Sonoco Products Co

1. 1

   Election of 11 Directors

   ManagementBoard: FOR

   Elect eleven directors to the Board to serve one-year terms ending at the 2027 Annual Meeting.

2. 2

   Ratification of Independent Registered Public Accounting Firm

   ManagementBoard: FOR

   Ratify PricewaterhouseCoopers LLP as Sonoco’s independent registered public accounting firm for 2026.

3. 3

   Advisory (Non-binding) Vote on Executive Compensation

   ManagementBoard: FOR

   Advisory (non-binding) vote to approve the compensation of the Company’s named executive officers as disclosed in the proxy (a Say-on-Pay vote).

   More detail

   This proposal asks shareholders to cast a non-binding advisory vote to approve the compensation of Sonoco’s named executive officers as disclosed in the proxy statement (the typical “Say on Pay” vote). Management seeks this approval to affirm its executive compensation design, which emphasizes pay-for-performance and alignment with long-term shareholder interests through a mix of annual incentives and significant equity-based awards. The Compensation Committee ties a substantial portion of executive pay to measurable performance metrics such as Adjusted EBITDA, Adjusted Operating Cash Flow, and long-term metrics used in PCSUs (Adjusted EPS growth and ROIC), and retains discretion to adjust payouts for quality-of-earnings considerations. The Board highlights strong investor engagement (meetings with over 200 investors in 2025 and >30% ownership engagement) and the prior year’s high support (94.46% Say-on-Pay approval in 2025) as context for maintaining the current program. Management frames the program as balancing short- and long-term incentives to attract, retain, and motivate leadership while limiting guaranteed payouts and tax gross-ups. The Board recommends a FOR vote, arguing the program supports strategic objectives including portfolio transformation, debt reduction, and value creation evidenced by recent financial improvements. Risks include concentrated equity awards that can amplify pay variability and the reliance on non-GAAP metrics; the Committee addresses these with governance features (independent consultant, clawback policy, anti-hedging/anti-pledging, stock ownership guidelines). For sophisticated evaluation, the proposal should be viewed in light of recent performance (strong Adjusted EBITDA and cash flow in 2025), the structure of PCSU targets and TSR modifiers, and the company’s shareholder outreach and historical shareholder support for compensation decisions.

4. 4

   Approval of Amendment No. 1 to 2024 Omnibus Incentive Plan

   ManagementBoard: FOR

   Approve Amendment No.1 to the 2024 Omnibus Incentive Plan to increase the share reserve from 2,900,000 to 4,330,000 shares (subject to specified offsets).

   More detail

   This proposal requests shareholder approval to increase the share reserve under Sonoco’s 2024 Omnibus Incentive Plan by 1,430,000 shares (from 2.9 million to 4.33 million), subject to specified offsets. Management argues the increase is necessary because actual share usage has outpaced initial estimates due to stock price appreciation and an unexpected increase in participants following the Titan Holdings acquisition, and without the increase Sonoco could be unable to grant competitive annual awards or hire and retain talent. The filing quantifies dilution metrics (a fully diluted overhang of 4.79% as of Dec 31, 2025 and a three-year average share usage rate of 0.61%) and presents governance safeguards in the plan (no evergreen, double-trigger change-in-control, no dividend equivalents on unvested awards, non-recycling of option shares, director compensation limits, and no repricing without shareholder approval). The Board’s recommendation emphasizes equity awards’ role in aligning executives and employees with shareholder value, and notes the requested reserve is expected to cover roughly three years of grants under historical practices, though actual longevity depends on factors like share price and hiring. Key considerations for an analyst include the balance between retention/attraction benefits and dilution impact, the company’s historical grant practices and usage rate, the estate of outstanding awards, and plan terms that limit potential shareholder harm. The proposal is transactionally straightforward (an arithmetic increase) but should be evaluated against peer practices, expected grant pacing, and the company’s performance and capital allocation priorities. The Board’s unanimous recommendation is premised on maintaining competitive compensation and preserving alignment while using plan features to limit dilution risk.

5. 5

   Advisory (Non-binding) Shareholder Proposal—Avoid Brand Damage from Political Spending

   Shareholder — John CheveddenBoard: AGAINST

   Shareholder proposal requesting an annual report disclosing policies/procedures and monetary and non-monetary political contributions and expenditures (direct and indirect) used to participate/intervene in campaigns or influence the public on elections; excludes lobbying.

   More detail

   The proponent demands annual disclosure of Sonoco’s policies and itemized monetary and non-monetary political contributions and expenditures (excluding lobbying), citing reputational and financial risk from undisclosed electoral spending and low third-party disclosure scores. The proponent’s argument centers on transparency: shareholders cannot assess alignment of political spending with company policies on climate, sustainability and other issues without recipient-level disclosure, including payments to trade associations and 501(c)(4) organizations. Management counters that Sonoco does not engage in direct political activity, makes no contributions to candidates, parties or PACs, does not engage in electioneering, and that its participation in trade associations is not for political campaigning and is already publicly disclosed; the Board therefore contends the requested reporting would be redundant and impose unnecessary cost. Company-specific context includes Sonoco’s stated practices (no corporate-sponsored PAC, no direct election spending) and oversight by the Employee and Public Responsibility Committee; the filing also notes Sonoco’s existing public policies and ongoing shareholder engagement. Key analytical points: if management’s factual assertion that there are essentially no direct corporate political expenditures is correct, the incremental informational value of the requested report may be limited (though disclosure of trade association payments remains a contentious area). Conversely, the proponent’s concern about indirect spending via trade associations and dark-money vehicles is widely shared among investors and has led many peers to adopt expanded disclosure. For investors, evaluating the proposal requires verifying the completeness of Sonoco’s current disclosures about trade association membership dues and any payments that may be used for political purposes, assessing the potential reputational risk of third-party association activity, and weighing administrative cost against the value of enhanced transparency. Given the Board’s firm opposition and its claim of no direct political spending, the proposal is likely to prompt a disclosure debate rather than impose immediate operational change unless evidence of significant indirect political spending emerges.

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When is the Sonoco Products Co 2026 annual meeting?

Sonoco Products Co (SON) holds its 2026 annual shareholder meeting on Wednesday, April 15, 2026.

What is the record date for the Sonoco Products Co 2026 meeting?

The record date for the Sonoco Products Co 2026 meeting is Wednesday, February 25, 2026. Shareholders of record on or before that date are eligible to vote.

Who are the director nominees for Sonoco Products Co's 2026 meeting?

The board is presenting 11 director nominees at the Sonoco Products Co 2026 meeting, listed with their independence status and background.

What proposals will shareholders vote on at the Sonoco Products Co 2026 meeting?

Shareholders will vote on 5 proposals at the Sonoco Products Co 2026 meeting, each tagged with who proposed it and the board's recommendation.