Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 33

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 33
---
 BPPR Foundation is a Puerto Rico not-for-profit corporation created to improve the quality of life in Puerto Rico. As BPPR’s philanthropic arm, it provides a scholarship fund for employees’ children and supports education and community development projects. The Board of Trustees of the BPPR Foundation appoints its twelve members. Mr. Carrión is the Chairman, while Messrs. Alvarez and Negrón and Ms. Burckhart are members, of the Board of Trustees of the BPPR Foundation. During 2024, Popular Bank contributed approximately $241,000 to the Popular Foundation through the matching of employee contributions. During 2024, Popular also contributed an additional $55,000 to the Popular Foundation. In addition, Popular provides human resources to support the activities of the Popular CORPORATE GOVERNANCE DIRECTORS AND EXECUTIVE OFFICERS | 41 TABLE OF CONTENTS Foundation, which during 2024 amounted to approximately $104,000. Popular Bank and its employees, through voluntary personal donations, are the main source of funds of the Popular Foundation. The Popular Foundation, a New York not-for-profit corporation, was created to strengthen the social and economic well-being of the communities served by Popular Bank. As Popular Bank’s philanthropic arm, it provides support to charitable organizations with a focus on community development and education. Mr. Carrión is the Chairman, while Messrs. Alvarez, Chinea, Ferrer and Negrón are members, of the Board of Directors of the Popular Foundation. A daughter of Mr. Alvarez is employed as a Counsel in the Legal Division of the Corporation. She received total compensation of approximately $143,000 during fiscal year 2024 and participated in the Corporation’s general benefit plans available to all employees. Her compensation was established in accordance with the Corporation’s employment and compensation practices applicable to employees with similar qualifications and responsibilities or holding similar positions. Her employment relationship and compensation structure was approved and ratified by the Audit Committee under the Related Party Policy. In September 2022, an entity indirectly owned by Ms. Ferré Rangel and her siblings (the “Contracted Entity”) entered into a one-year contract (renewable for subsequent one-year periods) with BPPR to provide call center services in Puerto Rico to the Customer Contact Center Division of BPPR. As part of the procurement process, BPPR conducted a request for proposal for the call center services and obtained proposals from three different service providers, including the Contracted Entity. After evaluating the proposals, the