Company: MSEX
Filing Date: 2025-04-10
Form Type: DEF 14A
Source: 0001174947-25-000561
Chunk: 29

Company: MIDDLESEX WATER CO
Filing Date: 2025-04-10
Form: DEF 14A
Chunk 29
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. The Company’s formal Enterprise Risk Management program seeks to eliminate, mitigate or transfer risk while simultaneously maximizing opportunity for maintaining appropriate service quality for the Company’s customers and shareholders. The Corporate Governance and Nominating Committee has formal responsibility for oversight of the Enterprise Risk Management program in addition to our ESG initiatives. Also, our Compensation Committee oversees the risks related to Executive compensation. The Company’s compensation program seeks to achieve an appropriate balance among all these objectives and therefore, does not encourage or reward inappropriate risk-taking. Compensation Program Oversight The Compensation Committee is responsible for making recommendations to the full Board with respect to the compensation of all the Company’s officers. As part of these duties, the Committee:

| • | Oversees the Company’s equity-based incentive compensation plan |

| • | Conducts an annual formal performance evaluation of the Chief Executive Officer and, |

| • | In Consultation with the Chief Executive Officer, reviews the performance of the other NEOs and other officers of the Company. The Board 
 has the ultimate authority to determine the compensation of all NEOs, in addition to those officers who are not NEOs for purposes of     
 Proxy reporting.                                                                                                                         |

The Compensation Committee is governed by a formal charter that describes the committee’s scope of authority and responsibility. The Compensation Committee consists of Directors, who are all “independent,” in accordance with Nasdaq requirements. The Corporate Governance and Nominating Committee evaluates the independence of Committee members at least annually, using standards no less restrictive than those contained in the Nasdaq Global Select listing requirements. This evaluation, and the determination that each member of the Committee is independent, was made most recently in February 2025. Role of Executives in Compensation Committee Activities The Executive Officers who serve as a resource to the Compensation Committee are the Chief Executive Officer, Chief Financial Officer and the Vice President, Human Resources. These Executives provide the Compensation Committee with data regarding market-based compensation philosophy, processes and practices related to human capital management including developing, attracting and retaining personnel, succession planning, company culture and employment practices. This communication assists the Committee in the design and implementation of the Company’s compensation programs. In addition to providing factual information, such as Company-wide performance on relevant measures, these Executive’s articulate management’s views and results on current compensation programs and processes, recommend relevant performance measures to be used for future evaluations and otherwise supply information to assist the Compensation Committee. Additional resources used by the Compensation Committee in their deliberations are provided by independent compensation consultants, as well as by individual committee or other Board members. The Chief