ESG Governance at Paramount

On a day-to-day basis, a Senior Vice President and a Senior Director of ESG and their team oversee the strategy and implementation of our ESG efforts, under the leadership of the Executive Vice President, Chief Communications and Corporate Marketing Officer, and the rest of our ESG Council Steering Committee. The Steering Committee also includes our Chief Executive Officer, Chief Financial Officer, General Counsel, and other senior executives. The ESG Council consists of the Steering Committee and multiple Working Groups. Together these groups actively review and refine our strategies, programs, and policies related to ESG. The Steering Committee meets quarterly to decide on direction, while the Working Groups meet approximately every other month to discuss their on-the-ground tactics and initiatives. Currently, there are Working Groups dedicated to: Environmental Goals; Governance; Sustainable Production; Environmental Health and Safety; Sports Operations; and Consumer Products.

In 2020 and 2021, we expanded the purview of the ESG Council to help guide our strategy work and ensure ESG is embedded throughout the company. Beyond our ESG team, our ESG Council membership spans Legal, Finance, Investor Relations, the Office of Global Inclusion (OGI), Internal Audit, Compliance, Human Resources, Real Estate and Facilities, Environmental Health and Safety (EHS), and more.

The ESG team regularly updates senior leaders, the Paramount Board of Directors and its Nominating and Governance Committee on ESG-related matters.

In 2021, we also took a major step forward on our ESG journey by establishing our first set of measurable, time-bound goals for each of our three priority areas. As with the rest of our ESG initiatives, we are working with partners across the organization to ensure that we are putting in place the infrastructure needed to consistently track against these goals in time.

Partnership and stakeholder engagement are at the core of our ESG strategy. The input of key groups – including employees, investors, advertisers, issue advocacy groups, and others – has been essential to our consideration of ESG issues, as well as the strategy and implementation that has followed.

The Nominating and Governance Committee monitors developments in the law and practice of corporate governance and significant issues impacting our culture and reputation, as well as our handling of ESG matters. ESG is a standing agenda item of the Nominating and Governance Committee meetings throughout the year, ensuring that updates are regularly provided to senior leaders and the Paramount Board of Directors.

Learn more in Paramount's 2021-2022 Environmental, Social, and Governance Report