say-on-pay” – The incomplete disclosures on the shareholder engagement program and a lack of benchmarking need to be addressed.
- Against shareholder proposals.
–Written consent – Per the Magni position paper, Magni routinely votes against these proposals.
-Lobbying report – This proposal is similar to one submitted last year. Since last year’s vote, the company made specific changes to strengthen the disclosures. The proposal seeks to limit activities in trade associations. Participation in trade associations is good for the company.