The annual proxy for this waste management company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on stock incentive plan
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 proxy materials had a complete disclosure of a shareholder engagement. The peer group and some high-level criteria were disclosed. However, without a benchmarking of the company to the peer group, shareholders are missing important information.
- For board proposal on stock incentive plan – Such plans align the interests of management, directors, and employees with the shareholders.