$14.9M
CEO Total Comp · FY2025
Yvonne Greenstreet · 20th vs. peers
92.89%
Say-on-Pay · FY2025
Most recent annual vote
2.99×
Realizable / Granted
$44.5M realizable††
200%
STI Payout · FY2025
Actual % of target
Thesis
ALNY's CEO compensation at the 22nd percentile against 60th-percentile three-year TSR produces a 38-point favorable pay-return drift, but an $18M off-cycle retention award with no disclosed performance conditions, a first-ever Say-on-Pay vote approaching at the April 2027 annual meeting, and a disclosure quality score of 45/100 collectively create an acute pre-vote credibility gap. Before the FY2026 grant cycle, the committee must attach a performance overlay to the retention award (absolute TSR floor or clinical-milestone gate), remove the relative share-price metric from the STI to eliminate cross-tier redundancy with the LTI PSU structure, and publish explicit PSU metric weights and payout curves in the FY2026 CD&A.
Calibration anchors as of August 12, 2026 (stock price $221.20; market cap $29.6B).
Priority Actions
P1Incentive Design
The $18M special equity retention award granted March 5, 2026 to CEO Yvonne Greenstreet carries no disclosed performance conditions, contradicting the CD&A's stated philosophy that 'the substantial majority of NEO compensation is performance-based and at-risk.' With GILD allocating 50% of LTI to PSUs, BIIB 60%, and BMRN 66%, a time-vesting-only retention tranche is a structural outlier entering ALNY's first-ever shareholder vote.
P2CD&A Alignment
ALNY's disclosure quality score of 45/100, with STI and LTI each scoring 5/25, is the lowest-tier outcome in Velarion's deterministic framework. PSU metric identities, weights, and payout curves are not disclosed, and STI target-setting rigor is unverifiable.
P3Incentive Design
Including 'Share Price Performance Against the Executive Compensation Peer Group' as one of six STI metrics creates a direct signal overlap with the relative TSR logic typically reserved for the PSU tier. No other peer in the nine-company set embeds a relative share-price measure in the annual bonus plan.
Since the Last Disclosure
Activity since the last disclosure — $80.4M of equity awarded across 12 awards to 6 people since Jan 1, 2026. None of it reaches a compensation table until the FY2026 disclosure is published.