Sanmina (SANM) AGM 2026 summary

Opening remarks and agenda

• Meeting called to order with all independent directors and auditors present.

• Inspector of Election and procedural details introduced, confirming quorum and voting process.

Shareholder proposals

• Five proposals presented: election of directors, auditor ratification, executive compensation approval, equity plan share reservation, and a shareholder proposal for an independent board chairman.

• Board recommended voting for the first four proposals and against the shareholder proposal.

• Shareholder proposal advocated for separating CEO and chairman roles, citing governance and responsiveness concerns.

• Criticism raised over board's response to prior shareholder-approved special meeting rights, citing restrictive measures.

• Additional arguments highlighted the use of 'poison pills' to limit shareholder rights.

• Emphasis placed on the need for an independent chairman to enhance accountability.

Overview of voting outcomes

• All directors reelected.

• Auditor appointment ratified for 2026.

• Executive compensation approved on a non-binding basis.

• Additional shares reserved for the equity incentive plan approved.

• Shareholder proposal for independent chairman not approved.