Company: LEN
Filing Date: 2025-02-28
Form Type: DEF 14A
Source: 0001193125-25-040938
Chunk: 82

Company: LENNAR CORP /NEW/
Filing Date: 2025-02-28
Form: DEF 14A
Chunk 82
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 Olivera, not Mr. Lapidus, currently serves as our Lead Director. In addition, Mr. Lapidus sits on only one Board committee, not two. Mr. Olivera has served on Lennar’s Board as an independent director since 2015 and brings to the role a deep knowledge of the Company, balanced by the perspective of a shorter-tenured director. We also believe that Mr. Chevedden’s assertion that our Lead Director has a weak role is unfounded. We believe that this role and the powers described above are robust and that Mr. Olivera’s experience and understanding of operations and finance, as well as his strong business leadership skills, along with his ability to devote the time required to serve in this role make him well qualified to serve as our Lead Director. Mr. Olivera also has a demonstrated history of effectively overseeing and reviewing significant transactions, even where management or other directors may have an interest, including by engaging separate independent counsel, consultants and advisors to advise the independent directors.

Our strong corporate governance practices demonstrate effective, independent board oversight.

With the exception of Mr. Miller, our Executive Chairman and Co-Chief Executive Officer, and Mr. Jaffe, our Co-Chief Executive Officer and President, our Board is composed entirely of independent directors. The independent directors meet regularly in executive sessions that are chaired by our Lead Director with no members of management present. The independent directors use these executive sessions to discuss matters of concern, as well as any matter they deem appropriate, including evaluations of senior management (including the Executive Chairman and Co-Chief Executive Officer).

In addition, all members of the Audit, Compensation, and Nominating and Corporate Governance Committees are independent. The Chairs of these committees shape the agendas and information presented to their committees. As a result, independent directors directly oversee such critical matters as the integrity of the Company’s financial statements, the compensation of executive management, the selection and evaluation of directors, and the development and implementation of corporate governance programs. In addition, the Independent Directors Transactions Committee, which also consists entirely of independent directors, assists the Board, at the Board’s request, in fulfilling its oversight responsibilities as needed, and in particular, reviews or investigates material transactions with third parties or other entities that may involve conflicts between the interests of the Company and those of one or more directors or senior management.

We have also adopted other practices and procedures that promote effective oversight of management and provide stockholders with meaningful rights, including the annual election of all directors and majority voting in uncontested elections.

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