American States Water Company (AWR) Proxy filing summary

Executive summary

• Achieved 2025 EPS of $3.37, up 10.9% from adjusted 2024 EPS, driven by new customer rates and increased management fee revenue.

• Consolidated return on equity reached 13.3% despite a 15.9% increase in average equity balance.

• Increased quarterly dividend by 8.3%, marking the 71st consecutive year of dividend growth.

• Over the past decade, reported a 7.7% CAGR in EPS and 8.3% CAGR in dividend payments.

• Market capitalization as of April 2026 was ~$3.1 billion, with a 2.62% dividend yield and 85% institutional ownership.

Voting matters and shareholder proposals

• Board recommends voting for the election of three directors to serve until 2029.

• Proposals include approval of the 2026 Stock Incentive Plan, advisory vote on executive compensation, and ratification of PricewaterhouseCoopers LLP as auditor.

Board of directors and corporate governance

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

• No poison pill in place; ISS governance rating of "1".

• Board expertise spans finance, engineering, government, utility industry, IT, legal, and public utility regulation.