| Derrick Burks Annette K. Clayton Theodore F. Craver, Jr. Robert M. Davis Caroline Dorsa | | | W. Roy Dunbar Nicholas C. Fanandakis John T. Herron Idalene F. Kesner | | | E. Marie McKee Michael J. Pacilio Thomas E. Skains William E. Webster, Jr. | |
| Notice of Annual Meeting of Shareholders | | | ![]() ![]() | |
| Items of Business | | | Board’s Voting Recommendation | | | ||||||
| 1 | | | Election of Directors | | | ![]() ![]() | | | |||
| 2 | | | Ratification of Deloitte & Touche LLP as Duke Energy’s independent registered public accounting firm for | | | ![]() ![]() | | | |||
| 3 | | | Advisory vote to approve Duke Energy’s named executive officer compensation | | | ![]() ![]() | | | | | |
| 4 | | | | | ![]() ![]() | | | ||||
| 5 | | | | | ![]() ![]() | | | ||||
| 6 | | | Shareholder proposal regarding | | | RECOMMENDATION ![]() | | | |||
| 7 | ![]() | ||||||||||
| | Any other business that may properly come before the meeting (or any adjournment or postponement of the meeting) | | |
| Vote Now | | |||
| By Internet | | | By Mailing Your Proxy Card | |
| ![]() ![]() Visit 24/7 www.proxyvote.com | | | ![]() ![]() Vote, sign your proxy card, and mail free of postage | |
| By Phone | | | Participate in the Annual Meeting | |
| ![]() ![]() Call toll-free 24/7 at 800.690.6903 or by calling the number provided by your broker, bank, or other nominee if your shares are not registered in your name | | | ![]() ![]() Attend the annual meeting at www.virtualshareholdermeeting. com/ Meeting. You will need the 16-digit control number, which can be found on your Notice, on your proxy card, and on the instructions that accompany your proxy materials | |
| Dated: March | | | By order of the Board of Directors, | |
| | | | ![]() ![]() | |
| | | | Kodwo Ghartey-Tagoe Executive Vice President, Chief Legal Officer and Corporate Secretary | |
| RULES OF CONDUCT FOR THE ANNUAL MEETING | | | | | 1 | | |
| PROXY SUMMARY | | | | | 2 | | |
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| INFORMATION ON THE BOARD OF DIRECTORS | | | | | | | |
| REPORT OF THE CORPORATE GOVERNANCE COMMITTEE | | | | | | | |
| DIRECTOR COMPENSATION | | | | | | | |
| SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT | | | | | | | |
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| REPORT OF THE AUDIT COMMITTEE | | | | | | | |
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| COMPENSATION DISCUSSION AND ANALYSIS | | | | | | | |
| EXECUTIVE COMPENSATION | | | | | | | |
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| FREQUENTLY ASKED QUESTIONS AND ANSWERS ABOUT THE ANNUAL MEETING | | | | | | | |
| OTHER INFORMATION | | | | | | | |
| GLOSSARY OF TERMS | | | | | | | |
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| DUKE ENERGY | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | Duke Energy strives to provide our shareholders at the online-only Annual Meeting the same rights that they would have had at an in-person meeting and an enhanced opportunity for participation and discourse. • Shareholders who have submitted a proposal for the Annual Meeting are given the choice of recording the presentation of their proposal in advance or presenting their proposal live via a third-party operated telephone line. • A representative of Broadridge Financial Solutions has been appointed as the independent inspector of elections. • Shareholders as of the record date who would like to submit questions in writing in advance of the Annual Meeting may do so by visiting our pre-meeting forum at www.proxyvote.com using their 16-digit control number. • Shareholders participating in the Annual Meeting live via webcast may also submit questions in writing during the Annual Meeting. Shareholders are encouraged to provide their name and contact information in case the Company needs to contact them after the Annual Meeting. • Individuals who are not shareholders as of the record date who are interested in viewing or listening to the Annual Meeting will be allowed to check-in to www.virtualshareholdermeeting.com/ • Questions submitted by shareholders will be read during the Annual Meeting unedited. Of course, questions that are of an inappropriate personal nature or that use offensive language will not be read at the Annual Meeting or posted on our website after the Annual Meeting. Questions regarding technical issues related to the Annual Meeting will be referred to technical support personnel to respond separately. Similarly, questions regarding the availability or location of proxy materials will be responded to separately. • We will post answers to all questions received in advance of or during the Annual Meeting, including those questions that we do not answer during the Annual Meeting, on our website at investors.duke-energy.com/events-and-presentations/default.aspx under “05/ • Questions on topics that have been previously asked and answered during the Annual Meeting will be answered after the Annual Meeting and posted on our website at investors.duke-energy.com/events-and-presentations/default.aspx under “05/ • The Question and Answer portion of the Annual Meeting will end upon the earlier of 2:00 | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| Duke Energy, a Fortune 150 company headquartered in Charlotte, North Carolina, is one of the largest energy holding companies in the United States. We provide electricity to approximately | | | ![]() ![]() | |
| | | | | | | Board’s Voting Recommendation | | | Broker Non-Votes* | | | Abstentions | | | Votes Required for Approval | |
| ![]() ![]() | | | Proposal 1: Election of Directors (page | | | FOR ALL | | | Do not count | | | Do not count | | | Majority of votes cast, with a resignation policy | |
| ![]() ![]() | | | Proposal 2: Ratification of Deloitte & Touche LLP as Duke Energy’s independent registered public accounting firm for | | | FOR | | | Brokers have discretion to vote | | | Vote against | | | Majority of shares represented | |
| ![]() ![]() | | | Proposal 3: | | | FOR | | | Do not count | | | Vote against | | | Majority of shares represented | |
| ![]() ![]() | | | Proposal 4: | | | FOR | | | Do not count | | | Vote against | | | 80% of shares | |
| ![]() | | | Proposal 5: YEAR | | | AGAINST | | | Do not count | | | Vote against | | | Majority of shares represented | |
| ![]() ![]() | | | Proposal | represented | ||||||||||||
Shareholder proposal regarding | RECOMMENDATION | represented | |||||||||||||||
![]() | | | AGAINST | | | Do not count | | | Vote against | | | Majority of shares represented | |
| 2 DUKE ENERGY | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| | Our Greenhouse Gas Emission Reduction Goals | | | ||||||||
| | 2030 | | | | Electric Utilities | | | | • At least 50% reduction in CO2 emissions from 2005 levels from electricity generation (Scope 1 emissions)(1) | | |
| Natural Gas Local Distribution Business | | | | • Reduction in methane emissions to net-zero (Scope 1 emissions) | | | |||||
| | 2035 | | | | Electrical Utilities and Natural Gas Local Distribution Business | | | | • At least 50% reduction in CO2 emissions from 2021 levels from upstream purchased power and fossil fuel purchases (Scope 2 and 3 emissions)(2)(3), as well as downstream customer use of natural gas (Scope 3 emissions) | | |
| | 2040 | | | | Electric Utilities | | | | • At least 80% reduction in CO2 emissions from 2005 levels from electricity generation (Scope 1 emissions) | | |
| | 2050 | | | | Electric Utilities | | | | • Net-zero CO2 emissions from electricity generation (Scope 1 emissions) • Net-zero CO2 emissions from electricity purchased for Company use (Scope 2 emissions) • Net-zero greenhouse gas emissions from the power we purchase for resale and from the procurement of fossil fuels used for generation (Scope 3 emissions) | | |
| Natural Gas Local Distribution Business | | | | • Net-zero emissions from upstream methane and carbon emissions related to purchased natural gas and downstream carbon emissions from customer consumption (Scope 3 emissions) | | |
| 4 DUKE ENERGY | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | Employees | | | | Union | | | | Women | | | | People of Color | | |
| Support for Employee Well-Being | | | We support our employees physically, emotionally, and financially through our wellness and mental health programs and provide | |
| Diversity & Inclusion Learning Programs | | | We offer multiple voluntary training options for leaders and individual contributors to sharpen | |
| Fair and Equitable Compensation | | | We are committed to providing market competitive, fair, and equitable compensation by regularly reviewing employee pay. We conduct internal pay equity reviews and benchmarking against peer companies to ensure our pay is competitive. | |
| Attracting Diverse Talent | | | We continuously evaluate our practices across the hiring life cycle to attract a talented and diverse workforce to deliver on our commitment to customers. This includes building relationships with four-year colleges and universities, including historically Black colleges and universities, as well as | |
| Courageous Conversations | | | “Let’s Talk About It” is a series of | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| | Environmental | |
| | Social Our human capital management | |
| | Governance Board composition, refreshment, onboarding and | |
| • Investor materials, including quarterly earnings presentations • Annual • 2017, 2020, and 2022 Climate Reports, which are aligned with the recommendations of the TCFD • Semi-annual Corporate Political Expenditures Report • CDP Climate Change 2023 Report • CDP Water Security • 2022 Duke Energy Supplier Diversity Impact Report • Just Transition | | | • Annual Trade • SASB disclosures (included within the 2022 Impact Report) • EEI/AGA template disclosure • GRI disclosures (included within the 2022 Impact Report) • • Corporate Commitment to Biodiversity | |
| 6 DUKE ENERGY | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 7 | |
| Independence | | | | • Independent Lead Director with clearly defined roles and responsibilities • Independent Board committees • Independent directors meet in independent session at each regularly scheduled Board meeting | |
| Shareholder Rights | | | | • Ability for shareholders to nominate directors through proxy access • Robust year-round shareholder engagement program, including director involvement • Ability for shareholders to take action by less than unanimous written consent • Ability for shareholders to call a special shareholder meeting • Board • Each share of common stock is equal to one vote | |
| Good Governance Practices | | | | • Majority voting standards for directors with mandatory resignation policy and plurality carve out for contested elections • Annual Board, committee, and director assessments • Clearly defined environmental and social initiatives and goals • Annual election of all directors • Annual shareholder advisory vote on executive compensation • Policy to prohibit all hedging and pledging of corporate securities • Policy to clawback certain compensation • Regular Board refreshment and robust director education program, which in 2023 covered a variety of topics, including an overview of regional transmission organizations, evolution of regulatory models, the utility mergers and acquisitions proposition, hydrogen, Board oversight responsibilities, workforce strategy, and cybersecurity best practices • Stock ownership and retention requirements • Director overboarding policy, reviewed annually and with which all directors are in compliance, which provides that the maximum number of other public company boards our directors can serve on is four, without prior Board approval, and that neither the CEO nor Executive Chairman, if any, may serve on any other company boards, other than nonprofit organizations, without Board approval | |
| 8 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | 1 | | | Link Pay to Performance | |
| | 2 | | | Attract and Retain talented executive officers and key employees | |
| | 3 | | | Emphasize Performance-Based Compensation to motivate executives and key employees | |
| | 4 | | | Reward Individual Performance | |
| | 5 | | | Encourage Long-Term executives with shareholders | |
| | | | COMPENSATION COMPONENTS | | ||||||
| | | | Base Salary | | | STI | | | LTI | |
| Link pay to performance | | | | | | ![]() ![]() | | | ![]() ![]() | |
| Attract and retain talented executives and key employees | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Emphasize performance-based compensation to motivate executives and key employees | | | | | | ![]() ![]() | | | ![]() ![]() | |
| Reward individual performance | | | ![]() ![]() | | | ![]() ![]() | | | ![]() ![]() | |
| Encourage long-term commitment to Duke Energy and align the interests of executives with shareholders | | | | | | ![]() ![]() | | | ![]() ![]() | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 9 | |
| | | | | | ||||||
| AT DUKE ENERGY WE… | | | AT DUKE ENERGY WE DO NOT… | | ||||||
| ![]() ![]() | | | Integrate key performance metrics in our incentive plans relating to environmental, | | | ![]() ![]() | | | Provide tax gross-ups to NEOs | |
| ![]() ![]() | | | Require significant stock ownership, including 6x base salary for our CEO and 3x base salary for other NEOs | | | ![]() ![]() | | | Permit hedging or pledging of Duke Energy securities | |
| ![]() ![]() | | | Maintain a stock retention policy | | | ![]() ![]() | | | Provide “single trigger” vesting of stock awards upon a change in control | |
| ![]() ![]() | | | Tie equity and cash-based incentive compensation to a clawback policy | | | ![]() ![]() | | | Provide employment agreements to a broad group | |
| ![]() ![]() | | | Use an independent compensation consultant retained by and reporting directly to the Compensation and People Development Committee to advise on compensation matters | | | ![]() ![]() | | | Encourage excessive or inappropriate risk-taking through our compensation program | |
| ![]() ![]() | | | Review tally sheets on an annual basis | | | ![]() ![]() | | | Provide excessive perquisites | |
| ![]() ![]() | | | Consider shareholder feedback and the prior year’s “say-on-pay” vote | | | ![]() ![]() | | | Provide dividend equivalents on unearned performance shares | |
| ![]() ![]() | | | Require that equity awards must be subject to a one-year minimum vesting period, subject to limited exceptions | | | | | | | |
| ![]() ![]() | | | Disclose performance targets for the performance share cycle granted in the most recent year | | | | |
| 10 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | | | Name Independence, Age, Tenure Position | | | Gender Diversity | | | Racial or Ethnic Diversity | | | Other Public Boards | | | Audit | | | Compensation and People Development | | | Corporate Governance | | | Finance and Risk Management | | | Operations and Nuclear Oversight | |
