Cavco Industries (CVCO) Proxy Filing summary

Executive summary

• Celebrating its 60th anniversary, the company achieved its second highest revenue and third highest net income in history for the second consecutive year, with a factory-built housing gross profit margin of 22.9%.

• Operational efficiency and cost optimization were emphasized, and significant improvements in employee health and safety were achieved, with a 54% reduction in OSHA recordable incident rates over five years.

• The company remains focused on long-term strategic objectives and sustainable growth, acknowledging evolving market and financial dynamics.

Voting matters and shareholder proposals

• Shareholders will vote to elect three Class I directors for terms expiring in 2028, approve executive compensation on an advisory basis, and ratify the appointment of RSM US LLP as the independent auditor for fiscal 2026.

• The board recommends voting in favor of all proposals.

• Only shareholders of record as of June 2, 2025, are eligible to vote.

Board of directors and corporate governance

• The board consists of seven directors, six of whom are independent; the roles of Chair and CEO are separated to enhance independence.

• Board committees include Audit, Compensation, Corporate Governance and Nominating, and Legal and Compliance Oversight, each with defined responsibilities and independent membership.

• The board emphasizes diversity, with 29% of directors being diverse and 86% independent.

• Directors are selected based on integrity, experience, and diversity of perspectives; a majority vote policy is in place for director elections.