The annual proxy for this defense contractor had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposals on threshold for written consent and reporting on human rights impacts from use of company products
Magni voted as follows:
- For and against proforma proposals.
–For directors – The disclosures meet the criteria in our policy on election of directors.
-For auditors – The company meets the criteria in our policy on auditor ratification.
-Against advisory vote – The disclosures in the proxy did not meet the criteria in our policy on the advisory vote.
- Against the shareholder proposals.
–Threshold for written consent – Per the Magni position paper, we routinely vote against these proposals. This company already allows written consent. The shareholder making the proposal wants to lower the threshold from 25% to 10%. Written consent is a bad idea. Lowering the threshold also is a bad idea.
-Reporting on human rights impacts from use of company products – we voted against this proposal last year and did so again this year. In summary, the shareholder wants to hold the company accountable for policy decisions of the U.S. government where the shareholder doesn’t support the U.S. government policy. The shareholder instead should pursue a change in U.S. policy. If the proposal was targeted more narrowly and focused on the company, we would support it.