Tag Archives | ProxyDemocracy.org

July 2014: 5, 10 & 15 Years Ago in Corporate Governance

Mr. Peabodys WayBackMachineCorporate Governance Publisher’s Note: Yes, you’ll find many broken links in the material referenced below. After 5, 10 and 15 years, the internet moves on. Many of the organization’s linked have since gone under. We’re just glad to still be here, offering our readers a sense of the history we have shared. More about the WABAC machine

Five Years Ago in Corporate Governance

This morning, the SEC held a hearing on proxy access. By a three to two vote, Commissioners voted for proxy access. Democracy in corporate governance will dramatically improve with our right to nominate and elect directors, even if limited to 25% of the board. Directors may actually begin to feel dependent on the will of shareowners. Continue Reading →

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Stratasys Ltd, SSYS – Proxy Vote Score 30%

SSYSStratasys $SSYS, which provides additive manufacturing (AM) solutions (3D printers) for the creation of parts used in the processes of designing and manufacturing products and for the direct manufacture of end partsis one of the stocks in my portfolio. The next annual meeting for Stratasys is July 10, 2014. ProxyDemocracy.org had collected the votes of two funds on Stratasys when I checked and voted on 7/6/2014. I voted with the Board’s recommendations 30% of the time. View Stratasys Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the Stratasys proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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Steris (STE): Proxy Vote – 100

STERIS Corporation logoSteris Corp $STE, which develops and markets surgical and critical care support products and services, is one of the stocks in my portfolio. Their next annual meeting is July 30, 2014. ProxyDemocracy.org had collected the votes of no funds on Steris when I checked and voted on 6/17/2014. I voted with the Board’s recommendations 100% of the time. View Steris Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the Steris proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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Medivation (MDVN): Proxy Vote – Score 91

MedivationMedivation $MDVN, a promising biopharmaceutical company developing novel therapies to treat serious diseases, is one of the stocks in my portfolio. Their next annual meeting is June 27, 2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 6/17/2014. I voted with the Board’s recommendations 91% of the time and assigned them a proxy score of 91. View Proxy Statement. Would it bust their budget to add a hyperlinked table of contents? Read Warnings below. What follows are my recommendations on how to vote the MDVN proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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Announcing Proxy Votes Improves Corporate Governance

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Shareowners Upholding Industry

Yesterday, I posted a recent letter to the editor of Pensions & Investments praising their editorial, Winning Over Proxy Voters, which argues that institutional investors have a fiduciary duty to announce their proxy votes in advance of annual meetings, if doing so is likely to influence voters. If institutional investors heed their call, it will speed the development of open client director voting (CDV) and more intelligent proxy votes.

As corporate power grows and the power of government falls, mechanisms to govern corporations become more important. As government power falls, their power to regulate corporations falls as well. Further, as the influence of corporations over governments increases (e.g. lobbying) the will of governments to regulate corporations also falls.  – CHR for Social Responsibility

Historically, most retail shareowners toss their proxies. During the first year under the “notice and access” method for Internet delivery of proxy materials, less than 6% made use of their proxy votes. Those that do vote own disproportionately more shares (about 25-30% of total retail shares). The voting rate hasn’t improved much, if at all. This contrasts with almost all institutional investors voting, since they have a fiduciary duty to do so. Unfortunately, it isn’t time/cost efficient to read through the entire proxy to vote a few retail shares intelligently. Continue Reading →

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Letter to P&I Re Fiduciary Duty Editorial

P&I-proxy-voters-cartoon Below is an email I sent to Pensions & Investments (P&I) editorial chief Barry Burr praising their editorial enhancing fiduciary duty and opining on how it may speed the arrival of the time when retail investors will vote their values with the simple push of a button or two on their cell phones. I will follow this tomorrow with some additional remarks regarding the advent of open client directed voting, assisted by this expanded fiduciary duty.

Dear Editor:

Thank you for your important editorial, Winning Over Proxy Voters, which argues that institutional investors have a fiduciary duty to announce their proxy votes in advance of annual meetings, if doing so is likely to influence voters.

