N-PX 1 v349919_npx.htm N-PX

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

 

FORM N-PX

 

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

 

Investment Company Act file number 811-04704

Primary Trend Fund, Inc.
(Exact name of registrant as specified in charter)

 

3960 Hillside Drive, Delafield, WI              53018
(Address of principal executive offices)   (Zip code)

 

Arnold Investment Counsel, Inc., 3960 Hillside Drive, Delafield, WI 53018
(Name and address of agent for service)

 

Registrant's telephone number, including area code: (262) 303-4850

 

Date of fiscal year end: June 30

 

Date of reporting period: July 1, 2012 – June 30, 2013

 

 
 

 

Item 1. Proxy Voting Record

 

                 
        PROXY VOTING RECORD        
                 
Name of Fund:   The Primary Trend Fund        
Period:   July 1, 2012 - June 30, 2013        
                 
                 
Company Name   Meeting Date   Shares Voted   CUSIP   Ticker 
                 
Cisco Systems, Inc.   11/15/12   20,000   17275R102   CSCO
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS / All 13 Nominees       Issuer
                 
For   For   2. Approval of amendment and restatement of the Executive Incentive Plan       Issuer
                 
For   For   3. Approval, on an advisory basis, of executive compensation       Issuer
                 
For   For   4. Ratification of PriceWaterhouseCoopers, LLP as Cisco's independent registered public accounting firm for fiscal 2013       Issuer
                 
Against   Against   5. Approval to have Cisco's Board adopt a policy to have an independent Board chairman whenever possible       Shareholder
                 
Against   Against   6. Approval to request Cisco management to prepare a report on "conflict minerals" in Cisco's supply chain       Shareholder
                 
                 
Archer-Daniels-Midland Co.   11/1/12   12,000   039483102   ADM
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS / All 12 Nominees       Issuer
                 
For   For   2. Ratify the appointment of Ernst & Young LLP as independent auditors for the six-month period ending December 31, 2012       Issuer
                 
                 
For   For   3. Advisory vote on executive compensation       Issuer
                 
Against   Against   4. Stockholder proposal regarding special shareowner meetings       Shareholder
                 
                 
Campbell Soup Co.   11/14/12   11,000   134429109   CPB
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS / All 15 Nominees       Issuer
                 
For   For   2. Ratification of appointment of the independent registered public accounting firm       Issuer
                 
For   For   3. Advisory vote on executive compensation       Issuer
                 
                 
Microsoft Corporation   11/28/12   15,000   594918104   MSFT
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1-9. DIRECTORS / All 9 Nominees       Issuer
                 
For   For   10.  Advisory vote on named executive officer compensation       Issuer
                 
For   For   11.  Approval of employee stock purchase plan       Issuer
                 
For   For   12. Ratification of Deloitte & Touche, LLP as our independent auditor for fiscal year 2013       Issuer
                 
Against   Against   13. Shareholder proposal - Adopt cumulative voting       Shareholder
                 
                 
                 
Schlumberger Limited   4/10/13   3,000   806857108   SLB
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-k. DIRECTORS / All 11 Nominees       Issuer
                 
For   For   2. To approve, on an advisory basis, the Company's executive compensation       Issuer
                 
For   For   3. To approve the Company's 2012 financial statements and declarations of dividends       Issuer
                 
For   For   4. To approve the appointment of the independent registered public accounting firm       Issuer
                 
For   For   5. To approve the adoption of the 2013 Schlumberger Omnibus Incentive Plan       Issuer
                 
For   For   6. To approve the adoption of an amendment and restatement of the Schlumberger Discount Stock Purchase Plan       Issuer
                 
                 
U.S. Bancorp   4/16/12   10,000   902973304   USB
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-n. DIRECTORS/All 14 Nominees       Issuer
                 
For   For   2. Ratification of selection of Ernst & Young LLP as our independent auditor for the 2013 fiscal year       Issuer
                 
For   For   3. Advisory vote to approve the compensation of our executives disclosed in the proxy statement       Issuer
                 
Against   Against   4. Shareholder proposal: Adoption of a policy requiring that the Chairman of the Board be an independent director       Shareholder
                 
                 
Pfizer, Inc   4/25/13   25,000   717081103   PFE
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-m. DIRECTORS / All 13 Nominees       Issuer
                 
For   For   2. Ratify the selection of KPMG LLP as independent registered public accounting firm for 2013       Issuer
                 
For   For   3. Advisory approval of executive compensation       Issuer
                 
Against   Against   4. Shareholder proposal regarding executive equity retention       Shareholder
                 
Against   Against   5. Shareholder proposal regarding action by written consent       Shareholder
                 
