NORTHERN TRUST CORP (NTRS)

Sector: Financials

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2026 Annual Meeting Analysis

NORTHERN TRUST CORP · Meeting: April 21, 2026

Policy v0.7medium confidenceView Filing ↗
For informational purposes only. This AI-generated analysis applies a published voting policy to publicly available proxy filings. It does not constitute investment advice, proxy voting advice, or a solicitation of any kind. AI analysis may be incomplete or inaccurate — always review the actual filing and make your own independent decision.

Directors FOR

13

Directors AGAINST

0

Say on Pay

FOR

Auditor

FOR

Director Elections

Election of Directors

13 FOR
✓ FOR
Susan Crown

Long-tenured independent director with relevant governance and risk oversight experience; no overboarding (1 outside public board); TSR trigger does not apply given NTRS 3-year return of +73.3% versus peer median of +75.4%, only a 2.1pp gap well below the 50pp threshold required for a strong-positive-TSR company.

✓ FOR
Jay L. Henderson

Lead Independent Director with strong governance credentials and relevant financial services experience; holds 2 outside public board seats (within limits); TSR trigger does not apply.

✓ FOR
Robert E. Moritz

Joined in 2025, within the 24-month new-director exemption from the TSR trigger; brings deep financial services and global leadership experience from his tenure as Global Chairman of PricewaterhouseCoopers.

✓ FOR
Martin P. Slark

Independent director with operational and global leadership experience; holds 1 outside public board seat; TSR trigger does not apply given the narrow 2.1pp 3-year underperformance gap.

✓ FOR
Charles A. Tribbett III

Long-tenured independent director with executive talent and leadership consulting expertise; holds 0 outside public board seats; TSR trigger does not apply.

✓ FOR
Chandra Dhandapani

Joined in 2024, within the 24-month new-director exemption from the TSR trigger; brings relevant technology and operational experience as a current CEO.

✓ FOR
Marcy S. Klevorn

Independent director chairing the Technology and Operations Committee with deep technology transformation expertise; holds 2 outside public board seats (within limits); TSR trigger does not apply.

✓ FOR
Michael G. O'Grady

CEO and Chairman serving as executive director; holds 1 outside public board seat (within the 2-seat limit for sitting CEOs); TSR trigger does not apply given only a 2.1pp 3-year gap versus peers, well below the 50pp threshold for a strong-positive-TSR company.

✓ FOR
David H.B. Smith, Jr.

Independent director chairing the Audit Committee with strong regulatory and financial industry background; holds 1 outside public board seat; TSR trigger does not apply.

✓ FOR
Dean M. Harrison

Independent director chairing the Risk Committee with extensive experience leading a large complex regulated organization; holds 0 outside public board seats; TSR trigger does not apply.

✓ FOR
Siddharth N. Mehta

Independent director with financial services and risk management expertise; holds 2 outside public board seats (within limits); TSR trigger does not apply.

✓ FOR
Richard M. Petrino

Joined in 2025, within the 24-month new-director exemption from the TSR trigger; brings relevant financial services operating and accounting expertise from American Express.

✓ FOR
Donald Thompson

Independent director chairing the Human Capital and Compensation Committee with global corporate leadership experience; holds 1 outside public board seat; TSR trigger does not apply.

All 13 nominees receive a FOR recommendation. NTRS delivered a strong positive 3-year TSR of +73.3%, and the 3-year gap versus the compensation peer group median is only -2.1 percentage points, far below the 50pp underperformance threshold required to trigger a No vote for a company with strong positive absolute returns. Two nominees (Moritz and Petrino, joining in 2025, and Dhandapani, joining in 2024) are exempt from the TSR trigger under the 24-month new-director rule. No director is overboarded, and all relevant committee assignments appear appropriate with no independence concerns identified.

Say on Pay

✓ FOR

CEO

MICHAEL G. O’GRADY

Total Comp

$10,059,154

Prior Support

94.4%%

CEO total compensation reported in the proxy summary at approximately $11.9 million (base salary of $1.0 million plus $10.9 million actual incentive award) is reasonable for a $25 billion market cap financial services company given strong 2025 operating performance — adjusted EPS grew 17%, return on equity improved to 14.8%, and NTRS ranked 3rd among its peers on total shareholder return for the year. Pay mix is strongly weighted toward variable, long-term, and performance-based compensation: at least 75% of the CEO's incentive is delivered in equity awards, with 65% of that equity in performance stock units that require three-year ROE targets to be met before any shares vest, well above the policy's 50-60% threshold for variable pay. The prior year Say on Pay vote received 94.4% support, there are no meaningful clawback concerns, and stock performance is broadly in line with peers over both one-year and three-year horizons, satisfying the pay-for-performance alignment check.

Auditor Ratification

✓ FOR

Auditor

KPMG

Tenure

N/A

Audit Fees

N/A

Non-Audit Fees

N/A

tenure not disclosedfee data not extractable from provided text

The proxy filing identifies KPMG as Northern Trust's auditor and the Audit Committee has described a robust annual evaluation process; however, the specific fee table figures and auditor tenure in years were not present in the text provided, so the non-audit fee ratio and tenure triggers cannot be confirmed as firing — per policy, when tenure cannot be determined from available data, the default is FOR with a note that absence of tenure disclosure is a minor negative factor. KPMG is a Big Four firm fully appropriate for a $25B market cap financial institution, and no material restatements are disclosed.

Overall Assessment

Northern Trust's 2026 annual meeting ballot presents a clean slate with no major governance concerns: all 13 director nominees receive FOR recommendations given strong recent stock performance and no overboarding or independence issues, the Say on Pay earns a FOR on the basis of a well-structured, heavily performance-weighted compensation program and broad prior-year shareholder support of 94.4%, and the auditor ratification also receives a FOR pending confirmation of fee details that were not extractable from the provided filing text. The Employee Stock Purchase Plan is the only non-standard proposal and falls outside the scope of this policy.

Filing date: March 11, 2026·Policy v0.7·medium confidence

Compensation Peer Group

12 companies disclosed in 2026 proxy filing

BACBank of America Corporation
CCitigroup, Inc.
JPMJPMorgan Chase & Co.
MSMorgan Stanley
STTState Street Corporation
BKThe Bank of New York Mellon Corporation
SCHWThe Charles Schwab Corporation
GSThe Goldman Sachs Group, Inc.
PNCThe PNC Financial Services Group, Inc.
TFCTruist Financial Corporation
USBU.S. Bancorp
WFCWells Fargo & Company