Companies MDU Resources Group Inc
MDU Resources (MDU): executive pay, fiscal 2025
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CEO vs. named peers26th pct.Of 23 peer CEOs
CEO pay, last three years
- $2,479,280FY2023
- $5,628,905FY2024
- $4,812,252FY2025
CEO total pay was $4,812,252 in fiscal 2025, down from $5,628,905 in fiscal 2024.
FY2025: salary $925,000 · bonus $0 · stock awards $2,600,313 · option awards $0
Executives and directors
Anthony Foti · General CounselGarret Senger · Chief Utilities OfficerJason Vollmer · CFORob Johnson · PresidentNicole Kivisto · CEOCharles M. Kelley · Independent DirectorDarrel T. Anderson · Chair of the BoardDennis W. Johnson · Independent DirectorDouglas W. Jaeger · Independent DirectorLisa A. Wang · Former director (through FY2025)Marian M. Durkin · Independent DirectorPriti R. Patel · Independent DirectorTammy J. Miller · Independent DirectorVernon A. Dosch · Independent Director
Frequently asked questions
Who was the highest-paid executive at MDU Resources Group Inc in fiscal 2025?
As disclosed, Nicole Kivisto (President and Chief Executive Officer) was the highest-paid executive at MDU Resources Group Inc in fiscal 2025, with total compensation of $4,812,252.
How does MDU Resources Group Inc's chief executive pay compare to its disclosed peer group?
As disclosed, Nicole Kivisto's total compensation ranked at the 26th percentile of MDU Resources Group Inc's disclosed peer group.
What is MDU Resources Group Inc's CEO-to-median employee pay ratio?
As disclosed, MDU Resources Group Inc's CEO-to-median employee pay ratio was 42:1.
How did shareholders vote on MDU Resources Group Inc's executive compensation?
As disclosed, 98.45% of shareholders supported MDU Resources Group Inc's executive compensation in the latest say-on-pay vote.
How much does MDU Resources Group Inc spend in total on board compensation for fiscal 2025?
As disclosed, MDU Resources Group Inc reported total board compensation of $1,978,528 for fiscal 2025.
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Nicole Kivisto | $925,000 | $0 | $2,600,313 | $0 | $1,169,200 | $67,865 | $49,874 | $4,812,252 |
| President and Chief Executive Officer | ||||||||
| Jason Vollmer | 611,000 | 0 | 944,686 | 0 | 579,228 | 1,938 | 135,274 | 2,272,126 |
| Chief Financial Officer | ||||||||
| Garret Senger | 513,692 | 0 | 425,031 | 0 | 382,234 | 50,821 | 59,649 | 1,431,427 |
| Chief Utilities Officer | ||||||||
| Anthony Foti | 465,000 | 0 | 479,301 | 0 | 382,044 | 0 | 93,232 | 1,419,577 |
| Chief Legal Officer and Corporate Secretary | ||||||||
| Rob Johnson | 436,500 | 0 | 327,216 | 0 | 331,042 | 0 | 105,001 | 1,199,759 |
| President, WBI Energy, Inc. | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Nicole Kivisto | $4,812,252 | $5,628,905 | $2,479,280 | ↓ −816,653 |
| Jason Vollmer | 2,272,126 | 2,856,953 | 2,457,791 | ↓ −584,827 |
| Garret Senger | 1,431,427 | 1,415,509 | — | ↑ +15,918 |
| Anthony Foti | 1,419,577 | — | — | — |
| Rob Johnson | 1,199,759 | 1,266,641 | 1,053,471 | ↓ −66,882 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
The centerpiece of our compensation program is our pay-for-performance philosophy that aligns incentive compensation payouts with the achievement of our annual operating plan and long-term strategy, and consequently stockholder value. This is showcased at senior levels of the Company--particularly the CEO--for whom most compensation is tied to the achievement of metrics driving the Company s operations and stock performance.
