American States Water Company (AWR) Proxy Filing summary

Executive summary

• Achieved 2024 EPS of $3.17, up 11.2% from adjusted 2023 EPS, driven by rate increases and new military contracts.

• Consolidated return on equity reached 14.1% despite a 14.2% increase in average equity.

• Increased quarterly dividend by 8.3%, marking the 70th consecutive year of dividend growth.

• Over the past decade, EPS CAGR was 7.3% and dividend CAGR was 8.0%.

• Record capital expenditures in 2024, with $235.5 million invested, a 34.2% increase over the prior year.

Voting matters and shareholder proposals

• Proposals include electing directors, an advisory vote on executive compensation, and ratifying PricewaterhouseCoopers LLP as auditor.

Board of directors and corporate governance

• Board chairman and CEO roles are separated; all directors except the CEO are independent.

• Received a top governance rating from ISS and a “For” recommendation on Say on Pay.

• No poison pill in place.