Warner Bros. Discovery Inc. agreed to increase its transparency for contributions to politicians and trade organizations, prompted by a request from the New York State Common Retirement Fund, Albany.
The company acknowledged its policy in a May 2 letter to the $242.3 billion pension fund, which withdrew a shareholder resolution that had been scheduled for the company's May 8 annual meeting.
"The company will publicly disclose its policy position related to corporate federal contributions and direct independent expenditures, including material details with respect to such expenditures, when incurred," said the letter, a copy of which was provided to Pensions & Investments by the pension fund.
Warner Bros. Discovery also will publicly disclose "its policy and processes for approving political contributions, including disclosures regarding oversight of such contributions by senior management" and a board committee, the letter said.
The company also will disclose "the dollar threshold for political contributions that require approval by senior management," the letter said.
Warner Bros. Discovery will make sure "stockholders receive timely, complete, and useful information regarding the company's political activities and contributions," the letter said. "The disclosures have already been posted on the company's website."
Warner Bros. Discovery also will publicize the following information, according to the letter:
- Contributions to state and local politicians, referendums and ballot initiatives.
- Contributions to 527 organizations, which are tax-exempt entities created to influence legislation and to support or oppose political candidates running for office.
- Disclosure on its website of trade associations of which it is a member for which such annual dues are $50,000 or more as well as the non-tax-deductible portion of the dues for trade associations "that have been designated for lobbying expenditures by the trade association, starting with the 2024 calendar year."