| CEO STI target (% of salary) | 100% |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | Independent compensation consultant (nationally-recognized firm; name not disclosed in CD&A) |
| Clawback policy | True |
| Anti-hedging | True |
| Anti-pledging | True |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Jason Vollmer | RSU | 2025-02-12 | — | — | 16,700 | — | $281,061 |
| Anthony Foti | RSU | 2025-02-12 | — | — | 8,473 | — | 142,600 |
| Nicole Kivisto | PSU | 2025-02-12 | 26,815 | 53,631 | — | 107,262 | 924,062 |
| Nicole Kivisto | RSU | 2025-02-12 | — | — | 45,969 | — | 773,658 |
| Garret Senger | RSU | 2025-02-12 | — | — | 7,514 | — | 126,461 |
| Rob Johnson | RSU | 2025-02-12 | — | — | 5,785 | — | 97,362 |
| Rob Johnson | PSU | 2025-02-12 | 3,374 | 6,749 | — | 13,498 | 116,285 |
| Anthony Foti | PSU | 2025-02-12 | 4,942 | 9,885 | — | 19,770 | 166,365 |
| Jason Vollmer | PSU | 2025-02-12 | 9,742 | 19,484 | — | 38,968 | 335,709 |
| Garret Senger | PSU | 2025-02-12 | 4,383 | 8,766 | — | 17,532 | 147,532 |
| Nicole Kivisto | PSU | 2025-02-12 | 26,815 | 53,630 | — | 107,260 | 902,593 |
| Anthony Foti | PSU | 2025-02-12 | 4,943 | 9,886 | — | 19,772 | 170,336 |
| Rob Johnson | PSU | 2025-02-12 | 3,374 | 6,748 | — | 13,496 | 113,569 |
| Jason Vollmer | PSU | 2025-02-12 | 9,742 | 19,484 | — | 38,968 | 327,916 |
| Garret Senger | PSU | 2025-02-12 | 4,383 | 8,766 | — | 17,532 | 151,038 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Jason Vollmer | $281,061 | $663,625 | $0 | 70.2% |
| Anthony Foti | 142,600 | 336,701 | 0 | 70.2% |
| Nicole Kivisto | 773,658 | 1,826,655 | 0 | 70.2% |
| Garret Senger | 126,461 | 298,570 | 0 | 70.2% |
| Rob Johnson | 97,362 | 229,854 | 0 | 70.2% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Anthony Foti | RSU | 8,473 | — | $165,393 |
| Johnson | PSU | 13,497 | — | 263,461 |
| Garret Senger | PSU | 17,532 | — | 342,225 |
| Anthony Foti | PSU | 19,771 | — | 385,930 |
| Johnson | PSU | 33,845 | — | — |
| Johnson | RSU | 36,232 | — | 707,249 |
| Jason Vollmer | PSU | 38,968 | — | 760,655 |
| Garret Senger | RSU | 54,810 | — | 1,069,891 |
| Garret Senger | PSU | 68,014 | — | — |
| Johnson | RSU | 92,923 | — | — |
| Garret Senger | RSU | 101,143 | — | — |
| Nicole Kivisto | PSU | 107,261 | — | 2,093,735 |
| Jason Vollmer | PSU | 116,647 | — | — |
| Jason Vollmer | RSU | 124,570 | — | 2,431,606 |
| Nicole Kivisto | PSU | 247,644 | — | — |
| Nicole Kivisto | RSU | 302,158 | — | 5,898,124 |
| Jason Vollmer | RSU | 318,132 | — | — |
| Nicole Kivisto | RSU | 494,432 | — | — |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| Darrel T. AndersonIndependent · Board Chair · Compensation · Governance (Chair) | $171,667 | $166,667 | $0 | $0 | $114 | $338,448 |
