Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 94

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 94
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 All Other Fees described above, were approved by the Audit Committee under its pre-approval policies after consideration of any impact of these services on the auditor’s independence.

| ​ | U.S. Bancorp 2025 Proxy Statement | ​ | ​ | 81 | ​ |

TABLE OF CONTENTS Proposal 3 — Ratification of selection of independent auditor

Proposal 3 — Ratification of selection of independent auditor The Audit Committee has selected EY as our independent auditor for the 2025 fiscal year. EY began serving as our independent auditor for the fiscal year ended December 31, 2003. Our Audit Committee has carefully considered the selection of EY as our independent auditor and has also considered whether there should be regular rotation of the independent external audit firm. The Audit Committee annually reviews EY’s independence and performance in connection with the committee’s determination of whether to retain EY or engage another firm as our independent auditor. In determining whether to reappoint EY as U.S. Bancorp’s independent auditor, the Audit Committee took into consideration a number of factors, including: ▶ the qualifications of EY, the lead audit partner, and other key personnel; ▶ the length of time the firm has been engaged; ▶ the quality of the historical and recent performance on the U.S. Bancorp audit; ▶ EY’s capability and expertise in handling the breadth and complexity of our operations; ▶ external data on audit quality and performance, including the results of PCAOB inspection reports on EY and EY’s response to the matters raised in those reports, as well as actions to continue to enhance the quality of its audit practices; ▶ the appropriateness of EY’s fees on an absolute basis and as compared to peer firms; and ▶ the advisability and potential impact of selecting a different independent audit firm. In accordance with SEC rules and company policies, lead and concurring audit partners are subject to a maximum of five years of service in that capacity. The process for selecting the audit firm’s lead engagement partner involves meetings with the candidates for the role by management; review and discussion with the chair of the Audit Committee, who meets with selected candidates; and further discussion with the full committee. The members of the Audit Committee believe the continued retention of EY to serve as our independent auditor is in the best interests of our company and its shareholders. While we are not required to do so, we are submitting the selection of EY to serve as our independent auditor for the 2025 fiscal year for rat