New Jersey Resources (NJR) Proxy Filing summary

Executive summary

• Achieved net financial earnings of $2.95 per share in fiscal 2024, surpassing the long-term growth target of 7-9%.

• Increased annual dividend by 7.1% to $1.80 per share, marking 29 consecutive years of dividend growth.

• Delivered total shareholder return of 20.7% for FY 2024 and maintained strong operational performance across business units.

• Focused on leveraging infrastructure for energy demand, reducing emissions, and advancing decarbonization priorities.

• Maintained a robust culture of innovation, talent retention, and social responsibility.

Voting matters and shareholder proposals

• Election of three directors for terms expiring in 2028.

• Advisory vote to approve executive compensation (say-on-pay).

• Ratification of Deloitte & Touche LLP as independent auditor for fiscal year ending September 30, 2025.

• Shareholders may also transact other business at the meeting.

Board of directors and corporate governance

• Board consists of ten members, 90% independent, with an average tenure of 7.7 years and 30% female representation.

• Separate Board Chair and CEO roles; strong independent leadership and committee structure.

• Annual board and committee evaluations, active board refreshment, and succession planning.

• Directors subject to robust stock ownership guidelines and mandatory retirement at age 75.

• No poison pill, only one class of voting stock, and majority of shareholders can call special meetings.