Zions Bancorporation (ZION) AGM 2025 summary

Opening remarks and agenda

• Meeting called to order by Chairman and CEO, with confirmation of legal notice and quorum present.

• Rules of conduct distributed; director nominees and inspectors of election introduced.

Shareholder proposals

• Election of 11 directors for a one-year term presented and nominations closed with no additional nominees.

• Proposal to ratify Ernst & Young LLP as independent auditors for fiscal 2025 presented.

• Advisory vote on 2024 executive compensation presented, referencing proxy statement disclosures.

• Advisory vote on frequency of future say-on-pay votes, with Board recommending annual votes.

Financial performance review

• 2024 saw a 15% increase in net income and 14% increase in earnings per share; revenue flat, expenses up 2%.

• Lower provision for loan losses boosted return on assets to 88 basis points; efficiency ratio higher due to flat revenue and higher expenses.

• Credit quality and charge-offs remained strong, with net loan losses much better than industry average.

• Commercial real estate portfolio grew at a disciplined rate, with loss rates near zero over five years.

• Capital position at peer median, expected to strengthen as securities losses accrete back into capital.