Gilead Sciences, Inc: Proxy Score 46

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Gilead Sciences, Inc. (NASD:GILD, $GILD) is a research-based biopharmaceutical company that discovers, develops and commercializes innovative medicines. It is one of the stocks in my portfolio. Their annual meeting is coming up on May 11,2016.  ProxyDemocracy.org had collected the votes of three funds when I checked. Vote AGAINST pay, compensation committee, bonus plan. FOR proposal to allow shareholder action by written consent. I voted with the Board’s recommendations 46% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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MMM – 3M Co: Proxy Score 53

MMM 3M3M Co (NYSE:MMM, $MMM) operates as a diversified technology company worldwide. It is one of the stocks in my portfolio and I have a proposal on ‘special meetings’ up for a vote. The annual meeting is coming up on May 10, 2016. ProxyDemocracy.org had collected the votes of two fund families when I checked. Vote AGAINST pay, compensation committee, sock plan. FOR proposal to lower the threshold to call a special meeting and to remove share buybacks from the calculations determining CEO pay. I voted with the Board’s recommendations 53% of the time. View Proxy Statement. Continue Reading →

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Governance and the Valeant Flea

ValeantGovernance and the Valeant Flea: The Art of Not Living Dangerously

“You may well say, that’s a valiant flea that dare eat his breakfast on the lip of a lion.”

-William Shakespeare

Valeant: Cautionary Tale

There’s a good reason that no bestselling novels or blockbuster movies about corporate governance exist. It’s because doing corporate governance right is frankly boring. Figuring out which companies are well governed is not a beautiful or riveting process, but for investors it’s critical to make the effort. Why? Because identifying companies that are skating too near the edge may help preserve portfolio value. At Pax World, we experienced this first-hand when we eliminated the drug company Valeant (VRX) from our portfolios last fall. Continue Reading →

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Marriott (MAR): Proxy Score 64

Marriott InternationalMarriott International Inc (NASD:MAR, $MAR) is an operator, franchisor and licensor of hotels and timeshare properties across the world. It also operates markets and develops residential properties and provides services to home/condominium owner associations. It is one of the stocks in my portfolio. Their annual meeting is coming up on May 6, 2016. ProxyDemocracy.org had collected the votes of three funds when I checked. I voted AGAINST the pay plan and compensation committee members, FOR moving to a simple majority voting standard. I voted with the Board’s recommendations 64% of the time. View ProxyStatement.

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Kansas City Southern: Proxy Score 80

Kansas City SouthernKansas City Southern (NYSE:KSU, $KSU) is a transportation holding company with domestic and international rail operations in North America that are focused on the north/south freight corridor connecting commercial and industrial markets in the central United States with industrial cities in Mexico. It is one of the stocks in my portfolio. Their annual meeting is coming up on May 5, 2016. ProxyDemocracy.org had collected the votes of two funds when I checked. I voted AGAINST the pay plan and FOR genuine proxy access – voting with the Board’s recommendations 80% of the time. View Proxy Statement. Continue Reading →

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Kimberly Clark Corp: Proxy Score 60

Kimberly Clark Corp

Kimberly Clark Corp (NYSE:KMB, $KMB)  is engaged in the manufacturing and marketing of products made from natural or synthetic fibers. It is one of the stocks in my portfolio. Their annual meeting is coming up on May 2, 2016. ProxyDemocracy.org had collected the votes of four funds when I checked. Vote AGAINST pay, compensation committee and Mr. Bergstrom, who should not be on the Audit Committee. All others vote FOR. I voted with the Board’s recommendations 60% of the time. View Proxy Statement. Continue Reading →

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Bristol-Myers Squibb: Proxy Score 50

Bristol-Myers SquibbBristol-Myers Squibb Co (NYSE:BMY, $BMY) is engaged in the discovery, development, licensing, manufacturing, marketing, distribution and sale of biopharmaceutical products across the world. It is one of the stocks in my portfolio. Their annual meeting is coming up on May 3, 2016. ProxyDemocracy.org had collected the votes of four fund families when I checked. Vote AGAINST pay, compensation committee – FOR my shareholder proposal to lower the threshold to call a special meeting. I voted with the Board’s recommendations 50% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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TSCO Tractor Supply: Proxy Score 90