| ![]() ![]() | | | Derrick Burks Independent, Retired Managing Partner of Ernst & Young, LLP, Indianapolis office | | | | | | X | | | Equity LifeStyle Properties, Inc. and Kite Realty Group Trust KRG | | | ● | | | | | | | | | ● | | | | |
| ![]() ![]() | | | Annette K. Clayton Independent, Schneider Electric SA | | | X | | | | | | NXP Semiconductors N.V. and Nordson Corporation* | | | ● | | | | | | | | | | | | ● | |
| ![]() ![]() | | | Theodore F. Craver, Jr. Independent Lead Director Independent, Retired Chairman, President and CEO, Edison International | | | | | | | | | Wells Fargo & Company | | | | | | ● | | | C | | | | | | | |
| ![]() ![]() | | | Robert M. Davis Independent, | | | | | | | | | Merck & Co., Inc. | | | | | | | | | ● | | | C | | | | |
| ![]() ![]() | | | Caroline Dorsa Independent, Retired Executive Vice President and CFO, Public Service Enterprise Group Incorporated | | | X | | | | | | Biogen Inc., and Illumina, Intellia Therapeutics, | | | ● | | | ● | | | | | | | | | | |
| ![]() ![]() | | | W. Roy Dunbar Independent, Retired Chairman and CEO of Network Solutions, LLC | | | | | | X | | | Johnson Controls International, PLC, McKesson Corporation, and SiteOne Landscape Supply, Inc. | | | | | | ● | | | | | | | | | ● | |
| ![]() ![]() | | | Nicholas C. Fanandakis Independent, Retired Executive Vice President, DuPont de Nemours, Inc. (fka DowDuPont, Inc.) | | | | | | | | | FTI Consulting, Inc. and ITT Inc.** | | | C | | | | | | | | | ● | | | | |
| ![]() ![]() | | | Lynn J. Good Executive Director, Chair, President and CEO, Duke Energy Corporation | | | X | | | | | | The Boeing Company | | | | | | | | | | | | | | | | |
| ![]() ![]() | | | John T. Herron Independent, Retired President, CEO and Chief Nuclear Officer, Entergy Nuclear | | | | | | | | | None | | | | | | | | | | | | ● | | | C | |
| ![]() ![]() | | | Idalene F. Kesner Independent, Dean Emerita, Indiana University Kelley School of Business | | | X | | | | | | Berry Global Group, Inc. and Olympic Steel, Inc. | | | | | | | | | ● | | | ● | | | | |
| ![]() ![]() | | | E. Marie McKee Independent, Retired Senior Vice President, Corning Incorporated | | | X | | | | | | None | | | | | | C | | | ● | | | | | | | |
| ![]() ![]() | | | Michael J. Pacilio Independent, Retired Executive Vice President and COO, Exelon Generation, Exelon Corp. | | | | | | | | | None | | | ● | | | | | | | | | | | | ● | |
| ![]() ![]() | | | Thomas E. Skains Independent, Retired Chairman, President and CEO, Piedmont Natural Gas Company, Inc. | | | | | | | | | National Fuel Gas Company and Truist Financial Corporation | | | | | | ● | | | ● | | | | | | | |
| ![]() ![]() | | | William E. Webster, Jr. Independent, Retired Executive Vice President, Institute of Nuclear Power Operations | | | | | | | | | None | | | | | | | | | ● | | | | | | ● | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 11 | |
| 12 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | SKILLS MATRIX | | | | | | | | Derrick Burks | | | | Annette K. Clayton | | | | Theodore F. Craver, Jr. | | | | Robert M. Davis | | | | Caroline Dorsa | | | | W. Roy Dunbar | | | | Nicholas C. Fanandakis | | | | Lynn J. Good | | | | John T. Herron | | | | Idalene F. Kesner | | | | E. Marie McKee | | | | Michael J. Pacilio | | | | Thomas E. Skains | | | | William E. Webster, Jr. | | |
| | CUSTOMER SERVICE Experience in a customer-facing industry with an understanding of customer and community expectations, including transforming the customer experience. | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | | | |
| | CYBERSECURITY/TECHNOLOGY Experience with security measures necessary for safe transmission and distribution operations; understanding of cyberthreats, risk mitigation and policy, as well as management or oversight experience with technologies key to operational technical systems, including customer experience, financial systems, internal and grid operations, and an understanding of recent innovations in utility operational technology; experience implementing efficiency improvements through technology. | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | |
| | ENVIRONMENT & SUSTAINABILITY Experience in overseeing or advising on environmental, climate, or sustainability practices; understanding of environmental policy, regulation, risk, and business operations in regulated industries; experience in managing environmental impacts; in-depth knowledge of operational risks. | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | |
| | ![]() CEO or other executive management leadership experience with an understanding of how to lead complex organizations. | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | |
| | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | |
| | ![]() Experience maintaining board and management accountability; a deep understanding of strong governance and compliance practices that protect and align with the interests of investors and other stakeholders; experience in investor relations. | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | |
| | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | |
| | ![]() Experience in utility, energy and/or nuclear energy operations, including the associated risks and public policy issues. | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | |
| | Experience in regulatory affairs, public policy, or government; exposure to heavily regulated industries and their governing bodies; experience | | | | ![]() | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | |
| | ![]() Experience identifying, assessing, and controlling financial or business risks, including those risks with potential to impact public safety, operations, and shareholder value, including environmental impacts. | | | | ![]() | | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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![]() | | | | | | | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | | | ✓ | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
Derrick Burks ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2022 Retired Managing Partner of Ernst & Young, LLP, Indianapolis office | | | Committees: • Audit Committee • Finance and Risk Management Committee Other current public directorships: • Equity LifeStyle Properties, Inc. • Kite Realty Group Trust KRG | |
| | Skills and qualifications: | | |
| | Mr. Burks’ qualifications for election include his experience as an independent public accountant for large corporations and public companies requiring SEC expertise during his time with Ernst & Young and Arthur | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 15 | |
Annette K. Clayton ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2019 North America Operations, Schneider Electric SA | | | Committees: • Audit Committee • Operations and Nuclear Oversight Committee Other current public directorships: • Nordson Corporation* • NXP Semiconductors N.V. *Effective April 1, 2024 | |
| | Skills and qualifications: | | |
| | Ms. Clayton’s qualifications for election include her experience | | |
| 16 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
Theodore ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Independent Lead Director Director of Duke Energy since 2017 Retired Chairman, President and CEO, Edison International | | | Committees: • Compensation and People Development Committee • Corporate Governance Committee (Chair) Other current public directorships: • Wells Fargo & Company | |
| | Skills and qualifications: | | |
| | Mr. Craver’s qualifications for election include his experience as CEO of Edison International, which gives him in-depth knowledge of the utility industry and the regulatory arena, including environmental regulations, as well as his financial and risk management experience obtained as a CFO at Edison International, and at First Interstate Bancorp as the Chair of the Asset and Liability Committee, which was responsible for the oversight of risk management within the organization. Mr. Craver’s experience in the industry also gives him a keen awareness of the needs of utility customers during this time of industry change. In addition, Mr. Craver’s experience with grid cybersecurity as a member of the Steering Committee of the ESCC and as a member of the Advisory Board of the Center on Cyber and Technology Innovation gives him insight into this crucial area for Duke Energy. In 2018, he earned the CERT Certificate in Cybersecurity Oversight from the National Association of Corporate Directors. | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 17 | |
Robert M. Davis ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2018 Merck & Co. Inc. | | | Committees: • Corporate Governance Committee • Finance and Risk Management Committee (Chair) Other current public directorships: • Merck & Co. Inc. | |
| | Skills and qualifications: | | |
| | Mr. Davis’ qualifications for election include his significant experience in regulatory matters, finance, and risk management obtained during his service as the CEO and Chairman of Merck and as CFO prior to that. During his service as CFO, enterprise risk management and finance were within his areas of responsibility. In addition, he gained significant experience in these areas while serving in a variety of management and finance roles at Baxter International. Mr. Davis’ legal knowledge, obtained when he earned his Doctor of Jurisprudence, adds additional insight to the Board’s discussions of legal and risk issues. Mr. Davis also has significant experience with technology and cybersecurity as a result of his direct oversight of those areas during his time as CFO of Merck and at Baxter International. Mr. Davis’ experience at Merck provides valuable insight into navigating an industry undergoing rapid transformation. | | |
Caroline Dorsa ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2021 Retired Executive Vice President and CFO, Public Service Enterprise Group Incorporated | | | Committees: • Audit Committee • Compensation and People Development Committee Other current public directorships: • Biogen Inc. • Illumina, | |
| | Skills and qualifications: | | |
| | Ms. Dorsa’s qualifications for election include her financial acumen, her cybersecurity and technology experience, and her understanding of the regulatory and human capital management risks in the energy industry, gained during her time at Public Service Enterprise Group, where she served as a member of the board of directors, Executive Vice President and CFO, head of the finance department, and was directly responsible for the information technology and business development groups. | | |
| 18 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
W. Roy Dunbar ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2021 Retired Chairman and CEO of Network Solutions, LLC | | | Committees: • Compensation and People Development Committee • Operations and Nuclear Oversight Committee Other current public directorships: • Johnson Controls International, PLC • McKesson Corporation • SiteOne Landscape Supply, Inc. | |
| | Skills and qualifications: | | |
| | Mr. Dunbar’s qualifications for election include his experience and insight into environmental regulations, clean energy, | | |
Nicholas C. Fanandakis ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2019 Retired Executive Vice President, DuPont de Nemours, Inc. (fka DowDuPont, Inc.) | | | Committees: • Audit Committee (Chair) • Finance and Risk Management Committee Other current public directorships: • FTI Consulting, Inc. • ITT Inc.* | |
| | | | | | * Mr. Fanandakis notified ITT Inc. he will not stand for re-election as a director when his current term expires on May 15, 2024. | |
| | Skills and qualifications: | | |
| | Mr. Fanandakis’ qualifications for election include his management experience gained during his career in numerous areas of DuPont. In addition to his management experience, Mr. Fanandakis’ expertise in finance, tax, banking, and risk management at a company undergoing transformation is an asset to Duke Energy’s Board. | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 19 | |
Lynn J. Good ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Non-Independent Director Nominee Chair | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2013 Chair, President and CEO, Duke Energy Corporation | | | Committees: • None Other current public directorships: • The Boeing Company | |
| | Skills and qualifications: | | |
| | Ms. Good is our Chair, President and CEO and was previously our CFO. Her extensive financial and risk management background, as well as her knowledge of the affairs of Duke Energy and our business, make her uniquely suited to lead our Board and Duke Energy. Her many years of experience in the utility industry, her knowledge of the associated regulatory issues, technologies, environmental regulations, and customer focus, provide valuable resources for the Board. | | |
John T. Herron ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2013 Retired President, CEO and Chief Nuclear Officer, Entergy Nuclear | | | Committees: • Finance and Risk Management Committee • Operations and Nuclear Oversight Committee (Chair) Other current public directorships: • None | |
| | Skills and qualifications: | | |
| | Mr. Herron’s qualifications for election include his knowledge and extensive insight gained as a senior executive in the utility industry, including his three decades of experience in nuclear energy. In addition to his nuclear expertise, during Mr. Herron’s career, and particularly during his time as CEO and Chief Nuclear Officer of Entergy Nuclear, he gained significant financial, regulatory, and environmental expertise, as well as an understanding of utility customers. He also obtained risk management expertise, a required skill for those tasked with overseeing the operation of nuclear power plants. Mr. Herron also had direct responsibility for the management of cybersecurity as CEO and Chief Nuclear Officer of Entergy Nuclear. | | |
| 20 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
Idalene F. Kesner ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2021 Dean Emerita, Indiana University Kelley School of Business | | | Committees: • Corporate Governance Committee • Finance and Risk Management Committee Other current public directorships: • Berry Global Group, Inc. • Olympic Steel, Inc. | |
| | Skills and qualifications: | | |
| | Dr. Kesner’s qualifications for election include her risk, governance, strategy, | | |
E. Marie McKee ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2012 Retired Senior Vice President, Corning Incorporated | | | Committees: • Compensation and People Development Committee (Chair) • Corporate Governance Committee Other current public directorships: • None | |
