IDEX CORP (IEX)
Sector: Industrials
2026 Annual Meeting Analysis
IDEX CORP · Meeting: May 6, 2026
Directors FOR
1
Directors AGAINST
3
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of the four Class I members of the IDEX Board of Directors
Against Analysis
Mr. Beck has served since 2018 and his tenure fully covers the 3-year period during which IDEX's stock fell roughly 12% while the company's own peer group gained 38% — a gap of more than 50 percentage points, well above the 20-point trigger that applies when a stock has delivered a negative return; the 5-year record does not provide relief because the 5-year gap versus peers is similarly large at 56.5 percentage points.
Mr. Christenson has served since 2019 and his tenure fully covers the 3-year underperformance window; IDEX's stock declined roughly 12% while the peer group rose 38%, a gap exceeding 50 percentage points against a 20-point trigger threshold for stocks with negative absolute returns, and the 5-year record likewise shows a 56.5-point gap that does not cure the trigger.
Ms. Helmkamp has served as Non-Executive Chair since 2022 and as a director since 2015, giving her the longest tenure on this slate and full overlap with the underperformance period; as Chair she bears heightened responsibility for board oversight, and the 50-plus point gap in 3-year returns versus peers — as well as a similar 5-year gap — triggers an against vote under the policy.
For Analysis
Mr. Quiroz joined the board in mid-2022, meaning he has served fewer than four years and his tenure overlaps with only a portion of the 3-year underperformance window; under the policy, directors who joined more than 24 months ago but less than 3 years ago are flagged but not automatically voted against if their tenure covers less than half the underperformance period, and given the limited overlap a FOR vote is appropriate.
Three of the four Class I nominees — Beck, Christenson, and Helmkamp — receive AGAINST votes because IDEX's stock has fallen roughly 12% over the past 3 years while the company's own disclosed peer group gained 38%, a gap of more than 50 percentage points that far exceeds the 20-point trigger threshold applicable when a stock has produced a negative return; the 5-year record does not provide relief because the 5-year peer gap is similarly large; Quiroz Centeno receives a FOR vote because his tenure is short enough that he cannot fairly be held accountable for the full underperformance period.
Say on Pay
✓ FORCEO
Eric D. Ashleman
Total Comp
$9,112,893
Prior Support
88%%
The CEO's total reported compensation of approximately $9.1 million is broadly in line with benchmarks for a CEO of a $14 billion industrial company, and approximately 87% of his targeted pay is performance-based through annual bonuses tied to EBITDA, organic sales growth, and cash flow, plus long-term equity awards that include relative total shareholder return versus the S&P 500 and net income growth metrics — a well-structured pay mix that satisfies the policy's requirement that the majority of pay be variable and tied to meaningful performance conditions. Prior-year say-on-pay support was 88% (above the 70% threshold), the company maintains a robust clawback policy, and while IDEX has underperformed its peers on stock price the incentive structure itself contains genuine performance conditions and the 2022 performance share award paid out at only 65% of target, demonstrating that the plan does reduce payouts when the company underperforms — the pay program structure therefore passes the policy screens.
Auditor Ratification
✓ FORAuditor
Deloitte & Touche LLP
Tenure
N/A
Audit Fees
$5,431,000
Non-Audit Fees
$2,066,000
Non-audit fees (tax services of $2,066,000) represent approximately 38% of audit fees ($5,431,000), which is well below the 50% threshold that would raise independence concerns; Deloitte is a Big 4 firm appropriate for a company of IDEX's size; auditor tenure is not disclosed in the proxy so no tenure trigger can be applied; no material restatements were identified.
Overall Assessment
The 2026 IDEX annual meeting ballot contains three standard proposals; the most significant issue is significant stock price underperformance — IDEX's shares have declined roughly 12% over three years while its own peer group gained 38% — which triggers against votes for the three longest-serving Class I director nominees (Beck, Christenson, and Helmkamp) while the auditor ratification and say-on-pay proposals both pass their policy screens and receive FOR votes.
Compensation Peer Group
20 companies disclosed in 2026 proxy filing