Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 64

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 64
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| Truist Financial Corporation percentile ranking |     |                    |     |    50% |     |                       |     |  50% |

| (1) | Data sourced from S&P Global Market Intelligence as of December 31, 2024. |

In establishing target pay opportunities, the Committee generally compares each element of compensation as well as total compensation relative to the peer group. The Committee also reviews market data from other financial services firms. The Committee establishes pay levels for each executive that are appropriate based on market data as well as other critical factors, including each executive’s specific role, performance, experience, expertise, internal pay comparisons, and relative responsibilities of the named executives. SHAREHOLDER FEEDBACK The Committee considers feedback from shareholders received during Truist’s annual shareholder engagement outreach and the results of the shareholder advisory “say-on-pay”vote in its oversight of Truist’s executive-compensation program. In 2024, the executive compensation for our named executives received support from approximately 89% of the votes cast at the annual shareholders meeting. In addition, we proactively discussed the changes made to our executive-compensation program and the one-time performance-based Leadership Awards granted in 2024 during our fall 2024 shareholder engagement outreach. For more information regarding our Shareholder Engagement program, see “Shareholder Engagement Program” beginning on page 28. RISK CONSIDERATIONS IN SETTING COMPENSATION We expect all executive officers to exhibit the highest levels of ethics and demonstrate best practices to discourage unnecessary or excessive risk taking when conducting activities on behalf of Truist. The Committee routinely considers whether our executive-compensation program encourages unnecessary or excessive risk taking, with the goal of designing an executive-compensation program to encourage prudent risk management and discourage inappropriate risk-taking by offering a balanced portfolio of compensation opportunities to our named executives that is expected to reward the creation of shareholder value over time. When determining short-term incentive compensation, and consistent with regulatory guidance, the Committee evaluates our current risk environment and internal control structure relevant to incentive compensation and reviews an executive risk outcomes assessment and other reports. The Committee also receives reports from our Chief Audit Officer regarding the effectiveness of our overall system of internal controls.

| 60 |     | | 2025 Proxy Statement |

Compensation Discussion and Analysis Balanced Compensation Elements The Committee believes that having market-competitive fixed base salaries discourages inappropriate risk-taking. In addition, executives have a significant proportion of compensation provided in the form of equity awards, such as PSUs and RSUs that have performance