Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 58

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 58
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 Stock Market Listing Rule 5608. |

| • | Evaluated the services provided by its compensation consultant. |

Benefits

| • | Reviewed the annual report of Popular’s Benefits Committee, including information on the cost, funding, participation and utilization trends related to the Corporation’s health, welfare and retirement benefits. |

| • | Reviewed the liability-driven investment strategy implemented for the Banco Popular de Puerto Rico Retirement Plan (the “Retirement Plan”). |

Human Capital Strategies

| • | Reviewed executive officer development and succession planning, including for the CEO, in the event of emergency and in the ordinary course of business. Also reviewed talent bench strength for key control functions. |

| • | Examined key human resources indicators, including headcount, personnel costs, turnover and employee engagement, among others. |

| • | Received updates on, among other things, attraction and retention, developing and enabling talent, employee experience, hybrid work strategies, human resources legal and regulatory compliance, and compensation strategy impact. |

The Committee met in executive session during each meeting. Although the Committee exercises its independent judgment in reaching compensation decisions, it also receives advice from its independent compensation consultant as well as the Chairman, CEO and other key

EXECUTIVE AND DIRECTOR COMPENSATION | 59

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senior leaders of the Corporation. The leaders work with the Committee to ensure that the compensation programs are aligned with Popular’s strategic objectives. They also discuss corporate strategy and business goals with the Committee and provide feedback regarding NEO performance. The CEO may not be present during voting or deliberations on his compensation. Role of the Compensation Consultant The Committee engages the services of compensation consultant Meridian Compensation Partners, LLC (“Meridian”) to serve as its independent advisor. Meridian reviews Popular’s executive compensation program competitiveness in light of market practices among our peer group and applicable regulations. During 2024, Meridian attended Committee meetings and conferred on multiple occasions with the Committee Chair and various Committee members to provide updates and guidance on compensation matters. Meridian reported directly to the Committee regarding these matters, and Meridian had no other relationship with, nor provided any other services to, Popular. The Committee has reviewed and concluded that Meridian’s consultation services comply with the standards adopted by the SEC and by NASDAQ with regard to compensation advisor independence and conflicts of interest. The Committee performs this independence assessment on an annual basis. Compensation Information and Peer Group The Committee periodically assesses the competitiveness of its executive pay practices through external studies conducted by Meridian, as well as through supplemental internal research based