| | Skills and qualifications: | | |
| | Ms. McKee’s qualifications for election include her senior management experience in human resources, which provides her with a thorough knowledge of | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 21 | |
Michael J. Pacilio ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2021 Retired Executive Vice President and COO, Exelon Generation, Exelon Corp. | | | Committees: • Audit Committee • Operations and Nuclear Oversight Committee Other current public directorships: • None | |
| | Skills and qualifications: | | |
| | Mr. Pacilio’s qualifications for election include his extensive knowledge of the nuclear industry, which relies heavily on an understanding and application of risk management and regulatory expertise. His understanding of the financial, operational, and environmental requirements for carbon-free generation, including nuclear, wind, and solar, will provide valuable insight to the Board as the Company navigates our clean energy transition. In addition, Mr. Pacilio’s cybersecurity and technology experience within the industry will be valuable as the Company continues to utilize digital innovation to become more efficient. | | |
Thomas E. Skains ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2016 Retired Chairman, President and CEO, Piedmont Natural Gas Company, Inc. | | | Committees: • Compensation and People Development Committee • Corporate Governance Committee Other current public directorships: • National Fuel Gas Company • Truist Financial Corporation | |
| | Skills and qualifications: | | |
| | Mr. Skains’ qualifications for election include his financial and risk management expertise and public company governance and strategy gained during his time as Chairman, President and CEO of Piedmont. His time at Piedmont also provided him with in-depth knowledge of the natural gas industry, the environmental regulations related to the industry, and the needs of natural gas customers, which is helpful to Duke Energy as we expand our natural gas local distribution business. His prior experience as a corporate energy attorney also gives Mr. Skains insight on legal and regulatory compliance matters. | | |
| 22 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
William E. Webster, Jr. ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() ![]() | | ||||||
Independent Director Nominee | | ||||||
![]() ![]() | | | Age: Director of Duke Energy since 2016 Retired Executive Vice President, Institute of Nuclear Power Operations | | | Committees: • Corporate Governance Committee • Operations and Nuclear Oversight Committee Other current public directorships: • None | |
| | Skills and qualifications: | | |
| | Mr. Webster’s qualifications for election include the extensive knowledge he gained during his 34 years in the nuclear industry, including experience with respect to environmental laws and reporting for the nuclear industry, and his regulatory expertise through his interface with the NRC on making new nuclear safety rules after the Fukushima | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 23 | |
| 24 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
The Board met five times during 2023 and as of the date of this proxy statement, has met once so far in 2024. During the 2023 Board meetings, our Board held five executive sessions with independent directors only. Directors are expected to attend at least 75% of Board meetings and the meetings of the committees upon which he or she serves. The overall attendance percentage for our directors was approximately 99% in 2023 and all directors attended more than 75% of the Board meetings and the meetings of the committees upon which he or she served in 2023. Directors are also encouraged to attend the Annual Meeting. All directors who were directors at the time of last year’s Annual Meeting on May 4, 2023, attended the 2023 Annual Meeting. ![]() | ![]() |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 25 | |
| 26 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 27 | |
| 28 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 29 | |
| Name | | | Audit | | | Compensation and People Development | | | Corporate Governance | | | Finance and Risk Management | | | Operations and Nuclear Oversight | |
| Derrick Burks | | | ✓ | | | | | | | | | ✓ | | | | |
| Annette K. Clayton | | | ✓ | | | | | | | | | | | | ✓ | |
| Theodore F. Craver, Jr. | | | | | | ✓ | | | C | | | | | | | |
| Robert M. Davis | | | | | | | | | ✓ | | | C | | | | |
| Caroline Dorsa | | | ✓ | | | ✓ | | | | | | | | | | |
| W. Roy Dunbar | | | | | | ✓ | | | | | | | | | ✓ | |
| Nicholas C. Fanandakis | | | C | | | | | | | | | ✓ | | | | |
| Lynn J. Good | | | | | | | | | | | | | | | | |
| John T. Herron | | | | | | | | | | | | ✓ | | | C | |
| Idalene F. Kesner | | | | | | | | | ✓ | | | ✓ | | | | |
| E. Marie McKee | | | | | | C | | | ✓ | | | | | | | |
| Michael J. Pacilio | | | ✓ | | | | | | | | | | | | ✓ | |
| Thomas E. Skains | | | | | | ✓ | | | ✓ | | | | | | | |
| William E. Webster, Jr. | | | | | | | | | ✓ | | | | | | ✓ | |
| 30 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | Meetings in | | | | | | | | |
| | ![]() ![]() Nicholas C. Fanandakis, Chair | | | Committee Members Nicholas C. Fanandakis, Chair* Derrick Burks* Annette K. Clayton* Caroline Dorsa* Michael J. Pacilio* * Designated as an Audit Committee Financial Expert by the Board | | | ![]() ![]() | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 31 | |
| | Meetings in | | | | | | | | |
| | ![]() ![]() E. Marie McKee Chair | | | Committee Members E. Marie McKee, Chair Theodore F. Craver, Jr. Caroline Dorsa W. Roy Dunbar Thomas E. Skains | | | ![]() ![]() | | |
| 32 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | Meetings in | | | | | | | | |
| | ![]() ![]() Theodore F. Craver, Jr. Chair | | | Committee Members Theodore F. Craver, Jr., Chair Robert M. Davis Idalene F. Kesner E. Marie McKee Thomas E. Skains William E. Webster, Jr. | | | ![]() ![]() | | |
| | Meetings in | | | | | | | | |
| | ![]() ![]() Robert M. Davis Chair | | | Committee Members Robert M. Davis, Chair Derrick Burks Nicholas C. Fanandakis John T. Herron Idalene F. Kesner | | | ![]() ![]() | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 33 | |
| | Meetings in | | | | | | | | |
| | ![]() ![]() John T. Herron Chair | | | Committee Members John T. Herron, Chair Annette K. Clayton W. Roy Dunbar Michael J. Pacilio William E. Webster, Jr. | | | ![]() ![]() | | |
| 34 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 35 | |
| 36 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 37 | |
| 38 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| Name | | Fees Earned or Paid in Cash ($)(2) | | Stock Awards ($)(3) | | All Other Compensation ($)(4) | | Total ($) | | Name | | Fees Earned or Paid in Cash ($)(1) | | Stock Awards ($)(2) | | All Other Compensation ($)(3) | | Total ($) | | ||||||||||||||||||||||||||||||||
| Michael G. Browning(1) | | | | 62,307 | | | | | 0 | | | | | 11,201 | | | | | 73,508 | | | Derrick Burks | | | | 125,000 | | | | | 175,000 | | | | | 3,755 | | | | | 303,755 | | | ||||||||
| Derrick Burks(1) | | | | 104,513 | | | | | 203,571 | | | | | 3,711 | | | | | 311,795 | | | Annette K. Clayton | | | | 135,000 | | | | | 175,000 | | | | | 3,305 | | | | | 313,305 | | | ||||||||
| Annette K. Clayton | | | | 125,000 | | | | | 175,000 | | | | | 3,252 | | | | | 303,252 | | | Theodore F. Craver, Jr. | | | | 183,297 | | | | | 175,000 | | | | | 3,755 | | | | | 362,052 | | | ||||||||
| Theodore F. Craver, Jr. | | | | 169,616 | | | | | 175,000 | | | | | 3,752 | | | | | 348,368 | | | Robert M. Davis | | | | 143,297 | | | | | 175,000 | | | | | 3,755 | | | | | 322,052 | | | ||||||||
| Robert M. Davis | | | | 140,000 | | | | | 175,000 | | | | | 3,752 | | | | | 318,752 | | | Caroline Dorsa | | | | 125,000 | | | | | 175,000 | | | | | 1,255 | | | | | 301,255 | | | ||||||||
| Caroline Dorsa | | | | 125,000 | | | | | 175,000 | | | | | 3,752 | | | | | 303,752 | | | W. Roy Dunbar | | | | 135,000 | | | | | 175,000 | | | | | 1,255 | | | | | 311,255 | | | ||||||||
| W. Roy Dunbar | | | | 125,000 | | | | | 175,000 | | | | | 1,752 | | | | | 301,752 | | | Nicholas C. Fanandakis | | | | 150,000 | | | | | 175,000 | | | | | 1,255 | | | | | 326,255 | | | ||||||||
| Nicholas C. Fanandakis | | | | 141,346 | | | | | 175,000 | | | | | 1,252 | | | | | 317,598 | | | John T. Herron | | | | 155,000 | | | | | 175,000 | | | | | 3,755 | | | | | 333,755 | | | ||||||||
| John T. Herron | | | | 145,000 | | | | | 175,000 | | | | | 3,752 | | | | | 323,752 | | | Idalene F. Kesner | | | | 125,000 | | | | | 175,000 | | | | | 3,755 | | | | | 303,755 | | | ||||||||
| Idalene F. Kesner | | | | 125,000 | | | | | 175,000 | | | | | 3,752 | | | | | 303,752 | | | E. Marie McKee | | | | 145,000 | | | | | 175,000 | | | | | 3,755 | | | | | 323,755 | | | ||||||||
| E. Marie McKee | | | | 145,000 | | | | | 175,000 | | | | | 3,752 | | | | | 323,752 | | | Michael J. Pacilio | | | | 135,000 | | | | | 175,000 | | | | | 3,755 | | | | | 313,755 | | | ||||||||
| Michael J. Pacilio | | | | 125,000 | | | | | 175,000 | | | | | 3,752 | | | | | 303,752 | | | Thomas E. Skains | | | | 125,000 | | | | | 175,000 | | | | | 3,755 | | | | | 303,755 | | | ||||||||
| Thomas E. Skains | | | | 125,000 | | | | | 175,000 | | | | | 3,693 | | | | | 303,693 | | | William E. Webster, Jr. | | | | 135,000 | | | | | 175,000 | | | | | 3,755 | | | | | 313,755 | | | ||||||||
| William E. Webster, Jr. | | | | 125,000 | | | | | 175,000 | | | | | 3,752 | | | | | 303,752 | | |
| Name | | | Business Travel Accident Insurance ($) | | | Charitable Contributions ($) | | | Total ($) | | |||||||||
| Michael G. Browning | | | | | 85 | | | | | | 11,000 | | | | | | 11,201* | | |
| Derrick Burks | | | | | 211 | | | | | | 3,500 | | | | | | 3,711 | | |
| Annette K. Clayton | | | | | 252 | | | | | | 3,000 | | | | | | 3,252 | | |
| Theodore F. Craver, Jr. | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
| Robert M. Davis | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
| Caroline Dorsa | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
| W. Roy Dunbar | | | | | 252 | | | | | | 1,500 | | | | | | 1,752 | | |
| Nicholas C. Fanandakis | | | | | 252 | | | | | | 1,000 | | | | | | 1,252 | | |
| John T. Herron | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
| Idalene F. Kesner | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
| E. Marie McKee | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
| Michael J. Pacilio | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
| Thomas E. Skains | | | | | 252 | | | | | | 3,441 | | | | | | 3,693 | | |
| William E. Webster, Jr. | | | | | 252 | | | | | | 3,500 | | | | | | 3,752 | | |
|
| Name | | | Business Travel Accident Insurance ($) | | | Charitable Contributions ($) | | | Total ($) | | |||||||||
| Derrick Burks | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| Annette K. Clayton | | | | | 255 | | | | | | 3,050 | | | | | | 3,305 | | |
| Theodore F. Craver, Jr. | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| Robert M. Davis | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| Caroline Dorsa | | | | | 255 | | | | | | 1,000 | | | | | | 1,255 | | |
| W. Roy Dunbar | | | | | 255 | | | | | | 1,000 | | | | | | 1,255 | | |
| Nicholas C. Fanandakis | | | | | 255 | | | | | | 1,000 | | | | | | 1,255 | | |
| John T. Herron | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| Idalene F. Kesner | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| E. Marie McKee | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| Michael J. Pacilio | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| Thomas E. Skains | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| William E. Webster, Jr. | | | | | 255 | | | | | | 3,500 | | | | | | 3,755 | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 39 | |
| Name or Identity of Group | | | Total Shares Beneficially Owned(1) | | | Percent of Class | | ||||||
| Derrick Burks | | | | | | | | | | * | | | |
| Annette K. Clayton | | | | | | | | | | * | | | |
| Theodore F. Craver, Jr. | | | | | | | | | | * | | | |
| Robert M. Davis | | | | | | | | | | * | | | |
| Caroline Dorsa | | | | | | | | | | * | | | |
| W. Roy Dunbar | | | | | | | | | | * | | | |
| Nicholas C. Fanandakis | | | | | | | | | | * | | | |
| Kodwo Ghartey-Tagoe | | | | | | | | | | | | ||
| Lynn J. Good | | | | | | | | | | * | | | |
| John T. Herron | | | | | | | | | | * | | | |
| Dhiaa M. Jamil(2) | | | | | 60,255 | | | | | | * | | |
| Julia S. Janson | | | | | | | | | | * | | | |
| Idalene F. Kesner | | | | | | | | | | * | | | |
| E. Marie McKee | | | | | | | | | | * | | | |
| Michael J. Pacilio | | | | | | | | | | * | | | |
| Brian D. Savoy | | | | | | | | | | * | | | |
| Thomas E. Skains | | | | | | | | | | * | | | |
| William E. Webster, Jr. | | | | | | | | | | * | | | |
| Steven K. Young | | | | | | | | | | * | | | |
| Directors and executive officers as a group | | | | | | | | | | * | | |
| 40 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| Name or Identity of Group | | | Number of Units | | |||
| Derrick Burks | | | | | | | |
| Annette K. Clayton | | | | | | | |
| Theodore F. Craver, Jr. | | | | | | | |
| Robert M. Davis | | | | | | | |
| Caroline Dorsa | | | | | | | |
| W. Roy Dunbar | | | | | | | |
| Nicholas C. Fanandakis | | | | | | | |
| Kodwo Ghartey-Tagoe | | | | | | | |
| Lynn J. Good | | | | | | | |
| John T. Herron | | | | | | | |
| Dhiaa M. Jamil(1) | | | | | | | |
| Julia S. Janson | | | | | | | |
| Idalene F. Kesner | | | | | | | |
| E. Marie McKee | | | | | | | |
| Michael J. Pacilio | | | | | | | |
| Brian D. Savoy | | | | | | | |
| Thomas E. Skains | | | | | | | |
| William E. Webster, Jr. | | | | | | | |
| Steven K. Young | | | | | | |
| Name or Identity of Beneficial Owner | | Shares of Common Stock Beneficially Owned | | Percentage | | Name or Identity of Beneficial Owner | | Shares of Common Stock Beneficially Owned | | Percentage | | ||||||||||||||||
| The Vanguard Group(1) 100 Vanguard Blvd. Malvern, PA 19355 | | | | 70,510,251 | | | | | 9.16% | | | The Vanguard Group(1) 100 Vanguard Blvd. Malvern, PA 19355 | | | | 70,350,859 | | | | | 9.12% | | | ||||
| BlackRock Inc.(2) 40 East 52nd Street New York, NY 10022 | | | | 59,699,444 | | | | | 7.8% | | | BlackRock Inc.(2) 40 East 52nd Street New York, NY 10022 | | | | 58,022,212 | | | | | 7.52% | | | ||||
| State Street Corporation(3) State Street Financial Center One Lincoln Street Boston, MA 02111 | | | | 44,043,833 | | | | | 5.72% | | | State Street Corporation(3) State Street Financial Center One Lincoln Street Boston, MA 02111 | | | | 41,821,025 | | | | | 5.42% | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 41 | |
