The annual proxy for this industrial company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on stock incentive plan
Magni voted as follows:
- For and against the proforma proposals.
-Against directors – The company uses staggered three-year terms on board directorships. Only two candidates are in the current slate. Magni voted against the directors last year and will continue to do so until there is a more independent slate of candidates that is more responsive to shareholders.
-For auditors – There appear to be no controversies with the financial statements of the company.
-Against “say-on-pay” – Last year Magni noted the significant improvement required in the executive compensation disclosures. No improvement is evident.
- For board proposal on stock incentive plan – Long-term incentive plans are a good tool for aligning management of a company with shareholder interests.