Company: SREA
Filing Date: 2025-03-28
Form Type: DEF 14A
Source: 0001140361-25-010983
Chunk: 13

Company: SEMPRA
Filing Date: 2025-03-28
Form: DEF 14A
Chunk 13
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 consultants, legal counsel or investment banks; the absence of any transactions in which a director or his or her immediate family members has a direct or indirect material interest that would require disclosure in this proxy statement under SEC rules regarding related person transactions; and any discretionary contributions we may make to non-profit organizations with which a director or his or her immediate family members are associated. In assessing the materiality of director relationships, the board broadly considers all relevant facts and circumstances both from the standpoint of the director and also from that of persons or organizations with which the director has an affiliation. Based on this review, the board has affirmatively determined that each of the following non-employee directors, each of whom is a director nominee standing for election or reelection at the Annual Shareholders Meeting, is an independent director: Based on its review, the board also has affirmatively determined the independence of Bethany J. Mayer, who was a director until her resignation from the board in September 2024. Mr. Martin cannot be considered an independent director due to his position as an executive officer of the company. Mr. Sagara, who is a non-employee director, cannot be considered an independent director due to his prior service as an executive officer of the company. Under NYSE independence standards, Mr. Sagara’s prior service as an executive officer of Sempra will not preclude a finding of independence starting on the third anniversary of his retirement from Sempra, or December 1, 2026. Director Share Ownership Guideline The board has established a director share ownership guideline to further strengthen the link between director and shareholder interests. For each of our non-employee directors, the guideline calls for ownership of a number of shares of our common stock having a value of five times the director’s annual base retainer of $105,000, resulting in an ownership guideline equal to $525,000. For these purposes, in addition to shares of our common stock owned directly, share ownership includes phantom shares into which compensation has been deferred and unvested service-based restricted stock units. The Compensation and Talent Development Committee annually reviews adherence to this guideline, which is expected to be attained within five years after becoming a director. At the time of the Compensation and Talent Development Committee’s review in 2024, all of our non-employee directors met or exceeded the ownership guideline or had additional time to do so. The board also has established officer share ownership guidelines. For information about these guidelines, see “Executive Compensation—Compensation Discussion and Analysis—Share Ownership Guidelines.” Director Overboarding Policy