Board of Directors Compensation Review

Alliant Energy Corp

Fiscal Year 2025 Board Governance Review

Ticker: LNT
Fiscal Year: FY2025
Filing Date: 2026-03-31
Sector: Utilities

90th

Comp Percentile

Total retainer vs. peers

91%

Independence

10 of 11 directors

95.73%

Say-on-Pay

FY2025 vote; prior: 96.42%

Low

Proxy-Advisor Screen

Velarion ISS-aligned directional

Thesis

Total director compensation of $300,000 positions at the 90th percentile of peers, +$18,750 versus the $281,250 peer median. The company maintains 4 of 4 core governance provisions tracked by Velarion. A low proxy-advisor screen reading and 95.73% say-on-pay approval reflect aligned positive governance signals.

Calibration anchors as of August 2, 2026 (stock price $70.78; market cap $18.3B).

Recommended Direction

Director compensation sits above the peer median; peers at this positioning typically support it with explicit fee-setting rationale in the proxy.

Key Findings

ELEVATEDPositioning

Total retainer at the 90th of peers

Total director compensation of $300,000 sits +$18,750 versus a peer median of $281,250. Positioning provides cover to strengthen the rationale disclosure in the next proxy.

Since the Last Disclosure

Activity since the last disclosure — $1.2M of equity awarded across 22 awards to 8 people since Jan 1, 2026. None of it reaches a compensation table until the FY2026 disclosure is published.

Shareholder vote in the current window — 95.73% support on May 20, 2026, with 14 awards granted before the vote and 8 after it.

22

Awards Granted

since the last disclosure

8

Directors Receiving

distinct recipients

$1.2M

Value of Awards

at each award-date close

Jan 1, 2026

Window Opened

first day after the disclosure period

Not Yet in Any Compensation Table

None of this reaches a compensation table until the FY2026 disclosure is published.

22 awards to 8 directors since Jan 1, 2026

Awards by Recipient

Director	Title	Award Date	Shares	Value
Christie Raymond	—	Apr 10, 2026	1,043	$76k
Christie Raymond	—	Jan 9, 2026	1,173	$76k
Manu Asthana	—	Jul 10, 2026	998	$76k
Christie Raymond	—	Jul 10, 2026	998	$76k
Michael Dennis Garcia	—	Jan 9, 2026	984	$64k
Michael Dennis Garcia	—	Apr 10, 2026	876	$64k
Michael Dennis Garcia	—	Jul 10, 2026	838	$64k
Nancy Joy Falotico	—	Apr 10, 2026	778	$57k
Nancy Joy Falotico	—	Jan 9, 2026	875	$57k
Nancy Joy Falotico	—	Jul 10, 2026	744	$57k
Roger Newport	—	Jul 10, 2026	736	$56k
Roger Newport	—	Apr 10, 2026	769	$56k

Showing the 12 largest of 22 awards by value.

95.73% Support, Voted May 20, 2026

Most Recent Shareholder Vote on Pay

Shareholders voted during the current window. 14 of the awards on the preceding page were granted before that vote and 8 after it.

14 preceded the vote; 8 followed it.

The Vote

Item	Value
Support recorded	95.73%
Vote held	May 20, 2026
Relative to the current window	Inside the window
Awards granted before the vote	14
Awards granted after the vote	8

Activity Since

Since the Disclosure	Value
Awards since the disclosure closed	22
Recipients	8
Units awarded, all dated awards	16,999
Value of those awards	$1.2M

Everything Since the Last Disclosure Closed 30 awards to 16 people across executives and directors, between Jan 9, 2026 and Jul 10, 2026

Disclosure period closesEquity awardsShareholder voteToday

11

Total Directors

10 independent · 1 non-indep

91%

Independence

ISS threshold: 67%

6.0 yr

Avg Tenure

11 of 11 disclosed

Independent

Board Chair

Patrick Allen

Board composition shows 1 of 11 directors with tenure exceeding 15 years: Carol Sanders. Independence at 91% meets ISS standards.

