The annual proxy for this sportswear manufacturer had the following proposals:
- Proforma votes on directors, the appointment of auditors, and executive compensation
- Board proposal to amend bylaws
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 – There appear to be no controversies with the financial statements of the company.
-Against “say-on-pay” – The lack of a shareholder engagement program needs to be addressed.
- For board proposal to amend bylaws – If adopted this proposal would expand the rights of the shareholders. Currently, only the board can amend the bylaws.