Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 33

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 33
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s/annual-reports 
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 Our Corporate Responsibility report at usbank.com/CR2023          
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 Our TCFD Report at usbank.com/TCFD2023                            
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* Links to additional reports and information are provided for informational purposes only. None of the information contained in any website linked above shall be deemed to form a part of, or to be incorporated by reference into, this proxy statement.

| ​ | 32 | ​ | ​ | U.S. Bancorp 2025 Proxy Statement | ​ |

TABLE OF CONTENTS Corporate governance Risk oversight by the Board of Directors Board-level oversight of risk management structure As part of its responsibility to oversee the management, business and strategy of our company, the Board of Directors has approved a Risk Appetite Policy and Risk Management Framework that establish governance and risk management requirements for all risk-taking activities. This framework includes the company’s Risk Appetite Statement that sets boundaries for the types and amount of risk that may be undertaken in pursuing business objectives and initiatives. Under this Framework, and in furtherance of the company’s Risk Appetite Statement, the company has defined qualitative statements and quantitative metrics, in the form of a Risk Appetite Scorecard, with defined limits for monitoring risk appetite across all risk categories. They are complemented by business line concentration and risk metrics and both are incorporated into key business processes, including strategic planning, stress testing, business change management and incentive compensation programs. Since 2023, all changes to metrics between annual Risk Appetite Statement reviews are reviewed and approved by the Board’s Risk Management Committee. The Board of Directors oversees management’s performance relative to the Risk Management Framework, Risk Appetite Statement, company Risk Appetite Scorecard and other policy requirements. While management is responsible for defining the various risks facing our company, formulating risk management policies and procedures, and managing risk exposures on a day-to-day basis, the Board’s responsibility is to oversee our company’s risk management processes by informing itself about our material risks and evaluating whether management has reasonable risk management and control processes in place to address those material risks. The Board’s risk oversight responsibility is primarily carried out through its standing committees, as follows: The Risk Management and Audit Committees meet annually in joint session to give each committee the opportunity to review the risk areas primarily overseen by the other, and all Board members attend this meeting to benefit from the discussion. Finally, at each meeting of the full Board of Directors, each committee gives