美国废物管理 2025年度报告

NOTICE OF ANNUAL MEETING OF STOCKHOLDERS Date and Time: IMPORTANT NOTICE REGARDING THEAVAILABILITY OF PROXY MATERIALS FOR THESTOCKHOLDER MEETING TO BE HELDMAY 12, 2026: Tuesday, May 12, 2026 at 11:00 a.m. Central Time Place: This Notice of Annual Meeting and Proxy Statementand the Company’s Annual Report on Form 10-K forthe year ended December 31, 2025 are available atinvestors.wm.com. Waste Management, Inc.800 Capitol Street, Suite 3000Houston, Texas 77002 You may submit your proxy via the Internetby following the instructions provided inthe Notice or, if you received printed copiesof the proxy materials, on your proxy card. Record Date: March 17, 2026 Agenda for the Annual Meeting (or any adjournmentor postponement thereof): Ifyou received printed copies of thematerialsinaccordancewiththeinstructions in the Notice, you also havetheoption to submit your proxy bytelephone by calling the toll-free numberlisted on your proxy card. Telephone votingisavailable 24 hours per day until11:59 p.m., Eastern Time, on May 11, 2026. • To elect the nine nominees named in the attached proxystatement to our Board of Directors;• To vote on a proposal to ratify the appointment of Ernst &YoungLLP as our independent registered publicaccounting firm for the fiscal year ending December 31,2026;• To vote on a non-binding, advisory proposal to approveour executive compensation;• Tovote on a proposal to amend and restate ourEmployee Stock Purchase Plan (the “ESPP”) to increasethe number of shares authorized for issuance; and• To conduct other business that is properly raised at themeeting. If you received printed copies of the proxymaterialsinaccordancewiththeinstructions in the Notice and would like tosubmit your proxy by mail, please mark,sign and date your proxy card and return itpromptly in the postage-paid envelopeprovided. If your shares of Common Stock are held in street name,you will receive instructions from your broker, bank ornominee that you must follow in order to have yourshares of Common Stock voted at the Annual Meeting. Your vote is important.We urge all stockholders to vote and submit their proxies as soon as possible using one of themethods described above. Enroll in Electronic Delivery Today.Help us save paper, time and money! If yourshares are held in street name through a bank or broker, visit www.proxyvote.com orfollow the instructions on the Notice, proxy card or voting instructions. Allstockholders may enroll at enroll.icsdelivery.com/wmi. Courtney A. TippyCorporate Secretary March 31, 2026 PROXY STATEMENT TABLE OF CONTENTS PageGENERAL INFORMATION. . . . . . . . . . . . . . . . .1BOARD OF DIRECTORS. . . . . . . . . . . . . . . . . .4Nominees for Director. . . . . . . . . . . . . . . . .4Leadership Structure . . . . . . . . . . . . . . . . . .4Independence of Board Members . . . . . . . . . .5Meetings and Board Committees . . . . . . . . . .5Role in Risk Oversight . . . . . . . . . . . . . . . . . .5Oversight of Sustainability Risk andPerformance. . . . . . . . . . . . . . . . . . . . . .6Audit Committee. . . . . . . . . . . . . . . . . . . . .8Audit Committee Report. . . . . . . . . . . . . . . .9Management Development and CompensationCommittee . . . . . . . . . . . . . . . . . . . . . . . .10Compensation Committee Report . . . . . . . . . .10Compensation Committee Interlocks andInsider Participation. . . . . . . . . . . . . . . . .11Nominating and Governance Committee . . . . .11Related Party Transactions . . . . . . . . . . . . . .12Board of Directors Governing Documents. . . .13Non-Employee Director Compensation . . . . . .13ELECTION OF DIRECTORS (Item 1 on the ProxyCard). . . . . . . . . . . . . . . . . . . . . . . . . . . . .16DIRECTOR AND OFFICER STOCK OWNERSHIP. .28SECURITY OWNERSHIP OF CERTAINBENEFICIAL OWNERS. . . . . . . . . . . . . . . . .29EXECUTIVE OFFICERS. . . . . . . . . . . . . . . . . . .30EXECUTIVE COMPENSATION. . . . . . . . . . . . . .31Compensation Discussion and Analysis. . . .31Introduction . . . . . . . . . . . . . . . . . . . . . . .31Executive Summary. . . . . . . . . . . . . . . . .312025 Compensation Program Results andCompany Performance. . . . . . . . . . . . .32Executive Compensation Decisions inConnection with Leadership Transitions . .34Consideration of Stockholder AdvisoryVote . . . . . . . . . . . . . . . . . . . . . . . . . . .352026 Compensation Program Preview . . . . .35 PageOur Compensation Philosophy for NamedExecutive Officers. . . . . . . . . . . . . . . . .36Overview of Elements of Our 2025 ExecutiveCompensation Program . . . . . . . . . . . . .37How Named Executive Officer CompensationDecisions are Made . . . . . . . . . . . . . . . .38Named Executives’ 2025 CompensationProgram and Results . . . . . . . . . . . . . . .42Post-Employment and Change in ControlCompensation; Clawback Policies. . . . . .48Other Compensation Policies andPractices. . . . . . . . . . . . . . . . . . . . . . .49Executive Compensation Tables. . . . . . . . . .51Summar