Proxy Blog

Posco

July 9, 2018

POSCO, a South Korean steel-making company, provided a proxy for a special meeting. The proxy contained only one proposal: elect an employee to the board.  

Magni voted against the proposal as there was neither a rationale for the vote nor the qualifications of the employee to serve on the board. Magni views opaqueness as very detrimental to corporate governance, hence Magni will tend to vote against proposals on proxies that do not include supporting information.