Company: GHC
Filing Date: 2025-03-26
Form Type: DEF 14A
Source: 0001193125-25-063218
Chunk: 62

Company: Graham Holdings Co
Filing Date: 2025-03-26
Form: DEF 14A
Chunk 62
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 2022 and 2023, the Company determined that there have been no changes that would result in a significant impact to its pay ratio disclosure. Therefore, in accordance with SEC regulations, for purposes of calculating the pay ratio in this proxy statement the Company elected to use the same median employee that was used to determine the pay ratio in its 2023 and 2024 proxy statements.

For 2024, the Company estimates that the ratio of CEO pay to median employee pay was 72:1. The median employee’s annual compensation in 2024 was $54,484. As reflected in the Summary Compensation Table, the 2024 annual total compensation of the Company’s CEO was $3,915,247. This ratio represents a reasonable estimate calculated in a manner consistent with SEC regulations.

<div align='center'>**35

AUDIT COMMITTEE REPORT**</div>

One of the standing committees of the Board of Directors of the Company is the Audit Committee. The Audit Committee operates under a written charter adopted by the Board of Directors, which is available on our website at https://www.ghco.com/corporate-governance. Currently, there are three non-employee members of the Board on the Audit Committee: Christopher C. Davis; Thomas S. Gayner, who serves as Chairman of the Audit Committee; and G. Richard Wagoner, Jr. Each Committee member is “independent” under the listing standards of the New York Stock Exchange. Specifically, the Board determined that none of the members of the Audit Committee (or any immediate family member) (i) had been employed by or affiliated with the Company within the past three years, (ii) received any compensation from the Company other than Director and Committee fees, (iii) is an employee of a company that makes payments to or receives payments from the Company in an amount that exceeds the greater of $1 million or 2% of such other company’s consolidated gross revenues within the past three years or (iv) has a material relationship with the Company.

The Audit Committee has primary responsibility for assisting the Board in oversight of accounting, financial reporting and disclosure processes, and adequacy of systems of disclosure and internal control established by management; the quality and integrity of the Company’s financial statements; the Company’s compliance with legal and regulatory requirements; the independent auditor’s qualifications, performance and independence; the performance of the Company’s internal audit function; and the performance of the Company’s risk management, ethics and compliance programs.

Management has the primary responsibility for the preparation of