Director Roster — FY2025

Director	Independent	Employee	Committees	Tenure
Patrick Allen (Chair)	Yes	No	Executive (Chair)	14 yr
Carol Sanders	Yes	No	Audit; Executive; Nominating and Governance (Chair)	20 yr
Thomas O'Toole	Yes	No	Audit; Nominating and Governance	10 yr
Roger Newport	Yes	No	Compensation; Operations	7 yr
Michael Garcia	Yes	No	Executive; Nominating and Governance; Operations (Chair)	5 yr
Joy Falotico	Yes	No	Audit (Chair); Executive; Operations	4 yr
Ignacio Cortina	Yes	No	Compensation; Nominating and Governance	2 yr
Stephanie Cox	Yes	No	Compensation (Chair); Executive; Operations	2 yr
Lisa Barton	No	Yes	Equity Awards	1 yr
Christie Raymond	Yes	No	Audit; Compensation	1 yr
Manu Asthana	Yes	No	Audit; Operations	Joined 2026

$300k

Median Indep Comp

Non-chair independent

$2.4M

Non-Chair Indep Comp

8 non-chair independent

90th

Positioning

Total retainer vs. peers

11

Board Size

10 independent

FY2025 Director Compensation (as reported)

Director	Cash	Stock	Options	Other	Total
Patrick Allen (Chair) ‡	$422,500	$0	$0	$0	$422,500
Carol Sanders	$328,125	$0	$0	$3,382	$331,507
Christie Raymond	$295,000	$0	$0	$0	$295,000
Ignacio Cortina	$290,000	$0	$0	$0	$290,000
John Larsen * ‡	$183,750	$0	$0	$2,620	$186,370
Joy Falotico	$315,000	$0	$0	$0	$315,000
Lisa Barton ‡	$0	$0	$0	$0	$0
Manu Asthana ‡ †	Pending — compensation not yet set
Michael Garcia	$310,000	$0	$0	$0	$310,000
Roger Newport	$290,000	$0	$0	$3,500	$293,500
Stephanie Cox	$302,500	$0	$0	$0	$302,500
Thomas O'Toole	$295,000	$0	$0	$1,546	$296,546
Total non-chair independent (8)	$2,425,625	$0	$0	$8,428	$2,434,053

† Newly elected at the most recent annual meeting — compensation for the upcoming term not yet determined.

$300K

Cash Retainer

99th percentile

—

Equity Retainer

No equity retainer disclosed

$300K

Total Retainer

90th percentile

20

Peer Set Size

Disclosed proxy peers with fee data

Total Director Retainer vs. Peers

CNP

$305K

LNT

$300K

ES

$300K

PEG

$300K

AEE

$295K

NI

$290K

CMS

$290K

PNW

$290K

ATO

$285K

PPL

$285K

OGE

$282K

EVRG

$280K

WEC

$280K

TXNM

$260K

MDU

$260K

SWX

$250K

BKH

$240K

IDA

$240K

AVA

$235K

POR

$230K

HE

$205K

Schedule of Director Fees

Element	Amount
Annual Cash Retainer	$300,000
Annual Equity Retainer	—
Total Annual Retainer	$300,000
Board Chair Premium	$200,000
Lead Director Premium	$35,000
Audit Chair Premium	$25,000
Comp Chair Premium	$20,000
Nom/Gov Chair Premium	$20,000
Audit Member	$5,000
Comp Member	—
Nom/Gov Member	—
Per-Meeting Fee	—

Vesting & Equity Vehicle

Vehicle: Not disclosed
Director SOG: $580,000
Vesting: Per filed disclosure

Stock Ownership Guideline

$580,000

Anti-Pledging / Anti-Hedging

Anti-pledging: In place
Anti-hedging: In place

LNT Retainer-Only Mix (non-chair independent)

100%/0%

Cash / Equity — Retainer-Only

Cash retainer: $300,000 (100%)
Equity retainer: $0 (0%)
-58 ppt vs. peer median (58%)

Aggregate Paid — Context Only

Cash paid (incl. committee premiums and meeting fees): $2,609,375
Equity awards (grant-date fair value): $0
Not peer-compared — peer table uses retainer-only basis.

