Shareholders of Warner Bros. Discovery have voted to reject the 2024 compensation packages of its top executives, including CEO David Zaslav.
WBD held its annual meeting Monday, and shareholders voted down a “Say on Pay” vote by a margin of 1,063,214,128 votes to 724,453,004 votes. Zaslav’s 2024 compensation package rose to $51.9 million.
The vote is symbolic in nature, as the vote is nonbinding, however other companies in the media and entertainment space have adjusted their compensation plans in the wake of shareholder rejection of pay packages. Netflix, for example, made significant changes to its executive compensation after its shareholders rejected its executive compensation in 2023.
AMC Theatres shareholders had also rejected CEO Adam Aron’s pay package that same year. The entertainment business is among the industry’s with the highest total executive compensation among sectors.
At the 2024 annual meeting, shareholders had only just barely approved WBD’s executive pay packages, and this year Institutional Shareholder Services, an influential shareholder advisory firm, recommended that shareholders reject the pay packages, “in light of inadequate responsiveness and an unmitigated pay-for-performance misalignment.”
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