The annual proxy for this insurance and financial services company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposal on independent chairman
Magni voted as follows:
- 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 “say-on-pay” – The disclosures about shareholder engagement and the peer group were vague. There was a lack of benchmarking the company against the peer group.
- For the shareholder proposal on independent chairman – Magni wrote a position paper regarding shareholder proposals for independent chairman.