| Dennis W. JohnsonIndependent · Compensation · Governance · Not standing for re-election | 160,417 | 160,417 | 0 | 0 | 5,114 | 325,948 |
| Douglas W. JaegerIndependent · Audit (Chair) | 130,000 | 150,000 | 0 | 0 | 3,714 | 283,714 |
| Marian M. DurkinIndependent · Compensation (Chair) · Governance | 121,667 | 150,000 | 0 | 0 | 114 | 271,781 |
| Vernon A. DoschIndependent · Audit | 110,000 | 150,000 | 0 | 0 | 114 | 260,114 |
| Priti R. PatelIndependent · Audit · Newly elected | 73,333 | 100,000 | 0 | 0 | 67 | 173,400 |
| Lisa A. WangIndependent · Departed during FY | 45,833 | 62,500 | 0 | 0 | 48 | 108,381 |
| Charles M. KelleyIndependent · Compensation · Newly elected | 45,833 | 62,500 | 0 | 0 | 38 | 108,371 |
| Tammy J. MillerIndependent · Governance · Newly elected | 45,833 | 62,500 | 0 | 0 | 38 | 108,371 |
| Nicole A. KivistoEmployee director | 0 | 0 | 0 | — | 0 | 0 |
Board fee structure and ownership guideline
| Annual cash retainer | $110,000 |
|---|---|
| Annual equity retainer | $150,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 20,000 / 15,000 |
| Stock ownership guideline | 5x Annual Retainer Fee |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $904,583 |
| Equity awards (grant-date value) | $1,064,584 |
| All other compensation | $9,361 |
| Total cost of the board | $1,978,528 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names MDU Resources as a peer
Companies that benchmark against MDU
14 companies name MDU as a compensation peer
- Allete IncALEFY2024
- ALLIANT ENERGY CORPLNTFY2025
- BLACK HILLS CORP /SD/BKHFY2025
- Centuri Holdings, Inc.CTRIFY2025
- COMFORT SYSTEMS USA INCFIXFY2025
- HAWAIIAN ELECTRIC INDUSTRIES INCHEFY2025
- NATIONAL FUEL GAS CONFGFY2025
- NorthWestern Energy Group, Inc.NWEFY2025
- Otter Tail CorpOTTRFY2025
- Southwest Gas Holdings, Inc.SWXFY2025
- SPIRE INCSRFY2025
- TXNM ENERGY INCEGTFY2025
- TXNM ENERGY INCTXNMFY2025
- UGI CORP /PA/UGIFY2025
Each company listed discloses MDU in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MDU in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
IDA IDACORP, Inc.SWX Southwest Gas Holdings, Inc.LNT Alliant Energy CorporationATO Atmos Energy CorporationAVA Avista CorporationDTM DT Midstream, Inc.NJR New Jersey Resources CorporationNWN Northwest Natural Holding CompanyNWEC Northwestern Energy Group, Inc.OGE OGE Energy Corp.OGS ONE Gas, Inc.PNW Pinnacle West Capital CorporationTXNM TXNM Energy, Inc.CPK Chesapeake Utilities CorporationOTTR Otter Tail CorporationSR Spire Inc.POR Portland General Electric CompanyNI NiSource Inc.MGEE MGE Energy, Inc.BKH Black Hills CorporationNFG National Fuel Gas CompanyETRN Equitrans Midstream CorporationALE ALLETE, Inc.
Peer reciprocity
The companies MDU Resources Group Inc names as compensation peers that name it back in their own disclosed peer groups.
