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 written consent
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.
-For auditors – There appear to be no controversies with the financial statements of the company.
-Against “Say-on-pay” – The company alludes to its peer group, yet there is no discussion of the process for determining the peers.
- Against the shareholder proposal on written consent. Per the Magni position paper, Magni routinely votes against written consent proposals.