Philip Morris International (PM) Proxy filing summary

Executive summary

• The 2026 Annual Meeting will be held virtually on May 6, 2026, with shareholders able to participate online using a unique control number.

• 2025 marked the fifth consecutive year of volume growth, with net revenues exceeding $40 billion and $17 billion from smoke-free products.

• The company continues to focus on transforming its business toward a smoke-free future, emphasizing sustainability and long-term earnings growth.

• Extensive shareholder engagement was conducted in 2025, including meetings with major institutional investors and an investor perception study.

Voting matters and shareholder proposals

• Shareholders will vote on electing ten directors, an advisory resolution on executive compensation, ratification of PricewaterhouseCoopers SA as independent auditors, and a shareholder proposal on filter cleanup costs and extended producer responsibility laws.

• The Board recommends voting FOR all director nominees, FOR the say-on-pay resolution, FOR auditor ratification, and AGAINST the shareholder proposal.

• The shareholder proposal requests a report on filter cleanup costs; the Board opposes it, citing existing disclosures and proactive voluntary programs.

Board of directors and corporate governance

• The Board consists of ten nominees, 80% of whom are independent, with an average tenure of 8.3 years.

• The Board has experienced significant refreshment since 2008, with regular rotation of committee chairs.

• Four standing committees: Audit and Risk, Compensation and Leadership Development, Nominating and Corporate Governance, and Science and Technology.

• Strong governance practices include proxy access, director overboarding policy, no poison pill, clawback policy, anti-hedging/pledging, and share ownership requirements.