The annual proxy for this travel services company only had proforma proposals on directors and appointment of auditors.
Magni voted for and against proposals on the proxy.
- Against directors – This company is controlled by another company with public shareholders having minimal ability to impact the company. Only three of the directors represent the shareholders who own the public equity. Such a company does not have an independent board. The lack of a “say-on-pay” proposal is but one example of the governance issues with this company.
- For auditors – There appear to be no controversies with the financial statements of the company.