Company: USB-PA
Filing Date: 2025-03-05
Form Type: DEF 14A
Source: 0001104659-25-020883
Chunk: 32

Company: US BANCORP \DE\
Filing Date: 2025-03-05
Form: DEF 14A
Chunk 32
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 shareholders’ meeting on April 15, 2025. On April 15, 2025, Andrew Cecere will transition to the role of Executive Chairman. ▶ In reaching their decision, the Governance Committee and the Board relied upon its pre-established succession planning process that considers the necessary experience, leadership capabilities, skills and attributes critical to the role and leadership of our company. ▶ The Board’s process spanned over multiple years, including ongoing targeted executive development actions, the retention of a third-party search firm, and evaluation of several potential internal and external candidates. Shareholder engagement We value the views of our investors and welcome feedback from them. Our standard engagement practice is to initiate conversations with our largest investors each fall. In the fall of 2024, we reached out to our top 50 and certain other institutional investors and invited them to provide us feedback on corporate governance executive compensation and other disclosure matters, and any other topics they wished to discuss. We also engage throughout the year with additional shareholders, including at their request, outside of our fall outreach effort.

| ​ | Contacted our top 50institutional investors as partof our fall outreach program 
 (~56% of shares outstanding)                                                    | ​ | ​ | ​ | ​ | ​ | Held engagement calls with 15 institutional investors during fall 2024 
 (~19% of shares outstanding)                                           | ​ | ​ | ​ | ​ | ​ | We engaged with additional investors who contacted us directly to engage on specific topics of interest | ​ |

Management shares the feedback received from shareholders with the Governance Committee, and feedback that relates to matters that are specifically overseen by a different Board committee are also provided to those committees. As part of our 2024 engagement process, we sought feedback from investors on proposed metric changes for our PRSU awards for executive officers beginning in 2025, and shared the feedback received with the Board’s Compensation and Human Resources Committee. We also sought feedback from investors following receipt of the shareholder proposal included in this proxy statement, and shared the feedback received on the proposal with the Board’s Governance Committee. The committees take the views expressed by our shareholders into consideration when making decisions. Management also considers shareholder feedback about disclosure practices when preparing our company’s public filings. These engagements are in addition to those coordinated by our Investor Relations team.

| ​ |                                                                   | ​ | ​ | For more information, please see our other available reports available on our website*: | ​ |
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 Our 2024 Annual Report at ir.usbank.com/financial