Shareholders of Warner Bros. Discovery have voted to reject the company’s top executives’ compensation packages, including CEO David Zaslav, in a non-binding vote. The “Say on Pay” vote saw shareholders choose against the proposals by a significant margin of 1.5 times over the number of votes cast in favor.
Zaslav’s 2024 compensation package increased to $51.9 million, but the vote reflects shareholder concerns over inadequate responsiveness and misaligned pay-for-performance. Institutional Shareholder Services had previously recommended rejecting the pay packages due to these issues.
Following the vote, Warner Bros. Discovery’s board expressed appreciation for shareholders’ views and commitment to engaging in constructive dialogue. The company’s Compensation Committee plans to continue its regular practice of listening to shareholder feedback. This move comes after other companies in the media and entertainment sector have adjusted their compensation plans following similar shareholder rejections.
Source: https://www.hollywoodreporter.com/business/business-news/warner-bros-discovery-shareholders-reject-pay-david-zaslav-1236254624