Company: CFG-PE
Filing Date: 2025-03-10
Form Type: DEF 14A
Source: 0000759944-25-000044
Chunk: 49

Company: CITIZENS FINANCIAL GROUP INC/RI
Filing Date: 2025-03-10
Form: DEF 14A
Chunk 49
---
 |     | Most shareholders understood the need for the LSAs and were helpful in describing information that would be important to their deliberations when considering the LSAs. We have drafted the related disclosure in this proxy statement with their feedback in mind (e.g., described the awards at the beginning of the proxy and in the CD&A and included the annual run-rate for awards, context for the competitive talent market, and commentary on whether we intend to grant similar awards in the future).                                                                                                                                                                  |
| A few shareholdersrequested that additional off-cycle awards not be made in the future                         
 See page53                                                                                                     |     | The Compensation and HR Committee believed that talent market dynamics and the attractiveness of LSA award recipients in the market made granting the awards necessary to ensure leadership continuity given these executives' status as CEO successor candidates and the integral role they play in executing the Company’s long-term strategy.                                                                                                                                                                                                                                                                                                                                  
 A key role of the Board and Compensation and HR Committee is to ensure effective CEO and senior leader succession planning. There are no current plans to issue additional off-cycle succession awards in the future.  However, the Compensation and HR Committee and Board will continue to take whatever actions may be necessary to manage the Company effectively without any disruptions to long-term value creation.                                                                                                                                                                                                                                                        |
| A few shareholders suggested weenhance disclosure on our succession planning process                           
 See pages36-37                                                                                                 |     | This year we have enhanced the disclosure of our leadership succession planning process and related activities throughout the year in the"Corporate Governance Matters—Management Succession Planning Oversight"section of this proxy statement.                                                                                                                                                                                                                                                                                                                                                                                                                                  |

#### 502025 Proxy Statement

#### Compensation Matters

#### Leadership Succession Awards
One of the primary duties of the Compensation and HR Committee is executive succession planning. The Board and the Compensation and HR Committee consider CEO and executive succession several times a year and have planned for a variety of circumstances and timeframes. Additional detail about our succession planning process can be found in “ Corporate Governance Matters — Board Oversight Responsibilities—Management Succession Planning ”.

Following discussions over several months, including with its independent compensation consultant, the Compensation and HR Committee and the full Board each approved the grant of LSAs to Brendan Coughlin, John Woods, and Elizabeth Johnson in June 2024 as each of these executives was identified as a CEO successor candidate. Although Mr. Van Saun has no plans to retire at this time, the Compensation and HR Committee determined it was appropriate to take proactive steps during 2024 to provide incentives for these candidates to remain in