Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 11

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 11
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 have adequate opportunities to meet in executive sessions and communicate to the Chairman, as appropriate, the results of such sessions and other private discussions among independent directors. |
| Assist the Chairman and the remainder of the Board in assuming effective corporate governance in managing the affairs of the Board.                                                                                                                                              |
| Serve as the contact person to facilitate communications requested by major shareholders with independent members of the Board.                                                                                                                                                  |
| Approve, in collaboration with the Chairman, meeting agendas and information sent to the Board.                                                                                                                                                                                  |
| Approve, in collaboration with the Chairman, the meeting schedules to assure that there is sufficient time for discussion of all agenda items.                                                                                                                                   |
| Serve temporarily as Chairman of the Board and the Board’s spokesperson if the Chairman is unable to act.                                                                                                                                                                        |
| Interview Board candidates.                                                                                                                                                                                                                                                      |
| Recommend to the Corporate Governance and Nominating Committee nominees to Board committees and sub-committees as may come to the Lead Independent Director’s attention.                                                                                                         |
| Ensure the Board works as a cohesive team.                                                                                                                                                                                                                                       |
| Preside over all meetings of the Board at which the Chairman is not present.                                                                                                                                                                                                     |
| Make such recommendations to the Board as the Lead Independent Director may deem appropriate for the retention of consultants who will report to the Board.                                                                                                                      |
| Retain consultants, with the approval of the Board, as the Lead Independent Director and the Board deem appropriate.                                                                                                                                                             |

12 | 2025 POPULAR, INC. PROXY STATEMENT

TABLE OF CONTENTS

Board Committee structure The Board has five standing committees: an Audit Committee, a Corporate Governance and Nominating Committee, a Risk Management Committee, a Talent and Compensation Committee and a Technology Committee. The Board regularly evaluates whether the number, membership and responsibilities of each of its committees are best suited to fulfill its obligations. The Board believes that the present committee structure provides the Board with effective oversight of management and Popular’s operations. The following is the current structure and composition of the committees of the Board: MEMBERSHIP IN BOARD COMMITTEES

| (1) | On February 25, 2025, Mr. Alvarez announced his retirement as Chief Executive Officer of the Corporation, effective June 30, 2025. On that same day, Mr. Alvarez informed the Corporate Governance and Nominating Committee of the Board of his decision not to stand for re-election to the Corporation’s Board upon the expiration of his current term, which expires at the Corporation’s 2025 Annual Meeting of Shareholders, as a result