CONCENTRA GROUP HOLDINGS PARENT IN (CON)
Sector: Health Care
2026 Annual Meeting Analysis
CONCENTRA GROUP HOLDINGS PARENT IN · Meeting: April 30, 2026
Directors FOR
3
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Class II Directors
Newton has served as a director since June 2024 (approximately 1.5 years of tenure), which is within the 24-month new-director exemption window; additionally, CON's 3-year price return of -0.8% outperforms the IHF benchmark return of -10.2% by +9.4 percentage points, well below the 20pp trigger threshold for negative absolute TSR, so no TSR concern applies.
Watkins has served since July 2024 (approximately 1.5 years), placing him within the 24-month new-director exemption; the company's TSR also outperforms IHF by +9.4pp, meaning no performance-based trigger fires in any case.
Gopal joined in July 2025 and has served less than 12 months, making him fully exempt from the TSR trigger under the 24-month new-director exemption policy; he brings relevant data analytics and healthcare industry expertise.
All three Class II nominees are well within the 24-month new-director exemption period, the company's stock has outperformed its IHF benchmark by +9.4 percentage points over three years, all directors attended 100% of meetings, no overboarding issues are present, and the board discloses a skills matrix — no policy triggers fire for any nominee.
Say on Pay
✓ FORCEO
William K. Newton
Total Comp
$7,399,513
Prior Support
78.4%%
The prior year Say on Pay vote received 78.4% support, comfortably above the 70% threshold that would require a response assessment. CEO total compensation of $7,399,513 is composed of approximately 11% base salary ($843,077), 59% stock awards ($4,356,000), and 29% performance bonus ($2,125,000), meaning roughly 89% of the CEO's pay is variable — well above the 50-60% variable pay minimum required by policy. The company's annual bonus plan is tied to specific EBITDA and earnings-per-share targets with defined threshold, target, and maximum levels, and a clawback policy compliant with NYSE listing standards is in place, so no meaningful red flags exist in the compensation structure.
Auditor Ratification
✓ FORAuditor
PricewaterhouseCoopers LLP
Tenure
N/A
Audit Fees
$2,186,000
Non-Audit Fees
$2,000
Non-audit fees of $2,000 represent less than 0.1% of audit fees of $2,186,000, far below the 50% threshold that would raise independence concerns; PwC is a Big 4 firm appropriate for a $2.8B market cap company; tenure is not disclosed but the tenure trigger requires confirmed data to fire, so no negative inference is drawn.
Overall Assessment
Concentra's 2026 annual meeting presents a clean ballot with three straightforward FOR votes: all Class II director nominees are new to the board and exempt from TSR scrutiny, PwC's non-audit fees are negligible relative to audit fees, and the executive compensation program is heavily variable with above-threshold prior shareholder support. No stockholder proposals appear on this year's ballot.
Compensation Peer Group
1 companies disclosed in 2026 proxy filing