| Type of Fees | | 2022 | | 2021 | | Type of Fees | | 2023 | | 2022 | | ||||||||||||||||
| Audit Fees(1) | | | $ | 13,660,000 | | | | $ | 13,160,000 | | | Audit Fees(1) | | | $ | 13,960,000 | | | | $ | 13,660,000 | | | ||||
| Audit-Related Fees(2) | | | $ | 1,716,000 | | | | $ | 1,496,000 | | | Audit-Related Fees(2) | | | $ | 493,000 | | | | $ | 1,716,000 | | | ||||
| Tax Fees(3) | | | $ | 0 | | | | $ | 20,000 | | | Tax Fees(3) | | | $ | 20,000 | | | | $ | 0 | | | ||||
| All Other Fees(4) | | | $ | 30,000 | | | | $ | 30,000 | | | All Other Fees(4) | | | $ | 30,000 | | | | $ | 30,000 | | | ||||
| Total fees: | | | $ | 15,406,000 | | | | $ | 14,706,000 | | | Total fees: | | | $ | 14,503,000 | | | | $ | 15,406,000 | | |
| 42 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 43 | |
| 44 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| Name | | | Title | |
| Lynn J. Good | | | Chair, President and CEO | |
| Brian D. Savoy | | | Executive Vice President and | |
| Steven K. Young | | | Executive Vice President and Chief Commercial Officer | |
| |||||
| Julia S. Janson | | | Executive Vice President and CEO, Duke Energy Carolinas | |
| Kodwo Ghartey-Tagoe | | | Executive Vice President, Chief Legal Officer and Corporate Secretary | |
| • Our compensation program is designed to link pay to performance, with the goal of attracting and retaining talented executives, rewarding individual performance, sustaining long-term performance, and aligning the interests of our management team with those of key stakeholders, including shareholders and customers. • Our compensation program provides significant upside and downside potential depending on actual results, as compared to predetermined goals for success. • When establishing our executive compensation program for | | | ![]() ![]() | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 45 | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| | | | | | Element | | | | Performance Metrics Aligned to Strategy | | |
| | Base Salary | | | | • Cash | | | | | | |
| | Short-Term Incentive | | | | • Short-Term Cash Incentive | | | | Measured over a one-year period: • Adjusted EPS • O&M • Operational Excellence (safety, environmental, and reliability) • Customer Satisfaction • • Individual Performance Modifier (based on individual goals and performance) | | |
| | Long-Term Equity Incentive | | | | • Performance Shares (70%) | | | | Measured over a three-year period: • Cumulative Adjusted EPS • Relative TSR • Safety | | |
| • RSUs (30%) | | | | • Subject to continued employment, vest in equal installments on the first three anniversaries of the date of grant | | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| | | | | | ||||||
| AT DUKE ENERGY WE… | | | AT DUKE ENERGY WE DO NOT… | | ||||||
| ![]() ![]() | | | Integrate key performance metrics in our incentive plans relating to environmental, | | | ![]() ![]() | | | Provide tax gross-ups to NEOs | |
| ![]() ![]() | | | Require significant stock ownership, including 6x base salary for our CEO and 3x base salary for other NEOs | | | ![]() ![]() | | | Permit hedging or pledging of Duke Energy securities | |
| ![]() ![]() | | | Maintain a stock retention policy | | | ![]() ![]() | | | Provide “single trigger” vesting of stock awards upon a change in control | |
| ![]() ![]() | | | Tie equity and cash-based incentive compensation to a clawback policy | | | ![]() ![]() | | | Provide employment agreements to a broad group | |
| ![]() ![]() | | | Use an independent compensation consultant retained by and reporting directly to the Compensation and People Development Committee to advise on compensation matters | | | ![]() ![]() | | | Encourage excessive or inappropriate risk-taking through our compensation program | |
| ![]() ![]() | | | Review tally sheets on an annual basis | | | ![]() ![]() | | | Provide excessive perquisites | |
| ![]() ![]() | | | Consider shareholder feedback and the prior year’s “say-on-pay” vote | | | ![]() ![]() | | | Provide dividend equivalents on unearned performance shares | |
| ![]() ![]() | | | Require that equity awards | | | | ||||
| ![]() ![]() | | | Disclose performance targets for the performance share cycle granted in the most recent year | | | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| Name | | | Target STI Opportunity (as a % of base salary)(1) | | |||
| Lynn J. Good | | | | | 175% | | |
| Brian D. Savoy | | | | | | | |
| Steven K. Young | | | | | 100 | ||
| | |||||||
| Julia S. Janson | | | | | 100% | | |
| Kodwo Ghartey-Tagoe | | | | | | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| | Goal Setting Process Financial Performance Measures. The Compensation and People Development Committee believes that tying a portion of the STI payments to adjusted • When setting financial goals, the Compensation and People Development Committee reviews our long-term financial plan, as well as the current economic and regulatory environment and expectations for investment • The Compensation and People Development Committee calibrates the adjusted • For Operational Performance Measures. The Compensation and People Development Committee sets operational performance measure targets at challenging levels to drive long-term growth and success. Stretch performance levels are set to motivate employees to strive for continuous | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| Objective(1) | | Weight | | Threshold (25%) | | Target (100%) | | Maximum(2) | | Result | | Sub-Total | | Payout | | Objective(1) | | Weight | | Threshold (25%) | | Target (100%) | | Maximum(2) | | Result | | Sub-Total | | Performance | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjusted Basic EPS | | | | 50% | | | | $ | 5.25 | | | | $ | 5.45 | | | | $ | 5.60 | | | | $ | 5.41 | | | | | | | | | | 85.00%(3) | | | Adjusted EPS | | | | 50% | | | | $ | 5.45 | | | | $ | 5.65 | | | | $ | 5.80 | | | | $ | 5.56 | | | | | | | | | | 66.25%(3) | | | ||||||||||||||
| O&M Expense | | | | 12.5% | | | | $ | 5,365M | | | | $ | 5,215M | | | | $ | 5,065M | | | | $ | 5,239M | | | | | | | | | | 87.95% | | | O&M Expense | | | | 12.5% | | | | $ | 4,790M | | | | $ | 4,640M | | | | $ | 4,490M | | | | $ | 4,536M | | | | | | | | | | 152.17% | | | ||||||||||||||
| Operational Excellence | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 109.81% | | | Operational Excellence | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 158.63% | | | ||||||||||||||
| (a) Reliability Index(4) | | | | 6.25% | | | | | 25 | | | | | 100 | | | | | 175 | | | | | 94.61 | | | | | 94.61% | | | | | | | | (a) Safety/Environmental | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||
| (b) Safety/Environmental | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | TICR Employees | | | | 3.125% | | | | | 0.48 | | | | | 0.36 | | | | | 0.30 | | | | | 0.31 | | | | | 162.5% | | | | | | | | ||||||||||||||
| TICR Employees | | | | 3.125% | | | | | 0.48 | | | | | 0.36 | | | | | 0.30 | | | | | 0.40 | | | | | 75% | | | | | | | | Environmental Events | | | | 3.125% | | | | | 8 | | | | | 5 | | | | | 1 | | | | | 1 | | | | | 175% | | | | | | | | ||||||||||||||
| Reportable Environmental Events | | | | 3.125% | | | | | 10 | | | | | 5 | | | | | 2 | | | | | 0 | | | | | 175% | | | | | | | | (b) Reliability Index(4) | | | | 6.25% | | | | | 25 | | | | | 100 | | | | | 175 | | | | | 148.5 | | | | | 148.50% | | | | | | | | ||||||||||||||
| Customer Satisfaction | | | | 12.5% | | | | | 43 | | | | | 47 | | | | | 51 | | | | | 46.7 | | | | | | | | | | 94.38% | | | Customer Satisfaction | | | | 12.5% | | | | | 41 | | | | | 45 | | | | | 49 | | | | | 46.5 | | | | | | | | | | 128.13% | | | ||||||||||||||
| Climate (Non-Emitting MW Capacity Growth)(5) | | | | 12.5% | | | | | 1,200 | | | | | 1,600 | | | | | 2,000 | | | | | 1,779 | | | | | | | | | | 133.56% | | | Clean Energy (Non-Emitting MW Capacity Growth) | | | | 12.5% | | | | | 1,000 | | | | | 1,400 | | | | | 1,850 | | | | | 1,235 | | | | | | | | | | 69.06% | | |
| | Corporate Metrics | | | Description/Rationale | | |
| Financial Metrics | | | | |
| Adjusted | | | A widely accepted, easily understood, and important metric used to evaluate the success of our performance. This metric is one of the factors that impacts the market value of our common stock, which aligns the interests of shareholders and executives. | |
| O&M Expense | | | A measure that includes those costs necessary to support daily operations, as well as operate and maintain the operating efficiency and productive life of assets. Carefully managing expenses enables us to make investments while mitigating customer costs. | |
| | Operational Excellence Metrics | | |
| Safety/Environmental Metrics | | | | |
| TICR | | | A measure of the number of occupational injuries and illnesses per 100 employees. This objective emphasizes our focus on achieving an event-free and injury-free workplace. | |
| Environmental Events | | | A measure of environmental events resulting from operations that have an impact on the environment, require the notification of a regulatory agency, or result in a regulatory citation or other enforcement action. This objective emphasizes service reliability and the mitigation of environmental risks associated with our operations. | |
| 52 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| Reliability Index | | | | |
| Generation – Nuclear Annual Unit Capability Factor | | | The percentage of maximum energy generation that the nuclear fleet is capable of supplying to the electrical grid, | |
| Generation – Regulated and Renewable Energy Coal/CC Tiers1-2 Equivalent Forced Outage Factor | | | A measure of the reliability of the Regulated and Renewable Energy fleet calculated by comparing the sum of forced outage hours and equivalent forced derated hours to the period hours for each of those units. | |
| |||||
| Electric Grid – T&CD System Average Interruption Duration Index | | | A measure of the sum of all customer interruption durations, divided by the total number of customers served. The metric is measured in units of time, often minutes. | |
| Transmission Outages per 100 Miles per Year – Sustained | | | A measure of the number of sustained (greater than 1 minute) transmission line events that are incurred per one hundred circuit miles per year, applicable to 100kV lines and greater. | |
| Natural Gas – Outages | | | A measure of the number of outages in the natural gas local distribution business. For this purpose, an “outage” is defined as an event that causes a loss of natural gas service for at least |
|
| Customer Satisfaction Metric | | | | |
| CSAT | | | A composite of customer satisfaction results for each regulated utility. For our electric utilities, the results are based on the Residential Net Promoter Score, the Small/Medium Business Net Promoter Score, and the Large Business Net Promoter Score. For our gas utilities, the results are based on the Residential Gas Net Promoter Score, the Small/Medium Business Gas Net Promoter Score, and the Major Accounts Gas Net Promoter Score. | |
| | | | | |
| Non-Emitting Generation and Storage Capacity | | | A quantitative measure of the incremental number of megawatts of non-emitting generation and storage capacity placed into service during the performance period. In addition to new nuclear and hydro/pumped storage additions, this measure includes new storage, wind and solar projects connected, net energy metered solar connected, and incremental energy efficiency and demand side management program participation. | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| Name | | Target STI Opportunity | | Achievement of Corporate Objectives | | Adjustment for Individual Performance Modifier | | Final Payout as a % of Target STI Opportunity | | Payout ($) | | Name | | Target STI Opportunity | | Adjustment for Individual Performance Modifier | | Final Payout as a % of Target STI Opportunity | | Payout ($)* | | ||||||||||||||||||||||||||||||||||||
| Lynn Good | | | $ | 2,593,063 | | | | | 95.7% | | | | | 110% | | | | | 105.3% | | | | $ | 2,730,073 | | | Lynn J. Good | | | $ | 2,625,000 | | | | | N/A | | | | | 66.25% | | | | $ | 1,739,063 | | | |||||||||
| Brian Savoy | | | $ | 529,138 | | | | | 95.7% | | | | | 105% | | | | | 100.5% | | | | $ | 531,773 | | | Brian D. Savoy | | | $ | 646,867 | | | | | N/A | | | | | 66.25% | | | | $ | 428,549 | | | |||||||||
| Steve Young | | | $ | 798,299 | | | | | 95.7% | | | | | 105% | | | | | 100.5% | | | | $ | 802,275 | | | Steven K. Young | | | $ | 822,894 | | | | | N/A | | | | | 66.25% | | | | $ | 545,167 | | | |||||||||
| Dhiaa Jamil | | | $ | 943,445 | | | | | 95.7% | | | | | 105% | | | | | 100.5% | | | | $ | 948,144 | | | Julia S. Janson | | | $ | 796,452 | | | | | N/A | | | | | 66.25% | | | | $ | 527,649 | | | |||||||||
| Julie Janson | | | $ | 772,647 | | | | | 95.7% | | | | | 112% | | | | | 107.2% | | | | $ | 828,262 | | | Kodwo Ghartey-Tagoe | | | $ | 695,500 | | | | | N/A | | | | | 66.25% | | | | $ | 460,769 | | | |||||||||
| Kodwo Ghartey-Tagoe | | | $ | 586,681 | | | | | 95.7% | | | | | 110% | | | | | 105.3% | | | | $ | 617,679 | | |
| Name | | | Target LTI Opportunity (as a % of base salary)* | | |||
| Lynn J. Good | | | | | 1,050% | | |
| Brian D. Savoy | | | | | | | |
| Steven K. Young | | | | | 350% | | |
| ||||||||
Julia S. Janson | | | | | | | ||
| Kodwo Ghartey-Tagoe | | | | | | |
| Cumulative Adjusted EPS | | | Percent Payout of Target 2022 – 2024 Performance Shares | | |||
| $18.05 or Higher | | | | | 200% | | |
| $17.05 (Target) | | | | | 100% | | |
| $15.45 | | | | | 50% | | |
| Lower than $15.45 | | | | | 0% | | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| Cumulative Adjusted EPS | | | Percent Payout of Target 2023 – 2025 Performance Shares | | |||
| $18.75 or Higher | | | | | 200% | | |
| $17.75 (Target) | | | | | 100% | | |
| $16.15 | | | | | 50% | | |
| Lower than $16.15 | | | | | 0% | | |
| Relative TSR Performance Percentile | | | Percent Payout of Target 2023 Performance Shares* | | |||
| 90th or Higher | | | | | 200% | | |
| 55th (Target) | | | | | 100% | | |
| 25th | | | | | 50% | | |
| Below 25th | | | | | 0% | | |
| Relative TICR Performance Percentile | | | Percent Payout of Target 2023 Performance Shares | | |||
| Top Company | | | | | 200% | | |
| 90th (Target) | | | | | 100% | | |
| 75th | | | | | 50% | | |
| Below 75th | | | | | 0% | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 55 | |
| Cumulative Adjusted EPS | | Percent Payout of Target 2020 – 2022 Performance Shares | | Result | | Payout of Target | | Cumulative Adjusted EPS | | Percent Payout of Target 2021 – 2023 Performance Shares | | Result | | Payout of Target | | ||||||||||||||||||||||||
| $17.00 or Higher | | | | 200% | | | | | | | | | | | | | $17.25 or Higher | | | | 200% | | | | | | | | | | | | | ||||||
