Company: BSM
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0001193125-25-107202
Chunk: 19

Company: Black Stone Minerals, L.P.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 19
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 to adopt governance guidelines covering certain matters. We believe that the Corporate Governance Guidelines comply with the NYSE rules. Board Leadership Structure The Board’s leadership structure does not separate the Chief Executive Officer and Chairman of the Board positions. The Board retains the authority to modify this structure as and when appropriate, and it is possible that the Board may decide to separate the Chief Executive Officer and Chairman of the Board positions in the future. The Board believes that there is no single, generally accepted approach to providing Board leadership and that each of the possible leadership structures for a board of directors must be considered in the context of the individuals involved and the specific circumstances facing a company as the right leadership structure may vary as circumstances change. The Board currently is of the view that it is in our best interest for the Chief Executive Officer to also serve as the Board’s Chairman. Mr. Carter serves as our Chief Executive Officer as well as Chairman of the Board. As the director most familiar with our business and industry and most capable of effectively identifying strategic priorities, he is best positioned to lead the Board through reviews of key business and strategic issues. Executive Sessions of Non-ManagementDirectors The Board holds regular executive sessions in which the non-managementdirectors meet without any members of management present. The purpose of these executive sessions is to promote open and candid discussion among the non-managementdirectors. The director who presides at these meetings, the Lead Director, is elected by the Board and serves for a two-yearterm. Carin M. Barth currently serves as Lead Director and was initially elected in 2020. The Lead Director is responsible for preparing an agenda for the meetings of the non-managementdirectors in executive session. Currently, all the non-managementdirectors of the Board are independent under the listing requirements of the NYSE. 13

Risk Oversight Procedures The Board, as a whole, oversees our assessment of major risks and the measures taken to manage such risks. For example, the Board:

| • |     | oversees our long-term strategic plans, assesses risks that would cause us to fail to achieve our strategic plans and reviews strategies to mitigate those risks; |

| • |     | oversees management of our exposure to commodity prices through regular review of our hedging position and hedging policy; |

| • |     | monitors our liquidity profile and our compliance with the financial covenants contained in our borrowing arrangements; |

| • |     | oversees environmental, social, and governance (“ESG”) matters; |

| • |     | oversees management of our exposure to cybersecurity threats