As 2025 starts to wind down, November brings a packed slate of shareholder meetings — and plenty of drama in the boardroom. From big-name tech winners riding the AI wave to consumer brands under siege, Boardroom Alpha’s Vote Guidance Engine offers a data-driven look at how shareholders may be thinking as they prepare to cast their votes.
This month’s meetings feature everything from steady outperformers like Lam Research (LRCX) and Tapestry (TPR) to high-risk situations at Coty (COTY), SelectQuote (SLQT), and Campbell’s (CPB). The table below shows the full lineup — but here’s what stands out as we head into mid-November.
More in the Voting Insight Series:
- Which Directors Deserve Your Vote? September Shareholder Meeting Insights from Boardroom Alpha
- September 2025 Proxy Votes: Where Patience Should Be Running Out
- Which Directors Deserve Your Vote? October Shareholder Meeting Insights from Boardroom Alpha
- Anson Funds and Clear Channel Outdoor: A Potential Proxy Fight
Winners Riding the AI and Data Center Boom
Several tech and semiconductor names are back in the spotlight — and their boards are reaping the benefits.
- Lam Research (LRCX), Applied Digital (APLD), and KLA (KLAC) all earned “vote to re-elect” recommendations from Boardroom Alpha’s Vote Guidance Engine, driven by strong shareholder returns and low activist risk. Lam’s restructuring is behind it, KLA continues to deliver against AI-driven demand, and APLD’s Wes Cummins is benefiting from the data center gold rush — but the next two years will test whether those gains can hold.
- Western Digital (WDC) is another standout, up over 200% since spring as it successfully executed its SanDisk spin-off and captured AI/data tailwinds. A new CEO, a refreshed board, and a clean governance profile make this one of November’s easiest votes “for.”
- Oracle (ORCL) rounds out the group with an orderly CEO transition to Michael Sicilia and Clayton Magouyrk. Long-time directors are stepping aside, signaling the kind of planned refreshment that governance-focused shareholders like to see.
Consumer and Industrial Names Under Pressure
Not every story is a comeback. A handful of iconic brands are facing weak performance and rising pressure from shareholders.
- Campbell’s Soup (CPB) continues its long slump, with the stock at new lows and directors carrying weak track records. Boardroom Alpha’s analysis signals a likely “vote against” legacy directors — and activists may soon reappear.
- Clorox (CLX) is another household name facing scrutiny. With CEO Linda Rendle’s dual role as Chair and CEO and lackluster returns, the Vote Guidance Engine flags Rendle and Lead Director Shattock as potential “against” votes.
- Cracker Barrel (CBRL) finds itself deep in governance trouble. A CEO under pressure, falling stock price, and self-inflicted brand controversy have left the board in a defensive posture. The Engine’s analysis calls for votes against all legacy directors.
- Amcor (AMCR) and Coty (COTY) both face similar headwinds — poor returns, weak governance, and high activist risk. For both, our analysis points toward change at the top.
Quiet Strength from Mid-Cap Performers
While big names grab headlines, several smaller companies are quietly delivering for shareholders:
- Adtalem Global Education (ATGE) and Extreme Networks (EXTR) have both seen strong long-term returns and earn support for all directors.
- Brinker International (EAT), Performance Food Group (PFGC), and Donaldson (DCI) continue to outperform peers, making them easy re-elects this month.
- Axos Financial (AX) and Coherent (COHR) show that good performance doesn’t make a board bulletproof. Axos’ say-on-pay results remain weak despite strong TSR, while Coherent faces lingering skepticism over executive compensation after last year’s pay vote flop.
Hot Seats and Activist Watchlist
The CEO Hot Seat Score, a proprietary Boardroom Alpha metric combining governance, TSR, and tenure data, shows several leaders in dangerous territory this month:
- Timothy Danker (SLQT), Peter Konieczny (AMCR), Greg Adelson (JKHY), and Julie Masino (CBRL) all sit in the red zone. Each faces poor performance, governance concerns, or both — with activist risk high across the board.
