Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 48

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 48
---
 Outstanding debt includes long-term debt and current year debt, and cash includes restricted cash. (4) ROIC measure defined as absolute increase in ROIC during the three-year period ended December 31, 2024, as adjusted.

2025 Proxy • Waste Connections, Inc. 55

TABLE OF CONTENTS Compensation Discussion and Analysis

Compensation Committee Report The Compensation Committee of the Board of Directors has reviewed and discussed with management the “Compensation Discussion and Analysis” required by Item 402(b) of Regulation S-K. Based on this review and discussions, the Compensation Committee recommended to the Board of Directors that the “Compensation Discussion and Analysis” be incorporated into both our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and this Proxy Statement. This report is submitted on behalf of the Compensation Committee.

| ​ | ​ | ​ | ​ | ​ |                      | ​ | ​ | ​ |                        | ​ | ​ | ​ |                      | ​ | ​ | ​ | ​ | ​ |
| ​ | ​ | ​ | ​ | ​ | ChairSusan “Sue” Lee | ​ | ​ | ​ | Edward E. “Ned”Guillet | ​ | ​ | ​ | Cherylyn HarleyLeBon | ​ | ​ | ​ | ​ | ​ |

Compensation Risk Assessment We believe our compensation policies and practices do not present any risk that is reasonably likely to have a material adverse effect on the Company. We believe our approach to setting performance targets, evaluating performance, and establishing payouts does not promote excessive risk-taking. We believe the components of our pay mix — base salary, annual cash incentive bonuses, and long-term equity grants — appropriately balance near-term performance improvement with sustainable long-term value creation. We considered the following elements of our compensation policies and practices when evaluating whether such policies and practices encourage our employees to take unreasonable risks: • Annual performance targets are established by each operating location and region and on a company-wide basis to encourage decision-making that is in the best long-term interests of both the Company and our shareholders; • We adjust performance targets to exclude the benefit or detriment of extraordinary events to ensure our employees are compensated on results within their control or influence; • We adjust performance targets to include certain acquisitions and new contracts not reflected in the originally approved operating budget in order to achieve targeted returns on deployed capital; • The use of four performance metrics in our annual cash incentive plan mitigates the incentive to overperform with respect to any particular financial metric at the expense of other financial