Stockholders have expressed serious displeasure with 2022 executive compensation at Warner Bros. Discovery led by CEO David Zaslav, according to the result of a vote at the annual meeting Monday that was filed with the SEC today
, according to the result of a vote at the annual meeting Monday that was filed with the SEC today.
The so called say-on-pay vote saw nearly half of all votes cast coming out against last year’s comp, which was ratified with just over 50% approval. The votes are advisory only, meaning they’re non-binding, but they do have a impact. Most public companies get over 90% approval and anything under 70% is considered pretty dismal.
In the case of a high percentage of votes against, management will often engage with shareholders and try to tweak things for the following year – in this case 2023. Netflix, Disney and others have faced shareholder dissent. WBD’s annual meeting was virtual and only accessible to WBD shareholders. According to today’s filing, there were a very close 770.6 million votes against 2022 pay, with 795.3 million voting to ratify.
Companies lay out compensation policies and pay numbers for their top five highest-remunerated executives in proxy statements filed with the SEC early each year for the year before. CEO pay makes the headlines — media CEOs in particular these days as writers strike in large part for better pay, and layoffs continue across the entertainment industry whose chief executives
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