TSCO Tractor Supply CompsnyTSCO, Tractor Supply Company is an operator of rural lifestyle retail stores in the United States catering to recreational farmers and ranchers, as well as tradesmen and small businesses. It is one of the stocks in my portfolio. Their annual meeting is coming up on May 3, 2016. ProxyDemocracy.org had collected the votes of three funds when I checked. I voted AGAINST R. Keith Halbert; FOR all other items in the proxy. I voted with the Board’s recommendations 88% of the time. View Proxy Statement. Continue Reading →

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Boeing Co: Proxy Score 53

Boeing CoBoeing Co (NYSE:BA, $BA) operates through five segments: Commercial Airplanes, Boeing Military Aircraft (BMA), Network & Space Systems (N&SS), Global Services & Support (GS&S) and Boeing Capital (BCC). It is one of the stocks in my portfolio. Their annual meeting is coming up on May 2, 2016. ProxyDemocracy.org had collected the votes of 1 fund when I checked. Vote AGAINST pay, compensation committee; FOR proposals on lobbying, special meeting, independent chair; ABSTAIN on Isreal. I voted with the Board’s recommendations 53% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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American Express Company: Proxy Score 38

American Express CompanyAmerican Express Company (NYSE:AXP, $AXP) provides charge and credit payment card products and travel-related services to consumers and businesses worldwide. It is one of the stocks in my portfolio. Their annual meeting is coming up on May 2, 2016. ProxyDemocracy.org had collected the votes of three funds when I checked. Vote AGAINST pay, committee, incentive plan, overboarded director. FOR all other items in the proxy, including shareholder proposals. I voted with the Board’s recommendations 88% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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Kellogg Company: Proxy Score 75

Kellogg CompanyKellogg Company (NYSE:K, $K) manufactures and markets ready-to-eat cereal and convenience foods. It is one of the stocks in my portfolio. Their annual meeting is coming up on April 29, 2016. ProxyDemocracy.org had collected the votes of three funds when I checked. Vote FOR all items in the proxy, including shareholder proposal to adopt a simple majority standard for all votes. I voted with the Board’s recommendations 75% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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ATT: Proxy Score 50

ATTATT, AT&T Inc. (NYSE:T) provides telecommunications and digital entertainment services through four segments: Business Solutions, Entertainment Group, Consumer Mobility, and International. It is one of the stocks in my portfolio. Their annual meeting is coming up on April 29, 2016. ProxyDemocracy.org had collected the votes of four funds when I checked. I voted AGAINST the pay plan, compensation committee, and stock plan. Vote FOR independent chair, disclose lobbying and political contributions. I voted with the Board’s recommendations 50% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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Rana Plaza: Disclosures Needed

Rana Plaza

Rana Plaza

Three years have passed since the collapse of the Rana Plaza building in Bangladesh resulting in over 1,100 garment workers killed and 2,600 injured. This massive tragedy drew attention to the systemic human rights abuses in the garment sector, as well as the failure of the Bangladesh government and corporate compliance programs to create safe and healthy workplaces that respect and protect the lives of workers. Continue Reading →

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JNJ: Proxy Score 53

JNJJNJ, Johnson&Johnson (NYSE: $JNJ) researches, develops, manufactures, and sells various products in the health care field worldwide through three segments: Consumer, Pharmaceutical, and Medical Devices. It is one of the stocks in my portfolio. Their annual meeting is coming up on April 28, 2016. ProxyDemocracy.org had collected the votes of two funds when I checked. I voted AGAINST the pay plan, compensation committee & favoring share buybacks. Vote FOR independent chair, disclose lobbying and report on drug take-back programs. I voted with the Board’s recommendations 53% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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Bio-Rad Laboratories: Proxy Score 25

Bio-RadBio-Rad Laboratories, Inc. (NYSE:BIO, $BIO) manufactures and supplies products and systems used for the life science research, healthcare, analytical chemistry and other markets. It is one of the stocks in my portfolio. Their annual meeting is coming up on April 26, 2016. ProxyDemocracy.org had collected the votes of two funds when I checked. Vote AGAINST the directors who own no shares in Bio-Rad and FOR my shareholder proposal to adopt proxy access. I voted with the Board’s recommendations 25% of the time. View Proxy Statement.

Read Warnings below. What follows are my recommendations on how to vote the proxy in order to enhance corporate governance and long-term value. Continue Reading →

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