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Proxy Policy

 

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 2012:

Proxy votes for the Fiscal Year ending June 30, 2012 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 are sympathetic with shareholder concerns about Corporate Activities but generally find their proposed Corporate Resolutions self-serving to their personal agendas. This year we voted for nearly every resolution giving shareholders a non-binding vote on Executive Compensation.

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 automatically vote no on plans to re-set incentive option strike prices to lower levels than the price originally granted.

Proxy Votes 2012

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