The annual proxy for this printing and scanning company had the following proposals:
- Proforma votes on directors, appointment of auditors, and “say-on-pay” advisory vote
- Board proposal on performance incentive plan
Magni voted as follows:
- For and against the proforma proposals.
-For and against directors – Two of the seven director nominees are from Icahn Enterprises. Only one is needed on the board. Magni voted against Mr. Graziano as he is the more junior person at Icahn and does not appear to have a relevant background to the company’s operations or markets.
-For auditors – There appear to be no controversies with the financial statements of the company.
-Against “say-on-pay” – The lack of activity level on the shareholder engagement plan and the lack of benchmarking are deficiencies in the disclosure.
- For board proposal on performance incentive plan – Long-term incentive plans are a good tool for aligning management of a company with shareholder interests.