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The proxy battle between activist investor Nelson Peltz and entertainment conglomerate Walt Disney has escalated, with another proxy advisory firm endorsing Peltz’s bid for board seats.
Egan-Jones joins Institutional Shareholder Services in supporting Peltz, underscoring growing shareholder discontent with Disney’s current direction.
Egan-Jones Recommends Change:
Egan-Jones, the latest proxy advisory firm to back Peltz, urges shareholders to vote for a change in Disney’s board composition.
The firm echoes concerns about Disney’s business model, suggesting that it may not be sufficiently forward-looking or adaptable to future challenges.
The endorsement from Institutional Shareholder Services further bolsters Peltz’s position. ISS emphasizes Peltz’s potential to ensure effective board oversight, particularly regarding CEO succession and strategic decision-making.
Disney Response and Shareholder Vote:
Disney and Egan-Jones have yet to respond to requests for comment. The shareholder vote is scheduled for April 3, with both sides rallying prominent supporters to sway voters.
While Disney’s Bob Iger garners support from figures like Laurene Powell Jobs and George Lucas, Peltz seeks board seats for himself and former Disney executive Jay Rasulo, backed by Blackwells Capital.
