Alcoa NYSE: AA held its 2026 Annual Meeting of Stockholders on May 6, with directors and management highlighting a renewed focus on safety, continued operational execution in 2025, and a disciplined approach to capital allocation and growth.
Board chair cites safety recommitment and 2025 execution
Non-Executive Chairman Thomas J. Gorman opened the meeting by reflecting on the prior year and the board’s view of the company’s future. Gorman said Alcoa is “grounded in its purpose, guided by its values, and inspired by its new vision,” which he described as “to build a legacy of excellence for future generations.”
Gorman emphasized safety as a core value and referenced a fatal incident at the company’s Alumar smelter in Brazil. He said that after “the tragic loss of a colleague,” Alcoa recommitted to its safety culture and “deployed enhanced safety procedures across all Alcoa operations.” He added that the company believes “a strong safety culture is the foundation for a strong company.”
On performance, Gorman said 2025 was focused on “sustained execution of deliberate actions to position the company for long-term value creation.” He said Alcoa maintained stability across operations while achieving annual production records at “five smelters and one of our refineries.” He also pointed to financial and portfolio actions, including reducing total debt, closing the sale of Alcoa’s interest in the Ma’aden joint venture, and announcing the permanent closure of the Kwinana refinery in Australia.
Gorman also recognized departing director Dr. Ernesto Zedillo, whose term concluded after the meeting, noting his service on the Alcoa Corporation board since 2016 and prior service on the Alcoa Inc. board from 2002 to 2016. Gorman said Zedillo chaired the board’s Safety, Sustainability, and Public Issues Committee for several years. He also welcomed Brian Galovich, who was set to join the board upon election, citing his experience in digital technologies and saying his perspective would strengthen oversight of information technology and artificial intelligence.
Quorum reported; four proposals presented to stockholders
CEO William Oplinger called the meeting to order at 5:35 p.m. EDT and said the polls were open for voting. Marissa Earnest, Alcoa’s secretary and SVP, General Counsel – North America Operations, reported that 263,862,592 shares of common stock were entitled to vote, including shares underlying CHESS Depositary Interests (CDIs). She said 216,869,775 shares—about 82%—were represented in person or by proxy, establishing a quorum.
Earnest outlined four proposals presented to stockholders:
- Election of 11 directors to one-year terms through the 2027 annual meeting
- Ratification of PricewaterhouseCoopers LLP as independent auditor for 2026
- Advisory approval of 2025 named executive officer compensation
- Approval of the Alcoa Corporation Stock and Incentive Compensation Plan as amended and restated
Preliminary vote results show broad support
After Oplinger declared the polls closed at 5:40 p.m. EDT, Earnest reported preliminary results showing all proposals approved with large majorities. Each of the 11 director nominees received “over 92% of the votes cast in favor,” according to Earnest. The auditor ratification proposal received “over 99%” support, the advisory executive compensation vote received “over 94%,” and the amended and restated stock and incentive compensation plan received “over 98%.”
Earnest said the results were preliminary and that final voting results would be reported on a Form 8-K to be filed with the Securities and Exchange Commission within four business days of the meeting.
Q&A addresses community engagement, capital returns, and “disciplined growth”
During the question-and-answer session, Oplinger addressed stockholder questions on community standing in Western Australia, future dividends and buybacks, and the company’s approach to growth.
Asked about recent media attention regarding operations in the Northern Jarrah Forest, Oplinger said Alcoa has operated in Western Australia for more than 60 years and remains “deeply committed to responsible, compliant operations and to maintaining its license to operate.” He said the company continues to engage with local communities, traditional owners, governments, and other stakeholders, adding that Alcoa values “ongoing dialogue to understand evolving expectations.” Oplinger also cited the “Gallium project” as part of efforts to communicate the broader value of Alcoa’s operations, including economic contributions and support for “critical supply chains and national security priorities.”
On the prospect of higher dividends or more buybacks, Oplinger said the timing and amount of future dividends depend on board approval and market and business conditions. He said the company is focused on operating within its adjusted net debt target and maintaining a disciplined balance sheet. As Alcoa reaches its adjusted net debt target range, he said the company would consider growth opportunities that provide returns above its cost of capital; otherwise, it would expect to consider returning excess cash to stockholders. Oplinger added that Alcoa does not target a specific share price for repurchases, and noted the company has “a modest dividend” it is comfortable paying across market cycles, as well as a remaining “$500 million authorization for stock repurchases.”
Asked to define “disciplined growth,” Oplinger said the company has positioned itself to participate in value-creating opportunities by optimizing its portfolio and strengthening its balance sheet. He described disciplined growth as pursuing organic and inorganic opportunities that enhance long-term value while maintaining financial strength. Organic growth could include expanding casting or furnace capacity to serve customer needs and increase recycled content in products, he said. Oplinger also said Alcoa reviews selective inorganic opportunities where its operating and commercial capabilities and global footprint can “unlock synergies that investors could not access on their own.” He stressed that the company does not pursue growth for its own sake, but only opportunities that exceed its cost of capital and create value for stockholders.
About Alcoa NYSE: AA
Alcoa Corporation is a global industry leader in the production and management of aluminum, offering an integrated value chain that spans bauxite mining, alumina refining, primary aluminum smelting and the fabrication of value-added products. The company's operations are organized into segments that include raw material extraction, chemical processing and the manufacture of metal mill products and engineered solutions.
Alcoa's product portfolio serves diverse end markets such as aerospace, automotive, packaging, construction, electrical and industrial applications.
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