Lennar (LEN) Proxy Filing summary

Executive summary

• Annual meeting scheduled for April 8, 2026, to be held virtually, with voting available online, by phone, mail, or during the meeting.

• Key proposals include election of nine directors, advisory vote on executive compensation, ratification of Deloitte & Touche LLP as auditor, and two shareholder proposals on voting rights and disclosure.

• Board recommends voting for all director nominees, for executive compensation and auditor ratification, and against both shareholder proposals.

• Fiscal 2025 highlights: $34.2B in revenues, $2.1B net earnings, 82,583 home deliveries, and 83,978 new home orders.

Voting matters and shareholder proposals

• Proposal 1: Elect nine directors to serve until the 2027 annual meeting.

• Proposal 2: Advisory vote to approve executive compensation (say-on-pay).

• Proposal 3: Ratification of Deloitte & Touche LLP as independent auditor for fiscal 2026.

• Proposal 4: Shareholder proposal for equal voting rights for each share; Board recommends against.

• Proposal 5: Shareholder proposal for disclosure of voting results by share class; Board recommends against.

Board of directors and corporate governance

• Board consists of nine members, with a majority being independent and diverse in skills and backgrounds.

• Lead Director role held by Armando Olivera; all committees except Executive are composed solely of independent directors.

• Board committees: Audit, Compensation, Nominating & Corporate Governance, and Executive.

• Annual board and committee evaluations, robust stock ownership guidelines, and regular stockholder engagement.

• Recent leadership transition: Jonathan Jaffe retired as Co-CEO; no replacement planned, streamlining management.