The annual proxy for this home improvement company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposals on written consent, contributions analysis, and prison labor in the supply chain
Magni voted as follows:
- For and against proforma proposals.
–For directors – The disclosures meet the criteria in Magni’s policy on election of directors.
-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.
- Against shareholder proposals.
–Written consent – Per the Magni position paper, we routinely votes against these proposals.
-Contributions analysis – The shareholder doesn’t agree with some contributions made by the company. The proposal would force the company to explain the consistency of some statements by organizations receiving contributions with various public statements by the company. The shareholder proposal needs to be stronger to get our support.
-Prison labor in the supply chain – The company already has a policy against using prison labor. The proposal does not address any deficiencies in the policy.