The annual proxy for this insurance company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on stock incentive plan
Magni voted as follows:
- 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. - For board proposal on stock incentive plan – Long-term incentive plans are a good tool for aligning management of a company with shareholder interests.
