Principal Financial Group, Inc. 

The annual proxy for this financial services company had the following proposals: 

1. Proforma votes on directors, appointment of auditors, and compensation 
2. Board proposals on director stock and employee stock purchase plans 

Magni voted as follows: 

1. For and against proforma proposals.
   –For directors – The board has a majority of independent directors and some have CEO/CFO experience with other companies. The compensation of directors is disclosed with a meaningful portion in equity where the equity has restrictions to align director incentives with long-term value creation. 
   -For auditors – There appear to be no controversies with the financial statements of the company.
   -Against executive compensation – The lack of benchmarking of the company against the peer group means that shareholders do not have perspective on the appropriateness of the peer group. 
2. For board proposals on director and employee stock purchase plans – 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.