                 
Johnson & Johnson   4/25/13   9,000   478160104   JNJ
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-l. DIRECTORS/All 12 Nominees       Issuer
                 
For   For   2. Advisory vote to approve named executive officer compensation       Issuer
                 
For   For   3. Ratification of appointment of PricewaterhouseCoopers LLP as independent registered public accounting firm for 2013       Issuer
                 
Against   Against   4. Shareholder proposal - Executives to retain significant stock       Shareholder
                 
Against   Against   5. Shareholder proposal on political contributions and corporate values       Shareholder
                 
Against   Against   6. Shareholder proposal on independent board chairman       Shareholder
                 
                 
Abbott Laboratories   4/26/13   7,000   002824100   ABT
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 11 Nominees       Issuer
                 
For   For   2. Ratification of Deloitte & Touche LLP as auditors       Issuer
                 
For   For   3. Say on pay - an advisory vote to approve executive compensation       Issuer
                 
Against   Against   4. Shareholder proposal - genetically modified ingredients       Shareholder
                 
Against   Against   5. Shareholder proposal - lobbying disclosure       Shareholder
                 
Against   Against   6. Shareholder proposal - independent board chair       Shareholder
                 
Against   Against   7. Shareholder proposal - equity retention and hedging       Shareholder
                 
Against   Against   8. Shareholder proposal - incentive compensation       Shareholder
                 
Against   Against   9. Shareholder proposal - accelerated vesting of awards upon change in control       Shareholder
                 
                 
Verizon Communications   5/2/13   6,000   92343V104   VZ
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-m. DIRECTORS/All 13 Nominees       Issuer
                 
For   For   2. Ratification of appointment of independent registered public accounting firm       Issuer
                 
For   For   3. Advisory vote to approve executive compensation       Issuer
                 
For   For   4. Approval of Long-Term Incentive Plan       Issuer
                 
Against   Against   5. Network neutrality       Shareholder
                 
Against   Against   6. Lobbying activities       Shareholder
                 
Against   Against   7. Proxy access bylaw       Shareholder
                 
Against   Against   8. Severance approval policy       Shareholder
                 
Against   Against   9. Shareholder right to call a special meeting       Shareholder
                 
Against   Against   10. Shareholder right to act by written consent       Shareholder
                 
                 
Barrick Gold Corporation   4/24/13   11,000   067901108   ABX
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 13 Nominees       Issuer
                 
For   For   2. Resolution approving the appointment of PricewaterhouseCoopers, LLP as the auditors of Barrick and authorizing the directors to fix their remuneration       Issuer
                 
For   For   3. Advisory resolution on executive compensation approach       Issuer
                 
                 
Encana Corporation   4/23/13   40,000   292505104   ECA
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 9 Nominees       Issuer
                 
For   For   2. Appointment of auditor PricewaterhouseCoopers LLP at a remuneration to be fixed by the board of directors       Issuer
                 
For   For   3. Advisory vote approving the corporation's approach to executive compensation       Issuer
                 
For   For   4. Reconfirmation of the shareholder rights plan       Issuer
                 
                 
General Electric Co.   4/24/13   30,000   369604103   GE
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   A1-17. DIRECTORS / All 17 Nominees       Issuer
                 
For   For   B1. Advisory approval of our named executives' compensation       Issuer
                 
For   For   B2. Ratification of selection of independent registered public accounting firm       Issuer
                 
Against   Against   C1. Cessation of all stock options and bonuses       Shareholder
                 
Against   Against   C2. Director term limits       Shareholder
                 
Against   Against   C3. Independent Chairman       Shareholder
                 
Against   Against   C4. Right to act by written consent       Shareholder
                 
Against   Against   C5. Executives to retain significant stock       Shareholder
                 
Against   Against   C6. Multiple candidate elections       Shareholder
                 
                 
AbbVie, Inc.   5/6/13   7,000   00287Y109   ABBV
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 3 Nominees       Issuer
                 
For   For   2, Ratification of Ernst & Young LLP as auditors of AbbVie for 2013       Issuer
                 
For   For   3. Say on Pay - advisory vote on the approval of executive compensation       Issuer
                 
For   For   4. Say When on Pay - an advisory vote on the frequency of the advisory stockholder vote to approve executive compensation - 1 year       Issuer
                 
For   For   5. Approval of the AbbVie 2013 incentive stock program       Issuer
                 
                 
Eli Lilly & Company   5/6/13   12,000   532457108   LLY
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1A-E. DIRECTORS/All 5 Nominees       Issuer
                 
