Conagra Brands, Inc. · NYSE:CAG
Conagra Brands — Shareholder Meeting (September 2026)
11 slides from Conagra Brands's shareholder meeting presentation, Sep 14, 2026
Slide 1: Conagra Brands, Inc. 2026 Annual Meeting
Conagra Brands, Inc. 2026 Annual Meeting September 23, 2026
Slide 2: Overview: 2026 Annual Meeting of Stockholders Vote Proposal
Overview: 2026 Annual Meeting of Stockholders Vote Proposal FOR 1 Election of directors FOR 2 Advisory vote to approve named executive officer compensation FOR 3 Ratification of the appointment of KPMG LLP as our independent auditor for fiscal 2027 AGAINST 4 Shareholder proposal to limit Boa
Slide 3: Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation
Proposal 2: Advisory Vote to Approve Named Executive Officer Compensation • Proxy advisory firms ISS and Glass Lewis have recommended that shareholders vote AGAINST Proposal 2, the Company’s Say-on-Pay proposal. • Conagra respectfully disagrees with these recommendations and recommends that sharehol
Slide 4: Lower expectations for FY26 were shared with the investment community in July 2025
Lower expectations for FY26 were shared with the investment community in July 2025 • In July 2025, Conagra provided investors with FY26 guidance and, in slide 35 (right), detailed why performance was expected to decline compared with FY25. • The FY26 outlook reflected both a challenging operating en
Slide 5: The HRC set FY26 AIP targets consistent with those expectations
The HRC set FY26 AIP targets consistent with those expectations FY26 AIP Goals Reflected the Board-Approved Operating Plan • ISS and Glass Lewis note that certain FY26 AIP targets were below FY25 actual results. While true, lower targets are not necessarily less rigorous. The FY26 targets were inten
Slide 6: The HRC applied their discretion to reduce the FY26 AIP payout
The HRC applied their discretion to reduce the FY26 AIP payout • Importantly, FY26 results finished in line with guidance provided at the outset of FY26 • Adjusted free cash flow significantly exceeded target, reaching $849 million versus a $620 million target and representing 119% free cash flow co
Slide 7: FY24-FY26 PSP 35.7% payout reflects the Company's commitment to pay-for-performance
FY24-FY26 PSP 35.7% payout reflects the Company’s commitment to pay-for-performance • The FY24–FY26 Performance Share Program paid out at only 35.7% of target, based on three-year adjusted EPS and adjusted net sales performance. • The below-target payout resulted in a significant reduction to realiz
Slide 8: 5-year CEO compensation actually paid was aligned with shareholder outcomes
5-year CEO compensation actually paid was aligned with shareholder outcomes • We structure our executive pay programs to align executive and shareholder interests • Over the past five years (FY22-26), our CEO’s Compensation Actually Paid (CAP) was aligned with our TSR: • CEO CAP: 50% below Summary C
Slide 9: For the FY27 AIP, the HRC has included a governor to reinforce pay-for-performance alignment
For the FY27 AIP, the HRC has included a governor to reinforce pay-for-performance alignment The HRC evaluates the AIP performance metrics each year to ensure pay-for-performance alignment: • In FY24, the HRC added Free Cash Flow as a third AIP metric to support our strategic priority to repay debt.
Slide 10: We ask for your support on Proposal 2: Advisory vote to approve executive compensation
We ask for your support on Proposal 2: Advisory vote to approve executive compensation • Following extensive shareholder engagement in 2024, the HRC implemented meaningful enhancements to the executive compensation program. • In 2025, ISS and Glass Lewis noted the Company’s responsiveness and recomm
Slide 11: Conagra Brands, Inc. 2026 Annual Meeting
Conagra Brands, Inc. 2026 Annual Meeting September 23, 2026
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