Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 101

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 101
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 our largest institutional investors to understand their disclosed perspectives. Based on this analysis, the Nominating Committee determined that proposing an amendment to our certificate of incorporation to permit stockholders to call a special meeting was the appropriate response to the stockholder proposal vote.

#### 2025 PROXY STATEMENT99
| Proxy Statement 
 Summary         |     | Election of Directors |     | Corporate  
 Governance |     | Audit   
 Matters |     | Executive    
 Compensation |     | Other   
 Matters |     | Additional  
 Information |     | Appendices |

To inform what the appropriate ownership threshold should be, and prior to the Board approving the proposed amendment to our certificate of incorporation, we conducted a broad-reaching stockholder outreach campaign, which ultimately resulted in us having substantive discussions with stockholders representing 36% of our outstanding shares. Our Independent Board Chair, Mr. Di Piazza, participated in all of these meetings. During these discussions, the overwhelming feedback was that a 10% threshold was too low, with the most appropriate threshold being between 20% and 25% of outstanding shares. Stockholders also expressed their support for a one-year holding period to align this stockholder right with long-term stockholders' interests.

After evaluating the stockholder feedback received and supported by our comprehensive review of peer corporate governance practices, the Nominating Committee recommended, and the Board approved, a proposal to amend our certificate of incorporation to provide stockholders owning 20% of the stock for at least one year with the ability to call a special meeting. Our Board believes that a 20% voting power ownership threshold, with appropriate procedural requirements and limitations, including a one-year holding period, sets an appropriate level that ensures a stockholder right in the event of a critical, time-sensitive issue, while still adequately protecting the interests of the Company, including the potential misuse of the right by special interest groups.

In setting this threshold, the Board has considered that special meetings of stockholders impose significant costs, both administrative and operational, on the Board, management and employees, and should ideally only be called to discuss critical, time-sensitive issues that cannot be delayed until our next annual meeting and convened only when a broad base of stockholders who have held such position for a durationally meaningful period support calling the special meeting. Balancing these various considerations, the Board believes that having a meaningful ownership requirement, a one-year holding period and certain other procedural and substantive safeguards, would create a new right for stockholders in a manner that also protects the interests of the stockholders and the interests of the