- Texas Pacific Land (TPL) and Automatic Data Processing (ADP) highlight a different kind of tension: good performance, but governance structures (classified boards, long tenures, overboarding) that could invite future scrutiny.
Governance Trends to Watch
A few broader themes jump out this month:
- Board Refreshment: Long-serving directors at companies like Broadridge (BR) and Extreme Networks (EXTR) will need to make way for new voices soon.
- Pay-for-Performance Alignment: Companies like Coherent, Axos, and Coty are reminders that even strong financials can’t shield boards from shareholder frustration over pay.
- Activist Activity: Expect renewed pressure at Campbell’s, SelectQuote, and Amcor, where underperformance meets weak director profiles — a classic activist setup.
The Bottom Line
November’s meetings feature two distinct storylines: companies capitalizing on AI-driven tailwinds — and those running out of excuses for persistent underperformance.
Boardroom Alpha’s Vote Guidance Engine brings a quantitative lens to how shareholders may be thinking, helping investors, boards, and advisors anticipate the next governance flashpoint. Whether it’s a “vote for” at Lam Research or an “against” at Campbell’s, the data paints a clear picture of where sentiment could be heading.
Explore the full table of November meetings below and see how the Vote Guidance Engine analyzes each one — or log into Boardroom Alpha to customize the analysis to your own governance priorities.
Meeting and Vote Guidance Summary
| Meeting Date |
Company | CEO Hot Seat Score |
CEO TSR | CEO Tenure (years) |
TSR 1yr/3yr/5yr |
Activist Vulnerability |
Previous Avg FOR Directors |
Latest Say-on-Pay |
Vote Analysis |
|---|---|---|---|---|---|---|---|---|---|
| 2025-11-04 | LAM RESEARCH CORP (LRCX)
CEO: Timothy Archer |
13 | 41.2 | 6.9 | 94.0% 67.2% 32.7% |
LOW | 95.5% | 90.8% | Vote to re-elect all directors.
Strong shareholder returns, minimal governance issues, and low activist risk. Recently dismissed E&Y as auditor. Restructuing plan that saw apprximately 1,760 employees terminated was completed in June of 2024. Some Say-On-Pay weakness at 2024 meeting. |
| 2025-11-05 | APPLIED DIGITAL CORP (APLD)
CEO: Wes Cummins |
3 | 77.8 | 3.5 | 355.2% 166.8% 232.6% |
LOW | 94.5% | 97.1% | Vote to re-elect all directors.
Capitalizing on AI / data center boom, but shareholders will want to watch over ’25/’26 to make sure outperformance is sustained. Minimal governance concerns. Director Ella Benson sits on the board after Oasis Management agreement in 2024. |
| 2025-11-05 | CARDINAL HEALTH INC (CAH)
CEO: Jason M Hollar |
13 | 30.4 | 3.1 | 38.1% 33.6% 29.0% |
LOW | 97.9% | 89.4% | Vote to re-elect all directors.
Strong performance, with stock near highs currently, over past several years with Elliott and Cardinal executing a cooperation agreement back in 2022. SEC granted a “no action” regarding John Chevedden’s proposal regarding the split of the CEO and Chair roles. |
| 2025-11-05 | H&R BLOCK INC (HRB)
CEO: Jeffrey J Jones II |
11 | 13.5 | 8.0 | -13.8% 12.5% 28.4% |
LOW | 98.9% | 97.4% | Vote to re-elect all directors.
Generally good performance over director tenures. In the middle of a CEO transition from Jeffrey Jones II to Curtis Campbell. However, disappointing near-term performance will be watched in addition to the CEO transition. |
| 2025-11-05 | KLA CORP (KLAC)
CEO: Richard P Wallace |
3 | 20.6 | 19.8 | 62.5% 62.6% 41.0% |
LOW | 95.5% | 91.3% | Vote to re-elect all directors.
Strong total shareholder returns over director tenures and experiencing benefits of AI tailwind. No material governance issues. One year out, directors will be assessed on how well they maintained and capitalized on those tailwinds. |
| 2025-11-06 | AMCOR PLC (AMCR)
CEO: Peter Konieczny |
43 | -2.0 | 1.5 | -25.1% -4.8% -2.5% |
HIGH | 96.6% | 95.2% | Vote against legacy directors.