| $16.10 (Target) | | | | 100% | | | | | | | | | | | | | $16.25 (Target) | | | | 100% | | | | | | | | | | | | | ||||||
| $14.50 | | | | 50% | | | | $ | 15.77 | | | | | 89.69% | | | $14.60 | | | | 50% | | | | $ | 16.21 | | | | | 98.79% | | | ||||||
| Lower than $14.50 | | | | 0% | | | | | | | | | | | | | Lower than $14.60 | | | | 0% | | | | | | | | | | | | |
| Relative TSR Performance Percentile | | Percent Payout of Target 2020 – 2022 Performance Shares | | Result | | Payout of Target* | | Relative TSR Performance Percentile | | Percent Payout of Target 2021 – 2023 Performance Shares | | Result | | Payout of Target* | | ||||||||||||||||||
| 90th or Higher | | | | 200% | | | | | | | | | | 90th or Higher | | | | 200% | | | | | | | | | | ||||||
| 55th (Target) | | | | 100% | | | 76.68th Percentile | | | | 153.38% | | | 55th (Target) | | | | 100% | | | 63.16th Percentile | | | | 123.31% | | | ||||||
| 25th | | | | 50% | | | | | | | | | | 25th | | | | 50% | | | | | | | | | | ||||||
| Below 25th | | | | 0% | | | | | | | | | | Below 25th | | | | 0% | | | | | | | | | |
| TICR for Employees | | Percent Payout of Target 2020 – 2022 Performance Shares | | Result | | Payout of Target | | TICR for Employees | | Percent Payout of Target 2021 – 2023 Performance Shares | | Result | | Payout of Target | | ||||||||||||||||||||||||
| Top Company | | | | 200% | | | | | 0.37 | | | | | 200% | | | Top Company | | | | 200% | | | | | 0.36 | | | | | 200% | | | ||||||
| 90th (Target) | | | | 100% | | | | | | | | | | | | | 90th (Target) | | | | 100% | | | | | | | | | | | | | ||||||
| 75th | | | | 50% | | | | | | | | | | | | | 75th | | | | 50% | | | | | | | | | | | | | ||||||
| Below 75th | | | | 0% | | | | | | | | | | | | | Below 75th | | | | 0% | | | | | | | | | | | | |
| Name | | 2020 – 2022 Target Shares | | Overall Achievement as a % of Target | | 2020 – 2022 Performance Shares Earned | | Name | | 2021 – 2023 Target Shares | | Overall Achievement as a % of Target | | 2021 – 2023 Performance Shares Earned* | | ||||||||||||||||||||||||
| Lynn J. Good | | | | 76,778 | | | | | 133.19% | | | | | 102,261 | | | Lynn J. Good | | | | 89,155 | | | | | 130.22% | | | | | 116,098 | | | ||||||
| Brian D. Savoy | | | | 6,917 | | | | | 133.19% | | | | | 9,213 | | | Brian D. Savoy | | | | 10,241 | | | | | 130.22% | | | | | 13,336 | | | ||||||
| Steven K. Young | | | | 16,061 | | | | | 133.19% | | | | | 21,392 | | | Steven K. Young | | | | 18,650 | | | | | 130.22% | | | | | 24,286 | | | ||||||
| Dhiaa M. Jamil | | | | 19,584 | | | | | 133.19% | | | | | 26,084 | | | Julia S. Janson | | | | 18,051 | | | | | 130.22% | | | | | 23,506 | | | ||||||
| Julia S. Janson | | | | 15,545 | | | | | 133.19% | | | | | 20,704 | | | Kodwo Ghartey-Tagoe | | | | 13,334 | | | | | 130.22% | | | | | 17,364 | | | ||||||
| Kodwo Ghartey-Tagoe | | | | 9,490 | | | | | 133.19% | | | | | 12,640 | | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 57 | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| Compensation Peer Group | | |||||||||
| 3M | | | Edison International | | | NextEra Energy | | | The Southern Co. | |
| American Electric Power | | | Exelon | | | Northrop Grumman | | | Union Pacific | |
| Deere & Co. | | | General Dynamics | | | PG&E | | | UPS | |
| Dominion Energy | | | Honeywell International | | | Raytheon Technologies | | | Waste Management | |
| Eaton Corporation | | | Lockheed Martin | | | Texas Instruments | | | Xcel Energy | |
| Policy | | | Description | | |||||||||
| Stock ownership/holding policy | | | We maintain meaningful stock ownership guidelines to reinforce the importance of Duke Energy stock ownership. These guidelines are intended to align the interests of executives and shareholders and to focus the executives on our long-term success. Under these guidelines, each of our active NEOs must own Duke Energy shares in accordance with the following schedule: | | |||||||||
| | | | | | | Leadership Position | | | Value of Shares | | | | |
| | | | | | | CEO | | | 6x Base Salary | | | | |
| | | | | | | Other NEOs | | | 3x Base Salary | | | | |
| | | | An NEO also can satisfy the policy by holding 50% of all shares acquired under the LTI program (after payment of any applicable taxes) and 100% of all shares acquired upon the exercise of stock options (after payment of the exercise price and taxes). Each of our NEOs was in compliance with the stock ownership/stock holding policy during | | |||||||||
| Clawback policy | | | We adopted a revised clawback policy, effective October 2, 2023, under which we are required to recover incentive-based compensation paid to a current or former executive officer with respect to the three years preceding a year in which we prepare an accounting restatement due to material noncompliance with any financial reporting requirement under the securities laws. The compensation recoverable is the amount in excess of the amount that would have been payable to the executive officer under the restated financial statements. The clawback must be applied regardless of whether the executive officer was responsible for the error that led to the accounting restatement. The revised clawback policy is intended to comply with the applicable NYSE listing standards that were revised in response to the mandates under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. We maintain |
|
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 59 | |
| Policy | | | Description | | |||||||||
| | | | payments received under the incentive programs during the three-year period preceding the date of the determination. For this purpose, “detrimental activity” means: (i) the employee engaged in misconduct that is detrimental to our financial condition or business reputation, including due to any adverse publicity, or (ii) the employee violated any of our material written policies, including without limitation our Code of Business Ethics or policies governing workplace harassment, including sexual harassment and other forms of harassment prohibited by our Harassment-Free Workplace Policy. | | |||||||||
| Hedging or pledging policy | | | We have a policy that prohibits employees (including our NEOs) and directors from trading in options, warrants, puts, calls, or similar instruments in connection with Duke Energy securities, or selling Duke Energy securities “short.” Our pledging policy prohibits the pledging of any Duke Energy securities, regardless of where or how such securities are held. See “Prohibition on Hedging and Pledging” on page | | |||||||||
| Equity award grant policy | | | In recognition of the importance of adhering to specific practices and procedures in the granting of equity awards, the Compensation and People Development Committee has adopted a policy that applies to the granting of equity awards. Under this policy, annual grants to our NEOs may be made at any previously scheduled meeting, provided that reasonable efforts will be made to make such grants at the first regularly scheduled meeting of each calendar year, and annual grants to independent directors may be made by the Board at any previously scheduled meeting, provided that reasonable efforts will be made to make such grants at the regularly scheduled meeting that is held in conjunction with the Annual Meeting each year. | | |||||||||
| Risk assessment policy | | | In consultation with the Compensation and People Development Committee, members of management from Duke Energy’s Human Resources, Legal, and Risk Management Departments assessed whether our compensation policies and practices encourage excessive or inappropriate risk taking by our employees, including employees other than our NEOs. This assessment included a review of the risk characteristics of Duke Energy’s business and the design of our incentive plans and policies. Management reported its findings to the Compensation and People Development Committee, and after review and discussion, the Compensation and People Development Committee concluded that our plans and policies do not encourage excessive or inappropriate risk taking. | | |||||||||
| Shareholder approval policy for severance | | | We have a policy, generally, to seek shareholder approval for any agreements with our NEOs that provide severance compensation in excess of 2.99x the executive’s annual compensation or that provide for tax gross-ups in connection with a termination event. | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY |
|
Name and Principal Position | | Year | | Salary ($) | | Bonus ($) | | Stock Awards ($)(2) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation ($)(3) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | | All Other Compensation ($)(5) | | Total ($) | | | Year | | Salary ($) | | Bonus ($) | | Stock Awards ($)(2) | | Option Awards ($) | | Non-Equity Incentive Plan Compensation ($)(3) | | Change in Pension Value and Nonqualified Deferred Compensation Earnings ($)(4) | | All Other Compensation ($)(5) | | Total ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lynn J. Good Chair, President and CEO | | | | | 2022 | | | | | 1,481,750 | | | 0 | | | | 15,879,501 | | | | | 0 | | | | | 2,730,073 | | | | | 345,924 | | | | | 917,511 | | | | | 21,354,759 | | | | | | | 2023 | | | | | 1,500,000 | | | 0 | | | | 16,021,168 | | | | | 0 | | | | | 1,739,063 | | | | | 344,770 | | | | | 954,874 | | | | | 20,559,875 | | | ||||||||||||||||
| | | 2021 | | | | | 1,390,500 | | | 0 | | | | 11,196,187 | | | | | 0 | | | | | 3,288,915 | | | | | 277,111 | | | | | 298,523 | | | | | 16,451,236 | | | | | | 2022 | | | | | 1,481,750 | | | 0 | | | | 15,879,501 | | | | | 0 | | | | | 2,730,073 | | | | | 345,924 | | | | | 917,511 | | | | | 21,354,759 | | | |||||||||||||||||||
| | | 2020 | | | | | 1,390,500 | | | 0 | | | | 11,431,738 | | | | | 0 | | | | | 1,169,578 | | | | | 246,046 | | | | | 306,536 | | | | | 14,544,398 | | | | | | 2021 | | | | | 1,390,500 | | | 0 | | | | 11,196,187 | | | | | 0 | | | | | 3,288,915 | | | | | 277,111 | | | | | 298,523 | | | | | 16,451,236 | | | |||||||||||||||||||
Brian D. Savoy (1) Executive Vice President and CFO | | | | 2022 | | | | | 587,931 | | | 300,000(6) | | | | 1,753,218 | | | | | 0 | | | | | 531,773 | | | | | 0 | | | | | 167,760 | | | | | 3,340,682 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Steven K. Young (1) Executive Vice President and Chief Commercial Officer (and former CFO) | | | | | 2022 | | | | | 798,299 | | | 0 | | | | 2,832,977 | | | | | 0 | | | | | 802,275 | | | | | 77,545 | | | | | 283,248 | | | | | 4,794,344 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 775,675 | | | 0 | | | | 2,342,106 | | | | | 0 | | | | | 1,000,737 | | | | | 77,252 | | | | | 169,118 | | | | | 4,364,888 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 769,519 | | | 0 | | | | 2,391,345 | | | | | 0 | | | | | 353,050 | | | | | 261,816 | | | | | 125,879 | | | | | 3,901,609 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dhiaa M. Jamil Executive Vice President and COO | | | | | 2022 | | | | | 898,519 | | | 0 | | | | 3,188,663 | | | | | 0 | | | | | 948,144 | | | | | 150,463 | | | | | 301,931 | | | | | 5,487,720 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 873,055 | | | 0 | | | | 2,855,835 | | | | | 0 | | | | | 1,071,369 | | | | | 111,034 | | | | | 187,276 | | | | | 5,098,569 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2020 | | | | | 867,458 | | | 0 | | | | 2,915,910 | | | | | 0 | | | | | 397,984 | | | | | 267,957 | | | | | 138,391 | | | | | 4,587,700 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Brian D. Savoy Executive Vice President and CFO | | | | | 2023 | | | | | 646,867 | | | 0 | | | | 2,152,311 | | | | | 0 | | | | | 428,549 | | | | | 77,207 | | | | | 172,556 | | | | | 3,477,490 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 587,931 | | | 300,000(6) | | | | 1,753,218 | | | | | 0 | | | | | 531,773 | | | | | 0 | | | | | 167,760 | | | | | 3,340,682 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Steven K. Young Executive Vice President and Chief Commercial Officer | | | | | 2023 | | | | | 822,894 | | | 0 | | | | 2,944,009 | | | | | 0 | | | | | 545,167 | | | | | 157,264 | | | | | 246,239 | | | | | 4,715,573 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 798,299 | | | 0 | | | | 2,832,977 | | | | | 0 | | | | | 802,275 | | | | | 77,545 | | | | | 283,248 | | | | | 4,794,344 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2021 | | | | | 775,675 | | | 0 | | | | 2,342,106 | | | | | 0 | | | | | 1,000,737 | | | | | 77,252 | | | | | 169,118 | | | | | 4,364,888 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Julia S. Janson Executive Vice President and CEO, Duke Energy Carolinas | | | | | 2022 | | | | | 772,647 | | | 0 | | | | 2,546,124 | | | | | 0 | | | | | 828,262 | | | | | 0 | | | | | 273,251 | | | | | 4,420,284 | | | | | | | 2023 | | | | | 796,452 | | | 0 | | | | 2,849,421 | | | | | 0 | | | | | 527,649 | | | | | 0 | | | | | 252,189 | | | | | 4,425,711 | | | ||||||||||||||||
| | | 2021 | | | | | 750,750 | | | 0 | | | | 2,766,855 | | | | | 0 | | | | | 968,580 | | | | | 0 | | | | | 162,015 | | | | | 4,648,200 | | | | | | 2022 | | | | | 772,647 | | | 0 | | | | 2,546,124 | | | | | 0 | | | | | 828,262 | | | | | 0 | | | | | 273,251 | | | | | 4,420,284 | | | |||||||||||||||||||
| | | 2020 | | | | | 744,792 | | | 0 | | | | 2,314,530 | | | | | 0 | | | | | 341,705 | | | | | 522,811 | | | | | 125,010 | | | | | 4,048,848 | | | | | | 2021 | | | | | 750,750 | | | 0 | | | | 2,766,855 | | | | | 0 | | | | | 968,580 | | | | | 0 | | | | | 162,015 | | | | | 4,648,200 | | | |||||||||||||||||||
Kodwo Ghartey-Tagoe Executive Vice President, Chief Legal Officer and Corporate Secretary | | | | | 2022 | | | | | 651,867 | | | 0 | | | | 1,976,358 | | | | | 0 | | | | | 617,679 | | | | | 0 | | | | | 193,659 | | | | | 3,439,563 | | | | | | | 2023 | | | | | 695,500 | | | 0 | | | | 2,314,120 | | | | | 0 | | | | | 460,769 | | | | | 92,651 | | | | | 190,831 | | | | | 3,753,871 | | | ||||||||||||||||
| | | 2021 | | | | | 595,833 | | | 200,000 (6) | | | | 1,674,540 | | | | | 0 | | | | | 659,468 | | | | | 34,498 | | | | | 115,386 | | | | | 3,279,725 | | | | | | 2022 | | | | | 651,867 | | | 0 | | | | 1,976,358 | | | | | 0 | | | | | 617,679 | | | | | 0 | | | | | 193,659 | | | | | 3,439,563 | | | |||||||||||||||||||
Kodwo Ghartey-Tagoe Executive Vice President, Chief Legal Officer and Corporate Secretary | | | | 2021 | | | | | 595,833 | | | 200,000(6) | | | | 1,674,540 | | | | | 0 | | | | | 659,468 | | | | | 34,498 | | | | | 115,386 | | | | | 3,279,725 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | | 2023 | | | | | 451,806 | | | 0 | | | | 3,217,064 | | | | | 0 | | | | | 314,287 | | | | | 158,369 | | | | | 183,785 | | | | | 4,325,311 | | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| | | 2022 | | | | | 898,519 | | | 0 | | | | 3,188,663 | | | | | 0 | | | | | 948,144 | | | | | 150,463 | | | | | 301,931 | | | | | 5,487,720 | | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dhiaa M. Jamil (1) Former Executive Vice President and COO | | | | 2021 | | | | | 873,055 | | | 0 | | | | 2,855,835 | | | | | 0 | | | | | 1,071,369 | | | | | 111,034 | | | | | 187,276 | | | | | 5,098,569 | | |
