Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 25

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 25
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 company but believes these are more than offset by existing safeguards, which include the designation of a strong independent Lead Director with a clearly defined role and authority set forth in our Corporate Governance Guidelines and discussed further below. In addition, our Board regularly meets in executive session, chaired by the independent Lead Director, with the independent directors outside the presence of management. Further, only our independent directors are involved in meetings to discuss succession planning and Chief Executive Officer compensation. The Board believes its approach to risk oversight, as more fully discussed below under “Risk Oversight,” enables the Board to choose the appropriate leadership structure while continuing to effectively oversee risk. INDEPENDENT LEAD DIRECTOR Effective March 12, 2022, Thomas E. Skains was appointed as the Board’s independent Lead Director, subject to the rotation policy for Lead Director service as set forth in our Corporate Governance Guidelines. Our Corporate Governance Guidelines require that our Lead Director (i) be appointed by a majority vote of the independent directors and (ii) serve in such capacity for an initial two-yearterm (subject to annual election as a director by the shareholders), and may serve for subsequent one-yearterm(s) at the discretion of the Board. Mr. Skains’ term as Lead Director was recently extended by the Board until March 12, 2026. Our Board believes that the Lead Director serves an important corporate governance function by providing strong, independent leadership for the non-managementdirectors and provides an appropriate balance to the Chairman and Chief Executive Officer. In addition to the formal list of duties performed by our Lead Director as set forth in our Corporate Governance Guidelines, he also meets with regulators, supports shareholder engagement, and attends meetings with senior management. A more complete description of the role of our Lead Director is included in our Corporate Governance Guidelines and in the discussion above under “Standing Board Committee Membership and Lead Director Responsibilities.” Director Refreshment As one of its primary responsibilities, the Nominating and Governance Committee routinely evaluates the size, composition, and structure of the Board. When refreshment may be beneficial, the Nominating and Governance Committee conducts a thoughtful evaluation and vetting process before recommending a candidate for Board membership. During the process, the Nominating and Governance Committee considers factors such as the candidate’s background, skills, and expertise, any additional characteristics that would best complement the current Board composition, the strategic priorities of the Company, and any potential conflicts of interest. The Nominating and Governance Committee has been actively engaged in the refreshment process in recent years. In October 2023, Tru