For   For   2. Ratification of the appointment by the audit committee of the board of directors of Ernst & Young, LLP as principal independent auditor for 2013       Issuer
                 
For   For   3. Approve, by non-binding vote, compensation paid to the company's named executive officers       Issuer
                 
For   For   4. Reapprove material terms of the performance goals for the 2002 Lilly Stock Plan       Issuer
                 
                 
Aqua America, Inc.   5/8/13   20,000   03836W103   WTR
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 6 Nominees        Issuer
                 
For   For   2. To consider and take action on the ratification of the appointment of PricewaterhouseCoopers, LLP as the independent registered public accounting firm for the company for the 2013 fiscal year       Issuer
                 
For   For   3. To consider and take action on an advisory vote on the company's executive compensation programs as disclosed in the  proxy statement       Issuer
                 
Against   Against   4. To consider and take action on a shareholder proposal requesting that the board of directors create a comprehensive policy articulating the company's respect for and commitment to the human right to water, if properly presented at the meeting       Shareholder
                 
                 
INTEL CORPORATION   5/16/12   25,000   458140100   INTC
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-i. DIRECTORS/ALL 9 Nominees       Issuer
                 
For   For   2. Ratification of selection of Ernst & Young LLP as our independent registered public accounting firm for the current year       Issuer
                 
For   For   3. Advisory vote to approve executive compensation       Issuer
                 
For   For   4. Approval of amendment and extension of the 2006 Equity Incentive Plan       Issuer
                 
Against   Against   5. Stockholder proposal, titled "executives to retain significant stock"       Shareholder
                 
                 
Cliffs Natural Resources   5/7/13   10,000   18683K101   CLF
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-j. DIRECTORS/All 10 Nominees       Issuer
                 
For   For   2. Approval of an amendment to our Second Amended Articles of Incorporation to adopt majority voting in uncontested director elections (implementation of this Proposal 2 is conditioned upon the approval of Proposals 3 and 4)       Issuer
                 
For   For   3. Approval of an amendment to our Second Amended Articles of Incorporation to eliminate cumulative voting in director elections (implementation of this Proposal 3 is conditioned upon the approval of Proposals 2 and 4)       Issuer
                 
For   For   4. Approval of an amendment to our Regulations to add a provision to allow the Board to amend the Regulations to the extent permitted under Ohio law (implementation of this Proposal 4 is conditioned upon the approval of proposals 2 and 3)       Issuer
                 
For   For   5. Approval, on an advisory basis, of our named executive officer compensation       Issuer
                 
For   For   6. The ratification of the appointment of Deloitte & Touche LLP as the independent registered public accounting firm of Cliffs to serve for the the 2013 fiscal year.       Issuer
                 
                 
Apache Corporation   5/16/13   5,000   037411105   APA
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1-3. DIRECTORS/All 3 Nominees       Issuer
                 
For   For   4. Ratification of Ernst & Young LLP as Apache's independent auditors       Issuer
                 
For    For   5. Advisory vote to approve the compensation of Apache's named executive officers       Issuer
                 
For   For   6. Approval of amendment to Apache's 2011 Omnibus Equity Compensation Plan to increase the number of shares issuable under the plan       Issuer
                 
For   For   7. Approval of amendment to Apache's restated certificate of incorporation to eliminate Apache's classified board of directors       Issuer
                 
                 
Kohl's Corporation   5/16/13   15,000   500255104   KSS
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1A-J. DIRECTORS/All 10 Nominees       Issuer
                 
For   For   2. Ratify appointment of Ernest & Young LLP as independent registered public accounting firm       Issuer
                 
For   For   3. Advisory vote on approval of named executive officer compensation       Issue
                 
Against   Against   4. Shareholder proposal: Policy on animal cruelty related to the sale of products and containing animal fur       Shareholder
                 
Against   Against   5. Shareholder proposal: Independent board chairman       Shareholder
                 
                 
Hospira, Inc.   5/8/13   5,000   441060100   HSP
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1A-E. DIRECTORS/All 5 Nominees       Issuer
                 
For   For   2. Advisory resolution to approve executive compensation       Issuer
                 
For   For   3. To ratify the appointment of Deloitte & Touche LLP as auditors for Hospira for 2013       Issuer
                 
Against   Against   4, Shareholder proposal - written consent       Shareholder
                 
                 
Kraft Foods Group, Inc.   5/22/13   3,333   50076Q106   KRFT
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS / All 3 Nominees       Issuer
                 
For   For   2. Advisory vote to approve executive compensation       Issuer
                 
For   For   3. Advisory vote on the frequency of an executive compensation vote - 1 year       Issuer
                 
