Proxy Blog

Republic Services, Inc.    

April 14, 2020

The annual proxy for this waste management company had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Board proposal on stock incentive plan 

Magni voted as follows: 

  1. 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 engagementThe 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. 
  2. For board proposal on stock incentive plan – Such plans align the interests of management, directors, and employees with the shareholders.