Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 66

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 66
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 our 2024 fiscal year, CVB Financial Corp. engaged Pearl Meyer for the projects described above at a total cost of approximately $124,574. Our assessment found no conflict of interest posed by the retention of Pearl Meyer as compensation consultants for CVB Financial Corp.

Peer Group Criteria and Composition for 2024

As noted above, the Compensation Committee has engaged Pearl Meyer to perform various compensation reviews, including identifying comparable commercial banking organizations in order to assist the Committee in evaluating whether the key components of compensation at CVB Financial Corp. for our Board of Directors, our President and CEO, our other NEOs and our other executive officers, as applicable, are competitive with comparable compensation packages provided for similar positions and roles at peer commercial banking organizations. In addition, from time to time, our Compensation Committee analyzes salary surveys from relevant organizations such as the California Bankers Association and similar data provided by other recognized industry sources in order to make peer compensation comparisons.

In connection with benchmarking compensation for our executive officers, in November 2024, the Compensation Committee, in consultation with Pearl Meyer, also conducted a review of our peer group of comparable financial institutions consistent with the criteria developed and utilized for this purpose over the past decade. These criteria focus on banks and bank holding companies that we believe are reasonably comparable to the Company with respect to key indicators such as asset size, market capitalization and geographic location.

In consideration of the November 2024 peer group study by Pearl Meyer, the Committee determined that no adjustments to the Company's prior 2023 peer group were needed for 2024, since the composition of Company's peer group had previously been oriented more toward financial institutions focused on business banking and commercial lending, and the Committee further noted that no mergers or consolidations had occurred during 2024 involving banks within our prior year’s peer group. As a result, the Company's 2024 peer group consisted of the same fifteen banking institutions (not including CVB Financial Corp.) utilized for our 2023 fiscal year, as shown in the chart below, although the individual peer group members have been re-ranked by our traditional criteria of total assets and market capitalization, respectively. The data below reflects the financial information available at the time the peer group was reviewed by Pearl Meyer and the Committee during October 2024, which was based on public filings dated September 30, 2024 and stock market capitalization data available as of October 17, 2024.

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<div align='center'>Peer Group Criteria and Composition Table</div