Peer Set — Cash vs Equity Mix

Peer	Cash Retainer	Equity Retainer	Total	Equity %
POR	$75K	$155K	$230K	67%
CMS	$115K	$175K	$290K	60%
PEG	$120K	$180K	$300K	60%
NI	$116K	$174K	$290K	60%
OGE	$115K	$168K	$282K	59%
HE	$85K	$120K	$205K	59%
ES	$125K	$175K	$300K	58%
IDA	$100K	$140K	$240K	58%
SWX	$105K	$145K	$250K	58%
MDU	$110K	$150K	$260K	58%
AEE	$125K	$170K	$295K	58%
AVA	$100K	$135K	$235K	57%
CNP	$130K	$175K	$305K	57%
EVRG	$120K	$160K	$280K	57%
WEC	$120K	$160K	$280K	57%
PNW	$125K	$165K	$290K	57%
BKH	$105K	$135K	$240K	56%
ATO	$125K	$160K	$285K	56%
PPL	$125K	$160K	$285K	56%
TXNM	$115K	$145K	$260K	56%

6.0

Average Tenure (yrs)

Across all directors

A

Refreshment Grade

Velarion methodology

3

New Indep Dirs (3 yr)

Independent additions

1

Directors 15+ Years

ISS / Glass Lewis watch

Tenure Distribution

0–3 years

5

4–7 years

3

8–12 years

1

13+ years

2

Long-Tenure Directors (ISS / Glass Lewis Watch)

Carol Sanders — 20 years (at ISS watch threshold)
Patrick Allen — 14 years (approaching 15-yr ISS threshold)

Disclosure Quality95/100Strong

STI 20/25 · LTI 25/25 · Gov 20/20 · Phil 15/15 · Design 15/15

Governance Provisions

Provision	Status
Director Stock Ownership Guideline	✓
Clawback Policy	✓
Anti-Hedging Policy	✓
Anti-Pledging Policy	✓

Score: 4/4 provisions in place

Anti-Pledging / Anti-Hedging

Anti-pledging: In place
Anti-hedging: In place
Tax gross-ups: None

Independence Profile

Board independence: 91% (10 of 11 directors)
Chair structure: Independent chair — Patrick Allen
ISS independence threshold: 67% · subject clears the threshold.

Stock Ownership Guidelines

Director guideline: $580,000
Scope: Director-specific guideline disclosed in proxy
Peer prevalence: 20 of 20 disclosed-peer companies disclose director stock ownership guidelines
Holding period / compliance window: Per filed disclosure

Governance Narrative

Say-on-pay support declined 69 basis points to 95.73% in FY2025 from the FY2024 peak of 96.42%, breaking a four-year improving trend. The committee interpreted the prior vote as validating current practice; the subsequent decline may warrant revisiting this assessment ahead of the May 2027 annual meeting. The 1-year trailing run direction is declining with stable outlook.

95.73%

Latest SOP Approval

FY2025

A →

SOP Grade

Outlook: stable

5

Votes on Record

Most recent 5 of 11 disclosed

SoP Approval Trend

SoP Vote Detail

Year	Approval	For	Against	Result
FY2025	95.73%	196,043,476	8,748,646	Pass
FY2024	96.42%	193,099,366	7,164,262	Pass
FY2023	95.71%	189,645,167	8,498,044	Pass
FY2022	95.79%	181,184,866	7,956,109	Pass
FY2021	95.18%	181,141,240	9,179,311	Pass

SoP support remains robust at 95.73% but the FY2024-to-FY2025 decline of 69 bps ended a multi-year improving trend; the committee's assessment that no modifications were required may warrant revisiting if the downward trailing run continues ahead of the May 2027 annual meeting.

Full Ballot — FY2025 Annual Meeting

#	Proposal	Proponent	Approval	Outcome
1	Director Election	Company	92.48%	Approved
2	Say-on-Pay (advisory)	Company	95.73%	Approved
3	Auditor Ratification	Company	96.58%	Approved

Say-on-pay approval of 95.73% ran in line with the rest of the ballot (median of the 2 other proposals: 94.53%, +1.20 pp).

CEO Pay Ratio

51:1

CEO pay as a multiple of median employee pay — FY2025

Fiscal Year	Pay Ratio	CEO Total Compensation	Median Employee Compensation
FY2025	51:1	$8,999,073	$177,645
FY2024	51:1	$6,971,735	$136,985

The ratio held flat 0.0% from FY2024 (51:1) to FY2025 (51:1).