Poor performance across director tenures. A number have limited or no external board experience to suggest positive impact. Too early to know on new director additions. In the middle of a CFO transition. Elevated CEO Hot Seat Score and high activist risk score reflective of poor company performance. CEO Konieczny was made permanent CEO in September 2024, but needs to change the company’s trajectory or will be shown the door. |
| 2025-11-06 | COTY INC (COTY)
CEO: Sue Nabi |
25 | 2.9 | 5.1 | -48.1% -13.7% 4.9% |
HIGH | 94.2% | 94.3% | Vote against all directors.
COTY stock has dropped over 50% in the past year; pay-for-performance issues; high activist vulnerability; and most directors either have bad outside track records or no track record as a director at all. CEO Nabi on the hot seat as the stock is effectively back to where it was when she took the reins. |
| 2025-11-06 | TESLA INC (TSLA)
CEO: Elon Musk |
6 | 44.1 | 17.1 | 93.7% 27.9% 23.9% |
LOW | 73.2% | 79.4% | Vote to re-elect all directors.
Despite governance issues, TSLA has delivered for shareholders. Watch for “against” votes for Denholm as Chair and part of the special committee to set Musk’s staggering pay package. How shareholders vote on Musk’s pay is the real star of this meeting. For doubters and supporters alike, the image of a Tesla robot as the cover of the proxy is telling. |
| 2025-11-06 | TEXAS PACIFIC LAND CORP (TPL)
CEO: Tyler Glover |
38 | 29.6 | 4.8 | -10.0% 13.2% 45.2% |
LOW | 90.9% | 87.2% | Vote to re-elect all directors.
Solid company performance over director tenures, though stock is well-off its peak from November 2024. Governance hawks will agree with Schwartz Investment that the board should be declassified — especially given shareholders 2021 vote supporting a measure on it. CEO Glover will be under the most pressure as his CEO Hot Seat Score has soared this year. |
| 2025-11-11 | SELECTQUOTE INC (SLQT)
CEO: Timothy Robert Danker |
76 | -38.7 | 8.8 | -14.7% 51.2% -37.1% |
HIGH | 87.3% | 91.8% | Vote against legacy directors.
The stock has never found its footing since its 2020 IPO and continues to disappoint shareholders. Directors either have little outside public company director experience or have poor track records. High activist risk and a CEO at high risk of losing his job. |
| 2025-11-12 | ADTALEM GLOBAL EDUCATION INC (ATGE)
CEO: Stephen W Beard |
11 | 39.3 | 4.1 | 98.3% 59.6% 40.9% |
LOW | 99.4% | 95.2% | Vote to re-elect all directors.
Shareholders have benefited from rocketship stock growth led by CEO Stephen Beard and the board. |
| 2025-11-12 | AUTOMATIC DATA PROCESSING INC (ADP)
CEO: Maria Black |
31 | 8.4 | 2.8 | -1.6% 9.8% 15.9% |
ELEVATED | 96.0% | 89.6% | Vote to re-elect all directors.
Generally strong performance under the board. Undergoing a CFO transition. Director William Ready is overboarded — too busy as CEO of PINS and on the Visa and Williams Sonoma boards. An issue to watch if performance deteriorates. Significant insider selling. |
| 2025-11-12 | EXTREME NETWORKS INC (EXTR)
CEO: Edward Meyercord |
4 | 22.3 | 10.5 | 39.1% 16.3% 36.5% |
LOW | 92.1% | 91.4% | Vote to re-elect all directors.
Good performance under the board that warrants continued support. Board has a refreshment problem though with three directors in their 70s and board chair Shoemaker in his 80s. Given the long tenures (considered an entrenched board) refreshment will be critical and challenging. Governance hawks will also question independence of board members after such long tenures. |
| 2025-11-12 | JACK HENRY & ASSOCIATES INC (JKHY)
CEO: Gregory R Adelson |
30 | -3.8 | 1.3 | -16.5% -4.7% 0.0% |
HIGH | 96.7% | 92.6% | Vote against directors Miyashiro, Campbell, Brown, and Chairman Foss.
