Company: CVBF
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0000950170-25-051966
Chunk: 41

Company: CVB FINANCIAL CORP
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 41
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 upon the Company’s request, any nominee proposed by a shareholder must promptly complete and return a director questionnaire to be provided by the Company. If a nominating shareholder will solicit proxies for a nominee or nominees other than the Company’s nominees in accordance with Rule 14a-19 under the Exchange Act, the nominating shareholder’s written nomination must also include: (1) all information required to be provided to the Company by Rule 14a-19; (2) a written undertaking that such shareholder intends to deliver a proxy to holders of shares representing at least 67% of the voting power of the stock entitled to vote generally in the election of directors, in accordance with Rule 14a-19, and that a statement to such effect will be included in such shareholder’s proxy statement; (3) a written undertaking that such shareholder will comply with all requirements of the Exchange Act and the regulations promulgated thereunder, including but not limited to Rule 14a-19, and (4) each proposed director nominee’s written consent to being named in the Company’s proxy statement for the applicable meeting and the associated proxy.

Director Tenure, Age and Diversity

The distributions of our eight directors, as of the date of this proxy statement, by tenure, age and diversity are set forth in the three pie charts below.

In August 2021, the SEC approved Nasdaq listing rules that generally required Nasdaq-listed companies to (1) have, or publicly disclose why they do not have, at least two diverse directors, including at least one self-identified female director and at least one director who self-identifies as an “underrepresented minority” (Black or African American, Hispanic or Latinx, Asian, Native American or Alaska Native, Native Hawaiian or Pacific Islander, or two or more races or ethnicities) or LGTBQ+ and (2) publicly disclose board diversity statistics using a standardized matrix format on an annual basis. On December 11, 2024, the U.S. Court of Appeals for the Fifth Circuit vacated the SEC’s order approving Nasdaq’s board diversity rules, and Nasdaq has publicly indicated that it does not intend to appeal the Fifth Circuit’s decision.

In September 2020, California’s AB 979 was signed into law and purported to require all public corporations with principal executive offices in California to include a specified number of persons from underrepresented communities (defined similarly to the Nasdaq listing rules referenced above) on their boards of directors. Likewise, in September 2022,