The annual proxy for this manufacturer of connectivity and sensor products had the following proposals:
- Proforma votes on directors, appointment of auditors, and executive compensation
- Board proposals related to canceling repurchased shares and equity used in compensation
- Proforma Swiss votes
Magni voted as follows:
- For and against proforma proposals:
–For directors – With one exception, the disclosures in the proxy meet the criteria in Magni’s policy on election of directors. Magni voted against Heath Mitts, CFO of the company, as he is not independent. With a non-independent chairman and a CEO on the board, the company doesn’t need a third insider.
-For auditors – The company meets the criteria in Magni’s policy on auditor ratification.
-Against advisory vote – The disclosures in the proxy did not meet the criteria in Magni’s policy on the advisory vote.
- For board proposals on canceling the share repurchase program. The board seeks to conserve cash. Barring some specific reason to overrule a board, Magni sides with management on these sorts of issues.
–Cancel repurchased shares – Such action is in the interest of shareholders.
-Equity used in compensation – Per Magni policy, Magni votes in favor of many of these proposals.
- For Swiss proforma proposals. Under US laws and regulations, these matters are handled by the board, thus the topics do not warrant votes by shareholders of US 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.