| | | Good ($) | | Savoy ($) | | Young ($) | | Jamil ($) | | Janson ($) | | Ghartey- Tagoe ($) | | | | Good ($) | | Savoy ($) | | Young ($) | | Janson ($) | | Ghartey- Tagoe ($) | | Jamil ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Change in Actuarial Present Value of Accumulated Benefit Under: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Change in Actuarial Present Value of Accumulated Benefit Under: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||
| RCBP | | | | 47,166 | | | | | (179,234) | | | | | 45,211 | | | | | 67,281 | | | | | (309,755) | | | | | (36,496) | | | RCBP | | | | 57,509 | | | | | 59,556 | | | | | 87,630 | | | | | 13,808 | | | | | 68,796 | | | | | 71,701 | | | ||||||||||||
| ECBP | | | | 298,758 | | | | | (109,364) | | | | | 32,334 | | | | | 83,182 | | | | | (824,464) | | | | | (44,863) | | | ECBP | | | | 287,261 | | | | | 17,651 | | | | | 69,634 | | | | | (53,677) | | | | | 23,855 | | | | | 86,668 | | | ||||||||||||
| Total | | | | 345,924 | | | | | (288,598)* | | | | | 77,545 | | | | | 150,463 | | | | | (1,134,219)* | | | | | (81,359)* | | | Total | | | | 344,770 | | | | | 77,207 | | | | | 157,264 | | | | | (39,869)* | | | | | 92,651 | | | | | 158,369 | | |
| 62 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | | Good ($) | | Savoy ($) | | Young ($) | | Jamil ($) | | Janson ($) | | Ghartey- Tagoe ($) | | | | Good ($) | | Savoy ($) | | Young ($) | | Janson ($) | | Ghartey- Tagoe ($) | | Jamil ($) | | ||||||||||||||||||||||||||||||||||||||||||||||||
| Matching and Employer Retirement Contributions Under the Retirement Savings Plan | | | | 18,300 | | | | | 18,300 | | | | | 18,300 | | | | | 18,300 | | | | | 18,300 | | | | | 18,300 | | | Matching and Employer Retirement Contributions Under the Retirement Savings Plan | | | | 19,800 | | | | | 19,800 | | | | | 19,800 | | | | | 19,800 | | | | | 19,800 | | | | | 17,229 | | | ||||||||||||
| Make-Whole Matching and Cash Balance Contribution Credits Under the Executive Savings Plan | | | | 759,163 | | | | | 143,583 | | | | | 253,986 | | | | | 283,031 | | | | | 244,159 | | | | | 171,077 | | | Make-Whole Matching and Cash Balance Contribution Credits Under the Executive Savings Plan | | | | 663,012 | | | | | 144,269 | | | | | 220,179 | | | | | 220,102 | | | | | 167,141 | | | | | 117,694 | | | ||||||||||||
| Personal Use of the Corporate Aircraft* | | | | 116,651 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | Personal Use of the Corporate Aircraft* | | | | 264,441 | | | | | 0 | | | | | 0 | | | | | 4,472 | | | | | 0 | | | | | 0 | | | ||||||||||||
| Charitable Contributions Made in the Name of the Executive | | | | 2,500 | | | | | 2,500 | | | | | 2,500 | | | | | 0 | | | | | 2,500 | | | | | 2,500 | | | Charitable Contributions Made in the Name of the Executive | | | | 2,500 | | | | | 2,500 | | | | | 2,500 | | | | | 2,500 | | | | | 2,500 | | | | | 2,500 | | | ||||||||||||
| Financial Planning Program | | | | 15,000 | | | | | 277 | | | | | 3,120 | | | | | 0 | | | | | 6,600 | | | | | 760 | | | Financial Planning Program | | | | 0 | | | | | 2,887 | | | | | 3,260 | | | | | 4,715 | | | | | 840 | | | | | 1,750 | | | ||||||||||||
| Other** | | | | 5,897 | | | | | 3,100 | | | | | 5,342 | | | | | 600 | | | | | 1,692 | | | | | 1,022 | | | Payout of Unused Vacation | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | | | 44,312 | | | ||||||||||||
| Total | | | | 917,511 | | | | | 167,760 | | | | | 283,248 | | | | | 301,931 | | | | | 273,251 | | | | | 193,659 | | | Other** | | | | 5,121 | | | | | 3,100 | | | | | 500 | | | | | 600 | | | | | 550 | | | | | 300 | | | ||||||||||||
| Total | | | | 954,874 | | | | | 172,556 | | | | | 246,239 | | | | | 252,189 | | | | | 190,831 | | | | | 183,785 | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 63 | |
| | | | | | | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | Grant Date Fair Value of Stock Awards ($)(4) | | | | | | | | | | | Estimated Possible Payouts Under Non-Equity Incentive Plan Awards | | Estimated Future Payouts Under Equity Incentive Plan Awards | | | All Other Stock Awards: Number of Shares of Stock or Units (#) | | Grant Date Fair Value of Stock Awards ($)(4) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Type | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | Name | | Grant Type | | Grant Date | | Threshold ($) | | Target ($) | | Maximum ($) | | Threshold (#) | | Target (#) | | Maximum (#) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lynn J. Good | | Cash STI(1) | | | | | | | | | 486,199 | | | | | 2,593,063 | | | | | 6,077,490 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Lynn J. Good | | Cash STI(1) | | | | | | | | | 492,188 | | | | | 2,625,000 | | | | | 6,152,344 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
| | | LTI Perf. Shares(2) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | 50,796 | | | | | 112,880 | | | | | 225,760 | | | | | | | | | | 11,154,519 | | | | | LTI Perf. Shares(2) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | 50,900 | | | | | 113,112 | | | | | 226,224 | | | | | | | | | | 11,296,212 | | | ||||||||||||||||||||
| | | RSUs(3) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 48,377 | | | | | 4,724,982 | | | | | RSUs(3) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 48,476 | | | | | 4,724,956 | | | ||||||||||||||||||||
| Brian D. Savoy | | Cash STI(1) | | | | | | | | | 99,213 | | | | | 529,138 | | | | | 1,240,166 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Brian D. Savoy | | Cash STI(1) | | | | | | | | | 121,288 | | | | | 646,867 | | | | | 1,516,094 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
| | | LTI Perf. Shares(2) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | 5,608 | | | | | 12,463 | | | | | 24,926 | | | | | | | | | | 1,231,563 | | | | | LTI Perf. Shares(2) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | 6,838 | | | | | 15,196 | | | | | 30,392 | | | | | | | | | | 1,517,586 | | | ||||||||||||||||||||
| | | RSUs(3) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 5,341 | | | | | 521,655 | | | | | RSUs(3) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,512 | | | | | 634,725 | | | ||||||||||||||||||||
| Steven K. Young | | Cash STI(1) | | | | | | | | | 149,681 | | | | | 798,299 | | | | | 1,871,013 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Steven K. Young | | Cash STI(1) | | | | | | | | | 154,293 | | | | | 822,894 | | | | | 1,928,658 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
| | | LTI Perf. Shares(2) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | 9,062 | | | | | 20,138 | | | | | 40,276 | | | | | | | | | | 1,989,987 | | | | | LTI Perf. Shares(2) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | 9,353 | | | | | 20,785 | | | | | 41,570 | | | | | | | | | | 2,075,746 | | | ||||||||||||||||||||
| | | RSUs(3) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,631 | | | | | 842,990 | | | | | RSUs(3) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,908 | | | | | 868,263 | | | ||||||||||||||||||||
| Dhiaa M. Jamil | | Cash STI(1) | | | | | | | | | 176,896 | | | | | 943,445 | | | | | 2,211,198 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Julia S. Janson | | Cash STI(1) | | | | | | | | | 149,335 | | | | | 796,452 | | | | | 1,866,684 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
| | | LTI Perf. Shares(2) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | 10,200 | | | | | 22,667 | | | | | 45,334 | | | | | | | | | | 2,239,897 | | | | | LTI Perf. Shares(2) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | 9,053 | | | | | 20,117 | | | | | 40,234 | | | | | | | | | | 2,009,035 | | | ||||||||||||||||||||
| | | RSUs(3) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,714 | | | | | 948,766 | | | | | RSUs(3) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 8,622 | | | | | 840,386 | | | ||||||||||||||||||||
| Julia S. Janson | | Cash STI(1) | | | | | | | | | 144,871 | | | | | 772,647 | | | | | 1,810,891 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Kodwo | | Cash STI(1) | | | | | | | | | 130,406 | | | | | 695,500 | | | | | 1,630,079 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
| | | LTI Perf. Shares(2) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | 8,145 | | | | | 18,099 | | | | | 36,198 | | | | | | | | | | 1,788,498 | | | Ghartey-Tagoe | | LTI Perf. Shares(2) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | 7,352 | | | | | 16,338 | | | | | 32,676 | | | | | | | | | | 1,631,635 | | | ||||||||||||||||||||
| | | RSUs(3) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,757 | | | | | 757,626 | | | | | RSUs(3) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 7,002 | | | | | 682,485 | | | ||||||||||||||||||||
| Kodwo | | Cash STI(1) | | | | | | | | | 110,003 | | | | | 586,681 | | | | | 1,375,033 | | | | | | | | | | | | | | | | | | | | | | | | | | | | Dhiaa M. Jamil | | Cash STI(1) | | | | | | | | | 88,949 | | | | | 474,396 | | | | | 1,111,866 | | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||
| Ghartey-Tagoe | | LTI Perf. Shares(2) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | 6,322 | | | | | 14,049 | | | | | 28,098 | | | | | | | | | | 1,388,287 | | | | | LTI Perf. Shares(2) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | 10,221 | | | | | 22,713 | | | | | 45,426 | | | | | | | | | | 2,268,291 | | | ||||||||||||||||||||
| | | RSUs(3) | | | | 2/23/2022 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 6,021 | | | | | 588,071 | | | | | RSUs(3) | | | | 2/22/2023 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | 9,734 | | | | | 948,773 | | |
| 64 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | | | | | Stock Awards | | | | | | | Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||||
| Name | | Grant Type | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | Name | | Grant Type | | Number of Shares or Units of Stock That Have Not Vested (#)(1) | | Market Value of Shares or Units of Stock That Have Not Vested ($)(2) | | Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#)(3) | | Equity Incentive Plan Awards: Market or Payout Value of Unearned Shares, Units or Other Rights That Have Not Vested ($)(2) | | ||||||||||||||||||||||||||||||||||
| Lynn J. Good | | RSUs | | | | 84,819 | | | | | 8,735,509 | | | | | | | | | | | | | Lynn J. Good | | RSUs | | | | 93,465 | | | | | 9,069,844 | | | | | | | | | | | | | ||||||||||
| | | Performance Shares (2021 – 2023) | | | | | | | | | | | | | | 178,310 | | | | | 18,364,147 | | | | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 225,760 | | | | | 21,907,750 | | | ||||||||||
| | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 112,880 | | | | | 11,625,511 | | | | | Performance Shares (2023 – 2025) | | | | | | | | | | | | | | 113,112 | | | | | 10,976,388 | | | ||||||||||
| Brian D. Savoy | | RSUs | | | | 9,256 | | | | | 953,275 | | | | | | | | | | | | | Brian D. Savoy | | RSUs | | | | 11,536 | | | | | 1,119,453 | | | | | | | | | | | | | ||||||||||
| | | Performance Shares (2021 – 2023) | | | | | | | | | | | | | | 20,482 | | | | | 2,109,441 | | | | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 24,926 | | | | | 2,418,819 | | | ||||||||||
| | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 12,463 | | | | | 1,283,564 | | | | | Performance Shares (2023 – 2025) | | | | | | | | | | | | | | 15,196 | | | | | 1,474,620 | | | ||||||||||
| Steven K. Young | | RSUs | | | | 16,255 | | | | | 1,674,102 | | | | | | | | | | | | | Steven K. Young | | RSUs | | | | 17,327 | | | | | 1,681,412 | | | | | | | | | | | | | ||||||||||
| | | Performance Shares (2021 – 2023) | | | | | | | | | | | | | | 37,300 | | | | | 3,841,527 | | | | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 40,276 | | | | | 3,908,383 | | | ||||||||||
| | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 20,138 | | | | | 2,074,013 | | | | | Performance Shares (2023 – 2025) | | | | | | | | | | | | | | 20,785 | | | | | 2,016,976 | | | ||||||||||
| Dhiaa M. Jamil | | RSUs | | | | 19,010 | | | | | 1,957,840 | | | | | | | | | | | | | Julia S. Janson | | RSUs | | | | 16,373 | | | | | 1,588,836 | | | | | | | | | | | | | ||||||||||
| | | Performance Shares (2021 – 2023) | | | | | | | | | | | | | | 45,482 | | | | | 4,684,191 | | | | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 36,198 | | | | | 3,512,654 | | | ||||||||||
| | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 22,667 | | | | | 2,334,474 | | | | | Performance Shares (2023 – 2025) | | | | | | | | | | | | | | 20,117 | | | | | 1,952,154 | | | ||||||||||
| Julia S. Janson | | RSUs | | | | 15,136 | | | | | 1,558,857 | | | | | | | | | | | | | Kodwo Ghartey-Tagoe | | RSUs | | | | 12,921 | | | | | 1,253,854 | | | | | | | | | | | | | ||||||||||
| | | Performance Shares (2021 – 2023) | | | | | | | | | | | | | | 36,102 | | | | | 3,718,145 | | | | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 28,098 | | | | | 2,726,630 | | | ||||||||||
| | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 18,099 | | | | | 1,864,016 | | | | | Performance Shares (2023 – 2025) | | | | | | | | | | | | | | 16,338 | | | | | 1,585,440 | | | ||||||||||
| Kodwo Ghartey-Tagoe | | RSUs | | | | 11,187 | | | | | 1,152,149 | | | | | | | | | | | | | Dhiaa M. Jamil | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 45,334 | | | | | 4,399,211 | | | ||||||||||
| | | Performance Shares (2021 – 2023) | | | | | | | | | | | | | | 26,668 | | | | | 2,746,537 | | | | | Performance Shares (2023 – 2025) | | | | | | | | | | | | | | 3,751 | | | | | 363,997 | | | ||||||||||
| | | Performance Shares (2022 – 2024) | | | | | | | | | | | | | | 14,049 | | | | | 1,446,907 | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 65 | |
| | | | Stock Awards | | | | | Stock Awards | | ||||||||||||||||||
| Name | | Number of Shares Acquired on Vesting (#)(1) | | Value Realized on Vesting ($)(2) | | Name | | Number of Shares Acquired on Vesting (#)(1) | | Value Realized on Vesting ($)(2) | | ||||||||||||||||
| Lynn J. Good | | | | 137,646 | | | | | 15,132,965 | | | Lynn J. Good | | | | 155,928 | | | | | 16,427,549 | | | ||||
| Brian D. Savoy | | | | 12,085 | | | | | 1,330,707 | | | Brian D. Savoy | | | | 17,568 | | | | | 1,853,053 | | | ||||
| Steven K. Young | | | | 28,419 | | | | | 3,128,067 | | | Steven K. Young | | | | 32,122 | | | | | 3,388,385 | | | ||||
| Dhiaa M. Jamil | | | | 34,951 | | | | | 3,844,100 | | | Julia S. Janson | | | | 30,891 | | | | | 3,260,256 | | | ||||
| Julia S. Janson | | | | 32,185 | | | | | 3,507,522 | | | Kodwo Ghartey-Tagoe | | | | 22,632 | | | | | 2,389,471 | | | ||||