Negative 1 and 3-year shareholder returns at JKHY and either no, or limited and negative, outside director track records weigh down these directors. CEO Greg Adelson, only on the job just over a year, is on the hot seat as Jack Henry’s underperformance puts it at high risk for an activist to come in. |
| 2025-11-12 | VIAVI SOLUTIONS INC (VIAV)
CEO: Oleg Khaykin |
15 | 8.8 | 9.7 | 44.0% -0.1% 1.6% |
ELEVATED | 96.1% | 94.1% | Vote against all legacy directors with the exception of CEO Oleg Khaykin and Donald Colvin.
All directors under pressure from the stock’s continued slide from 2021 highs, but Khaykin’s and Colvin’s positive outside track records provide support for their re-election. Masood Jabbar won’t be standing for re-election which will make Chairman Belluzzo the longest serving director by far. He has recieved low support from shareholders for the past four meetings and the board should be working through plans to transition sooner rather than later. |
| 2025-11-13 | AXOS FINANCIAL INC (AX)
CEO: Gregory Garrabrants |
12 | 23.0 | 18.1 | 13.1% 27.5% 23.4% |
LOW | 87.7% | 60.5% | Vote to re-elect all directors.
Strong company performance across all director tenures. Classified board and long director tenures are a concerns that should be addressed. Shareholders continue to object to executive compensation via the say-on-pay votes. Axos says they met with almost half of their 50 largest shareholders to discuss this past year. |
| 2025-11-13 | BROADRIDGE FINANCIAL SOLUTIONS INC (BR)
CEO: Timothy C Gokey |
14 | 15.6 | 6.8 | 4.8% 19.6% 11.4% |
LOW | 98.5% | 89.0% | Vote to re-elect all directors.
Positive company performance across all director tenures. Board entrenchment and increasing average age was an issue, but directors Rich Daley and Pam Carter are not standing for re-election which will shift both measures materially. The board’s refreshment will be a challenge over the next several years and with no new directors nominated this year, they need to get moving. |
| 2025-11-13 | COHERENT CORP (COHR)
CEO: James R Anderson |
32 | 44.4 | 1.4 | 14.7% 55.6% 20.3% |
ELEVATED | 96.4% | 52.3% | Vote to re-elect all directors.
Shareholders will be supportive given the turnaround under new CEO Jim Anderson and shareholder returns over 50% over the last 3-year period. 2024’s Say-on-Pay was a disaster and Coherent enlisted Compensia to support changes after COHR met with shareholders representing almost 45% of shares. This year’s vote will test whether or not the outreach and changes were sufficient to appease skeptical shareholders. Governance hawks, and those concerned with pay, will question why the board needs 14 members which is significantly larger than peers. |
| 2025-11-13 | ESTEE LAUDER COMPANIES INC (EL)
CEO: Stephane de La Faverie |
24 | 32.7 | 0.8 | 8.6% -21.3% -14.3% |
HIGH | 95.6% | 93.1% | Vote against Jennifer Tejada.
Classified board and multi-class shares are problems and protect directors that should be under more pressure. Angela Wei Dong and Lynn Forester de Rothschild are not standing for re-election. Shareholders should question whether Director Tejada has the capacity to be on the Estee Lauder board given she is CEO at PagerDuty which is down 15% in the past year and its own shareholders are question whether she is the right CEO to turn it around. |
| 2025-11-13 | TAPESTRY INC (TPR)
CEO: Joanne C Crevoiserat |
5 | 54.0 | 5.2 | 161.0% 61.3% 46.4% |
LOW | 98.4% | 92.7% | Vote to re-elect all directors.
Shareholders have no reason to complain with no material governance issues and outsized returns. |
| 2025-11-14 | SYSCO CORP (SYY)
CEO: Kevin Hourican |
34 | 3.2 | 5.7 | 6.2% 4.8% 6.3% |
LOW | 96.7% | 93.6% | Vote to re-elect all directors.
