Company: AOS
Filing Date: 2025-02-27
Form Type: DEF 14A
Source: 0001193125-25-037641
Chunk: 17

Company: SMITH A O CORP
Filing Date: 2025-02-27
Form: DEF 14A
Chunk 17
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 them and by visiting our offices and plants. During 2024, the Board held five regular Board meetings and no special meetings. The standing Committees of the Board of Directors held a total of 18 meetings, including two special meetings. All directors attended all of the meetings of the Board and Committees on which they served during 2024, with the sole exception of one director who had an unavoidable business conflict with part of one meeting. Although we have no formal policy on director attendance, all continuing directors attended our 2024 Annual Meeting of Stockholders.

The nonmanagement directors of the Board met in executive session without management present five times in 2024 in conjunction with each of its regular meetings. The Presiding Director presides at such meetings. The Presiding Director serves for a two-year term (assuming re-election as a director) and the position rotates among the chairpersons of the following Committees in the following order: Audit Committee, Personnel and Compensation Committee, and Nominating and Governance Committee. The Presiding Director from April 2022 to April 2024 was Idelle K. Wolf, the chairperson of the Audit Committee. Ronald D. Brown, the chairperson of the Personnel and Compensation Committee, is currently serving as the Presiding Director from April 2024 to April 2026. Any party wishing to communicate with the Presiding Director may send correspondence to the Presiding Director, c/o James F. Stern, Corporate Secretary, A. O. Smith Corporation, 11270 West Park Place, Milwaukee, Wisconsin 53224.

Director Independence and Financial Literacy.The Smith Family Voting Trust has the power to elect a majority of our Class A Directors, who make up a majority of the Board. As of December 31, 2024, the Smith Family Voting Trust directly or beneficially owned 96.9% of Class A Common Stock and, therefore, 96.9% of voting power with respect to the election of the Class A Directors. Since the Board is currently composed of six Class A Directors and four Common Stock Directors, the Smith Family Voting Trust effectively exercises control over voting power for a majority of the members of our Board of Directors and, therefore, we have qualified as a “controlled company” under the NYSE rules. As a controlled company, under NYSE rules, we may choose to not have a majority of independent directors or compensation or governance committees consisting solely of independent directors. Notwithstanding our status as a controlled company, the Board has not elected to utilize the “controlled company” exemption