Company: CCNE
Filing Date: 2025-03-03
Form Type: S-4/A
Source: 0001193125-25-044149
Chunk: 71

Company: CNB FINANCIAL CORP/PA
Filing Date: 2025-03-03
Form: S-4/A
Chunk 71
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 on corporate governance, fiduciary duties and responsibilities, and board compliance requirements.

CNB believes in the importance of sound and effective corporate governance and has adopted policies and promoted practices which it believes enhance the corporate governance of CNB.

Board Leadership Structure

CNB has elected to have two separate individuals as CEO and Chairperson. The CNB Board of Directors believes that this separation facilitates the independence of the CNB Board of Directors and is appropriate for the size and structure of CNB. In addition, this structure allows CNB to draw upon the skills and experiences of both its Chairperson and CEO, while allowing its CEO to focus on overseeing CNB’s day-to-day operations and long-term strategic planning. If in the future, the CNB Board of Directors, after considering facts and circumstances at that time, appoints the CEO as Chairperson of the CNB Board of Directors, CNB will promptly publicly disclose the appointment.

The Chairperson’s duties and responsibilities include: (i) developing and establishing board meeting agendas and the appropriate schedule of board meetings, in consultation with the CEO and the other directors; (ii) along with other board members, engaging in communications with shareholders and other stakeholders, including at CNB’s annual meetings; (iii) engaging with the CEO, chairs of board committees, and other members of the CNB Board of Directors regarding board structure; and (iv) encouraging professional development of the CNB Board of Directors members and executive officers.

Risk Oversight

Risk identification and management are essential elements for the successful management of CNB. In the normal course of business, CNB is subject to various types of risk. These risks are controlled through policies and procedures established throughout CNB, which are monitored and reviewed by the CNB Board of Directors. The CNB Board of Directors is responsible for overseeing CNB’s company-wide approach to the identification, assessment, and management of short-term, intermediate-term, and long-term risks facing CNB. The CNB Board of Directors recognizes its responsibility for overseeing the assessment and management of risks that may threaten CNB’s safety and soundness, and the successful execution of CNB’s long-term strategies, and in this capacity the CNB Board of Directors consults with outside advisors and experts when necessary.

CNB’s Enterprise Risk Management (“ERM”) program includes measurement and monitoring of the following risks: credit, market, liquidity, operational, compliance, strategic and reputation. An ERM Risk Assessment Team led by CNB’s Chief Risk Officer evaluates, analyzes, and reports annual risk assessment(s)