2022 Proxy Statement

CORPORATE GOVERNANCE AND THE BOARD OF DIRECTORS We currently have ten directors serving on our Board, a majority of whom we have determined to be “independent,” as that term is defined by the rules of The Nasdaq Stock Market LLC (“Nasdaq”). Our Board has evaluated the independence of its members based upon the rules of Nasdaq and the Securities and Exchange Commission (“SEC”). Applying these standards, and based on information provided by each director concerning his or her background, employment and affiliations, our Board has affirmatively determined that, with the exception of Mr. Baack and Mr. Shellberg, each of our current directors is an independent director, as defined under the applicable rules. The Board determined that Mr. Baack and Mr. Shellberg do not qualify as independent directors because they are executive officers of the Company and the Bank. Generally, the Board oversees our business and monitors the performance of our management. In accordance with our corporate governance procedures, the Board does not involve itself in the day-to-day operations of the Company, which are monitored by our executive officers and management. Our directors fulfill their duties and responsibilities by attending regular meetings of the full Board, with additional special meetings held from time to time. Our directors also discuss business and other matters with Mr. Baack, other key executives and our principal external advisers (legal counsel, auditors and other consultants) at times other than regularly scheduled meetings when appropriate. Our Board has established standing committees in connection with the discharge of its responsibilities. These committees include the Audit Committee, Compensation Committee, and Nominating and ESG Committee. Our Board also may establish such other committees as it deems appropriate, in accordance with applicable laws and regulations and our Second Amended and Restated Articles of Incorporation and Amended and Restated Bylaws. The current charters of the Audit Committee, Compensation Committee, and Nominating and ESG Committee are available on the Company’s website at investors.bridgewaterbankmn.com under the “Investor Relations – Governance Documents” heading. The Board held 13 regularly scheduled and special meetings during 2021. In 2022, the full Board intends to meet at least 10 times with special meetings held from time to time when necessary and through committee membership, which is discussed below. During 2021, all directors attended at least 75 percent of the aggregate of the total number of meetings of the Board and the total number of meetings held by the committees on which they served. Although we do not have a formal policy regarding director attendance at the annual meeting, we encourage and expect all of our directors to attend. Last year, nine directors attended the virtual annual shareholder meeting and one director was unable to attend. Corporate Governance Highlights The Board is committed to exercising good corporate governance practices. This includes, among other things, the highlights below:

Lead Independent Director

Prohibition on hedging of stock

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• Each standing committee composed exclusively of independent directors • Regular committee meetings throughout the year • Executive sessions without management present • Stock ownership guidelines for non-employee directors • Annual board self-evaluations • Eight independent directors • Independent compensation consultant retained by and reporting to the Compensation Committee

Board oversight of the Company ’ s environmental, social and governance ( “ ESG ” ) program

• Average tenure for continuing independent directors is 8.6 years • 50% new non-employee directors in the last 5 years • 20% of the Board self-identify as women or ethnic minorities

2022 Proxy Statement

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