Company: TFC
Filing Date: 2025-03-17
Form Type: DEF 14A
Source: 0001193125-25-055156
Chunk: 62

Company: TRUIST FINANCIAL CORP
Filing Date: 2025-03-17
Form: DEF 14A
Chunk 62
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 request of, and reports directly to, the Committee. The Committee has the sole authority to approve the compensation consultant’s fees and other retention terms, including the authority to limit the amount of fees the compensation consultant may earn from other services provided to Truist. The compensation consultant performs a review of our executive compensation programs, provides peer group analyses, and advises on regulatory developments, corporate governance, and best practice trends.

| 58 |     | | 2025 Proxy Statement |

Compensation Discussion and Analysis The Committee reviewed whether each of the compensation consultants is independent and whether the engagements presented any conflicts of interest. In conducting this review, the Committee noted that each of the compensation consultants (i) provides or provided no services to Truist other than compensation consulting, (ii) has or had no personal or business relationships with members of our Board or executive officers, (iii) does or did not directly own any shares of Truist stock, and (iv) retains or retained a written policy designed to avoid conflicts of interest that may arise. Each of the compensation consultants determined that they were independent from our management and confirmed this in a written statement provided to the Chair of the Committee. During 2024, the compensation consultant provided the following services to the Committee:

| • | reviewed Truist’s total compensation philosophy for reasonableness and appropriateness |

| • | reviewed overall compensation levels |

| • | reviewed our total executive-compensation program relative to peers and advised the Committee of plans or practices that may be changed to improve effectiveness |

| • | provided market and peer data and recommendations on executive officer and senior management compensation |

| • | reviewed and advised the Committee on the composition of our peer group |

| • | reviewed public disclosure on compensation, including compensation disclosures in this proxy statement |

| • | advised the Committee regarding the compensation of outside directors |

In order for the compensation consultant to provide effective advice, the Committee expects it to interact with our management from time to time. These interactions generally involve:

| • | obtaining compensation and benefits data and other relevant information that is not available from public sources |

| • | working with management to understand the scope of the various executive jobs in order to provide accurate benchmarking |

| • | conferring with management to understand our business strategy and circumstances |

When Compensation Decisions are Made

| First Quarter  |     | •  Review executive risk outcomes assessment for the prior year •  Receive reports from the Chief Audit Officer regarding risk management and internal control effectiveness •