Votes are assets. Announcing votes in advance of meetings puts the value of those assets to their full use; announcing votes after the meeting does not. Continue Reading →

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Premiere Global Services, PGI: Proxy Vote Score 40

PGIPremiere Global Services, $PGI, is one of the stocks in my portfolio. Their annual meeting is June 17, 2014. ProxyDemocracy.org had collected the votes of three funds when I checked and voted on 6/11/2014.  I voted with the board’s recommendations 40% of the time, thus assigned a proxy score of 40.  View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the PGI proxy in order to enhance PGI’s corporate governance and long-term value.   Continue Reading →

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DaVita HealthCare Partners, DVA: Proxy Vote

DaVitaDaVita HealthCare Partners $DVA, is one of the stocks in my portfolio. Their annual meeting is June 17, 2014. ProxyDemocracy.org had collected the votes of three funds when I checked and voted on 6/10/2014.  I voted with management 50% of the time.  View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the DVA proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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SciClone Pharmaceuticals $SCLN: Proxy Vote

SCLNSciClone Pharmaceuticals $SCLN, is one of the stocks in my portfolio. Their annual meeting is June 12, 2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 6/10/2014.  I voted with management 37% of the time.  View Proxy Statement. Would it kill them to include a hyperlinked table of contents? Read Warnings below. What follows are my recommendations on how to vote the SCLN proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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Caterpillar $CAT: Proxy Vote

CATCaterpillar (CAT), is one of the stocks in my portfolio. Their annual meeting is June 11, 2014 (tomorrow). ProxyDemocracy.org had collected the votes of two funds when I checked and voted on 6/10/2014.  I see they now have three. I voted with management 42% of the time.  View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the CAT proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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Netflix $NFLX: Proxy Vote

netflixNetflix (NFLX), is one of the stocks in my portfolio. Their annual meeting is June 9, 2014. ProxyDemocracy.org had collected the votes of three funds when I checked and voted on 6/4/2014.  I voted with management 27% of the time.  View Proxy Statement (why no linked Table of Contents?) Read Warnings below. What follows are my recommendations on how to vote the NFLX proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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Wal-Mart Stores $WMT: Proxy Votes

wmt_logo_2Wal-Mart Stores (WMT), is one of the stocks in my portfolio. Their annual meeting is June 6, 2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 5/31/2014.  I voted with management 58% of the time.  View Proxy Statement. Read Warnings below. What follows are my recommendations on how to vote the WMT proxy in order to enhance corporate governance and long-term value.   Continue Reading →

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Fiduciary Duty to Announce Votes (Part 3): Take Action

PD-CkMutualVotingRecord

Take Action: Ask your mutual fund, pension fund, and/or endowment to:

  1. Send you a copy of their proxy voting policies and their proxy voting record.
  2. Report their votes in advance of annual shareholder meetings to ProxyDemocracy.org.  
  3. Make a small donation (not tax deductible) to ProxyDemocracy.org to keep that valuable service going or contact Andy Eggers to make a tax-deductible contribution through their 501(3) affiliate. I’ll match donations up to $2,000 until the end of June.

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Genomic Health $GHDX Proxy Recommendations

GHDXGenomic Health (GHDX), is one of the stocks in my portfolio. Their annual meeting is coming up on June 6, 2014. ProxyDemocracy.org had collected the votes of one fund when I checked and voted on 5/27/2014.  I voted with management 92% of the time.  View Proxy Statement. (Note: GHDX proxy Table of Contents is only for stock incentive plan… not the proxy. Very poorly done.) Read Warnings below. What follows are my recommendations on how to vote the GHDX proxy in order to enhance corporate governance and long-term value.  Continue Reading →

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SolarCity $SCTY Voting Recommendations

SCTYSolarCity (SCTY), is one of the stocks in my portfolio. Their annual meeting is coming up on June 4, 2014.  ProxyDemocracy.org had collected the votes of no funds when I checked and voted on 5/26/2014.  I voted with management 75% of the time but won’t next year if corporate governance reforms are not made.  View Proxy Statement. Read Warnings below. What follows are my proxy voting recommendations for SCTY. Continue Reading →

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