Proxy Blog

The PNC Financial Services Group, Inc. 

March 25, 2020

The annual proxy for this bank holding and financial services corporation had the following proposals: 

  1. Proforma votes on directors, the appointment of auditors, and executive compensation 
  2. Board proposal on employee stock purchase plan 

Magni voted as follows: 

  1. For proforma proposals.
    -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. 
    -Auditors – There appear to be no controversies with the financial statements of the company.
    -“Say-on-pay” advisory vote – A relatively complete disclosure is thorough enough to vote “for” the proposal, though the shareholder engagement program could have a better disclosure of the level of activity. 
  2. For board proposal on stock purchase plan. Employee purchasing of company shares is a good way to engage the employees in the long-term success of the company.