Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 43

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 43
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 |      |     | 46 |
| 6—Process                            |     | The roles of the Compensation and Human Capital Committee, our executive officers, and our compensation consultants; compensation decision timing; and considerations influencing compensation determinations, including our peer group and risk considerations |     |      |     | 58 |
| 7—Related Policies and Practices     |     | Policies related to compensation decisions, such as our clawback policies, stock ownership guidelines, and hedging and pledging restrictions                                                                                                                    |     |      |     | 62 |

Section 1—Executive Summary The Compensation and Human Capital Committee (which we refer to in the Compensation Discussion & Analysis as the “Committee”) is committed to an executive-compensation program that is aligned with the interests of shareholders, drives long-term value creation for the franchise, and accounts for the safety and soundness of Truist commensurate with its structure, risk profile, complexity, activities, and size. Entering 2024, senior management and the Board were evaluating the potential for a transformative strategic move through the sale of our remaining interest in TIH and a balance sheet repositioning to replace TIH’s earnings after closing. Due to the significance of these transactions for Truist and in alignment with peer practices, the Committee adopted a structured scorecard for the Annual Incentive Performance (“AIP”) award program that established financial and non-financialperformance expectations for senior management within the context of this strategic transition. See “Annual Incentive Performance Awards” beginning on page 46. For the 2024 long-term incentive awards, recognizing that the sale of TIH would present difficulties in setting quantitative objectives for return on average common equity (“ROACE”), the Committee selected absolute and relative adjusted diluted earnings per share (“EPS”)* growth as the performance measures, subject to minimum capital requirements and a relative total shareholder return (“TSR”) modifier, to emphasize core banking growth over the next three years in creating long-term value for shareholders. See “Long-Term Incentive Awards” beginning on page 51. * Represents a non-GAAP measure. Please see Annex A for the reconciliation from the GAAP amount to the adjusted amount

| 38 |     | | 2025 Proxy Statement |

Compensation Discussion and Analysis On May 6, 2024, the sale of TIH closed, and we elected to reposition a portion of the investment securities portfolio, which included the reinvestment of $39.4 billion designed to replace the loss of