Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 61

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 61
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 (which is reviewed and approved by the Risk Committee), competitive benchmarking, and a review of the Company’s internal control effectiveness. Performance Adjustments The Committee retains discretion to make adjustments to our performance, as well as the reported results from members of our peer group, for purposes of performance-based compensation awards.

| • | Throughout the year, the Committee reviews projected results and items for possible adjustment. At the beginning of each year, the Committee receives final performance information for the prior year, and historically has made adjustments to our reported results (e.g., net income) so that the applicable compensatory plans fairly compensate participants for core Truist performance |

| • | The Committee may also make adjustments to the reported performance of peer group members for awards that measure our performance relative to the peer group |

| • | A reconciliation of adjustments that the Committee made for the purposes of evaluating 2024 performance is included in Annex A to this proxy statement |

Unless otherwise indicated, discussions of 2024 performance for compensation purposes in this proxy statement include these adjustments made by the Committee. ROLE OF MANAGEMENT The Committee periodically receives reports from our Chief Audit Officer, the head of our internal audit function, regarding our internal controls. After review and approval by the Risk Committee of the executive risk outcomes assessment, the Committee also receives reports from our Chief Risk Officer on our executive risk outcomes assessment for the Company and individual executives. The purpose of these reports is to allow the Committee to evaluate our current risk environment and internal control positions relevant to incentive compensation, and to take these issues into consideration when determining short-term incentive compensation. The CEO is also involved in compensation determinations for executive officers, other than himself, including for each of the other named executives, and makes recommendations to the Committee. The CEO is in the best position to assess the performance of the other executive officers, and he plays an important role in the compensation setting process for executive officers. Ultimately, however, decisions about individual compensation elements and total compensation of all executive officers are made by the Committee, based primarily on the executive officer’s performance and our overall performance, with consideration of the business environment in which the results were achieved. In addition, the Risk Committee provides input with respect to, and approves the compensation of, the Chief Risk Officer, and the Audit Committee provides input with respect to, and approves the compensation of, the Chief Audit Officer. ROLE OF COMPENSATION CONSULTANT The Committee engaged each of the compensation consultants to provide market reference perspective and serve as an advisor during their respective terms. The compensation consultant serves at the