The annual proxy for this fashion retailer had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposals on equity incentive and employee stock purchase plans
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” – No shareholder engagement program was disclosed or referenced. The company was not benchmarked against the peer group.
- For board proposal on long-term incentive plan – Stock plans align the interests of the board and management team with the shareholders, while employee purchasing of company shares is a good way to engage the employees in the long-term success of the company.