Company: FOX
Filing Date: 2025-09-25
Form Type: DEF 14A
Source: 0001628280-25-042772
Chunk: 87

Company: Fox Corp
Filing Date: 2025-09-25
Form: DEF 14A
Chunk 87
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 the Stockholder Proposal Regarding Simple Majority Vote |

The Board of Directors has carefully reviewed this stockholder proposal requesting the Company amend its governance documents to eliminate supermajority voting provisions and replace all such voting standards with a majority of votes cast standard, where permitted by Delaware law. For the reasons outlined below, the Board recommends that stockholders vote AGAINST this proposal.

### Background on the Company's Voting Standards
The Company’s governance documents contain a limited number of provisions that require a supermajority vote of holders representing at least 65% of the outstanding Class B Common Stock. These provisions apply to amendments to certain provisions of our Certificate of Incorporation, including those that govern director elections and limitations on director liability; the ability of the Company to take certain actions when ownership or proposed ownership of the Company’s capital stock could result in a violation of legal requirements applicable to the Company (important considering our television stations' licenses are subject to certain U.S. regulations regarding non-U.S. share ownership); and amendments to our by-laws.

| 2025 Proxy Statement |     | 55 |

#### PROPOSAL NO. 6: SIMPLE MAJORITY VOTE
FOX’s Supermajority Voting Standards Protect Minority Stockholders

The stockholder proposal mistakenly argues that "there is no point" to supermajority voting standards given the Company's ownership structure. The Company has a stockholder that holds approximately 36.2% of the outstanding Class B Common Stock. In a company with a large stockholder, supermajority voting standards serve an important role in protecting the interests of minority stockholders. These provisions ensure that fundamental changes to governance or structure require broad stockholder support and cannot be unilaterally implemented by a single majority holder. Eliminating these safeguards, as the proposal suggests, could reduce the influence of minority stockholders in critical governance decisions. By maintaining supermajority thresholds, minority investors retain the ability to block changes to the Company’s foundational governance framework.

Commitment to Strong Corporate Governance Practices

While the supermajority vote provisions at FOX serve as important safeguards for minority stockholders, they do not preclude strong corporate governance. The Company is committed to maintaining robust governance policies and practices that support effective Board oversight, transparency and sustainable stockholder value. Key elements of our governance framework include:

• Annual Director Elections with Majority Vote Standard: Directors must receive a majority of votes cast in uncontested elections and are required to submit a resignation if they fail to meet that threshold.

• Independent Leadership and Oversight: Independent Directors elect a Lead Independent Director annually