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# Amcor Says ISS Now Backs Its Pay Plan, With Caution Over A Secret Award Target
- URL: https://www.bullished.co/amcor-says-iss-now-backs-its-pay-plan-with-caution-over-a-secret-award-target-52eb1937/
- Published: 2026-11-04T05:06:04.000Z
- Updated: 2026-11-04T05:06:04.000Z
- Description: The proxy adviser moved to a FOR vote on Proposal 3 after Amcor filed new bonus details, but it still flags an undisclosed one-time award goal.
- Author: Matteo Parrino
- Tags: SEC Filings, AMCR, Industry: Materials, Topic: Leadership & Governance

[Amcor](https://www.bullished.co/tag/amcr/), the packaging maker, told shareholders in a [letter filed Tuesday](https://www.sec.gov/Archives/edgar/data/0001748790/000110465926122008/tm2628903d1%5Fdefa14a.htm?ref=bullished.co) that proxy adviser ISS now recommends voting FOR its executive pay proposal, though "with caution." ISS changed course after Amcor filed extra detail on its annual bonus program.

## What moved ISS

The vote at issue is Proposal 3, the advisory shareholder vote on executive compensation. Amcor said ISS revised its report and its qualitative analysis after reviewing a supplemental proxy filing the company made on Oct. 28, 2026.

That filing laid out the specific metrics, weightings and targets in the annual bonus program, and confirmed they will appear in annual proxy statements going forward. ISS wrote that the bonus rests entirely on pre-set objective metrics, with targets, weightings and actual performance now clearly disclosed.

ISS also said below-target outcomes in the short- and long-term programs matched recent company performance.

## The one-time award still open

ISS's support comes with caveats. It flagged target setting in the long-term incentive program, where relative total-shareholder-return goals aim at merely median performance and carry no vesting cap if absolute shareholder return is negative over the performance period.

A one-time award tied to a transaction has goals that remain undisclosed. Amcor said the quantified target was left out of the proxy because it reflects confidential forward-looking financial information, and disclosure could cause competitive harm. The supplemental filing says the goal "[requires sustained organic growth](https://www.sec.gov/Archives/edgar/data/0001748790/000110465926122008/tm2628903d1%5Fdefa14a.htm?ref=bullished.co)" over the measurement period.

Amcor committed to disclose the target and actual performance in a future proxy statement once the performance period ends. ISS accepted that, saying continued monitoring is warranted "to [ensure that elevated pay levels normalize](https://www.sec.gov/Archives/edgar/data/0001748790/000110465926122008/tm2628903d1%5Fdefa14a.htm?ref=bullished.co), and that proxy disclosures remain robust going forward."

## The company behind the vote

Amcor makes flexible packaging, rigid containers, closures and pharma delivery devices for nutrition, health, beauty and wellness categories. It reported about 75,000 employees as of June 30, 2026, and splits its business between flexible packaging, about 55% of net sales in the fiscal year ended that day, and rigid packaging, about 45%. Its market value was $22.6 billion as of the original report on Wednesday.

Amcor used the letter to commend ISS for what it called correcting and updating its report, while the one-time award's target stays sealed until that performance period is complete.

Learn

- [A Checklist For Reading A Proxy Statement's Executive Pay Table →](https://www.bullished.co/learn/how-to-read-proxy-statement-executive-compensation/)  
Read a proxy statement's executive pay in six steps: summary table, pay ratio, perks, related-party deals, activist settlements and votes, with real examples.

### Sources

- [Amcor plc — DEFA14A (2026-11-03)](https://www.sec.gov/Archives/edgar/data/0001748790/000110465926122008/tm2628903d1%5Fdefa14a.htm?ref=bullished.co) — SEC EDGAR

### More on Amcor

- [Amcor Executives Earned 52% Of Target Bonuses After A Cash Flow Miss Paid Nothing](https://www.bullished.co/amcor-executives-earned-52-of-target-bonuses-after-a-cash-flow-miss-paid-nothing-86bdc42f/)
- [Amcor Updates Share Plan Math: 26.8 Million Shares, 5.8% Dilution, Vote Still Recommended](https://www.bullished.co/amcor-updates-share-plan-math-26-8-million-shares-5-8-dilution-vote-still-recommended-44d8c476/)

[All Amcor (AMCR) coverage →](https://www.bullished.co/tag/amcr/)