Company: FOX
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001628280-25-042772
Chunk: 84

Company: Fox Corp
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 84
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 duty by hiring an outside consultant firm to say what the Compensation Committee wanted to hear. The CEO pay ratios of big Japanese and European companies are less than one tenth of 267 to 1, and are about the same level of the CEO pay ratios of big American companies in the late 1970s and early 1980s.

The American corporate boards and executives have become a class of oligarchy, as defined by Aristotle, according to his _ Politics _. In this great classic, Aristotle demonstrated that in a stable community (polis), the ratio of the rich citizen's land to the poor citizen's land should not be over 5 to 1.

Human nature has not changed so much since Aristotle. American corporate governance cannot be derailed from human nature and human reason. The Company has the flexibility to reform the Compensation Committee to include the CEO pay ratio factor to improve the executive compensation program.

| Statement in Opposition to the Stockholder Proposal to Improve Executive Compensation Program |

The Board of Directors has carefully reviewed this stockholder proposal, which requests that the Company include the CEO pay ratio factor to improve the executive compensation program. For the reasons outlined below, the Board recommends that stockholders vote AGAINST this proposal.

Our Executive Compensation Program Is Aligned with Long-Term Value Creation

Our executive compensation program is designed to align the interests of our named executive officers with those of our stockholders, maintain our competitive position as a best-in-class employer and attract, motivate, and retain key talent to drive strong performance and results. The Compensation Committee, which is comprised entirely of independent directors, reviews the structure, metrics, and design principles of the program annually to ensure continued alignment with these objectives. A significant portion of our named executive officers’ total compensation is performance-based and directly linked to the Company’s financial, operational, and strategic results. In fiscal 2025, 85% of our Chief Executive Officer’s total compensation—and 81% of total compensation for our NEOs in aggregate—was variable and at risk.

The Committee also considers the significant cross-functional responsibilities and multiple roles of our executives, their leadership, talent, knowledge, and experience as well as their performance individually and as a group, in its compensation decisions.

A Competitive Program Supports Stockholder Interests

To remain competitive in the market for talented executives with the requisite skills to successfully manage the Company’s businesses, the Committee, with the input of its independent compensation consultant, benchmarks the Company's compensation practices and performance against a carefully selected compensation peer group. In Fiscal 2025, pay