Clients have the option of receiving their proxy voting
information, or having Cascade Investment Counsel receive and review it for them.
Except when directed in writing, Cascade will
not give each client an annual recap of all routine measures voted
or not voted upon. In
cases where vital interests are at stake, all clients are informed
about the issues being voted upon in advance.
The unusual items that Cascade chose to vote on will be
posted on our website.
How we voted on the following Proxys in
2009:
Proxy votes for
the Fiscal Year ending June 30, 2009 were based upon three broad
principles:
We almost always
vote for incumbent Directors, Auditors and stock splits. We label this as
voting “For all routine items”.
We almost always
vote against shareholder proposals that are intended to move a third
parties social, political or religious agenda at the expense of our
client’s interest.
We review
carefully all unusual items such as re-incorporations, mergers etc. We have
a maximum threshold of 1% per year dilution in any compensation scheme,
i.e. If we are diluted by more
than 1% per year we automatically vote no.
We believe that executive compensation in America is a scandal, and
we always vote no on
plans to re-set incentive option strike prices to lower levels than the
price originally granted.
Proxy Votes 2009
