Company: PFIS
Filing Date: 2025-03-07
Form Type: PRE 14A
Source: 0001104659-25-021551
Chunk: 26

Company: PEOPLES FINANCIAL SERVICES CORP.
Filing Date: 2025-03-07
Form: PRE 14A
Chunk 26
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 authority to any one or more of its members.
In no case is pre-approval waived for audit services. In 2024 and 2023, all audit services provided by Baker Tilly US, LLP were pre-approved
by the audit committee.

The pre-approval of non-audit
service is subject to the de minimis exception for non-audit services described in Section 10A(i)(1)(B) of the Exchange Act,
which are approved by the audit committee prior to the completion of the audit. The audit committee pre-approved all non-audit services
performed by Baker Tilly during 2024 and 2023.

We are asking our shareholders
to ratify the selection of Baker Tilly as our independent registered public accountants. As long as a quorum is present, the affirmative
vote of the holders, present by participation in the virtual meeting or by proxy, of shares entitled to cast at least a majority of the
votes which all shareholders are entitled to cast, is required to ratify the appointment of Baker Tilly US, LLP as our independent registered
public accounting firm for the fiscal year ending December 31, 2025. If the Company’s shareholders do not ratify the appointment
of Baker Tilly, the audit committee will reconsider the appointment and may affirm the appointment or retain another independent accounting
firm. Even if the appointment is ratified, the audit committee may in the future replace Baker Tilly as our independent registered public
accounting firm if it is determined that it is in the Company’s best interests to do so.

<div align='center'>15</div>

Recommendation

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS A VOTE FORTHE RATIFICATION OF THE APPOINTMENT OF BAKER TILLY US, LLP AS THE COMPANY’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM FOR THE FISCAL YEAR ENDING DECEMBER 31, 2025.

<div align='center'>Board of Directors and Committees</div>

Director Independence

Our common stock is listed
on The Nasdaq Stock Market, LLC. Accordingly, our board evaluated the independence of each director and director nominee under the listing
standards of The Nasdaq Stock Market, LLC. During this review, the board considered transactions and relationships between each director
or any member of his or her immediate family and the Company and its subsidiaries and affiliates. The board also considered whether there
were any transactions or relationships between any director or any member of his or