The annual proxy for this miner of phosphate and potash had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
Magni 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 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 proxy materials did not discuss any shareholder engagement efforts. The peer group was listed with criteria, though the criteria was not precise. The rank of the company against the key financial metrics was provided, but it showed the peer group to be skewed larger than the company, thus potentially setting compensation targets too high.