Proxy Blog

Norfolk Southern Corporation

April 21, 2021

The annual proxy for this railroad company had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Shareholder proposals on requirements for proxy access and report on lobbying with regard to Paris Climate Agreement 

Magni voted as follows: 

  1. For and against proforma proposals.
    For directors – The disclosures meet the criteria in Magni’s policy on election of directors
    -For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
    -Against advisory vote – The disclosures in the proxy did not meet the criteria in Magni’s policy on the advisory vote. 
  2. For shareholder proposals. 
    Requirement for proxy access – Well governed companies should be proactive in managing shareholder relationships. Enabling access to proxies is part of such relationships.
    -Report on lobbying with regard to Paris Climate Agreement – Historically, we would have considered the quality of the company’s existing climate disclosure as a basis for determining which way to vote on these types of proposal. Given the acquisition of Magni by Newday Impact, we will be voting for a higher percentage of climate proposals. This proposal is practical with the supporting statement acknowledging the quality of existing disclosures.