The annual proxy for this producer of chocolate and snacks had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni voted for and against 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, along with ownership guidelines to align director incentives with shareholders’ long-term interests.
- For auditors – There appear to be no controversies with the financial statements of the company.
- Against “say-on-pay” – The peer group disclosure was vague, though it met minimum requirements. The vote against was based on the lack of disclosure of a shareholder engagement program.