STONEX GROUP INC (SNEX)
Sector: Financials
2026 Annual Meeting Analysis
STONEX GROUP INC · Meeting: March 10, 2026
Directors FOR
10
Directors AGAINST
0
Say on Pay
FOR
Auditor
FOR
Director Elections
Election of Ten Directors
Independent director with relevant financial technology expertise; no overboarding, attendance, or independence concerns; SNEX's 3-year TSR of +125% far exceeds any trigger threshold.
Independent director with strong financial services and risk management background; sits on two public boards (BMO Financial Corp. and BMO Bank N.A. are subsidiaries, not separate public companies), no overboarding trigger; strong TSR during tenure.
Independent director with extensive finance, legal, and executive compensation experience; long-tenured but TSR during tenure has been strongly positive; serves on compensation and risk committees appropriately.
Independent director serving as audit committee chair with clear financial expertise (former accounting firm CEO); satisfies SEC audit committee financial expert requirement; no red flags.
New nominee as President and Director; classified as non-independent but does not serve on audit or compensation committees; brings direct operational knowledge of the business as a management director.
Non-independent executive director (Executive Vice-Chairman, former CEO); does not serve on any board committees; strong stock performance during his long tenure supports continued board presence.
Independent director with relevant agricultural commodities and risk management experience aligned with StoneX's client base; no overboarding or attendance concerns.
Independent Chairman with long tenure as co-founder investor; SNEX's 3-year TSR of +125% is strongly positive, far exceeding the 50pp outperformance threshold needed to trigger any concern; no independence or attendance issues.
New nominee as CEO and Director; classified as non-independent but does not serve on audit or compensation committees; joining the board as the company's chief executive is standard practice and provides direct management linkage.
Independent director elected in 2021 with relevant commodities risk management expertise; exempt from TSR trigger as he joined within 24 months of the start of the 3-year measurement window; no other concerns.
All ten nominees receive a FOR recommendation. StoneX has delivered exceptional stock performance — a 3-year total return of +125%, which is approximately 63 percentage points ahead of the financial sector ETF benchmark — meaning the TSR underperformance trigger does not come close to firing for any director. All committees are composed entirely of independent directors. The two new management nominees (CEO Philip Smith and President Charles Lyon) do not serve on audit or compensation committees. Attendance was satisfactory for all directors (each attended at least 75% of meetings). No overboarding, familial relationship, or independence concerns were identified.
Say on Pay
✓ FORCEO
Gregory Kallinikos
Total Comp
$8,729,732
Prior Support
85.9%%
The named CEO in our database is Gregory Kallinikos (CEO of Asia Pacific, total compensation $8,729,732), though Philip Smith is the company-wide CEO (total compensation $5,004,047 for fiscal 2025). The prior year say-on-pay vote received strong support of approximately 85.9%, well above the 70% threshold. The compensation program is heavily performance-based: bonuses under the Executive Performance Plan are tied to a rigorous adjusted return-on-equity metric with a clearly defined payout schedule, and the company achieved record revenues, net income growth of 17%, and a 16.3% adjusted ROE in fiscal 2025. Pay-for-performance alignment is strong — SNEX's 3-year TSR of +125% substantially outperforms sector peers by over 63 percentage points, and executive variable pay was earned against objective financial targets. The company has a clawback policy, meaningful stock ownership requirements, and no discretionary bonuses were awarded to any NEO in fiscal 2025.
Auditor Ratification
✓ FORAuditor
KPMG LLP
Tenure
16 yrs
Audit Fees
$8,978,114
Non-Audit Fees
$338,410
KPMG has served since fiscal year 2010 (approximately 16 years), well below the 25-year tenure threshold that would trigger concern. Non-audit fees (audit-related fees of $325,793 plus tax fees of $12,617, totaling approximately $338,410) represent less than 4% of audit fees of $8,978,114 — far below the 50% threshold. KPMG is a Big 4 firm appropriate for a $5.5 billion financial services company. No material restatements were identified. All fees were pre-approved by the audit committee.
Overall Assessment
StoneX Group's 2026 annual meeting presents a clean ballot with no significant governance concerns. The company has delivered exceptional shareholder returns over three and five years, the compensation program is rigorous and performance-linked, KPMG's auditor fees are well within independence norms, and the board slate is composed of qualified directors with no overboarding or attendance issues. All proposals receive a FOR recommendation.