LOUISIANA PACIFIC CORP (LPX)
Sector: Materials
2026 Annual Meeting Analysis
LOUISIANA PACIFIC CORP · Meeting: May 1, 2026
Directors FOR
3
Directors AGAINST
0
Say on Pay
FOR
Auditor
AGAINST
Director Elections
Election of Three Class II Directors
Bayardo joined the board in 2021 (within ~5 years), has strong financial and C-suite credentials, no overboarding concerns, and the TSR underperformance trigger does not fire — LPX's 3-year return of +30.7% is strong positive but trails XLI by only 40.1 percentage points, well below the 65-point threshold required to trigger an against vote.
Macadam joined in 2019 and has relevant industrial and building-products expertise; the TSR trigger does not apply because the gap versus XLI (-40.1pp) is below the 65pp threshold for a strong-positive 3-year return, and the 5-year return of +36.9% is similarly within acceptable bounds.
Ribiéras joined the board in February 2025, which is within the 24-month new-director exemption window, so he is exempt from the TSR trigger entirely; he brings relevant forest and paper industry operating experience appropriate for LP's business.
All three Class II nominees — Bayardo, Macadam, and Ribiéras — receive a FOR vote. LPX's 3-year return of +30.7% is positive, and the gap versus the XLI sector ETF benchmark (-40.1pp) falls below the 65pp threshold required to trigger an against vote for directors serving during a strong-positive return period. Ribiéras is additionally exempt as a director who joined within the past 24 months. No overboarding, attendance, independence, or familial-relationship concerns were identified for any nominee.
Say on Pay
✓ FORCEO
Jason P. Ringblom
Total Comp
$5,393,288
Prior Support
97%%
CEO total compensation of approximately $5.4 million is reasonable for a mid-cap industrials CEO at a company with a ~$4.9 billion market cap, and does not appear to exceed the +20% above-benchmark threshold for the CEO tier. The pay mix is strong — the proxy discloses that 58% of the CEO's target compensation is performance-based (through performance stock awards tied to a 3-year ROIC goal with a TSR modifier, and annual cash incentives tied to Adjusted EBITDA and Economic Profit), well above the 50-60% minimum for variable pay. Prior-year say-on-pay support was 97%, providing no negative signal, and the company maintains a clawback policy compliant with NYSE and Dodd-Frank requirements.
Auditor Ratification
✗ AGAINSTAuditor
Deloitte & Touche LLP
Tenure
29 yrs
Audit Fees
$2,520,000
Non-Audit Fees
$228,127
Deloitte has served as LP's auditor since 1997 — a tenure of approximately 29 years — which exceeds the policy's 25-year threshold that triggers an against vote. The non-audit fee ratio is well within acceptable limits (non-audit fees of roughly $228,000 represent less than 10% of audit fees of $2,520,000), and no material restatements were identified, so the tenure issue is the sole trigger. The proxy discloses the tenure but provides no specific and compelling rationale — such as a concrete multi-year rotation plan — that would justify overriding this concern, so an against vote is warranted.
Overall Assessment
The 2026 LP annual meeting ballot contains three proposals: director elections, auditor ratification, and say-on-pay. We vote FOR all three Class II director nominees and FOR say-on-pay, but vote AGAINST auditor ratification solely due to Deloitte's 29-year tenure exceeding the 25-year independence threshold — all other auditor metrics (fee ratios, audit quality) are clean.