The annual proxy for this manufacturing company had the following proposals:
- Proforma proposals on directors, appointment of auditors, and “say-on-pay” advisory vote
- Proforma European votes on annual confirmation of authorities
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 as there is a lack of a shareholder engagement program, along with a lack of benchmarking.
- For European proforma proposals – Under US laws and regulations, these matters are handled by the board, thus the topics do not warrant votes by shareholders of US companies. Magni usually votes in support of these topics, unless some controversy or issue has arisen that requires additional investigation or justifies a vote against.