Proxy Blog

Westinghouse Air Brake Technologies Corporation

April 21, 2020

The annual proxy for this industrial company had the following proposals: 

  1. Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote 
  2. Board proposal on stock incentive plan 

Magni voted as follows: 

  1. 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. 
  2. For board proposal on stock incentive plan – Long-term incentive plans are a good tool for aligning management of a company with shareholder interests.