Arkin Solbakken LLP Partner Lisa Solbakken recently spoke to TheWrap about Warner Bros. Discovery CEO David Zaslav’s golden parachute following the company’s sale to Paramount. The article, “Does Warner Bros. Discovery CEO David Zaslav Deserve His $887 Million Golden Parachute?” examines how influential proxy advisory firms Institutional Shareholder Services (ISS) and Glass Lewis have spoken out against the payout, and the effects this could have on an upcoming shareholder vote on Zaslav’s compensation package.
“[ISS and Glass Lewis] can sway a meaningful chunk of institutional investors directly,” Lisa shares with TheWrap. “But they also have sway over other shareholders more indirectly that, at the end of the day, can move a needle by double digits in a closer, controversial vote that can be decisive.”
Lisa continues on to emphasize the impact of the vote, noting that, “If it’s a resounding no, then it’s going to follow these directors reputationally no matter what boards they serve on. People may vote with their feet in the next board election.”