The proxy is where incentives become visible. It shows exactly what targets executives are paid against, and those targets predict behaviour better than any strategy slide: a management team bonused on eps will buy back shares.
It also discloses related-party-transaction arrangements, director independence, auditor fees and the outcome of any say-on-pay vote.
Example: Northwind's proxy shows 60% of executive bonus tied to adjusted EPS and 40% to revenue growth, with no return-on-invested-capital measure at all, which explains a steady preference for acquisitions.
Related: related-party-transaction, capital-allocation, form-10-k, edgar, form-4