The annual proxy for this real estate investment trust had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni 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 and there are ownership requirements.
- For auditors – There appear to be no controversies with the financial statements of the company.
- Against “Say-on-pay” Advisory Vote – The company claims to have shareholder engagement; however no actual engagement activity is described. A peer group is listed in the director compensation section. The text near the list does not provide an explanation of an objective process, while also not clarifying if the peer group is used in the executive compensation process.
