The annual proxy for this insurance provider had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni voted for all proforma proposals.
- 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.
- Auditors – There appear to be no controversies with the financial statements of the company.
- “Say-on-pay” – The proxy materials document the shareholder engagement programs and clarify that compensation is part of the discussion. The peer group is listed along with vague criteria used to establish the peer group. The disclosure of the company’s rank within the peer group on a range of important financial metrics is a reasonable method of benchmarking.