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Disney Board Showdown: What’s at Stake at Contentious 2024 Shareholder Meeting
Disney is facing a contentious proxy battle waged by activist investor Nelson Peltz at its April 3 meeting of shareholders. Here's what to know.
In 2022, only 75 board-endorsed candidates at companies in the Russell 3000, less than 0.5% of almost 17,500 board members on the ballot that year, failed to get elected by shareholders, per an analysis by the Harvard Law School Forum on Corporate Governance(which also noted that, while small, the number had dramatically risen vs. 2017). “We believe that reelecting the existing board will have the predictable effect of leading to more of the same: questionable strategic and capital allocation decisions, poor executive compensation alignment and suboptimal succession planning,” Trian said in a March 25 statement. In its report, ISS cited Disney’s “failed” CEO succession planning and said Peltz “could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around.” ISS recommended shareholders vote for current Disney director Michael Froman but abstain from reelecting Maria Elena Lagomasino, CEO and managing partner of WE Family Offices (and a former senior executive at JP Morgan Private Bank and Chase Manhattan Bank and a current director of the Coca-Cola Co.).
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