The annual proxy for this oilfield services company had the following proposals:
- Proforma votes on directors, appointment of auditors, executive compensation
- Proforma European vote on financials
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” advisory vote – While disclosure regarding shareholder engagement is complete, the disclosure regarding the peer group lacks benchmarking.
- For European proforma proposal. Under U.S. laws and regulations, these matters are handled by the board, thus the topics do not warrant votes by shareholders of U.S. companies. Magni usually votes in support of these topics, unless some controversy or issue has arisen that requires additional investigation or justifies a vote against.