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Notice of Annual General and Special Meeting 2021 LIONS GATE ENTERTAINMENT CORP. LIONS GATE ENTERTAINMENT CORP. 250 Howe Street, 20th Floor Vancouver, British Columbia V6C 3R8 2700 Colorado Avenue Santa Monica, California 90404 NOTICE OF ANNUAL GENERAL AND SPECIAL MEETING OF SHAREHOLDERS To Be Held September 14, 2021 To Our Shareholders: You are invited to attend the annual general and special meeting of shareholders (the “Annual Meeting”) of Lions Gate Entertainment Corp. (“Lionsgate” or the “Company”), which will be held on Tuesday, September 14, 2021, beginning at 2:00 p.m., Pacific Time, at the Company’s head office in Canada at Dentons Canada, 250 Howe Street, 20th Floor, Vancouver, British Columbia, V6C 3R8. At the Annual Meeting, shareholders will act on the following matters: 1. Elect 11 directors, each for a term of one year or until their respective successors are duly elected and qualified; 2. Re-appoint Ernst & Young LLP as the Company’s independent registered public accounting firm for the fiscal year ending March 31, 2022; 3. Conduct an advisory vote to approve executive compensation; 4. Approve an amendment to the Lions Gate Entertainment Corp. 2019 Performance Incentive Plan; and 5. Transact such further and other business as may properly come before the meeting and any continuations, adjournments or postponements thereof. We are using the Securities and Exchange Commission rule that allows companies to furnish their proxy materials over the Internet. As a result, we are mailing our shareholders a “Notice of Internet Availability of Proxy Materials” (the “Notice”) instead of a printed copy of the notice of Annual Meeting, proxy statement, and proxy card or voting instruction form and our Annual Report for the fiscal year ended March 31, 2021 (including the audited consolidated financial statements of the Company as of and for the fiscal year ended March 31, 2021, together with the auditor’s report therein) (the “Meeting Materials”). Each shareholder (other than those who previously requested electronic delivery of all materials or previously elected to receive delivery of a paper copy of the Meeting Materials) will receive a Notice. The Notice contains instructions on how shareholders can access the Meeting Materials over the Internet and vote their Company Class A voting shares, without par value (the “Class A Voting Shares”). The Notice also contains instructions on how shareholders can receive a printed copy of the Meeting Materials. We believe this process will expedite shareholders’ receipt of the Meeting Materials, lower the costs of the Annual Meeting and conserve natural resources. The Meeting Materials are also available at www.proxyvote.com. We are also utilizing the “Notice and Access” rules adopted by the Canadian Securities Administrators pursuant to which the Company will post electronic copies of the Meeting Materials on the System for Electronic Document Analysis and Retrieval at www.sedar.com and also on our website at http://investors.lionsgate.com/financial-reports/annual-reports-and-proxy-statements/proxy-statements, rather than mailing paper copies to all registered and Non-Registered Shareholders (as defined in this proxy statement). Shareholders of record of Class A Voting Shares at 5:00 p.m. (Eastern Time) on July 23, 2021 are entitled to notice of and to vote at the Annual Meeting or any continuations, adjournments or postponements thereof. Whether or not you plan to attend the Annual Meeting, we urge you to submit your proxy or voting instructions as promptly as possible by Internet, telephone or mail to ensure your representation and the presence of a quorum at the Annual Meeting. If you attend the Annual Meeting and wish to vote in person, you may withdraw your proxy or voting instructions and vote your shares personally. Your proxy is revocable in accordance with the procedures set forth in the proxy statement. We intend to hold the Annual Meeting in person. However, we are actively monitoring the ongoing coronavirus (“COVID-19”) global pandemic and are sensitive to the public health and travel concerns our shareholders may have and the protocols that governments may impose. In the event it is not possible or advisable to hold the Annual Meeting in person, we will announce alternative arrangements for the Annual Meeting as promptly as practicable, which may include holding the Annual Meeting solely by means of remote communication. If we take this step, we will announce the decision to do so in advance by filing the notice as Definitive Additional Materials with the Securities and Exchange Commission. We will also issue a press release and post details on the change(s) to the meeting on our website at http://investors.lionsgate.com/financial-reports/annual- reports-and-proxy-statements/proxy-statements. In the event we hold the meeting solely by means of remote communication, you will need the control number included on your Notice of Internet Availability or your proxy card or voting instruction form (if you received a printed copy of the proxy materials) or included in the email to you if you received the proxy materials by email in order to be able to gain access to, and submit questions during, the Annual Meeting. Please note that if you hold shares through a bank, broker, trustee or other nominee who holds your shares, you cannot vote your shares at the Annual Meeting unless you have obtained a legal proxy from your bank, broker, trustee or other nominee who holds your shares. By Order of the Board of Directors, Jon Feltheimer Chief Executive Officer Santa Monica, California Vancouver, British Columbia July 29, 2021 In accordance with our security procedures, all persons attending the Annual Meeting will be required to present picture identification. TABLE OF CONTENTS Page PROXY SUMMARY ................................................................................................... i PROXY STATEMENT ................................................................................................. 1 ABOUT THE ANNUAL MEETING ...................................................................................... 1 PROPOSAL 1: ELECTION OF DIRECTORS ............................................................................. 7 PROPOSAL 2: RE-APPOINTMENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM ....................... 16 PROPOSAL 3: ADVISORY VOTE TO APPROVE EXECUTIVE COMPENSATION ........................................... 17 PROPOSAL 4: APPROVAL OF AN AMENDMENT TO THE LIONS GATE ENTERTAINMENT CORP. 2019 PERFORMANCE INCENTIVE PLAN ................................................................................................... 18 ENVIRONMENTAL, SOCIAL AND GOVERNANCE ...................................................................... 28 Social Responsibility and Human Capital Matters ...................................................................... 28 Corporate Governance .............................................................................................. 30 Board Leadership Structure ........................................................................................ 30 Separate Chair and Chief Executive Officer Roles .................................................................... 30 Board Role in Risk Oversight ....................................................................................... 31 Cybersecurity and Information Security Risk ........................................................................ 32 COVID-19 Engagement ............................................................................................ 32 Stock Ownership Guidelines ....................................................................................... 33 Policy on Hedging ................................................................................................. 33 Role of The Board ................................................................................................. 33 Board and Shareholder Meeting Attendance ........................................................................ 33 Board Committees and Responsibilities ............................................................................. 34 Determining Board Composition ................................................................................... 37 Term Limits ....................................................................................................... 38 Director Commitments ............................................................................................ 38 Shareholder Communications ...................................................................................... 38 Codes of Conduct and Ethics ....................................................................................... 38 Annual Director Evaluations ....................................................................................... 39 Director Independence ............................................................................................ 39 Non-Management Director Meetings ............................................................................... 39 Director Compensation ............................................................................................ 40 Management ........................................................................................................ 42 COMPENSATION DISCUSSION AND ANALYSIS ....................................................................... 43 Named Executive Officers ........................................................................................