The annual proxy for this information services company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposals on 2019 Stock Incentive Plan and Director Deferred Stock Ownership 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 did discuss shareholder engagement efforts, which included discussion of compensation. The peer group was listed, but the process and criteria were vague. The company needs objective criteria for the determination of the peer group.
- For board proposals.
-2019 Stock Incentive Plan – The plan is aligned with shareholder interests, the amendments are minor in nature, and having people within the company focused on value creation is a good governance practice.
-Director Deferred Stock Ownership Plan – The plan is aligned with shareholder interests, the amendments are minor in nature, and having people on the board focused on value creation is a good governance practice.