| Kodwo Ghartey-Tagoe | | | | 16,200 | | | | | 1,787,906 | | | Dhiaa M. Jamil | | | | 47,651 | | | | | 4,890,976 | | |
| Name | | Plan Name | | Number of Years Credited Service (#) | | Present Value of Accumulated Benefit ($) | | Payments During Last Fiscal Year ($) | | Name | | Plan Name | | Number of Years Credited Service (#) | | Present Value of Accumulated Benefit ($) | | Payments During Last Fiscal Year ($) | | ||||||||||||||||||||||||||
| Lynn J. Good | | RCBP | | | | 19.67 | | | | | 540,164 | | | | | 0 | | | Lynn J. Good | | RCBP | | | | 20.67 | | | | | 597,673 | | | | | 0 | | | ||||||||
| | | ECBP | | | | 19.42 | | | | | 7,189,885 | | | | | 0 | | | | | ECBP | | | | 20.42 | | | | | 7,477,146 | | | | | 0 | | | ||||||||
| Brian D. Savoy | | RCBP | | | | 21.48 | | | | | 435,380 | | | | | 0 | | | Brian D. Savoy | | RCBP | | | | 22.48 | | | | | 494,936 | | | | | 0 | | | ||||||||
| | | ECBP | | | | 21.23 | | | | | 212,827 | | | | | 0 | | | | | ECBP | | | | 22.23 | | | | | 230,478 | | | | | 0 | | | ||||||||
| Steven K. Young | | RCBP | | | | 42.51 | | | | | 1,036,700 | | | | | 0 | | | Steven K. Young | | RCBP | | | | 43.51 | | | | | 1,124,330 | | | | | 0 | | | ||||||||
| | | ECBP | | | | 42.26 | | | | | 1,514,064 | | | | | 0 | | | | | ECBP | | | | 43.26 | | | | | 1,583,698 | | | | | 0 | | | ||||||||
| Dhiaa M. Jamil | | RCBP | | | | 41.34 | | | | | 1,082,412 | | | | | 0 | | | Julia S. Janson | | RCBP | | | | 36.00 | | | | | 1,499,181 | | | | | 0 | | | ||||||||
| | | ECBP | | | | 41.09 | | | | | 2,001,845 | | | | | 0 | | | | | ECBP | | | | 35.75 | | | | | 3,579,666 | | | | | 0 | | | ||||||||
| Julia S. Janson | | RCBP | | | | 35.00 | | | | | 1,485,373 | | | | | 0 | | | Kodwo Ghartey-Tagoe | | RCBP | | | | 21.58 | | | | | 656,603 | | | | | 0 | | | ||||||||
| | | ECBP | | | | 34.75 | | | | | 3,633,343 | | | | | 0 | | | | | ECBP | | | | 21.33 | | | | | 428,146 | | | | | 0 | | | ||||||||
| Kodwo Ghartey-Tagoe | | RCBP | | | | 20.58 | | | | | 587,807 | | | | | 0 | | | Dhiaa M. Jamil | | RCBP | | | | 41.84 | | | | | 1,138,908 | | | | | 15,205 | | | ||||||||
| | | ECBP | | | | 20.33 | | | | | 404,291 | | | | | 0 | | | | | ECBP | | | | 41.59 | | | | | 2,016,131 | | | | | 72,382 | | |
| 66 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 67 | |
| Name | | Executive Contributions in Last FY ($)(1) | | Registrant Contributions in Last FY ($)(2) | | Aggregate Earnings in Last FY ($) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last FYE ($)(3) | | Name | | Executive Contributions in Last FY ($)(1) | | Registrant Contributions in Last FY ($)(2) | | Aggregate Earnings in Last FY ($) | | Aggregate Withdrawals/ Distributions ($) | | Aggregate Balance at Last FYE ($)(3) | | ||||||||||||||||||||||||||||||||||||||||
| Lynn J. Good | | | | $ | 252,709 | | | | | 759,163 | | | | | (583,477) | | | | | 0 | | | | $ | 5,698,366 | | | Lynn J. Good | | | | | 194,344 | | | | | 663,012 | | | | | 704,700 | | | | | 0 | | | | | 7,260,422 | | | ||||||||
| Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Brian D. Savoy | | | | $ | 54,862 | | | | | 143,583 | | | | | (81,546) | | | | | 0 | | | | $ | 875,150 | | | Brian D. Savoy | | | | | 42,936 | | | | | 144,269 | | | | | 107,066 | | | | | 0 | | | | | 1,169,421 | | | ||||||||
| Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Steven K. Young | | | | $ | 96,034 | | | | | 253,986 | | | | | (447,063) | | | | | 0 | | | | $ | 2,627,208 | | | Steven K. Young | | | | | 82,084 | | | | | 220,179 | | | | | 455,904 | | | | | 0 | | | | | 3,385,375 | | | ||||||||
| Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Dhiaa M. Jamil | | | | $ | 237,036 | | | | | 283,031 | | | | | (857,091) | | | | | 0 | | | | $ | 5,946,577 | | | Julia S. Janson | | | | | 100,552 | | | | | 220,102 | | | | | 601,306 | | | | | 0 | | | | | 3,554,880 | | | ||||||||
| Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Julia S. Janson | | | | $ | 129,185 | | | | | 244,159 | | | | | (428,013) | | | | | 0 | | | | $ | 2,632,920 | | | Kodwo Ghartey-Tagoe | | | | | 69,376 | | | | | 167,141 | | | | | 217,917 | | | | | 0 | | | | | 1,467,526 | | | ||||||||
| Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | ||||||||||
| Kodwo Ghartey-Tagoe | | | | $ | 76,173 | | | | | 171,077 | | | | | (126,328) | | | | | 0 | | | | $ | 1,013,092 | | | Dhiaa M. Jamil | | | | | 0 | | | | | 117,694 | | | | | 795,712 | | | | | 356,287 | | | | | 6,503,696 | | | ||||||||
| Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | | Executive Savings Plan | | | | | | | | | | | | | | | | | | | | | | | | | | |
| 68 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 69 | |
| 70 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 71 | |
| Award Type | | | Event | | | Consequences | |
| RSUs | | | Retirement* | | | Unvested RSUs prorated and vest | |
| Voluntary termination** | | | Unvested RSUs are forfeited | | |||
| Death or disability | | | Unvested RSUs immediately vest | | |||
| Change in control | | | No impact absent termination of employment; immediate vesting of unvested RSUs if involuntarily terminated after a change in control | | |||
| Performance Share Awards | | | Retirement* Death & Disability | | | Prorated portion vests based on actual performance | |
| Voluntary termination** | | | Award is forfeited | | |||
| Change in Control | | | No impact absent termination of employment; prorated portion vests based on actual performance if involuntarily terminated after a change in control | |
| 72 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| Name and Triggering Event | | Cash Severance Payment ($)(1) | | Incremental Retirement Plan Benefit ($)(2) | | Welfare and Other Benefits ($)(3) | | Stock Awards ($) | | Name and Triggering Event | | Cash Severance Payment ($)(1) | | Incremental Retirement Plan Benefit ($)(2) | | Welfare and Other Benefits ($)(3) | | Stock Awards ($) | | ||||||||||||||||||||||||||||||||
| Lynn J. Good | | | | | | | | | | | | | | | | | | | | | | Lynn J. Good | | | | | | | | | | | | | | | | | | | | | | ||||||||
| • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 26,779,688 | | | • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 30,278,861 | | | ||||||||
| • Involuntary or good reason termination under Employment Agreement | | | | 12,333,750 | | | | | 0 | | | | | 64,276 | | | | | 32,097,135 | | | • Involuntary or good reason termination under Employment Agreement | | | | 12,333,750 | | | | | 0 | | | | | 66,471 | | | | | 33,909,457 | | | ||||||||
| • Involuntary or good reason termination after a change in control | | | | 12,333,750 | | | | | 2,076,914 | | | | | 64,276 | | | | | 31,034,222 | | | • Involuntary or good reason termination after a change in control | | | | 12,333,750 | | | | | 2,075,906 | | | | | 66,471 | | | | | 32,750,772 | | | ||||||||
| • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 19,890,811 | | | • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 33,764,001 | | | ||||||||
| Brian D. Savoy | | | | | | | | | | | | | | | | | | | | | | Brian D. Savoy | | | | | | | | | | | | | | | | | | | | | | ||||||||
| • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 0 | | | ||||||||
| • Involuntary or good reason termination under Executive Severance Plan | | | | 2,378,800 | | | | | 0 | | | | | 40,342 | | | | | 3,551,154 | | | • Involuntary or good reason termination under Executive Severance Plan | | | | 2,604,160 | | | | | 0 | | | | | 41,922 | | | | | 4,129,369 | | | ||||||||
| • Involuntary or good reason termination after a change in control | | | | 2,378,800 | | | | | 391,380 | | | | | 46,420 | | | | | 3,459,690 | | | • Involuntary or good reason termination after a change in control | | | | 2,604,160 | | | | | 429,019 | | | | | 48,092 | | | | | 4,012,633 | | | ||||||||
| • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 2,215,392 | | | • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 2,579,357 | | | ||||||||
| Steven K. Young | | | | | | | | | | | | | | | | | | | | | | Steven K. Young | | | | | | | | | | | | | | | | | | | | | | ||||||||
| • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 5,158,141 | | | • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 5,508,138 | | | ||||||||
| • Involuntary or good reason termination under Executive Severance Plan | | | | 3,211,294 | | | | | 0 | | | | | 37,502 | | | | | 6,115,033 | | | • Involuntary or good reason termination under Executive Severance Plan | | | | 3,307,633 | | | | | 0 | | | | | 38,960 | | | | | 6,137,982 | | | ||||||||
| • Involuntary or good reason termination after a change in control | | | | 3,211,294 | | | | | 532,904 | | | | | 42,360 | | | | | 5,960,917 | | | • Involuntary or good reason termination after a change in control | | | | 3,307,633 | | | | | 548,610 | | | | | 43,906 | | | | | 5,968,840 | | | ||||||||
| • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 3,874,533 | | | • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 6,153,101 | | | ||||||||
| Dhiaa M. Jamil | | | | | | | | | | | | | | | | | | | | | | Julia S. Janson | | | | | | | | | | | | | | | | | | | | | | ||||||||
| • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 6,048,496 | | | • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 2,722,405 | | | ||||||||
| • Involuntary or good reason termination under Executive Severance Plan | | | | 3,704,807 | | | | | 0 | | | | | 17,882 | | | | | 7,158,377 | | | • Involuntary or good reason termination under Executive Severance Plan | | | | 3,201,348 | | | | | 0 | | | | | 38,874 | | | | | 5,749,596 | | | ||||||||
| • Involuntary or good reason termination after a change in control | | | | 3,704,807 | | | | | 616,801 | | | | | 19,626 | | | | | 6,979,700 | | | •Involuntary or good reason termination after a change in control | | | | 3,201,348 | | | | | 530,541 | | | | | 43,820 | | | | | 5,590,130 | | | ||||||||
| • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 4,568,655 | | | • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 3,637,927 | | | ||||||||
| Julia S. Janson | | | | | | | | | | | | | | | | | | | | | | Kodwo Ghartey-Tagoe | | | | | | | | | | | | | | | | | | | | | | ||||||||
| • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 2,734,538 | | | • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 4,069,424 | | | ||||||||
| • Involuntary or good reason termination under Executive Severance Plan | | | | 3,108,105 | | | | | 0 | | | | | 37,418 | | | | | 5,699,012 | | | • Involuntary or good reason termination under Executive Severance Plan | | | | 2,800,000 | | | | | 0 | | | | | 38,552 | | | | | 4,561,544 | | | ||||||||
| • Involuntary or good reason termination after a change in control | | | | 3,108,105 | | | | | 515,362 | | | | | 42,276 | | | | | 5,556,637 | | | • Involuntary or good reason termination after a change in control | | | | 2,800,000 | | | | | 462,312 | | | | | 43,498 | | | | | 4,434,016 | | | ||||||||
| • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 3,635,210 | | | • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 4,574,356 | | | ||||||||
| Kodwo Ghartey-Tagoe | | | | | | | | | | | | | | | | | | | | | | ||||||||||||||||||||||||||||||
| • Voluntary termination without good reason | | | | 0 | | | | | 0 | | | | | 0 | | | | | 2,028,960 | | | ||||||||||||||||||||||||||||||
| • Involuntary or good reason termination under Executive Severance Plan | | | | 2,557,408 | | | | | 0 | | | | | 37,084 | | | | | 4,287,319 | | | ||||||||||||||||||||||||||||||
| • Involuntary or good reason termination after a change in control | | | | 2,557,408 | | | | | 421,743 | | | | | 41,942 | | | | | 4,178,837 | | | ||||||||||||||||||||||||||||||
| • Death or Disability(4) | | | | 0 | | | | | 0 | | | | | 0 | | | | | 2,711,987 | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 73 | |
| 74 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| Year | | Summary Compensation Table Total for CEO | | Compensation Actually Paid to CEO(1) | | Average Summary Compensation Table Total for Non-CEO NEOs | | Average Compensation Actually Paid to Non-CEO NEOs(2) | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (M)(4) | | Company- Selected Measure (Adjusted EPS)(5) | | Year | | Summary Compensation Table Total for CEO | | Compensation Actually Paid to CEO(1) | | Average Summary Compensation Table Total for Non-CEO NEOs | | Average Compensation Actually Paid to Non-CEO NEOs(2) | | | Value of Initial Fixed td00 Investment Based On: | | | Net Income (M)(4) | | Company- Selected Measure (Adjusted EPS)(5) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Total Shareholder Return(3) | | Peer Group Total Shareholder Return(3) | | | Total Shareholder Return(3) | | Peer Group Total Shareholder Return(3) | | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (i) | | (a) | | (b) | | (c) | | (d) | | (e) | | (f) | | (g) | | (h) | | (i) | | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2022 | | | $ | 21,354,759 | | | | $ | 24,000,880 | | | | $ | 4,296,518 | | | | $ | 4,784,037 | | | | $ | 127 | | | | $ | 122 | | | | $ | 2,444 | | | | $ | 5.41 | | | 2023 | | | $ | 20,559,875 | | | | $ | 23,285,912 | | | | $ | 4,139,591 | | | | $ | 4,014,407 | | | | $ | 125 | | | | $ | 111 | | | | $ | 2,735 | | | | $ | 5.56 | | | ||||||||||||||||
| 2021 | | | $ | 16,451,236 | | | | $ | 27,285,740 | | | | $ | 4,347,846 | | | | $ | 6,327,212 | | | | $ | 125 | | | | $ | 121 | | | | $ | 3,802 | | | | $ | 5.24 | | | 2022 | | | $ | 21,354,759 | | | | $ | 24,000,880 | | | | $ | 4,296,518 | | | | $ | 4,784,037 | | | | $ | 127 | | | | $ | 122 | | | | $ | 2,444 | | | | $ | 5.41 | | | ||||||||||||||||
| 2020 | | | $ | 14,544,398 | | | | $ | 14,571,950 | | | | $ | 3,972,840 | | | | $ | 3,731,332 | | | | $ | 105 | | | | $ | 103 | | | | $ | 1,270 | | | | $ | 5.12 | | | 2021 | | | $ | 16,451,236 | | | | $ | 27,285,740 | | | | $ | 4,347,846 | | | | $ | 6,327,212 | | | | $ | 125 | | | | $ | 121 | | | | $ | 3,802 | | | | $ | 5.24 | | | ||||||||||||||||
| 2020 | | | $ | 14,544,398 | | | | $ | 14,571,950 | | | | $ | 3,972,840 | | | | $ | 3,731,332 | | | | $ | 105 | | | | $ | 103 | | | | $ | 1,270 | | | | $ | 5.12 | | |
| Chief Executive Officer | | ||||||||||||||||||||||||||||||||||||
| Year | | | SCT Total | | | Subtract Grant Date Value of Stock Awards Granted Each Year as Disclosed in the SCT | | | Subtract Change in Pension Value as Disclosed Each Year in the SCT | | | Add Change in Fair Value of Stock Awards | | | Add Service and Prior Service Cost for Pension Plans | | | CAP | | ||||||||||||||||||
| 2022 | | | | $ | 21,354,759 | | | | | ($ | 15,879,501) | | | | | ($ | 345,924) | | | | | $ | 18,849,872 | | | | | $ | 21,674 | | | | | $ | 24,000,880 | | |
| 2021 | | | | $ | 16,451,236 | | | | | ($ | 11,196,187) | | | | | ($ | 277,111) | | | | | $ | 22,282,586 | | | | | $ | 25,216 | | | | | $ | 27,285,740 | | |
| 2020 | | | | $ | 14,544,398 | | | | | ($ | 11,431,738) | | | | | ($ | 246,046) | | | | | $ | 11,682,260 | | | | | $ | 23,076 | | | | | $ | 14,571,950 | | |
