ECOLAB INC

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

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ECOLAB INC.

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As a trusted partner to our customers, we deliver value through comprehensive programs that help them achieve people, planet, and business health — and help them measure their impact and progress toward their business goals.

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A Message from Ecolab’s Chairman and Chief Executive Officer​

DEAR FELLOW STOCKHOLDER:

2023 was a year of milestones and momentum for Ecolab.

After achieving the rare honor of 100 years in business, our team of 48,000 associates went on to deliver for customers across more than 170 countries worldwide. They made 2023 our best year yet, while strengthening Ecolab’s connections with customers, partners and communities, and upholding our rich history of making the world cleaner, safer and healthier.

Our Global Industrial team reinforced Ecolab’s position as the world’s water company by helping customers deliver critical business, water and sustainability outcomes. The Institutional & Specialty team returned to its rightful place as a significant driver of Ecolab’s business, as they helped newly energized hospitality and retail customers thrive. The Healthcare & Life Sciences team continued their work to build a growth engine for the future. And our Pest Elimination team combined science-based service and expert innovation to grow at a historic pace.

Even as inflationary pressures elevated raw material, energy and transportation costs, our team worked to prove the total value delivered to customers. Their combined efforts allowed Ecolab to report historically impressive levels of new business and sales growth. That is why we finished 2023 with great momentum and full of confidence for the year ahead.

We believe that doing the right thing, the right way, is good for business. We achieved record associate engagement scores, made Ecolab safer and more inclusive, and demonstrated solid progress on our sustainability targets. And in 2024, we were once again recognized as the world’s most admired company in our industry and as one of the world’s most ethical companies for the 18 th consecutive year.

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These achievements are the result of all we’ve done in recent years to protect our team, our customers, and our Company. Through it all, Ecolab has remained focused on delivering strong returns for our stockholders. In 2023, we returned $604 million in cash dividends, while also investing in our business to support future growth. Our excellent cash flow and strong business momentum allowed us to announce our 32nd annual cash dividend rate increase and continue our 87-year run of common stock cash dividends.

I look forward to sharing more detailed updates on these and other matters at our upcoming Annual Meeting of Stockholders. You can find details of the business to be addressed in our Notice of Annual Meeting and the Proxy Statement. I invite you to join the live webcast at 12:30 p.m. Central Time on May 2, 2024 and make your vote count. To attend, vote and submit questions, please visitwww.virtualshareholdermeeting.com/ECL2024 and enter the 16-digit control number found in your Notice of Internet Availability of Proxy Materials, voting instruction form or proxy card.

As Chairman and CEO of Ecolab, I am excited about our Company’s bright future and the positive impact we can continue to make on the world. I want to thank you for your investment and your ongoing belief in our team.

We can all be proud of Ecolab’s last 100 years, and I am confident that together, we can make our next century even better.

Sincerely,

Christophe Beck

CHAIRMAN AND CEO

March 18, 2024

A Message from Ecolab’s Lead

Independent Director​

DEAR FELLOW STOCKHOLDER:

As lead independent director, and on behalf of all Ecolab independent directors, I invite you to join the Company’s Annual Meeting of Stockholders on May 2, 2024. Here you will be able to vote on stockholder proposals, hear important updates about 2023 and how we successfully managed a year of continued business growth.

It was in 2023 that I was elected as Ecolab’s lead independent director, replacing Jeffrey M. Ettinger. I would like to acknowledge Jeff and the many contributions he made to Ecolab’s Board as my predecessor. While I bring different experiences and insights to the position, I am also focused on delivering long-term value for our stockholders.

In 2024, we were excited to welcome Judson Althoff to the Board. His global business and high-tech experience make him an excellent addition and we are sure to benefit from his artificial intelligence and cloud computing knowledge. We also thank our valued colleague, Barbara J. Beck, for her service, including in her roles as Chair of the Governance Committee and the Compensation & Human Capital Management Committee.

As I look back on the previous year, your independent directors were deeply involved in the development and oversight of Ecolab’s business strategy. We focused on the successful assessment and mitigation of Company risk, including the management of financial, business and sustainability risk. We also oversaw a renewed focus on cementing the Company’s status as an innovation powerhouse. By focusing on market, enterprise and breakthrough innovations, we see Ecolab addressing critical customer needs and realizing significant new sales opportunities in the coming years.

I have personally worked closely with our Chairman & CEO to maintain effective working relationships between the independent directors and Ecolab’s management. I also take very seriously the responsibility of reviewing and supporting the effectiveness and independence of your Board of Directors. As Chair of the Governance Committee, I have also led ongoing efforts to maintain strong Board leadership, composition and refreshment.

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It is the combined effect of this work that makes me proud of Ecolab’s continued progress in 2023. This is the message that I shared as I represented your interests in many stockholder engagements during the year. These conversations were often focused on Ecolab’s executive compensation, governance structure, board composition and refreshment, and the oversight of risk.

If these topics are also of interest to you, I invite you to review the updates and ongoing changes overseen by the Board’s committees, including the Compensation & Human Capital Management Committee.

I would also like to thank you, our stockholders, for your continued confidence and investment in Ecolab. Your support underpins our commitment to continued progress and innovation in the pursuit of sustainable long-term value creation.

Sincerely,

David W. MacLennan

LEAD INDEPENDENT DIRECTOR

March 18, 2024

Notice of 2024 Annual Meeting​

TO THE STOCKHOLDERS OF ECOLAB INC.

The Annual Meeting of Stockholders of Ecolab Inc. will be held virtually on Thursday, May 2, 2024, at 12:30 p.m., Central Time, by means of a live webcast. We will vote on the matters described below which are more fully explained in the Proxy Statement. Our Annual Meeting will be held in avirtual meeting format only. You will not be able to attend the Annual Meeting at a physical location.

MEETING INFORMATION

ITEMS OF BUSINESS

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You can also vote during the Annual Meeting by visitingwww.virtualshareholdermeeting.com/ECL2024, entering the 16-digit control number, and following the instructions. For more detailed information, see the section entitled “Voting Procedures” beginning on page 86.