ACADIA HEALTHCARE COMPANY INC (ACHC)
Sector: Health Care
2026 Annual Meeting Analysis
ACADIA HEALTHCARE COMPANY INC · Meeting: May 6, 2026
Directors FOR
2
Directors AGAINST
1
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Class III Directors
Against Analysis
Mr. Fucci has served since 2020 and his tenure fully overlaps Acadia's severe stock underperformance — the stock fell about 66% over three years while the company's own peer group rose 35% on average, a gap of over 100 percentage points that far exceeds the 20-point threshold required to trigger a vote against; the five-year record offers no mitigation as it shows a similar gap.
For Analysis
Dr. Harris joined the board in 2023, which is less than 24 months before the meeting date of May 6, 2026, so she qualifies for the new-director exemption from the stock performance trigger and no other adverse policy flags apply.
Mr. Cancelmi was appointed in March 2026, just weeks before this meeting, and is fully exempt from the stock performance trigger as a new director; he brings relevant healthcare finance expertise as a former CFO of Tenet Healthcare and is a certified public accountant, making him a strong addition to the board.
Of the three Class III nominees, one (Fucci) receives an AGAINST vote due to significant stock underperformance during his tenure — Acadia's shares lost about 66% over three years while peers gained 35%, a gap exceeding 100 percentage points. The two newer directors (Harris, joined 2023; Cancelmi, joined 2026) are exempt from the performance trigger and receive FOR votes.
Say on Pay
✓ FORCEO
Christopher H. Hunter
Total Comp
N/A
Prior Support
92%%
Shareholders gave the pay program 92% support at the 2025 annual meeting, well above the 70% threshold, indicating broad acceptance. The program demonstrates genuine pay-for-performance alignment: cash bonuses were paid at only 85.6% of target reflecting below-target financial results, performance stock awards tied to 2023 goals paid out at zero for the 2025 measurement period, and 2024-grant performance awards paid out at a below-target 33% level — meaning executives experienced real financial consequences alongside shareholders. While the company's stock has performed very poorly, variable pay was clearly reduced in line with that underperformance, satisfying the incentive alignment test, and fixed pay levels for a behavioral healthcare company of this size are not flagged as outliers.
Auditor Ratification
✓ FORAuditor
Ernst & Young LLP
Tenure
N/A
Audit Fees
$4,477,550
Non-Audit Fees
$1,966,575
Non-audit fees (tax services of $1,966,575) represent about 44% of audit fees ($4,477,550), which is below the 50% threshold that would raise independence concerns; auditor tenure is not disclosed so the tenure trigger cannot fire; Ernst & Young is a Big 4 firm appropriate for a company of Acadia's size and complexity, and no material restatements are indicated.
Overall Assessment
The 2026 Acadia Healthcare annual meeting presents a mixed ballot: the auditor ratification and say-on-pay proposals pass policy screens and receive FOR votes, while one of the three director nominees (Michael Fucci) receives an AGAINST vote due to Acadia's catastrophic three-year stock underperformance of roughly 101 percentage points below the company's own peer group during his tenure. The two newer director nominees are exempt from the performance trigger and are supported.
Compensation Peer Group
11 companies disclosed in 2026 proxy filing