Sempra (SRE) Proxy filing summary

Executive summary

• Strategic focus on building a leading utility growth business with $111B in assets and serving ~40M consumers as of December 2025.

• 2025 initiatives included $13B in utility investments, unlocking LNG franchise value, selling non-core assets, cost reduction, and operational excellence.

• Achieved 16 consecutive years of dividend increases and maintained a 53% debt-to-total capitalization ratio.

• Forward-looking statements highlight risks from regulatory, market, climate, and operational factors.

Voting matters and shareholder proposals

• Board recommends voting for all director nominees, ratification of Deloitte & Touche LLP, and advisory approval of executive compensation.

• Board recommends voting against a shareholder proposal requiring an independent chairman, citing effective current leadership structure and declining support for such proposals in prior years.

Board of directors and corporate governance

• Eleven director nominees with diverse backgrounds in energy, finance, technology, and public policy; 82% board independence and 64% diversity (women or people of color).

• Board committees are fully independent; average director tenure is 6.9 years.

• Board leadership structure includes a Lead Independent Director with significant responsibilities; structure is periodically reviewed and has received positive shareholder feedback.