Proxy Blog

The Hartford Financial Services Group, Inc.

April 28, 2020

The annual proxy for this insurance company had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Board proposal on stock incentive plan 

Magni voted as follows: 

  1. For and against the 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 disclosure in the proxy lacked a benchmarking of the company against the peer group. 
  2. For board proposal on stock incentive plan – Long-term incentive plans are a good tool for aligning management of a company with shareholder interests.