SL GREEN REALTY REIT CORP (SLG)
Sector: Real Estate
2026 Annual Meeting Analysis
SL GREEN REALTY REIT CORP · Meeting: June 2, 2026
Directors FOR
8
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Directors
Long-tenured Lead Independent Director since 1997; SLG's 3-year price return of +99.1% outperforms the peer median by +103.2pp and the ^FNER — FTSE NAREIT All Equity REITs Index by +81.8pp, both well above any trigger threshold; no overboarding, attendance, or independence concerns.
Independent director since 2022 (within 24-month exemption window); exempt from TSR trigger as a newer director; serves on Audit and Nominating committees as an independent member; relevant real estate and legal expertise.
Independent director since 2016; SLG's strong 3-year TSR far exceeds both peer group and ^FNER — FTSE NAREIT All Equity REITs Index thresholds; serves as Audit Committee Chair and is designated the audit committee financial expert; no overboarding or attendance concerns.
Non-independent founder-emeritus director since 1997; does not serve on audit or compensation committees; SLG's 3-year TSR outperformance vs. peers (+103.2pp) and vs. ^FNER — FTSE NAREIT All Equity REITs Index (+81.8pp) are well above trigger thresholds; no overboarding concerns.
Independent director since 2011; holds two additional public board seats (Jaguar Global Growth Corporation I and Captivision Inc.) which is within the four-seat overboarding limit; SLG's strong 3-year TSR clears all benchmarks; no independence or attendance concerns.
Executive director (CEO/Chairman) since 2001; as an executive director he is subject to the TSR trigger, but SLG's 3-year TSR of +99.1% outperforms the peer median by +103.2pp (threshold 50pp for named peers) and the ^FNER — FTSE NAREIT All Equity REITs Index by +81.8pp (threshold 65pp), so the trigger does not fire; no overboarding concerns.
Independent director since 2025 (within the 24-month new-director exemption); automatically exempt from TSR trigger; serves as Compensation Committee Chair with deep real estate finance experience; the listed Starwood Real Estate Income Trust is a non-exchange-traded vehicle and her total public board count does not trigger overboarding.
Non-independent director since 2014; former President and current paid advisor; does not serve on audit or compensation committees; SLG's 3-year TSR substantially outperforms both peer group and ^FNER — FTSE NAREIT All Equity REITs Index, clearing all applicable thresholds; no overboarding concerns.
All eight director nominees receive a FOR vote. SLG's 3-year stock return of +99.1% outperforms the company-disclosed compensation peer group median by +103.2 percentage points and the ^FNER — FTSE NAREIT All Equity REITs Index by +81.8 percentage points, well above the applicable trigger thresholds. No directors are overboarded, no independence violations on key committees were identified, and attendance was reported at 75% or above for all directors.
Say on Pay
✓ FORCEO
Marc Holliday
Total Comp
$17,356,826
Prior Support
N/A
CEO total compensation of $17.4 million (as reported in the Summary Compensation Table) is within a reasonable range for the head of a $3 billion market-cap office REIT leading Manhattan's largest landlord, and the pay structure is heavily weighted toward variable, performance-based pay — approximately 84% of total pay is equity, with annual bonuses now 100% formulaic for the CEO. The company has demonstrated meaningful responsiveness to prior shareholder feedback, eliminating guaranteed incentives, extending performance periods to three years across all NEOs, removing short-term performance goals from long-term equity awards, and cutting the CEO's target long-term performance award from $7.5 million to $5.0 million. The pay-for-performance alignment check is satisfied: while the stock declined -16.2% over the past year, the 3-year return of +99.1% substantially outperforms the company's peer group median, and the incentive plan includes absolute TSR modifiers that reduce payouts when stock performance is negative, directly linking executive outcomes to shareholder experience.
Auditor Ratification
✓ FORAuditor
Deloitte & Touche LLP
Tenure
N/A
Audit Fees
N/A
Non-Audit Fees
N/A
Deloitte & Touche LLP is a Big 4 firm appropriate for SLG's size and complexity. The proxy filing does not disclose auditor tenure or a fee breakdown table in the text provided, so neither the tenure trigger nor the non-audit fee ratio trigger can be confirmed; per policy, the absence of confirmed data does not support a No vote. No material restatements are disclosed.
Overall Assessment
The 2026 SL Green annual meeting presents a clean ballot with no contentious proposals: all eight directors receive a FOR vote driven by strong 3-year TSR outperformance versus both peers and the ^FNER — FTSE NAREIT All Equity REITs Index, and the Say on Pay receives a FOR vote reflecting a substantially transformed, performance-oriented pay structure built in direct response to multiple years of shareholder feedback. Auditor ratification of Deloitte & Touche LLP is supported as a Big 4 firm with no disclosed fee or tenure concerns.
Compensation Peer Group
9 companies disclosed in 2026 proxy filing