Market capitalisation $19.4B as of 2026-08-02. Market capitalisation is a point-in-time figure and is not stated on the same fiscal-year basis as the pay ratio.

Director Election Support — FY2025 Annual Meeting

Director	Committees	Election Support
Michael Garcia	Executive, Nominating and Governance, Operations (Chair)	177,498,853 for / 27,812,589 against ¹
Patrick Allen	Executive (Chair)	190,057,409 for / 15,461,011 against ¹
Ignacio Cortina	Compensation, Nominating and Governance	191,505,839 for / 13,801,874 against ¹
Manu Asthana	Audit, Operations	204,157,674 for / 1,248,759 against ¹

¹ Votes for / votes withheld-or-against (voting standard not disclosed). Support percentages are shown only where the company discloses a majority or plurality voting standard for director elections.

Year-over-year support change is not shown: the company's disclosed election-support history does not carry a prior-year percentage for any director on this page to compare against.

Directors are sorted by election support, weakest first. Figures are shown as reported; no threshold or advisory-vote implication is applied.

Component Grades & Rationale

Component	Grade	Why This Grade
Compensation Positioning	D	Total director retainer at the 90th percentile of disclosed peers
Independence	A	Board independence 91% vs ISS 67% threshold (10 of 11 directors)
Refreshment	A	Average tenure 6.0 years; 4 new independent directors added in last 3 years
Governance	A	4 of 4 core governance provisions in place (Director Stock Ownership Guideline, Clawback Policy, Anti-Hedging Policy, Anti-Pledging Policy)
Say-on-Pay	A →	Latest SoP approval 95.73% — strong shareholder support; outlook stable

Committee Chair Premium — Subject vs Peer Set

Premium	LNT	Peer Median	Peer Min	Peer Max	n
Board Chair Premium	$200,000	$110,000	$20,000	$175,000	12
Lead Director Premium	$35,000	$30,000	$30,000	$40,000	12
Audit Chair	$25,000	$20,000	$15,000	$30,000	19
Comp Chair	$20,000	$20,000	$12,500	$30,000	19
Nom/Gov Chair	$20,000	$20,000	$12,500	$25,000	19

$2.9M

Aggregate Indep Comp

9 compensated independent directors (incl. chair, who is independent)

$2.6M

Eligible Aggregate

Independent, excluding chair; incl. departed

45th

Aggregate Cost Percentile

vs 20 disclosed peers

$3.1M

Peer Median Aggregate

Independent directors

Aggregate Independent Director Compensation — Subject vs Peers

OGE

$4.5M

AEE

$3.7M

CNP

$3.6M

SWX

$3.6M

NI

$3.5M

WEC

$3.5M

ATO

$3.4M

EVRG

$3.3M

PEG

$3.2M

PNW

$3.2M

PPL

$3.0M

LNT

$2.9M

CMS

$2.7M

AVA

$2.6M

IDA

$2.5M

POR

$2.5M

ES

$2.5M

TXNM

$2.5M

BKH

$2.4M

MDU

$2.0M

HE

$1.8M

Predicted ISS Qualitative Commentary

Velarion simulation

Alliant Energy Corp's compensation program presents a conventionally structured utility design with low concern across all three Velarion compensation risk screens. Say-on-pay support declined 69 basis points to 95.73% in FY2025, ending a multi-year improving trend that may warrant monitoring ahead of the May 2027 annual meeting.

Board-Level Proxy Risk Indicators

Board Tenure Profile

6.0 yrs avg · 3 ≥9 yrs

low

Independent Director Ratio

91% (10 of 11)

low

Refreshment Cadence

4 new indep (last 3 yrs)

low

Recent Say-on-Pay (3 Years)

FY2025: 95.73%
FY2024: 96.42%
FY2023: 95.71%

Director-Specific Refreshment Flags

Carol Sanders — 20-year tenure (ISS / Glass Lewis refreshment watch)

Independent Alignment Read — 2026 Methodology Crosswalk

DQ: FULL

An independent alignment read that reflects how pay-for-performance frameworks reason — computed transparently from public methodology, and honest about its own completeness. Directional only: not an official ISS or Glass Lewis score, and not a forecast of any advisor’s recommendation or vote. Higher score = more potential concern (below 40 = low, 40–69 = medium, 70+ = high); a “partial” tag means that sub-test used the inputs available, not a complete calculation. See the methodology section for what each score measures.

