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Liberty Global Ltd.

For the period ended May 27, 2025. Filed Apr 9, 2025.

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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.

May 27, 2025 · Filed Apr 9, 2025

LBTYB$11.45+1.9%Stored close · as of Nov 6, 2026
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

(Amendment No.)

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

☐Preliminary Proxy Statement
☐Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2))
☒Definitive Proxy Statement
☐Definitive Additional Materials
☐Soliciting Material Pursuant to § 240.14a-12

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check the appropriate box):

☒No fee required.
☐Fee paid previously with preliminary material.
☐Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11.

April 9, 2025

Dear Shareholder:

You are invited to attend the 2025 Annual General Meeting of Shareholders of Liberty Global Ltd. to be held at 5:00 p.m.. Atlantic time (4:00 p.m. Eastern time), on Tuesday, May 27, 2025, at the Rosewood Bermuda, 60 Tucker’s Point Drive, Hamilton Parish, HS 02 Bermuda.

The accompanying notice of the annual general meeting of shareholders and proxy statement describes the meeting, the proposals you will be asked to consider and vote upon, as well as related matters.

Your vote is important, regardless of the number or class of shares you own. Whether or not you plan to attend the 2025 Annual General Meeting, please read the enclosed proxy materials and vote as soon as possible to make sure that your shares are represented. You may vote via the internet or, if you receive a printed copy of your proxy materials, you may vote by mail by promptly signing, dating and returning your proxy card in the envelope provided.

Thank you for your continued support and interest in our company.

Sincerely,

Michael T. Fries

President and Chief Executive Officer

Liberty Global Ltd.

Notice of Annual General Meeting of Shareholders

to be Held May 27, 2025

The 2025 Annual General Meeting of Shareholders (the AGM) of Liberty Global Ltd. (Liberty Global) will be held at 5:00 p.m. Atlantic time (4:00 p.m. Eastern time), on Tuesday, May 27, 2025, at the Rosewood Bermuda, 60 Tucker’s Point Drive, Hamilton Parish, HS 02 Bermuda. At the Annual General Meeting, our shareholders will consider and vote on the following proposals:

1.A proposal (which we refer to as the director election proposal) to elect Andrew J. Cole, Marisa D. Drew, Richard R. Green and Daniel E. Sanchez to serve as Class III members of our board of directors until the 2028 Annual General Meeting of Shareholders or until one or more of their successors is appointed.
2.A proposal (which we refer to as the auditor appointment proposal) to appoint KPMG LLP as our independent registered public accounting firm for the fiscal year ending December 31, 2025, and to authorize the board of directors, acting by the audit committee, to determine the independent auditors’ remuneration.

Please refer to the proxy statement for detailed information on each of these proposals. We encourage you to read the proxy statement in its entirety before voting. Our board of directors has approved both proposals and recommends that the shareholders entitled to vote at the AGM vote“FOR”both proposals. No shareholder has proposed, in accordance with section 21 of ourbye-laws any additional resolutions to be brought before the AGM.

The director election proposal and the auditor appointment proposal each require the affirmative vote of the holders of a majority of the combined voting power of the voting shares present in person or represented by proxy at the AGM and entitled to vote on the election of directors at the AGM, voting together as a single class, assuming a quorum is present.

PROXY VOTING METHODS

Vote by InternetVisit www.envisionreports.com/lgip. You will need the individual identifying number included on your proxy card, voting instruction form or notice.
Vote by MailComplete, sign, date and return your proxy card or voting instruction form in the envelope provided.
Vote by PhoneCall the number located on your proxy card.
Attend the Meeting in Person

All shareholders of Liberty Global are invited to attend the AGM.

All shareholders of record of Liberty Global Class A common shares or Liberty Global Class B common shares (collectively, thevoting shares) as of 6:00 p.m. Atlantic Time (5:00 p.m. Eastern Time) on April 2, 2025, the record date for the AGM, are entitled to notice of the AGM or any adjournment thereof and are entitled to vote at the AGM or any adjournment thereof. These holders will vote together as a single class on each proposal. Liberty Global Class C common shareholders are not entitled to any voting powers, except as required by applicable law and may not vote on the proposals to be presented at the AGM.

