CRA INTERNATIONAL INC (CRAI)
Sector: Industrials
2026 Annual Meeting Analysis
CRA INTERNATIONAL INC · Meeting: July 16, 2026
Directors FOR
2
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Two Class I Directors
Richard Booth has served since March 2020, is independent, brings strong financial expertise as a licensed CPA and former CFO, chairs the audit committee, and no policy triggers apply: CRAI's 3-year return of +47.7% is strong positive, and the gap versus the XLI sector ETF benchmark of -34.5pp does not meet the 65pp threshold required to trigger a vote against, while no overboarding, attendance, or independence concerns are noted.
Christine Detrick has served since May 2020, is independent, brings deep consulting and financial services expertise, serves as the incoming Lead Director, and no policy triggers apply: the same TSR analysis that clears Mr. Booth applies equally here, with the 3-year underperformance versus XLI of -34.5pp well below the 65pp trigger threshold for a strong-positive absolute return, and no overboarding, attendance, or independence issues are identified.
Both Class I director nominees — Richard Booth and Christine Detrick — are independent, experienced, and pass all policy screens. CRAI's 3-year price return of +47.7% is in the strong-positive tier, meaning the sector ETF (XLI) underperformance of 34.5 percentage points must exceed 65 percentage points to trigger a vote against, which it does not. No overboarding, attendance deficiencies, or independence concerns are present.
Say on Pay
✓ FORCEO
Paul Maleh
Total Comp
$4,156,568
Prior Support
95%%
CEO Paul Maleh's total compensation of $4,156,568 is reasonable for a CEO at a ~$1B professional services firm, with base salary of $900,000 and the remainder in performance-linked annual bonuses and equity awards, meaning variable pay comprises approximately 78% of total pay — well above the 50-60% threshold required by policy. The company earned 95% shareholder support on last year's say-on-pay vote, reflecting broad shareholder satisfaction, and the incentive structure uses objective financial metrics (revenue and EBITDA margin) with meaningful performance conditions including threshold, target, and maximum payout levels, a clawback policy, and no problematic features such as guaranteed bonuses or single-trigger vesting. Although CRAI's 3-year stock return of +47.7% trails the XLI ETF, variable pay is not above benchmark in a way that triggers the pay-for-performance misalignment rule, and the overall program structure is sound.
Auditor Ratification
✓ FORAuditor
Grant Thornton LLP
Tenure
N/A
Audit Fees
$1,888,676
Non-Audit Fees
$69,300
Non-audit fees (tax services only) of $69,300 represent approximately 3.7% of audit fees of $1,888,676, which is well below the 50% threshold that would trigger a concern about auditor independence. Auditor tenure is not disclosed in the proxy, so the tenure trigger cannot fire under policy, and Grant Thornton is a large national firm appropriate for a company of CRAI's size and complexity. No material restatements are disclosed.
Overall Assessment
CRAI's 2026 annual meeting presents a clean ballot with no significant governance concerns: both director nominees are independent and qualified, the CEO compensation program is well-structured with strong variable pay and meaningful performance conditions, and auditor fees are heavily weighted toward audit work with minimal non-audit services. All three proposals warrant a FOR vote under the applicable policy framework.