Company: WBD
Filing Date: 2025-04-23
Form Type: DEF 14A
Source: 0001437107-25-000084
Chunk: 12

Company: Warner Bros. Discovery, Inc.
Filing Date: 2025-04-23
Form: DEF 14A
Chunk 12
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 XM Holdings Inc. (since 2013)                                                                                                                                                                                                                                                                                    
 Prior Public Company Directorship (past five years):                                                                                                                                                                                                                                                                     
 ■Lions Gate Entertainment Corp. (2015 to 2021)                                                                                                                                                                                                                                                                           |

| 32 |

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

#### Corporate Governance
Our corporate governance practices are established and monitored by our Board. Our Board regularly assesses our governance policies in light of legal requirements and governance best practices.

#### Corporate Governance Guidelines
Our corporate governance practices are embodied in a formal document that has been approved by our Board. The Warner Bros. Discovery, Inc. Corporate Governance Guidelines, or the Guidelines, are posted to the Investor Relations section of our corporate website at ir.wbd.com . These Guidelines, which provide a framework for the conduct of our Board’s business, provide that:

| ■our Board’s responsibility is to oversee the management of Warner Bros. Discovery and to help ensure that the interests of the stockholders are served; 
 ■a majority of the members of our Board shall be independent directors;                                                                                  
 ■the independent directors meet at least twice a year in executive session;                                                                              
 ■directors have access to senior management and, as necessary and appropriate, independent advisors;                                                     
 ■all directors are encouraged to participate in continuing director education on an ongoing basis; and                                                   
 ■our Board and its committees will conduct annual evaluation processes to determine whether they are functioning effectively.                            |

Our Board periodically reviews the Guidelines and updates them as appropriate. Printed copies of our Guidelines are available to any stockholder upon request to the Corporate Secretary, at the address specified below under "Stockholder Communication with Directors."

#### Board Leadership Structure
Discovery, Inc. historically separated the roles of Chief Executive Officer ("CEO") and Board Chair in recognition of the differences between the two roles. In April of 2022, concurrent with the closing of the WarnerMedia Transaction and the related changes to our capital structure and Board composition, the WBD Board considered our Board leadership structure and whether the CEO and Board Chair roles should continue to be separated (as it had been prior to the WarnerMedia Transaction) or combined. The WBD Board noted that the CEO is responsible for setting WBD’s strategic direction, providing leadership and driving the performance of the Company, while the Board Chair provides guidance to the CEO, sets the agenda for