Annual Meeting Analysis

Broadcom's 2026 annual meeting presents a clean director slate with no policy flags and a straightforward auditor ratification that passes all screens, but the say-on-pay vote is a No due to CEO total reported compensation of $205.3 million — driven by a single large multi-year performance stock award reported all at once — which exceeds reasonable benchmarks for technology sector CEOs by far more than the 30% policy threshold, regardless of the company's outstanding stock performance. No stockholder proposals appear on the ballot.

Intel's 2026 annual meeting ballot presents a mixed picture: all 11 director nominees receive a FOR vote because the 3-year TSR underperformance gap versus the company's peer group (-48.3 percentage points) does not reach the 65-percentage-point threshold applicable at Intel's positive absolute TSR level, and several newer directors are exempt as recent appointees. The two most consequential votes are AGAINST — auditor EY due to its extraordinary 58-year tenure far exceeding the policy's 25-year limit, and the Say on Pay due to CEO compensation of approximately $93 million (driven largely by front-loaded new-hire awards) that substantially exceeds independent benchmarks, even accounting for the strong performance-orientation of the pay structure.

The 2026 TXN annual meeting presents a largely straightforward ballot, with FOR recommendations on director elections and Say on Pay, but an AGAINST on auditor ratification due to Ernst & Young's extraordinary 74-year tenure that far exceeds our 25-year independence threshold. The most contested item is the Chevedden written consent proposal, which earns a FOR recommendation based on its near-binding 78% prior-year support in 2021 and the company's failure to fully implement what shareholders requested.