Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 9

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 9
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 |     | — |     |       48,606 |     |  1,545,770 |

| (1) | Mr. García was appointed Executive Vice President and Chief Financial Officer of the Corporation effective April 1, 2024. |

| (2) | Mr. Vázquez retired as Executive Vice President and Chief Financial Officer of the Corporation effective March 31, 2024. |

| 8 | 2025 POPULAR, INC. PROXY STATEMENT |

TABLE OF CONTENTS CORPORATE GOVERNANCE, DIRECTORS AND EXECUTIVE OFFICERS II

TABLE OF CONTENTS

Corporate Governance Our Board of Directors believes that high standards of corporate governance are an essential component of the strength of our corporate culture and ensure that our institutional values are embedded in our day-to-day business operations. The Board’s Corporate Governance and Nominating Committee recommends to the Board the adoption of corporate governance guidelines to protect and enhance shareholder value and to set forth the principles as to how the Board, its various committees, individual directors and management should perform their functions. The Corporate Governance and Nominating Committee considers developments in corporate governance and periodically recommends to the Board changes to our corporate governance practices. Key Corporate Governance Features

| Director Independence                                                                                                                                                                                                                                                                                                                        |
| Independent directors must compose at least two-thirds of the Board. Eleven of our 13 current directors are independent in accordance with the standards of The Nasdaq Stock Market (“NASDAQ”). The Board has determined that Messrs. Carrión and Alvarez are not considered independent.                                                    |
| Lead Independent Director                                                                                                                                                                                                                                                                                                                    |
| Our Lead Independent Director is elected by a majority of the independent members of the Board and has robust and well-defined responsibilities.                                                                                                                                                                                             |
| Majority Voting in Director Elections                                                                                                                                                                                                                                                                                                        |
| Directors are elected by the affirmative vote of a majority of the shares represented at the annual meeting. An incumbent director not elected by the affirmative vote of a majority of the shares represented at the annual meeting must tender his or her resignation to the Board, which may accept or reject the director’s resignation. |
| Annual Election of Directors                                                                                                                                                                                                                                                                                                                 |
| All directors are elected on an annual basis.                                                                                                                                                                                                                                                                                                |
| Board Oversight of Risk Management                                                                                                                                                                                                                                                                                                           |
| The Board has a significant role in risk oversight. You can read about the role of the Board in risk oversight under “Board Oversight of Risk Management”.                                                                                                                                                                                   |
| Succession Planning                                                                                                                                                                                                                                                                                                                          |
| The Talent and Compensation Committee annually reviews a management succession plan to ensure