Company: WCN
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032201
Chunk: 30

Company: Waste Connections, Inc.
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 30
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 value of share awards, each as reported in our Summary Compensation Table. It excludes indirect compensation reported under the “All Other Compensation” column of our Summary Compensation Table.

2025 Proxy • Waste Connections, Inc. 43

TABLE OF CONTENTS Compensation Discussion and Analysis

In 2024, At-Risk Compensation, comprised of cash incentives and equity-based compensation, made up approximately 83% of the TDC of our President and CEO and 75% of the combined TDC of our other NEOs. Say-on-Pay

| ​ | We provide our shareholders with an opportunity to cast an annual, non-binding advisory vote with respect to our NEO compensation, as disclosed herein, referred to as the Say-on-Pay Proposal. In 2024, more than 95% of the Common Shares voted approved of our NEO compensation program. Our Compensation Committee and the Company viewed these results as a strong indication that our shareholders support our executive compensation policies and practices. | ​ | ​ |     | ​ |

Noteworthy Compensation Actions for 2024 The Company’s Compensation Committee, with the input of the full Board of Directors and the Compensation Committee’s independent compensation consultant, has periodically reviewed our executive compensation program and made certain revisions over the years to further align pay with performance. In light of our shareholders’ support and the Company’s significant shareholder value creation over the years, the Compensation Committee decided to retain the core design of our executive compensation program for fiscal 2024. Approach to Compensation Role of the Compensation Committee The Compensation Committee has the primary authority for the consideration and determination of the cash and equity compensation we pay our executive and corporate officers. The Compensation Committee also makes recommendations to the Board of Directors concerning cash and equity-based compensation and benefits for non-employee directors. To aid the Compensation Committee, the CEO meets with the Compensation Committee and provides recommendations annually regarding the compensation of the other NEOs and corporate officers. However, the Compensation Committee is not bound to follow the CEO’s recommendations. Pursuant to its charter, the Compensation Committee has the authority to engage its own independent advisors to assist in carrying out its duties. The Compensation Committee holds executive sessions not attended by any members of management or employee directors.

44 2025 Proxy • Waste Connections, Inc.

TABLE OF CONTENTS Compensation Discussion and Analysis

In determining the base salary, performance-based compensation and long-term equity-based compensation levels for the NEOs, the Compensation Committee considers: (1) the compensation structure and practices of companies that it believes are the Company’s leading competitors in the solid waste industry;