Generally postive performance across tenures relative to peers. No material governance issues. |
| 2025-11-18 | CAMPBELL’S CO (CPB)
CEO: Mick J Beekhuizen |
35 | -16.6 | 0.7 | -33.7% -12.1% -5.7% |
HIGH | 98.6% | 96.1% | Vote to against all legacy directors.
For shareholders there is nothing positive happening as the stock continues to fall and recently hit a new low. Too many directors have had poor tenures and have no, or poor, outside track records. Dan Loeb and Third Point fought them in 2018 and placed Hofstetter and Schmidt. Campbell’s high activist risk score suggests another activist may try again soon. |
| 2025-11-18 | INTAPP INC (INTA)
CEO: John T Hall |
34 | 6.4 | 4.3 | -26.4% 22.9% % |
LOW | 82.7% | 86.5% | Vote to re-elect all directors.
While shareholders have suffered over the past year after coming down from highs, the board largely remains the team that it IPO’d with. If performance doesn’t turn for the better, the board and CEO John Hall will be under real pressure in 2026. Should performance not improve, the classified board structure will provide undue protection to directors. Ideally, this would be corrected before shareholders are forced to act. |
| 2025-11-18 | ORACLE CORP (ORCL)
CEO: Michael D Sicilia |
10 | -4.6 | 0.1 | 80.6% 71.5% 40.9% |
LOW | 90.7% | 77.8% | Vote to re-elect all directors.
Shareholder will be happy with their gains from the AI-boom and pleased to see active, planned CEO refreshment as Magouyrk and Sicilia take the reins — Safra Catz remains on the board. Long-standing directors Leon Panetta and William Parrett both stepping down at the meeting. Continued board refreshment will be important as long-serving directors will need to roll off in coming years. |
| 2025-11-18 | ORACLE CORP (ORCL)
CEO: Clayton M Magouyrk |
10 | -4.6 | 0.1 | 80.6% 71.5% 40.9% |
LOW | 90.7% | 77.8% | Vote to re-elect all directors.
Shareholder will be happy with their gains from the AI-boom and pleased to see active, planned CEO refreshment as Magouyrk and Sicilia take the reins — Safra Catz remains on the board. Long-standing directors Leon Panetta and William Parrett both stepping down at the meeting. Continued board refreshment will be important as long-serving directors will need to roll off in coming years. |
| 2025-11-19 | CLOROX CO (CLX)
CEO: Linda J Rendle |
62 | -8.7 | 5.1 | -25.5% -0.3% -8.6% |
ELEVATED | 98.1% | 93.3% | Vote against directors Rendle and Shattock.
The stock has dropped 36% over over CEO Rendle’s tenure. Given company performance shareholders will question the wisdom of both the Chair and CEO roles sitting with Rendle. They will also question whether Rendle sitting on the Visa board is advantagous or a distraction. Company performance over lead independent director Shattock’s tenure is also a concern as is his outside track record. |
| 2025-11-19 | LUMENTUM HOLDINGS INC (LITE)
CEO: Michael E Hurlston |
9 | 90.0 | 0.7 | 137.3% 35.4% 14.6% |
LOW | 98.0% | 94.8% | Vote to re-elect all directors.
Supported by AI tailwinds, new CEO Michael Hurlston has the stock up 82% since he took over at the start of the year. |
| 2025-11-19 | PERFORMANCE FOOD GROUP CO (PFGC)
CEO: George L Holm |
3 | 17.9 | 23.1 | 21.1% 31.2% 21.3% |
LOW | 99.2% | 99.4% | Vote to re-elect all directors.
Strong company performance across all director tenures and the stock recently hit a new high. Sachem Head’s Scott Ferguson just joined the board as part of their September cooperation agreement. |
| 2025-11-19 | RESMED INC (RMD)
CEO: Michael J Farrell |
13 | 17.1 | 12.6 | 14.3% 9.4% 9.3% |
LOW | 94.9% | 84.2% | Vote to re-elect all directors.
