The annual proxy for this supermarket chain had the following proposals:
- Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote
- Shareholder proposals on unrecyclable packaging/private label brands and human rights
Magni voted as follows:
- For and against proforma proposals.
–For directors – The disclosures in the proxy 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 “say-on-pay” – The disclosures in the proxy do not meet the criteria in Magni’s policy on the advisory vote.
- Against shareholder proposals.
–Unrecyclable packaging/private label brands – Last year Magni voted for this proposal as the company response consisted of plans without accomplishments. This year the company has meaningful accomplishments. The shareholder proposal does not acknowledge the accomplishments, much less explain how the accomplishments might be insufficient.
-Human rights – Human rights across stakeholders is important. That said, the proposal is generic without identifying shortcomings in the company’s approach. The company response provided detailed information about programs to assure protection of human rights across the supply chain.