Company: MTB-PJ
Filing Date: 2025-03-04
Form Type: DEF 14A
Source: 0001193125-25-044781
Chunk: 39

Company: M&T BANK CORP
Filing Date: 2025-03-04
Form: DEF 14A
Chunk 39
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 2024, as well as overall bank financial results and risk management were considered when making the initial compensation recommendations. Ultimate decision making authority for the compensation determinations for all NEOs, including the CEO, however, lies solely with the C&HC Committee. The CEO does not participate in discussions of his compensation with the C&HC Committee.

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Role of Independent Compensation Consultant In 2024, the C&HC Committee continued to retain Aon’s Human Capital Solutions practice, a division of Aon plc (Aon), to provide executive compensation consulting services. Aon’s role is to provide analysis and advice to the C&HC Committee regarding the amount and form of executive compensation, attend C&HC Committee meetings, as requested, and advise the C&HC Committee on executive compensation levels, market trends, regulatory issues and other developments that may impact M&T’s executive compensation programs. In 2024, Aon performed the following services for the C&HC Committee:

| • |     | recommended the peer group used as a reference for compensation decisions for the NEOs; |

| • |     | conducted detailed market analyses on executive and director compensation relative to our peer group, including all elements of TDC, and advised on general industry pay practices; |

| • |     | advised the C&HC Committee on contemporary pay practices to create executive compensation opportunities that align more closely with M&T’s strategic objectives and long-term performance; |

| • |     | advised the C&HC Committee on market competitive base salaries, annual cash incentives and long-term incentives for NEOs; and |

| • |     | advised the C&HC Committee on regulatory issues. |

The fees for these services totaled $233,533. Aon also provided $327,285 in additional compensation survey/advisory services to management during 2024. Management engaged Aon for these services after consultation with the C&HC Committee. Based on an assessment of SEC and NYSE factors, the C&HC Committee determined that Aon was independent and that engagement of Aon did not present any conflicts of interest. Aon also determined that it was independent from our management and confirmed this in a written statement delivered to the C&HC Committee. Peer Group On an annual basis, the C&HC Committee, using advice provided by Aon, makes decisions about compensation levels for each of the NEOs with reference to the compensation peer group—a group of commercial banking institutions of similar business makeup, size and geographic reach. For the 2024 year-end