Positive performance across board tenures. Long-time Director Richard Sulpizio is not standing for re-election. Classified board is a governance issue that would ideally be addressed. Board will need to continue to refresh with Lead Director Ron Taylor likely next in inline. |
| 2025-11-20 | BRINKER INTERNATIONAL INC (EAT)
CEO: Kevin Hochman |
19 | 54.0 | 3.4 | 41.3% 69.7% 22.2% |
LOW | 99.1% | 95.5% | Vote to re-elect all directors.
CEO Kevin Hochman and the board have overseen 70% annualized total shareholder return over the past 3-year period. No material governance issues. |
| 2025-11-20 | CRACKER BARREL OLD COUNTRY STORE INC (CBRL)
CEO: Julie D Masino |
61 | -19.5 | 2.0 | -13.9% -22.0% -16.1% |
ELEVATED | 74.7% | 79.9% | Vote against all legacy directors.
Given Cracker Barrel’s stock price and the logo debacle, shareholders will have very litte positive to consider when casting their votes. CEO Julie Masino’s CEO Hot Seat Score is flashing a red signal that she may be on the way out sooner rather than later. Looking back, shareholders may be questioning their support of the company’s slate at last year’s contest proxy meeting. |
| 2025-11-20 | CRACKER BARREL OLD COUNTRY STORE INC (CBRL)
CEO: Julie D Masino |
61 | -19.5 | 2.0 | -13.9% -22.0% -16.1% |
ELEVATED | 74.7% | 79.9% | Vote against all legacy directors.
Given Cracker Barrel’s stock price and the logo debacle, shareholders will have very litte positive to consider when casting their votes. CEO Julie Masino’s CEO Hot Seat Score is flashing a red signal that she may be on the way out sooner rather than later. Looking back, shareholders may be questioning their support of the company’s slate at last year’s contest proxy meeting. |
| 2025-11-20 | WESTERN DIGITAL CORP (WDC)
CEO: Irving Tan |
10 | 163.3 | 0.7 | 150.1% 71.3% 34.9% |
LOW | 97.5% | 91.7% | Vote to re-elect all directors.
The stock has rocketed up over 200% since April. Significant board refreshment just occurred as Irving Tan, Bruce Kiddoo and Roxanne Oulman joined and David V. Goeckeler, Thomas Caulfield and Miyuki Suzuki left as Western Digital spun out Sandisk. It’s a new-look company post spin-off and the board and executive team have so far been able to capture the AI/data center tailwinds succesfully. |
| 2025-11-21 | DONALDSON CO INC (DCI)
CEO: Tod E Carpenter |
7 | 9.6 | 10.6 | 13.4% 19.3% 11.8% |
LOW | 96.2% | 94.3% | Vote to re-elect all directors.
Over most director tenures the company is performing ahead of it peers, returns are just behind the S&P 500, and the stock recently hit a new high. The classified board should be addressed and a number of directors with tenures over 10 years, and some closer to 20, should be included in refreshment planning. |
How We Determined Voting Guidance for This Article
To generate voting recommendations for the upcoming September shareholder meetings, we used Boardroom Alpha’s Voting Guidance Engine. The model we applied put greater weight on company performance—asking whether directors were meeting their fiduciary duty to deliver positive outcomes for shareholders—than on governance mechanics. It did not take environmental or social issues into account.
Under this approach, directors at companies showing strong performance were generally supported, while those at companies with only “okay” performance faced closer scrutiny. In cases where performance was middling and governance concerns were also present—such as overboarding, weak board independence, or entrenched structures—the model leaned toward recommending votes against. This balance kept the focus on shareholder outcomes while still flagging governance risks that could compromise long-term value.
Voting Guidance Engine users can specify a model in any way they see fit — prioritizing those factors that are most important to them. They can also create multiple models to vary results by situation or focus.
Curious how these recommendations are made? Boardroom Alpha’s Voting Guidance Engine makes proxy season easier, clearer, and more consistent. Reach out and let’s talk.