MGE Energy (MGEE) Proxy Filing summary

Executive summary

• Annual meeting scheduled for May 20, 2025, to elect three directors, ratify the auditor, and hold a say-on-pay vote.

• Continued investment in carbon-free energy, including new solar and battery storage projects, and introduction of a renewable natural gas program.

• Strong financial performance with consistent earnings, dividend increases for 49 consecutive years, and top credit ratings.

• Ongoing commitment to net-zero carbon electricity by 2050 and 80% carbon reduction by 2030 compared to 2005 levels.

• Board and management emphasize transparency, accountability, and engagement with shareholders and customers.

Voting matters and shareholder proposals

• Shareholders will vote on the election of three Class III directors, ratification of PricewaterhouseCoopers LLP as auditor, and an advisory vote on executive compensation.

• Board recommends voting FOR all proposals.

• Shareholder proposals for the 2026 meeting must be submitted by December 5, 2025.

Board of directors and corporate governance

• Board consists of 10 directors, 8 of whom are independent; strong focus on diversity and board refreshment.

• Annual self-assessment, peer evaluation, and director education are standard practices.

• Lead Independent Director role ensures independent oversight; board committees are fully independent.

• Board oversees strategy, risk, ESG, and succession planning; regular engagement with management and external experts.