BP, one of the stocks in my portfolio of about 50 companies, has an Apr 14, 2011 Annual Meeting coming up. I pulled up the “proxy statement” but didn’t have much patience with it… couldn’t easily find pay package, etc… perhaps because not US company. I checked in with ProxyDemocracy.org and MoxyVote.com… last day to vote using MoxyVote!
At ProxyDemocracy I see that Trillium voted against management on just about everything. I’m not quite that rebellious. I went with Florida SBA and CBIS, taking the harder line against management whenever they differed.
MoxyVote had recommendations from three groups but it is a little more difficult to compare them on that site since you have to click on each to get their recommendations, unless they are on your list of good causes. It looks like “Diversity” is asking people to vote against the only woman on the board, while “Women on Boards” is voting for her. CBIS is recommending a vote against her. I’ll go with the majority of recommendations here and stick with my decision based on ProxyDemocracy.
So, here below are the votes I cast through MoxyVote. I hold BP in more than one portfolio (am I crazy?), but using MoxyVote I can mark up my ballot and use it over and over again with different control numbers… a nice time saver.
Another advantage of using the MoxyVote platform is that you can avoid unintentionally giving your vote to management. On the ProxyVote.com platform that your broker probably includes a link to in their e-mail reminding you to vote, if you fail to vote an item then it goes to management (see my petition to the SEC on Blank Votes). At MoxyVote, you can go to your preferences and insure your default is abstain.
After logging in, next to “Welcome Jim” or the your name link, click on “My Profie.” Then you want to look down the left hand side at the bottom under your priority cue – it says “Prioritize and manage” in a big red block – hit that button. Then at the bottom you will see a radial dial with three choices – always vote with, against or abstain. If you’re like me, you’ll choose abstain.
I’ve got votes coming up at Citigroup, Dreamworks, Kellog and Berkshire Hathaway later this month. Any recommendations from readers?