Warner Music Group

Industries Media and Entertainment
Subsidiaries https://www.sec.gov/Archives/edgar/data/1319161/000131916125000034/wmg-ex211xq42025.htm, Warner Chappell Music, Inc., Atlantic Music Group, LLC, Warner Records Inc., Elektra Music LLC, Alternative Distribution Alliance
Activism

Companies who scored 100% on the 2023-2024 Corporate Equality Index.

Companies who scored 100% on the 2025 Corporate Equality Index.

Companies that scored a 100 on the 2026 Corporate Equality Index.

The biggest 1000 U.S. companies by revenue according to form 10-K.

Rating Overview

Risk Rating: High

Warner Music Group is High Risk.

Warner Music Group is High Risk. The company yields to political activism in shaping corporate governance, potentially alienating consumers, dividing employees, and harming shareholders. The company implements race and identity-based policies that replace merit, excellence, and integrity with preferential treatment and outcomes. Warner Music Group embraces corporate initiatives that redirect its central focus from business goals to partisan policies and divisive issues. This approach fails to safeguard free exercise, free speech, and free enterprise.

Rating Criteria

Corporate Weaponization Risk Levels
Criteria Risk Level
Cancellations Medium Risk
Discriminatory Philanthropy High Risk
Employment Protection High Risk

Corporate Weaponization

Corporate Governance and Public Policy Risk Levels
Criteria Risk Level
Advocacy Bias High Risk
Funding High Risk
Political Actions High Risk

Corporate Governance and Public Policy

Rating Criteria Detail

Criteria Risk Level Rationale

Corporate Weaponization


Criteria:

Has canceled customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level:

Medium

Rationale:

Warner Music Group received a score of 100 on the 2026 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (1)(2)(3). Warner Music Group received a score of 100 on the 2025 Corporate Equality Index (CEI) from the Human Rights Campaign (HRC), a political stakeholder group. The company recruits employees based on sexual identity issues. The company discriminates against vendors that do not promote divisive sex and gender policies, indicating it prioritizes sexual issues over merit (4)(5). Warner Music Group integrates ESG into all of its business practices. The company promotes divisive sex and gender policies. Its Global Supplier Code of Conduct requires international vendors to include sexual orientation and gender identity in their nondiscrimination policy (6)(7). However, the company has not publicly canceled customers, suppliers, or vendors based on political views or religious beliefs (8).

Criteria:

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level:

High

Rationale:

Warner Music Group’s HRC 2026 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (1)(2)(3). Warner Music Group’s HRC 2025 CEI rating indicates the company will not donate to non-religious charities unless they embrace controversial sexual identity policies (4)(5). However, the company does not appear to discriminate against religious organizations based on views or beliefs (6)(7).

Criteria:

Employment policies fail to protect against viewpoint or other discrimination and/or are ideological in nature.

Risk Level:

High

Rationale:

Warner Music Group’s HRC 2026 CEI rating indicates the company forces employees to attend at least one, controversial training on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (1)(2)(3). Warner Music Group’s HRC 2025 CEI rating indicates the company forces employees to attend multiple, controversial trainings on gender identity, sexual orientation, transgender issues, and divisive racial ideology. The company provides gender transition guidelines for its employees and a specific benefits guide with a comprehensive explanation of transgender services funded by the company (4)(5). Warner Music Group requires its employees to take DEI training (6). However, the company does not provide viewpoint protections for its employees (7)(8).

Corporate Governance and Public Policy


Criteria:

Uses corporate reputation to support causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Warner Music Group’s HRC 2026 CEI rating indicates the company potentially agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (1)(2)(3). Warner Music Group’s HRC 2025 CEI rating indicates the company agrees to allow a controversial stakeholder group focused on sexual identity issues to dictate marketing or advertising strategy. By doing so, the company risks dividing employees, alienating customers and harming shareholders (4)(5). Warner Music Group signed an open letter endorsing the Equality Act, a contentious proposal to amend the 1964 Civil Rights Act by adding sexual orientation and so-called gender identity as protected categories. The legislation would, among other implications, grant biological men access to women-only spaces such as sports teams and public restrooms, and compel healthcare providers to deliver sex-denying healthcare (6). The company opposed various state and local legislation intended to protect parental rights, girls’ sports, bathroom facilities, and gendered spaces (7)(8). Warner Music Group opposed legislation in Iowa intended to protect parental rights, girls’ sports, bathroom facilities, and gendered spaces (9). The company opposed the Florida Parental Rights in Education Act, which would prohibit teaching gender identity and sexual orientation to kids in K-3rd grade (10). Warner Music Group is a member of the “Don’t Ban Equality” business coalition, which advocates against any abortion restrictions because they are “bad for business” (11).

Criteria:

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level:

High

Rationale:

Warner Music Group’s HRC 2026 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits, lab monitoring, and mental health benefits. The company also covers at least five of the following services: reconstructive hair removal, cosmetic hair removal, tracheal shave or reduction, facial surgeries, voice modification surgery, voice modification therapy, lipoplasty or filling for body masculinization or feminization, and travel and lodging expenses. Additionally, the company has potentially pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (1)(2)(3)(4). Warner Music Group’s HRC 2025 CEI rating indicates the company covers transgender related costs for its employees and their children, including paid short-term leave, puberty blockers, cross-sex hormones, chest surgeries, genital surgeries, medical visits and lab monitoring, travel and lodging. Additionally, the company has pledged philanthropic support of at least one organization or event that promotes sex and gender ideology. By allowing a political stakeholder group to dictate operations, the company increases health care costs and risks dividing employees, alienating customers and harming shareholders (5)(6). The company was a sponsor of the 2022, 2023, 2024, and 2025 HRC National Dinners (7)(8)(9)(10). Warner Music Group has pledged support to BLM and/or related racial equity causes. The company’s Social Justice Fund donated $1.4 million dollars to organizations that advance “racial justice, LGBTQ+ rights, reproductive justice, criminal justice reform, and more” (11)(12)(13). Warner Music Group partnered with LGBTQ group Outright International to celebrate Pride Month by releasing a “WMG x Outright Pride playlist” (14). The company’s Blavatnik Family Foundation Social Justice Fund has donated to various organizations advocating for social justice (15)(16)(17).

Criteria:

Uses corporate political actions and/or financial contributions for ideological, non-business purposes.

Risk Level:

High

Rationale:

Warner Music Group’s HRC 2025 CEI rating indicates the company publicly advocated for controversial sex and gender ideology through local, state or federal legislation or initiatives. By allowing a political stakeholder group to dictate operations, the company risks dividing employees, alienating customers and harming shareholders (1)(2). Warner Music Group has not used its PAC donations for ideological purposes and does not report on its lobbying at this time (3)(4)(5).