Company: FCNCB
Filing Date: 2025-03-18
Form Type: DEF 14A
Source: 0001193125-25-056659
Chunk: 42

Company: FIRST CITIZENS BANCSHARES INC /DE/
Filing Date: 2025-03-18
Form: DEF 14A
Chunk 42
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 Corporation   Citizens Financial Group, Inc.   Comerica Incorporated   Fifth Third Bancorp   Huntington BancShares Incorporated   KeyCorp   M&T Bank Corporation   The PNC Financial Services Group, Inc.   Regions Financial Corporation   Truist Financial Corporation   Webster Financial Corporation   Zions Bancorporation, National Association |

by proxy, and which were voted or abstained at the meeting, being cast for approval. In connection with its reviews and decision-making process and the setting of our NEOs’ compensation for 2024 and 2025, the Committee took into account the voting results on those proposals at our preceding years’ Annual Meetings. The Committee believes the voting results on our say-on-payresolutions indicate that our stockholders understand and support our executive compensation philosophy and objectives. The Committee will continue to consider each year’s say-on-payvoting results, as well as any feedback received from stockholders outside the voting process, in evaluating our executive compensation plans, policies, and practices and its decisions regarding executive compensation. At our 2023 Annual Meeting, stockholders voted on a “say-on-frequency”proposal, expressing their preference whether future say-on-payvotes should be held every year, every two years, or every three years. Consistent with our Board’s recommendation, stockholders approved the “every year” option. Accordingly, a say-on-payresolution is being submitted for a vote of our stockholders at the Annual Meeting. Another say-on-frequencyproposal is expected to be submitted for a vote of our stockholders at the 2029 Annual Meeting. Tax and Accounting Considerations; Deductibility of Executive Compensation.In evaluating compensation program alternatives, the CNG Committee has considered the potential impact on our company of Section 162(m) of the Internal Revenue Code of 1986. Section 162(m) generally disallows a tax deduction to public corporations for compensation over $1.0 million paid for any fiscal year to their chief executive officers and certain other officers. The Committee believes it is important to maintain flexibility in designing compensation programs that it considers to be effective and in the best interests of our stockholders, even if that approach results in payments that are not deductible under Section 162(m). Incentive Compensation Risk Management.Our Incentive Compensation Risk Management Program includes ongoing risk-balancing processes and mechanisms. Those processes include an annual assessment of risk management performance for the associates within the groups beneath our Executive Leadership Team whose activities may expose us to material amounts of risk, including a compilation of results by control function for each such associate.