Company: BPOPM
Filing Date: 2025-03-25
Form Type: DEF 14A
Source: 0001140361-25-010189
Chunk: 90

Company: POPULAR, INC.
Filing Date: 2025-03-25
Form: DEF 14A
Chunk 90
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 stand for re-election to the Corporation’s Board upon the expiration of his current term, which expires at the Corporation’s 2025 Annual Meeting of Shareholders, after having reached the mandatory director retirement age contemplated in the Corporation’s Corporate Governance Guidelines. In connection with Messrs. Alvarez and Diercksen’s retirement as members of the Board, the Board determined to reduce the size of the Board from 13 to 11 directors, to be effective as of the Corporation’s 2025 Annual Meeting of Shareholders. At this year’s annual meeting, all nominees are currently incumbent directors. All nominees are being nominated for election to serve until the 2026 annual meeting of shareholders or until their respective successors are duly elected and qualified. The persons named as proxies have advised Popular that, unless otherwise instructed, they intend to vote at the meeting the shares covered by the proxies “FOR” the election of the 11 nominees, and that if any one or more of such nominees should become unavailable for election they intend to vote such shares “FOR” the election of such substitute nominees as the Board may propose. Popular has no knowledge that any nominee will become unavailable for election. The Certificate of Incorporation requires that each director receive a majority of the votes cast by shareholders in person or by proxy and entitled to vote. The number of shares voted “FOR” a director nominee must exceed the number of votes cast “AGAINST” that nominee. If an incumbent director is not elected by a majority of the shares represented at the annual meeting, Puerto Rico corporation law provides that the director continues to serve on the Board as a “holdover director”. Under our Amended and Restated By-Laws and our Corporate Governance Guidelines, an incumbent director who is not elected by a majority of the votes cast must tender his or her resignation to the Board. In that situation, Popular’s Corporate Governance and Nominating Committee would make a recommendation to the Board about whether to accept or reject the resignation, or whether to take any other action. The Board would act on the Corporate Governance and Nominating Committee’s recommendation and publicly disclose its decision. The 11 nominees for election as director at the 2025 Annual Meeting of Shareholders are Alejandro M. Ballester, Robert Carrady, Richard L. Carrión, Bertil E. Chappuis, Betty DeVita, María Luisa Ferré Rangel, C. Kim Goodwin, José R. Rodríguez, Alejandro M. Sánchez, Myrna M. Soto and Carlos A. Un