ALBANY INTERNATIONAL CORP CLASS A (AIN)
Sector: Industrials
2026 Annual Meeting Analysis
ALBANY INTERNATIONAL CORP CLASS A · Meeting: May 15, 2026
Directors FOR
2
Directors AGAINST
6
Say on Pay
AGAINST
Auditor
FOR
Director Elections
Election of Directors
Against Analysis
Mr. Scannell has served since 2012 and his tenure fully overlaps the severe stock underperformance period — AIN's 3-year return of -38.6% trails the XLY consumer cyclical ETF by 88.2 percentage points, far exceeding the 30-point trigger threshold for companies with negative absolute returns, and the 5-year record offers no relief as the stock is also down 35.5% over that period.
Ms. Plourde has served since 2013 and her tenure fully overlaps the severe stock underperformance period — AIN's 3-year return of -38.6% trails the XLY consumer cyclical ETF by 88.2 percentage points, far exceeding the 30-point trigger threshold, and the 5-year stock performance is equally poor, providing no mitigating relief.
Mr. Krueger has served since 2016 and his tenure fully overlaps the severe stock underperformance period — AIN's 3-year return of -38.6% trails the XLY consumer cyclical ETF by 88.2 percentage points, well above the 30-point trigger threshold, and the 5-year record also underperforms, providing no mitigating relief.
Dr. McQuade has served since 2020, meaning his tenure substantially overlaps with the period of significant stock underperformance — AIN's 3-year return of -38.6% trails the XLY consumer cyclical ETF by 88.2 percentage points, far exceeding the 30-point trigger threshold, and the 5-year performance provides no mitigating relief.
Ms. Alvord has served since 2022, and while she joined during an already-challenging period, her tenure covers more than half of the 3-year measurement window during which AIN's stock fell 38.6% while the XLY consumer cyclical ETF gained 49.6%, a gap of 88.2 percentage points that far exceeds the 30-point trigger threshold, with no 5-year mitigant available.
Mr. Toney has served since 2022, and while he joined during an already-challenging period, his tenure covers more than half of the 3-year measurement window during which AIN's stock fell 38.6% while the XLY consumer cyclical ETF gained 49.6%, a gap of 88.2 percentage points that far exceeds the 30-point trigger threshold, with no 5-year mitigant available.
For Analysis
Mr. Kleveland joined the board in September 2023 as President and CEO, which is within the 24-month exemption window from the TSR underperformance trigger as of the May 2026 annual meeting, so no TSR-based vote against applies; his qualifications as a seasoned aerospace and industrial executive are appropriate for this role.
Ms. Lind joined the board in 2024, which falls within the 24-month exemption window from the TSR underperformance trigger, so no TSR-based vote against applies; her extensive financial expertise and paper industry background are highly relevant to Albany International's businesses.
Six of eight director nominees — all those who have served more than 24 months — receive AGAINST votes due to severe, sustained stock underperformance: AIN's 3-year return of -38.6% trails the XLY consumer cyclical ETF by 88.2 percentage points, far exceeding the 30-point trigger threshold applicable to companies with negative absolute returns, and the 5-year record provides no mitigating relief. The two newest directors (CEO Kleveland, joined September 2023, and Lind, joined 2024) are exempt from the TSR trigger under the 24-month new-director rule and receive FOR votes.
Say on Pay
✗ AGAINSTCEO
Gunnar Kleveland
Total Comp
$4,259,285
Prior Support
94.74%%
The company's stock has lost 38.6% over the past three years while the XLY consumer cyclical ETF gained 49.6% — a gap of 88.2 percentage points — yet the CEO's 2025 total direct compensation target was increased by 21.7% to $4,512,500 in a year when the company reported a net loss of $57.3 million and negative earnings per share; this is a clear failure of pay-for-performance alignment where above-benchmark incentive pay is not justified by shareholder experience. While the pay mix is appropriately structured with the majority in variable compensation and the prior say-on-pay vote was a strong 94.74%, the combination of severe stock underperformance and a meaningful CEO pay increase during a year of financial losses triggers a No vote under the policy's pay-for-performance alignment check.
Auditor Ratification
✓ FORAuditor
KPMG LLP
Tenure
N/A
Audit Fees
$3,818,000
Non-Audit Fees
$413,668
The non-audit fees (audit-related fees of $319,167 plus tax fees of $94,501, totaling approximately $413,668) represent about 10.8% of the $3,818,000 in audit fees, well below the 50% threshold that would raise independence concerns; KPMG is a Big 4 firm appropriate for a company of AIN's size; auditor tenure was not disclosed in the filing so no tenure trigger can fire, and there are no disclosed material financial restatements.
Overall Assessment
The 2026 Albany International annual meeting presents a ballot where the dominant issue is severe, sustained stock underperformance — AIN's shares have lost 38.6% over three years while the XLY consumer cyclical ETF gained 49.6%, a gap of 88.2 percentage points — leading to AGAINST votes on six of eight director nominees (all those serving more than 24 months) and on executive compensation due to pay-for-performance misalignment; the auditor ratification receives a FOR vote as KPMG's fee structure and qualifications are appropriate.