Eversource Energy (ES) Proxy Filing summary

Executive summary

• Achieved 2024 non-GAAP earnings per share of $4.57, exceeding the $4.52 goal, with GAAP EPS at $2.27 due to losses on divestitures; annual dividend increased by 5.9% to $2.86 per share, outpacing industry median growth.

• Completed divestitures of offshore wind assets and Aquarion water business, positioning as a pure-play electric and gas utility; issued $1B in equity to strengthen the balance sheet.

• Secured key regulatory approvals and settlements in Connecticut, Massachusetts, and New Hampshire, including $873M CT RAM order and $600M MA ESMP capital plan.

• Maintained top decile operational reliability and restoration metrics; advanced customer service and technology initiatives, including smart meter rollout and OMNI Phase II system integration.

• Advanced clean energy and decarbonization projects, including geothermal pilots, solar, EV infrastructure, and federal funding for the Huntsbrook clean energy hub.

Voting matters and shareholder proposals

• Election of nine Trustees, eight of whom are independent; all nominees attended at least 75% of meetings.

• Advisory vote on executive compensation (Say-on-Pay); Board recommends approval.

• Ratification of Deloitte & Touche LLP as independent auditor for 2025.

• Amendments to Declaration of Trust to eliminate supermajority voting and allow virtual annual meetings; Board recommends approval.

• Shareholder proposal to require an independent Board Chairman; Board recommends voting against.

Board of directors and corporate governance

• Board leadership includes a combined Chairman/CEO and a Lead Independent Trustee; robust annual self-evaluations and refreshment processes.

• All Trustees except the CEO are independent; diverse backgrounds and skills in finance, regulation, ESG, and community engagement.

• Five standing committees: Audit, Compensation, Executive, Finance, and Governance/ESR, all with defined charters and independent membership.

• Shareholder engagement program includes year-round outreach and virtual meetings with major investors.