ISS 2026 methodology crosswalk (directional)

23LOW concern/ 100

5-Year Pay-Performance Lookback · partial25

Pay Multiple (1y & 3y Windows) · partial0

Peer Group Construction28

Qualitative Factors · partial56

Say-on-Pay Responsiveness11

Director Pay Pattern · partial15

Equity Plan Grant Practices · partial25

Glass Lewis 2026 methodology crosswalk (directional)

42MEDIUM concern/ 100

Test 1 — Granted Pay vs TSR35

Test 2 — Granted Pay vs Financials · partial35

Test 3 — STI Payout vs TSR60

Test 4 — NEO Pay vs Financials · partial12

Test 5 — CAP vs TSR · partial90

Test 6 — Qualitative Modifier · partial34

Scorecard Aggregate · partial43

CIC Discretion & Rationale · partial30

What Changed Year-over-Year (FY2024 → FY2025) Deterministic diff vs FY2024 — proxy disclosures + peer group (+1 more suppressed for space)

STI Target % of Salary: Not disclosed → 125.
STI Maximum Payout: Not disclosed → 200.
STI Committee Discretion: Not disclosed → No.
LTI Vehicle Mix: no net change.
LTI / PSU Metric Set: Metric relabeled: prior 'relative total shareowner return', now 'Total Shareowner Return'; +2 (Net Income, Renewable Generation and Energy Storage); −2 (cumulative consolidated net income, workforce composition)

Disclosed Peer Set — Compensation & Market Snapshot

Peer	Market Cap	Total Retainer	Equity %	1-yr TSR	n directors
CNP	$27.7B	$305K	57%	10.7%	14
ES	$26.9B	$300K	58%	13.3%	9
PEG	$38.2B	$300K	60%	-11.8%	12
AEE	$30.3B	$295K	58%	11.5%	16
NI	$21.3B	$290K	60%	7.5%	12
CMS	$22.6B	$290K	60%	0.5%	12
PNW	$12.2B	$290K	57%	15.9%	13
ATO	$28.8B	$285K	56%	13.3%	15
PPL	$26.5B	$285K	56%	1.8%	10
OGE	$9.8B	$282K	59%	8.1%	11
EVRG	$19.1B	$280K	57%	21.4%	12
WEC	$35.7B	$280K	57%	3.7%	14
TXNM	$6.4B	$260K	56%	5.0%	11

Peer set continues on the following page(s).

Disclosed Peer Set — Compensation & Market Snapshot (continued)

Peer	Market Cap	Total Retainer	Equity %	1-yr TSR	n directors
MDU	$4.2B	$260K	58%	19.1%	10
SWX	$6.5B	$250K	58%	17.9%	15
BKH	$5.4B	$240K	56%	28.2%	12
IDA	$8.3B	$240K	58%	17.1%	13
AVA	$3.3B	$235K	57%	13.9%	11
POR	$5.8B	$230K	67%	25.4%	11
HE	$2.2B	$205K	59%	20.5%	9

Peer Set Composition

The disclosed peer set appears broadly defensible, with members generally aligned with the company on size and business mix.

20 peers analyzed · 14 independently supported · 6 merit review

The members that merit review do so primarily on size comparability and business mix.

Year-over-Year Changes

0

Added

FY2025

0

Dropped

from FY2024

20

Retained

carried forward

100%

Retention

of prior-year set

Interpretation The peer set was carried forward unchanged from the prior year, pointing to continuity rather than a strategic reset.

Peer Say-on-Pay Distribution most recent disclosed vote per peer

Below 70%

0

70–80%

0

80–90%

1

90–95%

6

95–100%

13

Peers with a vote	Median	Low	High	Below 70%
20	96.00%	84.16%	98.45%	0

Alliant Energy Corp most recently recorded 95.73% support — the 95–100% band, at the 45th percentile of its disclosed peer group.

