Sector: Health Care
ANAPTYSBIO INC · Meeting: August 11, 2026
Directors FOR
2
Directors AGAINST
0
Say on Pay
FOR
Auditor
AGAINST
Election of Class III Directors
Mr. Renton has served since June 2015 with extensive biotech executive experience, all attendance requirements are met, no overboarding concerns, and ANAB's 3-year stock return of +389% dramatically outperforms the XBI benchmark by +297pp, far exceeding the 65pp threshold needed to trigger a vote against.
Mr. Schmid has served since June 2015 with strong CFO-level financial expertise, serves as audit committee financial expert, attendance is satisfactory, and ANAB's exceptional stock outperformance vs. XBI (+297pp above benchmark) means the TSR trigger does not apply.
Both Class III director nominees — Hollings Renton and John P. Schmid — are supported. ANAB's 3-year price return of +389% vastly outperforms the XBI biotech ETF benchmark, which returned +92% over the same period, producing a gap of +297pp that is well above the 65pp threshold required to trigger a vote against directors. Neither nominee is overboarded, both attended at least 75% of meetings in 2025, and both bring relevant industry and financial expertise.
CEO
Daniel Faga
Total Comp
$6,133,943
Prior Support
73%%
CEO Daniel Faga's total reported compensation for 2025 was approximately $6.1 million, which is reasonable for a biotech CEO at a ~$1.9 billion market cap company given the company's exceptional stock performance (up ~389% over three years vs. the XBI biotech ETF). The pay program has the right structure: the majority of pay is variable and at-risk through stock options and performance-based equity, with a meaningful cash bonus tied to pre-set clinical and operational goals that the board assessed at 110% of target based on genuine progress. The prior year Say-on-Pay vote received 73% support — above the 70% threshold that would trigger a mandatory re-evaluation — and the company continues to hold annual Say-on-Pay votes as stockholders requested.
Auditor
KPMG LLP
Tenure
N/A
Audit Fees
$610,000
Non-Audit Fees
$1,719,000
The non-audit fees paid to KPMG in fiscal year 2025 — which include $1,327,000 in 'other audit fees' for the First Tracks Biotherapeutics spin-off and $392,000 in tax fees, totaling approximately $1,719,000 — represent roughly 282% of the core audit fees of $610,000, far exceeding the 50% threshold in our policy. Although the spin-off was a one-time event that drove the elevated 'other audit fees,' the policy does not provide an automatic waiver for one-time transactions, and the overall non-audit relationship has grown large enough relative to core audit work to raise independence concerns.
This is a straightforward annual meeting ballot for AnaptysBio with four proposals. Both director nominees are supported given the company's extraordinary stock outperformance vs. the XBI biotech ETF benchmark, and the Say-on-Pay program is well-structured with meaningful at-risk pay; however, we vote against auditor ratification because KPMG's non-audit fees in 2025 — largely driven by spin-off related work — were approximately 282% of core audit fees, well above the 50% threshold that triggers an independence concern under our policy.
15 companies disclosed in 2026 proxy filing