Your vote is important, regardless of the number of shares you own. To make sure your shares are represented at the AGM, please vote as soon as possible, whether or not you plan to attend the AGM. You may vote by proxy either over the internet, by phone or by requesting a proxy card to complete, sign and promptly return in the postage-paid envelope (if mailed in the U.S.).

If you vote via the internet, your vote must be received by 7:00 a.m. Atlantic time (6:00 a.m. Eastern time), on May 27, 2025. You may revoke your proxy in the manner described in the accompanying proxy statement.

By Order of the Board of Directors,

Bryan H. Hall

Secretary

April 9, 2025

WHETHER OR NOT YOU INTEND TO BE PRESENT AT THE ANNUAL GENERAL MEETING, PLEASE VOTE VIA THE INTERNET OR BY PHONE AS PROMPTLY AS POSSIBLE. ALTERNATIVELY, REQUEST A PAPER PROXY CARD TO COMPLETE, SIGN AND RETURN BY MAIL.

TABLE OF CONTENTS

PROXY STATEMENT1
Voting Matters and Board Recommendations1
QUESTIONS AND ANSWERS ABOUT THE AGM AND VOTING2
SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT6
Security Ownership of Certain Beneficial Owners6
Security Ownership of Management8
Change in Control10
Delinquent Section 16(a) Reports11
CORPORATE GOVERNANCE12
Governance Guidelines12
Director Independence12
Board Leadership Structure12
Risk Oversight12
Code of Conduct and Code of Ethics14
Corporate Responsibility14
Political Contributions15
Shareholder Communication with Directors15
Policies Regarding Hedging15
Class of Capital Stock16
BOARD AND COMMITTEES OF THE BOARD17
Board Membership Change-over and Experience17
Committees of the Board18
Board Composition22
Board Diversity22
MANAGEMENT OF LIBERTY GLOBAL23
Executive Officers23
EXECUTIVE OFFICER AND DIRECTOR COMPENSATION25
Executive Summary25
Compensation Discussion and Analysis27
Overview of Compensation Process27
Compensation Philosophy and Goals28
Summary of Key Executive Compensation Principles29
Multi-Year Contracts30
Setting Executive Compensation30
Elements of Our Compensation Packages31
Recoupment Policy40
Post-Employment Benefits and Change in Control41
Timing of Equity Awards41
Compensation Committee Report42
Summary Compensation Table43
Grants of Plan-Based Awards45
Narrative to Summary Compensation and Grants of Plan-Based Awards Table48
Outstanding Equity Awards at Fiscal Year-End48
Option/SAR Exercises and Shares Vested51
Deferred Compensation Plan52
Employment and Other Agreements53
Potential Payments Upon Termination or Change in Control57
Termination of Employment58
Change in Control61
CEO Pay Ratio65
Pay Versus Performance66
Tabular Disclosure of Pay Versus Performance66
Discussion of PVP Figures67
Table of Performance Measures70
Director Compensation71
2024 Compensation of Directors73
INCENTIVE PLANS75
PROPOSAL 1 - THE DIRECTOR ELECTION PROPOSAL77
The Board77
Vote and Recommendation77
Nominees for Election of Directors78
Directors Whose Term Expires in 202578
Directors Whose Term Expires in 202679
Directors Whose Term Expires in 202781
PROPOSAL 2 - THE AUDITOR APPOINTMENT PROPOSAL83
Vote and Recommendation83
Audit Fees and All Other Fees83
Policy on Audit Committee Pre-Approval of Audit and Permissible Non-Audit Services of Independent Auditor84
Audit Committee Report85
CERTAIN TRANSACTIONS86
Certain Relationships86
SHAREHOLDER PROPOSALS87
ADDITIONAL INFORMATION88

a Bermuda exempted company

Clarendon House, 2 Church Street,

Hamilton HM 11, Bermuda

(303)220-6600

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.