Board Committees

People's United Financial has the following Board Committees:

Audit Committee

People’s United Financial, Inc. (the “Company”) has a standing Audit Committee, which is responsible for overseeing and monitoring the accounting and financial reporting processes and the internal audit function and internal controls of the Company and has sole authority over the supervision of the Company’s annual independent audit by independent registered public accountants. The Audit Committee is also responsible for People’s United Bank’s (“the Bank”) independent loan review function, fiduciary activities and regulatory examination follow-up.

The members of the Audit Committee are William F. Cruger, Jr. (Chairman), George P. Carter, John K. Dwight, Jerry Franklin, Janet M. Hansen and Nancy McAllister.

The Board of Directors has determined that each member of the Audit Committee is “independent” as that term is defined by applicable NASDAQ listing standards and rules promulgated by the Securities and Exchange Commission.

The Board of Directors has also determined that all seven members of the Audit Committee meets the requirements of an “Audit Committee Financial Expert,” as that term is defined under Section 407 of the Sarbanes Oxley Act of 2002 and implementing regulations adopted by the Securities and Exchange Commission.

The Audit Committee’s Charter was most recently approved by the Board of Directors in May 2020.

Audit Committee Charter

Enterprise Risk Committee

The Enterprise Risk Committee of People’s United Financial, Inc.’s (the “Company”) Board of Directors is responsible for overseeing the Company’s enterprise risk management framework and all associated policies and practices. The Committee has been assigned authority to oversee management’s implementation of the Company’s risk management process, to make recommendations to the full Board of Directors concerning the Company’s risk appetite, and to assess the Company’s corporate strategy in light of its risk appetite.

The members of the Enterprise Risk Committee include John K. Dwight (Chairman), Collin P. Baron, George P. Carter, Jane Chwick, William F. Cruger, Jr., Jerry Franklin, Janet M. Hansen, Nancy McAllister and Mark W. Richards.

The Board of Directors has determined that each member of the Enterprise Risk Committee is “independent” as that term is defined by applicable NASDAQ listing standards.

The Board of Directors has also determined that William F. Cruger and Nancy McAllister both meet the standard set forth in Part 252, Subpart D of Regulation YY as having “experience in identifying, assessing and managing risk exposures of large, complex financial firms”.

The Enterprise Risk Committee’s Charter was most recently approved by the Board of Directors in May 2020.

Enterprise Risk Committee Charter

Compensation Committee

The Compensation Committee of People’s United Financial, Inc. (the “Company”) is responsible for overseeing the compensation programs offered by the Company, the plans and programs for the Chief Executive Officer and other Executive Officers, and the management and implementation of the Company’s employee benefit plans and human resource policies.

The members of the Compensation Committee are Mark W. Richards (Chairman), George P. Carter and Janet M. Hansen.

The Board of Directors has determined that each member of the Compensation Committee is “independent” as that term is defined by applicable NASDAQ listing standards and rules promulgated by the Securities and Exchange Commission.

The Compensation Committee’s Charter was most recently approved by the Board of Directors in May 2020.

Compensation Committee

Nominating and Corporate Governance Committee

The Nominating and Corporate Governance Committee of People’s United Financial Inc. (the "Company”) acts as nominating committee with respect to recommending nominees for election to the Board of Directors and assists the Board of Directors in fulfilling its responsibilities with respect to corporate governance matters.

The members of the Nominating and Corporate Governance Committee are George P. Carter (Chairman), Jane Chwick and William F. Cruger, Jr.

The Board of Directors has determined that each member of the Nominating and Corporate Governance Committee is “independent” as that term is defined by applicable NASDAQ listing standards.

The Nominating and Corporate Governance Committee’s Charter was approved by the Board of Directors in May 2020.