Southwest Gas Holdings, Inc. (SWX)65Alliant Energy Corporation (LNT)66TXNM Energy, Inc. (TXNM)67Otter Tail Corporation (OTTR)68Spire Inc. (SR)69Black Hills Corporation (BKH)70National Fuel Gas Company (NFG)71ALLETE, Inc. (ALE)72
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Equitrans Midstream Corporation | 2023 | Thomas Karam | $790,250 | $5,364,344 | $0 | $1,715,880 | $15,457,854 |
| 2 | NiSource Inc. | 2025 | Lloyd Yates | 1,191,667 | 9,619,864 | 0 | 2,261,784 | 13,197,800 |
| 3 | OGE Energy Corp. | 2025 | Sean Trauschke | 1,239,372 | 5,811,824 | 0 | 1,753,487 | 12,032,007 |
| 4 | Southwest Gas Holdings, Inc. | 2025 | Karen Haller | 1,090,685 | 5,776,085 | 0 | 1,861,200 | 10,029,409 |
| 5 | Atmos Energy Corporation | 2025 | J. Kevin Akers | 1,147,802 | 5,179,057 | 0 | 2,100,572 | 9,953,274 |
| 6 | DT Midstream, Inc. | 2025 | David Slater | 852,203 | 6,282,371 | 0 | 1,839,938 | 9,328,071 |
| 7 | National Fuel Gas Company | 2025 | David Bauer | 1,095,000 | 4,170,593 | 0 | 1,881,347 | 9,119,455 |
| 8 | Alliant Energy Corporation | 2025 | Lisa Barton | 1,136,937 | 5,471,255 | 0 | 1,835,563 | 8,999,073 |
| 9 | Pinnacle West Capital Corporation | 2025 | Theodore Geisler | 938,356 | 5,257,108 | 0 | 1,853,040 | 8,414,652 |
| 10 | Portland General Electric Company | 2025 | Maria Pope | 1,205,111 | 4,549,047 | 0 | 1,235,019 | 7,583,877 |
| 11 | Idacorp, Inc. | 2025 | Lisa Grow | 1,050,000 | 2,942,308 | 0 | 1,785,001 | 7,529,892 |
| 12 | Otter Tail Corporation | 2025 | Charles MacFarlane | 867,578 | 3,149,276 | 0 | 1,471,194 | 6,792,688 |
| 13 | New Jersey Resources Corporation | 2025 | Stephen Westhoven | 1,002,737 | 3,514,633 | 0 | 1,398,286 | 6,433,253 |
| 14 | Black Hills Corporation | 2025 | Linden Evans | 995,594 | 2,966,688 | 0 | 1,294,886 | 5,991,759 |
| 15 | ONE Gas, Inc. | 2025 | Robert McAnnally | 925,000 | 3,154,361 | 0 | 1,300,000 | 5,575,027 |
| 16 | Spire Inc. | 2025 | Steven Lindsey | 497,308 | 1,873,940 | 0 | 0 | 5,066,799 |
| 17 | MDU Resources Group Inc | 2025 | Nicole Kivisto | 925,000 | 2,600,313 | 0 | 1,169,200 | 4,812,252 |
| 18 | Avista Corporation | 2025 | Heather Rosentrater | 786,845 | 2,653,743 | 0 | 897,732 | 4,773,308 |
| 19 | Chesapeake Utilities Corporation | 2025 | Jeffry Householder | 872,385 | 2,420,566 | 0 | 1,097,863 | 4,531,322 |
| 20 | Txnm Energy, Inc. | 2025 | Joseph Tarry | 839,462 | 2,275,011 | 0 | 495,058 | 3,903,948 |
| 21 | Allete, Inc. | 2024 | Bethany Owen | 871,175 | 1,378,138 | 0 | 1,329,692 | 3,720,063 |
| 22 | Northwest Natural Holding Company | 2025 | Justin Palfreyman | 812,500 | 1,726,208 | 0 | 726,406 | 3,695,467 |
| 23 | MGE Energy, Inc. | 2025 | Jeffrey Keebler | 795,833 | 1,402,881 | 0 | 865,920 | 3,613,508 |
| — | Northwestern Energy Group, Inc. | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| MDU Resources Group Inc | 126.4% | PSU 70 · RSU 30 | Yes — Three-Year rTSR | Independent compensation consultant (nationally-recognized firm; name not disclosed in CD&A) |
| Allete, Inc. | 153.2% | PSU 75 · RSU 25 | Yes — Relative TSR | Pearl Meyer |
| Alliant Energy Corporation | 130% | PSU 75 · RSU 25 | No | Pay Governance LLC |
| Atmos Energy Corporation | 153% | PSU 75 · RSU 25 | No | Meridian Compensation Partners, LLC |
| Avista Corporation | 114% | not disclosed | No | Meridian Compensation Partners |
| Black Hills Corporation | 118.4% | PSU 60 · RSU 40 | Yes — Relative Total Shareholder Return (rTSR) | Meridian |
