Lockheed Martin (LMT) Proxy filing summary

Executive summary

• Annual meeting scheduled for May 12, 2026, with four key proposals: election of nine directors, advisory say-on-pay vote, auditor ratification, and a shareholder proposal for an independent board chair, which the board opposes.

• 2025 saw record backlog of $194 billion, 6% sales growth to $75B, and significant investments in R&D and capital expenditures.

• Strategic focus areas include digital transformation, AI, supply chain resilience, and international expansion.

Voting matters and shareholder proposals

• Board recommends voting for all director nominees, say-on-pay, and auditor ratification, but against the shareholder proposal for an independent board chair.

• Shareholder proposal cites recent financial losses and governance concerns; board argues for flexibility in leadership structure and highlights robust lead director role.

Board of directors and corporate governance

• Board consists of nine nominees, 89% independent, with a combined Chairman/CEO and a strong independent Lead Director.

• All board committees are fully independent; annual board and committee evaluations and active refreshment process.

• Directors have stock ownership guidelines and limits on outside board service.