Each peer contributes its most recently disclosed say-on-pay result. Peers with no captured result are excluded from the distribution and counted above, never imputed.

Peer Group Reciprocity who-knows-you reverse lookup

18 of 20

disclosed peers that name Alliant Energy Corp in their own peer group — 90%

Peers naming Alliant Energy Corp: AEE, ATO, BKH, CMS, CNP, ES, EVRG, HE, IDA, MDU, NI, OGE, PNW, POR, PPL, SWX, TXNM, WEC.

One-way selections — named by Alliant Energy Corp but not naming it back: AVA, PEG.

Reciprocity is the share of a company's own disclosed peers that select it in return. A high share indicates a peer group the market agrees with; a low share indicates a group selected on criteria the peers themselves do not apply, which proxy advisors scrutinise. One-way selection is not by itself a defect — size, business-mix and talent-market reasons can each justify it — but it is the question a compensation committee should expect to be asked.

Unvested Equity — Value at Risk FY2025 year-end holdings

$24.1M

unvested equity held by named executives at FY2025 year end — 370,794 shares/units

Named Executive	Award Types	Unvested Shares/Units	Unvested Market Value	Share of Total
Lisa Barton	RSU	195,136	$12.7M	52.6%
Robert Durian	RSU	62,421	$4.1M	16.8%
Raja Sundararajan	RSU	48,372	$3.1M	13.0%
Antonio Smyth	RSU	41,324	$2.7M	11.1%
David de Leon	RSU	23,541	$1.5M	6.3%

The chief executive holds $12.7M of the $24.1M total — 52.6% of unvested value across the named executive group.

By Award Type

Award Type	Unvested Shares/Units	Unvested Market Value	Award Rows
RSU	370,794	$24.1M	30

Figures are unvested holdings at fiscal year end as disclosed in the Outstanding Equity Awards table. Vesting dates are not part of that table's disclosure, so no vesting schedule or time-based ladder is presented. Market values are as disclosed by the company.

Recommended Considerations — issue · why it matters · proposed calibration

1.MEDIUMDisclosure

Enhance proxy disclosure explaining the rationale for the $300,000 total retainer (90th percentile) by quantifying committee workload, meeting frequency, and strategic oversight responsibilities. Strong say-on-pay support provides cover to justify above-median positioning rather than recalibrate downward.

2.MEDIUMSay-on-Pay

Formalize explicit say-on-pay thresholds that trigger formal board response: enhanced disclosure if support drops below 93%, shareholder outreach if below 90%, and compensation recalibration if below 85%. Current 95.73% approval provides runway to establish clear governance triggers before any concern emerges.

What to Watch Next Year

If say-on-pay support falls below 90% in the upcoming proxy cycle, engage the top 10 shareholders by vote weight to communicate the rationale for current board-pay positioning.

Disclosed Peer Set

Ticker	Name	Group Type	FY
CNP	CenterPoint Energy, Inc.	Compensation	2025
ES	Eversource Energy	Compensation	2025
PEG	Public Service Enterprise Group	Compensation	2025
ATO	Atmos Energy Corporation	Compensation	2025
BKH	Black Hills Corporation	Compensation	2025
PPL	PPL Corp	Compensation	2025
EVRG	Evergy, Inc.	Compensation	2025
POR	Portland General Electric Co.	Compensation	2025
OGE	OGE Energy Corporation	Compensation	2025
TXNM	TXNM Energy, Inc.	Compensation	2025
SWX	Southwest Gas Holdings Inc	Compensation	2025
MDU	MDU Resources Group, Inc.	Compensation	2025
AVA	Avista Corporation	Compensation	2025
HE	Hawaiian Electric Industries, Inc.	Compensation	2025
WEC	WEC Energy Group, Inc.	Compensation	2025
AEE	Ameren Corporation	Compensation	2025
NI	NiSource Inc.	Compensation	2025
IDA	IDACORP, Inc.	Compensation	2025
CMS	CMS Energy Corporation	Compensation	2025
PNW	Pinnacle West Capital Corporation	Compensation	2025

Data Sources

Element	Source
Director compensation	Annual proxy statement
Fee schedule / committee premiums	Annual proxy statement
Say-on-Pay results	8-K
CD&A narratives, governance	Annual proxy statement
Peer group composition	Annual proxy statement
Stock returns / TSR	Public market data

Methodology Notes

Compensation figures as reported in the Director Compensation Table of the most recent proxy.
Percentile calculations use the disclosed peer set with fee schedules available in the Velarion universe.
ISS classifications reflect Velarion benchmarking analysis — directional only; formal ISS determinations made annually.
Aggregate board cost excludes employee directors and the board chair to isolate the independent-director cost base.