For   For   4. Approval of the material terms for performance-based awards under the Kraft Foods Group, Inc. 2012 Performance Incentive Plan       Issuer
                 
For   For   5. Ratification of the selection of PricewaterhouseCoopers LLP as our independent auditors for the fiscal year ending December 28, 2013       Issuer
                 
Against   Against   6. Shareholder proposal: Label genetically engineered products       Shareholder
                 
                 
JPMorgan Chase & Co.   5/21/13   8,000   46625H100   JPM
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1a-k. DIRECTORS/All 11 Nominees       Issuer
                 
For   For   2. Ratification of independent registered public accounting firm       Issuer
                 
For   For   3. Advisory resolution to approve executive compensation       Issuer
                 
For   For   4. Amendment to the firm's Restated Certificate of Incorporation to authorize shareholder action by written consent       Issuer
                 
For   For   5. Reapproval of Key Executive Performance Plan       Issuer
                 
Against   Against   6. Require separation of chairman and CEO       Shareholder
                 
Against   Against   7. Require executives to retain significant stock until reaching normal retirement age       Shareholder
                 
Against   Against   8. Adopt procedures to avoid holding or recommending investments that contribute to human rights violations       Shareholder
                 
Against   Against   9. Disclose firm payments used directly or indirectly for lobbying, including specific amounts and recipients' names       Shareholder
                 
                 
DreamWorks Animation SKG, Inc.   5/29/13   40,000   26153C103   DWA
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 8 Nominees       Issuer
                 
For   For   2. Ratify the appointment of PricewaterhouseCoopers LLP as the company's independent registered public accounting firm for the year ending December 31, 2013       Issuer
                 
For   For   3. Advisory vote to approve named executive officer compensation       Issuer
For   For   4. Approve the adoption of the 2013 Annual Incentive Plan       Issuer
                 
Against   Against   5. Stockholder proposal to consider Recapitalization Plan to provide that all of the company's outstanding stock have one vote per share        Shareholder
                 
                 
Royal Dutch Shell PLC   5/21/13   10,000   780259206   RDS/A
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. Adoption of annual report and accounts       Issuer
                 
For   For   2. Approval of remuneration report       Issuer
                 
For   For   3-13. DIRECTORS/All 11 Nominees       Issuer
                 
For   For   14. Reappointment of auditors       Issuer
                 
For   For   15. Remuneration of auditors       Issuer
                 
For   For   16. Authority to allot shares       Issuer
                 
For   For   17. Disapplication of pre-emption rights       Issuer
                 
For   For   18. Authority to purchase own shares       Issuer
                 
For   For   19. Authority for certain donations and expenditure       Issuer
                 
                 
Molson Coors Brewing Co.   5/29/13   17,000   60871R209   TAP
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 3 Nominees       Issuer
                 
For   For   4. Approve an amendment to restated Certificate of Incorporation to provide that the holders of our Class A common stock and Class B common stock shall vote together as a single class, on an advisory basis, on any proposal to approve the compensation of the Company's named executive officers presented at any annual meeting of stockholders held after January 1, 2014       Issuer
                 
                 
Wal-Mart Stores, Inc.   6/7/13   5,000   931142103   WMT
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. DIRECTORS/All 14 Nominees       Issuer
                 
For   For   2, Ratification of Ernst & Young LLP as independent accountants       Issuer
                 
For   For   3. Advisory vote to approve named executive officer compensation       Issuer
                 
For   For   4. Approval of the Wal-Mart Stores, Inc, Management Incentive Plan, as amended       Issuer
                 
Against   Against   5. Special shareowner meeting right       Shareholder
                 
Against   Against   6. Equity retention requirement       Shareholder
                 
Against   Against   7. Independent chairman       Shareholder
                 
Against   Against   8. Request for annual report on recoupment of executive pay       Shareholder
                 
                 
Pacific Sunwear of California, Inc.   6/7/13   13,000   694873100   PSUN
                 
Vote Cast   Management Vote   Proposal        Proposed by Issuer or Security Holder 
For   For   1. Amendment to bylaws       Issuer
                 
For   For   2.1-2.3 DIRECTORS/All 3 Nominees       Issuer
                 
For   For   3. Ratification of the appointment of Deloitte & Touche LLP as the Company's independent registered public accounting firm for the fiscal year ending February 1, 2014       Issuer
                 
Against   Against   4. Approval of the new shareholder protection rights plan       Issuer

 

 
 

 

 

SIGNATURES

 

Pursuant to the requirements of the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

(Registrant) Primary Trend Fund, Inc.


By (Signature and Title) /s/ Lilli Gust, Principal Executive Officer

 

Date July 22, 2013