| Chesapeake Utilities Corporation | not disclosed | PSU 100 | not disclosed | FW Cook |
| DT Midstream, Inc. | 152.62% | PSU 70 · RSU 30 | No | Meridian Compensation Partners LLC |
| Equitrans Midstream Corporation | 181% | PSU 55 · RSU 45 | Yes — Relative TSR | Pay Governance |
| Idacorp, Inc. | 170% | PSU 67 · RSU 33 | Yes — TSR | Pay Governance |
| MGE Energy, Inc. | 135.3% | PSU 50 · RSU 50 | Yes — Relative Total Shareholder Return (TSR) | FW Cook |
| National Fuel Gas Company | not disclosed | PSU 66.67 · RSU 33.33 | not disclosed | Korn Ferry and Meridian Compensation Partners, LLC |
| New Jersey Resources Corporation | 126.17% | PSU 51 · RSU 49 | No | FW Cook |
| NiSource Inc. | 146% | PSU 80 · RSU 20 | Yes — Three-Year RTSR | Meridian Compensation Partners |
| Northwest Natural Holding Company | 138.8% | PSA 65 · RSU 35 | No | Pay Governance |
| Northwestern Energy Group, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| OGE Energy Corp. | 118% | PSU 65 · RSU 35 | No | Mercer |
| ONE Gas, Inc. | 140.6% | PSU 70 · RSU 30 | Yes — Relative TSR | Meridian Compensation Partners |
| Otter Tail Corporation | not disclosed | not disclosed | Yes — Three-Year TSR performance relative to peer group | WTW |
| Pinnacle West Capital Corporation | 197.5% | PSU 70 · RSU 30 | Yes — Relative TSR | FW Cook |
| Portland General Electric Company | not disclosed | PSU 70 · RSU 30 | Yes — Relative Total Shareholder Return (TSR) | FW Cook |
| Southwest Gas Holdings, Inc. | 141% | PSU 60 · RSU 40 | No | Aon Human Capital Solutions |
| Spire Inc. | 95% | PSU 75 · RSU 25 | No | Semler Brossy Consulting Group LLC |
| Txnm Energy, Inc. | 50% | PSU 70 · RSU 30 | Yes — Relative TSR Goal | Pay Governance |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-05-11 | 155,483,583 | 2,448,238 | 545,659 | 98.45% | Passed |
| 2025 | 2025-05-13 | 148,199,129 | 10,334,399 | 1,446,785 | 92.64% | Passed |
| 2024 | 2024-05-14 | 149,441,848 | 5,921,590 | 702,771 | 95.76% | Passed |
| 2023 | 2023-05-09 | 152,033,521 | 3,325,740 | 1,404,209 | 96.98% | Passed |
| 2022 | 2022-05-10 | 144,014,541 | 5,551,276 | 965,721 | 95.67% | Passed |
| 2021 | 2021-05-11 | 144,534,051 | 5,101,703 | 1,078,048 | 95.9% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-05-11 | 98.45%a |
| 2025 | 2025-05-13 | 92.64%b |
| 2024 | 2024-05-14 | 95.76%c |
a. Voting standard not stated in the filing.
b. Approved under the standard stated in the filing — “Abstentions will count as votes against this proposal.”.
c. Approved under the standard stated in the filing — “Abstentions will count as votes against this proposal.”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
CEO pay ratio
| Ratio (CEO : median employee) | 42 : 1 |
|---|---|
| CEO total compensation | $4,812,252 |
| Median employee compensation | $113,619 |
Insider trades since the proxy
Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.
| Insider | Role | Transaction date | Code | Shares | Price | Value | Security | Source |
|---|---|---|---|---|---|---|---|---|
| Marian M. Durkin | Director | 2026-06-30 | A | 152 | $0 | $0 | Common | Form 4 ↗ |
| Vernon A. Dosch | Director | 2026-06-30 | A | 1,293 | 0 | 0 | Common | Form 4 ↗ |
| Vernon A. Dosch | Director | 2026-09-30 | A | 1,462 | 0 | 0 | Common | Form 4 ↗ |
| Marian M. Durkin | Director | 2026-09-30 | A | 172 | 0 | 0 | Common | Form 4 ↗ |
Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.