| Chief Executive Officer Change in Fair Value of Stock Awards | | ||||||||||||||||||||||||||||||||||||
| Year | | | Year End Fair Value of Stock Awards Granted in Covered Fiscal Year that Remained Unvested at the end of the Covered Fiscal Year | | | Year-over-Year Increase or Decrease in Fair Value for Stock Awards Granted in Prior Years that Remained Unvested at the end of the Covered Fiscal Year | | | Increase or Decrease in Fair Value of Stock Awards Granted in Prior Years that Vested in the Covered Fiscal Year | | | Adjustments for Stock Awards that Failed to Meet Performance Conditions | | | Value of Dividends or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value | | | Total Change in Fair Value of Stock Awards Included in CAP | | ||||||||||||||||||
| 2022 | | | | $ | 16,586,483 | | | | | $ | 117,665 | | | | | $ | 721,127 | | | | | $ | 0 | | | | | $ | 1,424,597 | | | | | $ | 18,849,872 | | |
| 2021 | | | | $ | 14,816,206 | | | | | $ | 3,015,337 | | | | | $ | 3,131,180 | | | | | $ | 0 | | | | | $ | 1,319,863 | | | | | $ | 22,282,586 | | |
| 2020 | | | | $ | 10,046,004 | | | | | $ | 55,831 | | | | | $ | 202,647 | | | | | $ | 0 | | | | | $ | 1,377,778 | | | | | $ | 11,682,260 | | |
| Chief Executive Officer | | ||||||||||||||||||||||||||||||||||||
| Year | | | SCT Total | | | Subtract Grant Date Value of Stock Awards Granted Each Year as Disclosed in the SCT | | | Subtract Change in Pension Value as Disclosed Each Year in the SCT | | | Add Change in Fair Value of Stock Awards | | | Add Service and Prior Service Cost for Pension Plans | | | CAP | | ||||||||||||||||||
| 2023 | | | | $ | 20,559,875 | | | | | ($ | 16,021,168) | | | | | ($ | 344,770) | | | | | $ | 19,069,434 | | | | | $ | 22,541 | | | | | $ | 23,285,912 | | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| Chief Executive Officer Pension Plan Adjustment | | ||||||||||||||||||
| Year | | | Service Cost | | | Prior Service Cost | | | Total Service and Prior Service Cost Included in CAP | | |||||||||
| 2022 | | | | $ | 21,674 | | | | | $ | 0 | | | | | $ | 21,674 | | |
| 2021 | | | | $ | 25,216 | | | | | $ | 0 | | | | | $ | 25,216 | | |
| 2020 | | | | $ | 23,076 | | | | | $ | 0 | | | | | $ | 23,076 | | |
| Chief Executive Officer Change in Fair Value of Stock Awards | | ||||||||||||||||||||||||||||||||||||
| Year | | | Year End Fair Value of Stock Awards Granted in Covered Fiscal Year that Remained Unvested at the end of the Covered Fiscal Year | | | Year-over-Year Increase or Decrease in Fair Value for Stock Awards Granted in Prior Years that Remained Unvested at the end of the Covered Fiscal Year | | | Increase or Decrease in Fair Value of Stock Awards Granted in Prior Years that Vested in the Covered Fiscal Year | | | Adjustments for Stock Awards that Failed to Meet Performance Conditions | | | Value of Dividends or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value | | | Total Change in Fair Value of Stock Awards Included in CAP | | ||||||||||||||||||
| 2023 | | | | $ | 16,436,683 | | | | | $ | 931,666 | | | | | $ | 56,111 | | | | | $ | 0 | | | | | $ | 1,644,975 | | | | | $ | 19,069,434 | | |
| Chief Executive Officer Pension Plan Adjustment | | ||||||||||||||||||
| Year | | | Service Cost | | | Prior Service Cost | | | Total Service and Prior Service Cost Included in CAP | | |||||||||
| 2023 | | | | $ | 22,541 | | | | | $ | 0 | | | | | $ | 22,541 | | |
| Other Named Executive Officers | | ||||||||||||||||||||||||||||||||||||
| Year | | | Average SCT Total | | | Subtract Grant Date Value of Stock Awards Granted Each Year as Disclosed in the SCT | | | Subtract Change in Pension Value as Disclosed Each Year in the SCT | | | Add Average Change in Fair Value of Stock Awards | | | Add Average Service and Prior Service Cost for Pension Plans | | | Average CAP | | ||||||||||||||||||
| 2022 | | | | $ | 4,296,518 | | | | | ($ | 2,459,468) | | | | | ($ | 45,602) | | | | | $ | 2,969,599 | | | | | $ | 22,989 | | | | | $ | 4,784,037 | | |
| 2021 | | | | $ | 4,347,846 | | | | | ($ | 2,409,834) | | | | | ($ | 55,696) | | | | | $ | 4,420,163 | | | | | $ | 24,733 | | | | | $ | 6,327,212 | | |
| 2020 | | | | $ | 3,972,840 | | | | | ($ | 2,132,282) | | | | | ($ | 300,720) | | | | | $ | 2,101,119 | | | | | $ | 90,375 | | | | | $ | 3,731,332 | | |
| Other Named Executive Officers Average Change in Fair Value of Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
| Year | | | Year End Fair Value of Stock Awards Granted in Covered Fiscal Year that Remained Unvested at the end of the Covered Fiscal Year | | | Year-over-Year Increase or Decrease in Fair Value for Stock Awards Granted in Prior Years that Remained Unvested at the end of the Covered Fiscal Year | | | Increase or Decrease in Fair Value of Stock Awards Granted in Covered Fiscal Year that Vested in the Covered Fiscal Year | | | Increase or Decrease in Fair Value of Stock Awards Granted in Prior Years that Vested in the Covered Fiscal Year | | | Adjustments for Stock Awards that Failed to Meet Performance Conditions | | | Value of Dividends or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value | | | Total Change in Fair Value of Stock Awards Included in CAP | | |||||||||||||||||||||
| 2022 | | | | $ | 2,568,968 | | | | | $ | 22,124 | | | | | $ | 0 | | | | | $ | 126,291 | | | | | $ | 0 | | | | | $ | 252,216 | | | | | $ | 2,969,599 | | |
| 2021 | | | | $ | 3,149,880 | | | | | $ | 588,524 | | | | | $ | 0 | | | | | $ | 472,264 | | | | | $ | 0 | | | | | $ | 209,495 | | | | | $ | 4,420,163 | | |
| 2020 | | | | $ | 1,817,056 | | | | | $ | 8,978 | | | | | $ | 37,389 | | | | | $ | 29,814 | | | | | $ | 0 | | | | | $ | 207,882 | | | | | $ | 2,101,119 | | |
| Other Named Executive Officers Pension Plan Adjustment | | ||||||||||||||||||
| Year | | | Average Service Cost | | | Average Prior Service Cost | | | Total Service and Prior Service Cost Included in CAP | | |||||||||
| 2022 | | | | $ | 22,989 | | | | | $ | 0 | | | | | $ | 22,989 | | |
| 2021 | | | | $ | 24,733 | | | | | $ | 0 | | | | | $ | 24,733 | | |
| 2020 | | | | $ | 90,375 | | | | | $ | 0 | | | | | $ | 90,375 | | |
| Other Named Executive Officers | | ||||||||||||||||||||||||||||||||||||
| Year | | | Average SCT Total | | | Subtract Grant Date Value of Stock Awards Granted Each Year as Disclosed in the SCT | | | Subtract Change in Pension Value as Disclosed Each Year in the SCT | | | Add Average Change in Fair Value of Stock Awards | | | Add Average Service and Prior Service Cost for Pension Plans | | | Average CAP | | ||||||||||||||||||
| 2023 | | | | $ | 4,139,591 | | | | | ($ | 2,695,385) | | | | | ($ | 97,098) | | | | | $ | 2,645,556 | | | | | $ | 21,743 | | | | | $ | 4,014,407 | | |
| Other Named Executive Officers Average Change in Fair Value of Stock Awards | | ||||||||||||||||||||||||||||||||||||||||||
| Year | | | Year End Fair Value of Stock Awards Granted in Covered Fiscal Year that Remained Unvested at the end of the Covered Fiscal Year | | | Year-over-Year Increase or Decrease in Fair Value for Stock Awards Granted in Prior Years that Remained Unvested at the end of the Covered Fiscal Year | | | Increase or Decrease in Fair Value of Stock Awards Granted in Covered Fiscal Year that Vested in the Covered Fiscal Year | | | Increase or Decrease in Fair Value of Stock Awards Granted in Prior Years that Vested in the Covered Fiscal Year | | | Adjustments for Stock Awards that Failed to Meet Performance Conditions | | | Value of Dividends or other Earnings Paid on Stock Awards not Otherwise Reflected in Fair Value | | | Total Change in Fair Value of Stock Awards Included in CAP | | |||||||||||||||||||||
| 2023 | | | | $ | 2,183,005 | | | | | $ | 153,626 | | | | | $ | 20,568 | | | | | ($ | 6,212) | | | | | $ | 0 | | | | | $ | 294,568 | | | | | $ | 2,645,556 | | |
| Other Named Executive Officers Pension Plan Adjustment | | ||||||||||||||||||
| Year | | | Average Service Cost | | | Average Prior Service Cost | | | Total Service and Prior Service Cost Included in CAP | | |||||||||
| 2023 | | | | $ | 21,743 | | | | | $ | 0 | | | | | $ | 21,743 | | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 77 | |
| Most Important Financial Measures | |
| Adjusted EPS | |
| Relative Total Shareholder Return | |
| O&M Expense | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY |
|
| Fiscal Year | | | 2020 | | | 2021 | | | 2022 | | | 3-Year Average Burn Rate | | ||||||||||||
| (a) Restricted Stock Units Granted (Includes Director Stock Retainer) | | | | | 498,113 | | | | | | 672,459 | | | | | | 653,266 | | | | | | | | |
| (b) Performance Shares Earned(1) | | | | | 394,036 | | | | | | 358,805 | | | | | | 390,722 | | | | | | | | |
| (c) Total Shares Granted (a + b) | | | | | 892,149 | | | | | | 1,031,264 | | | | | | 1,043,988 | | | | | | | | |
| (d) Weighted Average Basic Shares Outstanding | | | | | 736,586,736 | | | | | | 769,207,104 | | | | | | 769,884,093 | | | | | | | | |
| (e) Annual Share Usage / Burn Rate | | | | | 0.12% | | | | | | 0.13% | | | | | | 0.14% | | | | | | 0.13% | | |
| Plan Category | | | Number of securities to be issued upon exercise of outstanding options, warrants and rights (a) | | | Weighted average exercise price of outstanding options, warrants and rights (b)(1) | | | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) | | |||||||||
| Equity compensation plans approved by security holders | | | | | 3,385,638(2) | | | | | | n/a | | | | | | 2,410,473(3) | | |
| Equity compensation plans not approved by security holders | | | | | 109,690(4) | | | | | | n/a | | | | | | n/a(5) | | |
| Total | | | | | 3,495,328 | | | | | | n/a | | | | | | 2,410,473 | | |
| 80 DUKE ENERGY |
| | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 81 | |
| | | | Requested Retention Requirement | | | Duke Energy Existing Requirement | |
| Applicable Group | | | 5 NEOs | | | Approximately 80 executives, including all NEOs | |
| Required Retention % | | | 25% of after-tax shares | | | 50% of after-tax shares (until ownership requirement of 6x salary (CEO), 3x salary (other NEOs), or 1x salary (all other applicable executives) is met) | |
| Retention Period | | | Until “normal retirement age” of at least age 60, and determined by the executive pay committee | | | Any age (including beyond age 60) | |
| 82 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 83 | |
| 84 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | | | | | | More Information | |
| PROPOSAL 1 | | | Election of directors | | | Page | |
| PROPOSAL 2 | | | Ratification of Deloitte & Touche LLP as Duke Energy’s independent registered public accounting firm for | | | Page | |
| PROPOSAL 3 | | | Advisory vote to approve Duke Energy’s named executive officer compensation | | | Page | |
| PROPOSAL 4 | | | | | Page | | |
| PROPOSAL 5 | | | | | Page | | |
| PROPOSAL 6 | | | Shareholder proposal regarding | | | Page | |
|
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 85 | |
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| 86 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 87 | |
| 88 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 89 | |
| 90 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| | | | | Annual Report on Form 10-K for the year ended December 31, | | | |
| | AGA | | | | American Gas Association | | |
| | Annual Meeting | | | | Annual Meeting of Shareholders | | |
| | ANS | | | | American Nuclear Society | | |
| | Board | | | | Board of Directors | | |
| | CDP | | | | Carbon Disclosure Project | | |
| | CEO | | | | Chief Executive Officer | | |
| | CERT | | | | Community Emergency Response Team | | |
| | CFO | | | | Chief Financial Officer | | |
| | COO | | | | Chief Operating Officer | ||
| | |||||||
| | Cinergy Plan | | | | Cinergy Corp. Non-Union Employees’ Pension Plan | | |
| | Deloitte | | | | Deloitte & Touche LLP | | |
| | Directors’ Savings Plan | | | | Duke Energy Corporation Directors’ Savings Plan | | |
| | Duke Energy or the Company | | | | Duke Energy Corporation | | |
| | Duke Energy Progress | | | | Duke Energy Progress, LLC | | |
| | Duke Energy Carolinas | | | | Duke Energy Carolinas, LLC | | |
| | ECBP | | | | Duke Energy Executive Cash Balance Plan | | |
| | EEI | | | | Edison Electric Institute | | |
| | ESCC | | | | Electricity Subsector Coordinating Council | | |
| | EPS | | | | Earnings Per Share | ||
| | |||||||
| | Exchange Act | | | | Securities Exchange Act of 1934, as amended | | |
| | Executive Savings Plan | | | | Duke Energy Corporation Executive Savings Plan | | |
| | FAP | | | | Final Average Monthly Pay | | |
| | GAAP | | | | Generally Accepted Accounting Principles in the United States | | |
| | GRI | | | | Global Reporting Initiative | | |
| | Internal Revenue Code | | | | Internal Revenue Code of 1986 | | |
| | INPO | | | | Institute of Nuclear Power Operations | | |
| | |||||||
LDC | | | | Local Distribution Company | | | ||
| | LTI | | | | Long-Term Incentive | | |
| | MW | | | | Megawatt | | |
| | NCUC | | | | North Carolina Utilities Commission | | |
| | NEI | | | | Nuclear Energy Institute | | |
| | NEO | | | | Named Executive Officer | | |
| | Notice | | | | Notice Regarding the Availability of Proxy Materials | | |
| | NRC | | | | Nuclear Regulatory Commission | | |
| | NYSE | | | | New York Stock Exchange | | |
| | O&M | | | | Operations and Maintenance | | |
| | OSHA | | | | Occupational Safety and Health Administration | | |
| | PSCSC | | | | Public Service Commission of South Carolina | | |
| | pandemic | | | | COVID-19 pandemic | | |
| | Piedmont | | | | Piedmont Natural Gas Company, Inc. | | |
| | RCBP | | | | Duke Energy Retirement Cash Balance Plan | | |
| | Retirement Savings Plan | | | | Duke Energy Retirement Savings Plan | | |
| | |||||||
RSU | | | | Restricted Stock Unit | | | ||
| | SAR | | | | Stock Appreciation Right | | |
| | SASB | | | | Sustainability Accounting Standards Board | | |
| | SEC | | | | Securities and Exchange Commission | | |
| | Securities Act | | | | Securities Act of 1933, as amended | | |
| | STI | | | | Short-Term Incentive | | |
| | TCFD | | | | Task Force for Climate-related Disclosures | | |
| | TDC | | | | Total Direct Compensation | | |
| | TICR | | | | Total Incident Case Rate | | |
| | TSR | | | | Total Shareholder Return | | |
| | Traditional Program | | | | Cinergy Plan’s Traditional Program | | |
| | UN SDGs | | | | United Nations Sustainable Development Goals | | |
| | UTY | | | | Philadelphia Utility Index | | |
| | | DUKE ENERGY | |
| 92 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 93 | |
| 94 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY 2024 PROXY STATEMENT 95 | |
| 96 DUKE ENERGY 2024 PROXY STATEMENT | | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |
| | | BUILDING A SMARTER ENERGY FUTURE® | |
| BUILDING A SMARTER ENERGY FUTURE® | | | DUKE ENERGY | |