The Walt Disney Co. has released the official vote totals from its April 3 annual shareholder meeting, the event that featured the culmination of a proxy fight waged by Nelson Peltz.
21.03.2024 - 14:37 / deadline.com
ISS, the most influential proxy advisory service, has recommended shareholders vote to put Trian’s Nelson Peltz on Disney’s board, saying the activist investor, “with his considerable experience on other boards and fiduciary duties owed to a large shareholding group, appears best positioned to bring a shareholder perspective to the board.”
ISS advises shareholders how to vote at annual meetings. Disney’s is coming up April 3. It did not recommend a vote for Trian’s other nominee, former Disney executive Jay Rasulo.
Its report today differs from that of Glass Lewis, another advisory firm that last week recommended shareholders support only Disney board nominees.
To get Peltz on the board, ISS recommends shareholders withhold votes for current director Maria Elena Lagomasino, one of the two directors Peltz was also targeting.
“Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around. He could also help evaluate future capital allocation decisions. Moreover, multi-year concerns surrounding Lagomasino’s role as a compensation committee member strengthen the case that Peltz’s addition, on balance, would appear a net positive,” ISS said.
The ISS decision seems largely driven by poor succession planning.
“The events leading up to the CEO transition in 2020 and the strategic missteps taken over the past several years appear to indicate that the board is not functioning in the most optimal way. With that in mind, a shareholder representative who is well versed in the imperative to hold management to account would be well positioned to provide the catalyst that this board apparently needs to
The Walt Disney Co. has released the official vote totals from its April 3 annual shareholder meeting, the event that featured the culmination of a proxy fight waged by Nelson Peltz.
Todd Spangler NY Digital Editor Trian Partners founder Nelson Peltz has accepted defeat — for now. Peltz, a day after the activist investor lost a costly proxy battle with Disney, went on CNBC’s “Squawk on the Street,” Thursday to discuss what happened. “The shareholders have voted.
It had all the elements of a good action movie – jeopardy, revenge, a mega budget – with even some casualties thrown in (albeit corporate).
Activist investor Nelson Peltz, reflecting on his losing proxy battle with Disney, says he will “watch and wait” to see if the company keeps its promises.
Todd Spangler NY Digital Editor A day after Disney declared victory over activist investor Nelson Peltz, CEO Bob Iger said the board is proceeding with “urgency” in trying to identify the next chief executive with the “distraction” of the proxy fight over. “This was decisive in terms of how shareholders voted,” Iger said in an appearance Thursday morning on CNBC from Disney’s Burbank, Calif., headquarters, about the results of the April 3 meeting. Succession “is the board’s No.
Cynthia Littleton Business Editor In the end, Bob Iger didn’t have to break a sweat to fend off Nelson Peltz. No question, Disney did have to spend tens of millions of dollars to fight the proxy battle with the activist investor, which came to a head on Wednesday with the Mouse House’s annual shareholders meeting.
Scoring a big and costly win Wednesday against Nelson Peltz’s second attempt to get on the Disney board, Bob Iger was both gracious and a little biting in victory.
Todd Spangler NY Digital Editor It’s official: Disney shareholders shot down activist investor Nelson Peltz‘s effort to win seats on the Mouse House’s board of directors. Investors voted to reelect all 12 of the company-backed board members, including CEO Bob Iger, ending the most expensive corporate proxy fight in history.
Disney has succeeded in barring Nelson Peltz from its board of directors as shareholders at the company’s hotly anticipated annual meeting today voted for the company’s slate of 12 nominees. It was a months-long bitter and costly fight.
Todd Spangler NY Digital Editor Disney had won enough of the shareholder votes cast for its 12 board candidates as of Tuesday evening to successfully defeat an aggressive, months-long proxy fight waged by Nelson Peltz‘s Trian Partners hedge fund, Reuters reported, citing anonymous sources. Enough votes had been cast as of Tuesday evening to put Disney’s board directors “safely ahead” of Trian’s two nominees for the board — Peltz and ex-Disney CFO Jay Rasulo — per the Reuters report. In addition, the three board candidates proposed by investment firm Blackwells Capital failed to win enough votes, according to the report.
Elon Musk is backing Nelson Peltz in the proxy battle for the future of Disney.
The minutes are ticking down to the close of Disney’s bitter proxy fight with Nelson Peltz, whose attempt to scale the board is a direct challenge to CEO Bob Iger.
Oscar winner John Ridley has some choice words for Nelson Peltz, the activist investor who’s trying to land two seats on the board of the Walt Disney Co.
Todd Spangler NY Digital Editor Disney and CEO Bob Iger have pulled into the lead for their 12 board candidates to win reelection — with activist investor Nelson Peltz trailing — with more than half of shareholder votes cast ahead of the Mouse House’s April 3 annual meeting, according to the Wall Street Journal. Two of Disney’s institutional investors — BlackRock (which owns about 4.2% of outstanding shares) and T. Rowe Price (0.5%) — support the company’s own slate of directors, which include Iger, per the Journal, citing anonymous sources.
Disney may have nudged Nelson Peltz farther from its board as giant BlackRock is said to be backing the company’s slate of directors. The firm is Disney’s second-largest shareholder at about 4.2%.
William Earl CalPERS, the influential California pension fund, has voted to shake up the Disney board by backing the election of activist investors Nelson Peltz and Jay Rasulo who have waged a months-long battle with CEO Bob Iger and the incumbent board of directors. The California Public Employees Retirement System told Reuters that the fund had cast its vote for Trian Partners’ Peltz and Rasulo as alternative directors to join the Disney board,.
Around 100 hours before the deadline for all Disney shareholders to cast their ballots in the acrid board clash between the Mouse House and activist investor Nelson Peltz, one of the country’s top pension funds just rolled its cannons onto the battlefield.
EXCLUSIVE: The New York City Retirement Systems are in Disney‘s corner amid bitter proxy fight with activist investor Nelson Peltz.
Proxy advisor Egan-Jones on Wednesday became the second independent firm to support activist Nelson Peltz‘s effort to secure seats on the Disney board.
Todd Spangler NY Digital Editor Nelson Peltz, the activist investor agitating to win two Disney board seats, criticized the company’s “woke” strategy — specifically questioning Marvel’s “Black Panther” and “The Marvels,” which featured Black and women leads, respectively. The 81-year-old Peltz, who has admitted he “never claimed” to have experience in the media business, made the comments about “The Marvels” and “Black Panther” in a recent interview with the Financial Times. “Why do I have to have a Marvel [movie] that’s all women?” Peltz asked rhetorically.