Sources (72 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Nicole Kivisto. DEF 14A, filed 2026-04-01. Section “Summary Compensation Table”. As printed: 4,812,252. View filing ↗
- Section 01, Jason Vollmer. DEF 14A, filed 2026-04-01. Section “Summary Compensation Table”. As printed: 2,272,126. View filing ↗
- Section 01, Garret Senger. DEF 14A, filed 2026-04-01. Section “Summary Compensation Table”. As printed: 1,431,427. View filing ↗
- Section 01, Anthony Foti. DEF 14A, filed 2026-04-01. Section “Summary Compensation Table”. As printed: 1,419,577. View filing ↗
- Section 01, Rob Johnson. DEF 14A, filed 2026-04-01. Section “Summary Compensation Table”. As printed: 1,199,759. View filing ↗
- Section 03, Jason Vollmer RSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony Foti RSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Nicole Kivisto PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Nicole Kivisto RSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Garret Senger RSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Rob Johnson RSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Rob Johnson PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony Foti PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Jason Vollmer PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Garret Senger PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Nicole Kivisto PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Anthony Foti PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Rob Johnson PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Jason Vollmer PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 03, Garret Senger PSU. DEF 14A, filed 2026-04-01. Section “Grants of Plan-Based Awards in 2025” · grants of plan-based awards table. View filing ↗
- Section 07, pay ratio. DEF 14A, filed 2026-04-01. Section “CEO Pay Ratio”. As printed: 42 : 1. View filing ↗
- Section 08, Darrel T. Anderson. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 338,448. View filing ↗
- Section 08, Dennis W. Johnson. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 325,948. View filing ↗
- Section 08, Douglas W. Jaeger. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 283,714. View filing ↗
- Section 08, Marian M. Durkin. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 271,781. View filing ↗
- Section 08, Vernon A. Dosch. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 260,114. View filing ↗
- Section 08, Priti R. Patel. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 173,400. View filing ↗
- Section 08, Lisa A. Wang. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 108,381. View filing ↗
- Section 08, Charles M. Kelley. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 108,371. View filing ↗
- Section 08, Tammy J. Miller. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 108,371. View filing ↗
- Section 08, Nicole A. Kivisto. DEF 14A, filed 2026-04-01. Section “Director Compensation”. As printed: 0. View filing ↗
- Section 02, Marian M. Durkin 2026-06-30. Form 4, filed 2026-07-01. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Vernon A. Dosch 2026-06-30. Form 4, filed 2026-07-01. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Vernon A. Dosch 2026-09-30. Form 4, filed 2026-10-01. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 02, Marian M. Durkin 2026-09-30. Form 4, filed 2026-10-01. Insider equity transaction reported since the proxy statement. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-05-13. Item 5.07 · say-on-pay result. As reported: 98.45% (votes for as printed: 155,483,583). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-15. Item 5.07 · say-on-pay result. As reported: 92.64% (votes for as printed: 148,199,129). View filing ↗
- Section 06, 2024 vote. Form 8-K, filed 2024-05-20. Item 5.07 · say-on-pay result. As reported: 95.76% (votes for as printed: 149,441,848). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 904,583 + equity 1,064,584 + all other 9,361 = 1,978,528, summed across the director compensation table rows.
