The annual proxy for this cellular services company had the following proposals:
- Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposal on equity vesting following change of control
Magni voted as follows:
- For and against proforma proposals.
–For and against directors – The disclosures in the proxy do not meet the criteria in Magni’s policy on election of directors. Softbank and Deutsche Telekom have too much representation on T-Mobile’s board. Magni voted against the more junior people nominated for the company board from those two companies: Marcelo Claure, Srini Gopalan, Christian Illek, Raphael Kubler, and Thorsten Langheim.
-For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
-Against “say-on-pay” – The disclosures in the proxy do not meet the criteria in Magni’s policy on the advisory vote as there is a lack of a shareholder engagement program.
- Against shareholder proposal on equity vesting following change of control – The proposal seeks to limit payments to senior executives in the event the company is sold. However, selling the company for an attractive price is in the interest of the shareholders. The proposal seeks specific changes to the compensation plan. While Magni believes some of the changes could be worthwhile, it does need justification to intervene in board responsibilities by advocating for specific compensation plan changes.