Proxy Blog

Public Service Enterprise Group Inc. 

March 24, 2020

The annual proxy for this energy company 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 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” Advisory Vote – A shareholder engagement program is disclosed, and compensation is a discussion topic, though the level of activity is not disclosed. The peer group was listed with superficial criteria and no benchmarking of the company against the peer group.