How to Read the 2026 Alignment-Read Scores

Each policy carries an overall 0-100 concern score plus named sub-scores. Band scale: below 40 = low concern, 40-69 = medium, 70 and above = high. Direction is uniform: higher always means more potential concern — favorable factors (shareholder engagement, disclosed rationale, high performance-share weight, realizable pay below granted) lower a score rather than reversing the scale. “Partial” next to a sub-score means it was computed from the inputs available for that specific test — an underlying data point (e.g., realized pay or GAAP financials) is not in our dataset, so the score is directional on what we hold, not a complete calculation; sub-tests with no usable input are omitted entirely, never shown as zero. This is an independent read of how the frameworks reason from public methodology — not an official ISS or Glass Lewis score or a forecast of any advisor’s recommendation.

ISS 2026 sub-tests

5-Year Pay-Performance Lookback — How CEO pay has tracked shareholder return over a five-year horizon (from the multi-year relative-alignment score plus 3-year pay growth vs. 5-year TSR). Higher when pay growth outruns long-run returns.

Pay Multiple (1y & 3y Windows) — CEO pay as a multiple of the peer median over 1- and 3-year windows; a multiple around 2x or higher is a classic overpay flag. Scored on the worse of the two windows.

Absolute Pay-TSR Alignment (Index Scope) — For index-in-scope issuers, the absolute gap between the multi-year pay trend and 5-year TSR. Shown only when index membership is confirmed.

Peer Group Construction — How sensitive the company's pay ranks are to peer-group construction — driven by peer-set quality and any pay-percentile-above-TSR-percentile misalignment.

Qualitative Factors — Qualitative pay-for-performance factors: realizable-vs-granted pay, performance-share (PSU) weight, and overall alignment signals. Realized pay is not in our dataset, so this test is always partial.

Say-on-Pay Responsiveness — Committee responsiveness in light of the Say-on-Pay vote; approval below 70% is the trigger, declining support raises concern, and disclosed shareholder engagement lowers it.

Director Pay Pattern — Whether non-employee director pay has been elevated (median around $400k or more) across multiple fiscal years.

Equity Plan Grant Practices — Equity-plan grant practices: performance-share weight, vesting length, plan overhang and burn rate; low performance weight, short vesting, or high dilution raise concern.

Glass Lewis 2026 sub-tests

Test 1 — Granted Pay vs TSR — Granted CEO pay percentile vs. TSR percentile; high pay against low TSR signals misalignment.

Test 2 — Granted Pay vs Financials — Granted CEO pay vs. financial performance. GAAP financials are not in our dataset, so this is proxied by the pay-TSR-alignment score and the pay-return gap.

Test 3 — STI Payout vs TSR — Actual annual-incentive (STI) payout as a percent of target vs. TSR; payouts above target alongside weak TSR raise concern.

Test 4 — NEO Pay vs Financials — Total granted pay across all named executives vs. financial performance (average NEO pay against the peer median; financials proxied).

Test 5 — CAP vs TSR — Compensation Actually Paid vs. TSR. The 'CAP' figure is not extracted, so this is proxied by the realizable-to-granted ratio.

Test 6 — Qualitative Modifier — A qualitative modifier drawn from alignment signals, disclosure flags, and the Say-on-Pay outcome.

Scorecard Aggregate — The weighted roll-up of Tests 1-6 into Glass Lewis's 0-100 scorecard band.

CIC Discretion & Rationale — Committee discretion over unvested-award treatment on a change in control; discretion without a disclosed rationale is the 2026 flag, and single-trigger acceleration adds concern.

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Alliant Energy Corp (LNT) · FY2025 Board of Directors Compensation Review