Avery Dennison (AVY) Proxy filing summary

Executive summary

• Achieved $8.9B in 2025 net sales, up 1.1%, with adjusted EPS of $9.53 and ROTC of 15.0%, maintaining strong margins and cash flow.

• Focused on growth in high-value categories, digital transformation, and sustainability, with global operations in 50+ countries.

• Capital allocation in 2025 included $200.4M in capital expenditures, $390M acquisition of Taylor Adhesives, $288.4M in dividends, and $572.3M in share repurchases.

• Five-year TSR outperformed the Dow Jones U.S. Container & Packaging Index, despite a slightly negative one-year TSR in 2025.

• Substantially achieved 2025 sustainability goals; 2030 targets focus on circular economy, GHG reduction, and social impact.

Voting matters and shareholder proposals

• Board recommends voting FOR election of directors, executive compensation, and auditor ratification; AGAINST stockholder proposal for an independent Board Chairman.

• Stockholder proposal for an independent Board Chairman is opposed, citing strong independent oversight and broad support for current structure.

Board of directors and corporate governance

• Board is 80% independent, with regular refreshment and succession planning; new directors added in 2024 and 2025.

• Effective January 2026, a standalone Cybersecurity Committee was formed.

• Annual evaluations and executive sessions ensure accountability and performance.