The annual proxy for the retail store company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on long-term incentive plan
Magni voted as follows:
- For proforma proposals.
–Directors – The disclosures in the proxy meet the criteria in Magni’s policy on election of directors.
-Auditors. There appear to be no controversies with the financial statements of the company.
-“Say-on-pay” – The company has improved the executive compensation disclosures in the proxy. In particular, the addition of benchmarking of the company against the peer group is an important addition.
- For board proposal on long-term incentive plan – Long-term incentive plans align the interests of the management team with the shareholders.