The annual proxy for this clinical laboratory company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni voted as follows:
For and against the 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. though no ownership guidelines were disclosed.
- For auditors – There appear to be no controversies with the financial statements of the company.
- Against “say-on-pay” – A vague set of criteria along with a listed peer group, where there was no benchmarking of the company against the peer group, is not sufficient.