The annual proxy for this bank holding and financial services corporation had the following proposals:
- Proforma votes on directors, the appointment of auditors, and executive compensation
- Board proposal on employee stock purchase plan
Magni voted as follows:
- 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.
- 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.