Aflac (AFL) AGM 2026 summary

Shareholder proposals

• Proposal to require an independent board chairman was presented, emphasizing improved governance, impartiality, and enhanced shareholder confidence.

• Arguments included separating CEO and chairman roles, with an independent director as chairman, and not substituting with a lead director.

• The proposal also critiqued meeting practices, suggesting changes for inclusivity and transparency.

Overview of voting outcomes

• All 11 director nominees received over 94% approval.

• The advisory say-on-pay proposal passed with over 94% support.

• Appointment of KPMG as auditor for 2026 was approved by over 95%.

• Over 83% of votes were cast against the independent board chairman proposal.

Q&A with stakeholders

• Share buyback plans for 2026 include a $1 billion repurchase in Q1, with a tactical approach moving forward.

• Succession planning is ongoing, with the chairman expressing interest in continuing to serve.