- Equitrans Midstream Corporation, Section 10b CEO total. DEF 14A, filed 2024-03-04. CEO total compensation as printed in Equitrans Midstream Corporation's own proxy. As printed: 15,457,854. View filing ↗
- NiSource Inc., Section 10b CEO total. DEF 14A, filed 2026-03-30. CEO total compensation as printed in NiSource Inc.'s own proxy. As printed: 13,197,800. View filing ↗
- OGE Energy Corp., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in OGE Energy Corp.'s own proxy. As printed: 12,032,007. View filing ↗
- Southwest Gas Holdings, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-23. CEO total compensation as printed in Southwest Gas Holdings, Inc.'s own proxy. As printed: 10,029,409. View filing ↗
- Atmos Energy Corporation, Section 10b CEO total. DEF 14A, filed 2025-12-19. CEO total compensation as printed in Atmos Energy Corporation's own proxy. As printed: 9,953,274. View filing ↗
- DT Midstream, Inc., Section 10b CEO total. DEF 14A, filed 2026-03-26. CEO total compensation as printed in DT Midstream, Inc.'s own proxy. As printed: 9,328,071. View filing ↗
- National Fuel Gas Company, Section 10b CEO total. DEF 14A, filed 2026-01-23. CEO total compensation as printed in National Fuel Gas Company's own proxy. As printed: 9,119,455. View filing ↗
- Alliant Energy Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-31. CEO total compensation as printed in Alliant Energy Corporation's own proxy. As printed: 8,999,073. View filing ↗
- Pinnacle West Capital Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-03. CEO total compensation as printed in Pinnacle West Capital Corporation's own proxy. As printed: 8,414,652. View filing ↗
- Portland General Electric Company, Section 10b CEO total. DEF 14A, filed 2026-03-13. CEO total compensation as printed in Portland General Electric Company's own proxy. As printed: 7,583,877. View filing ↗
- Idacorp, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in Idacorp, Inc.'s own proxy. As printed: 7,529,892. View filing ↗
- Otter Tail Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-02. CEO total compensation as printed in Otter Tail Corporation's own proxy. As printed: 6,792,688. View filing ↗
- New Jersey Resources Corporation, Section 10b CEO total. DEF 14A, filed 2025-12-10. CEO total compensation as printed in New Jersey Resources Corporation's own proxy. As printed: 6,433,253. View filing ↗
- Black Hills Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-18. CEO total compensation as printed in Black Hills Corporation's own proxy. As printed: 5,991,759. View filing ↗
- ONE Gas, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in ONE Gas, Inc.'s own proxy. As printed: 5,575,027. View filing ↗
- Spire Inc., Section 10b CEO total. DEF 14A, filed 2025-12-16. CEO total compensation as printed in Spire Inc.'s own proxy. As printed: 5,066,799. View filing ↗
- MDU Resources Group Inc (subject), Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in MDU Resources Group Inc's own proxy. As printed: 4,812,252. View filing ↗
- Avista Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-01. CEO total compensation as printed in Avista Corporation's own proxy. As printed: 4,773,308. View filing ↗
- Chesapeake Utilities Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-25. CEO total compensation as printed in Chesapeake Utilities Corporation's own proxy. As printed: 4,531,322. View filing ↗
- Txnm Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Txnm Energy, Inc.'s own proxy. As printed: 3,903,948. View filing ↗
- Allete, Inc., Section 10b CEO total. DEF 14A, filed 2025-03-31. CEO total compensation as printed in Allete, Inc.'s own proxy. As printed: 3,720,063. View filing ↗
- Northwest Natural Holding Company, Section 10b CEO total. DEF 14A, filed 2026-04-17. CEO total compensation as printed in Northwest Natural Holding Company's own proxy. As printed: 3,695,467. View filing ↗
- MGE Energy, Inc., Section 10b CEO total. DEF 14A, filed 2026-04-02. CEO total compensation as printed in MGE Energy, Inc.'s own proxy. As printed: 3,613,508. View filing ↗
- Section 10a, Southwest Gas Holdings, Inc. reciprocity. DEF 14A. Southwest Gas Holdings, Inc. names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Alliant Energy Corporation reciprocity. DEF 14A. Alliant Energy Corporation names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, TXNM Energy, Inc. reciprocity. DEF 14A. TXNM Energy, Inc. names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Otter Tail Corporation reciprocity. DEF 14A. Otter Tail Corporation names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Spire Inc. reciprocity. DEF 14A. Spire Inc. names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Black Hills Corporation reciprocity. DEF 14A. Black Hills Corporation names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, National Fuel Gas Company reciprocity. DEF 14A. National Fuel Gas Company names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, ALLETE, Inc. reciprocity. DEF 14A. ALLETE, Inc. names MDU Resources Group Inc in its own disclosed peer group (read from its most recent proxy). View filing ↗