Today is Ming Low
The proxy battle at Walt Disney (NYSE: DIS) took a new turn this week when the California Public Employees Retirement System (CalPERS) said it had voted to elect Trian Fund Management’s director candidates, activist investor Nelson Peltz and former Disney CFO Jay Rasulo.
“CalPERS believes Walt Disney Co. will benefit from fresh eyes on its board of directors and has voted its company stock in favor of nominees Nelson Peltz and Jay Rasulo,” the U.S. Pension Fund said Reuters on Fridays.
Trian’s campaign, officially launched in early 2024, has won support from key stakeholders, including the influential proxy consultancy Institutional Shareholder Services, which supported Peltz’s candidacy but not Rasulo’s .
CalPERS, the largest public pension plan in the United States, owned 6.65 million shares of Disney (DIS) stock at the end of 2023.
“Two new directors who are qualified and capable of leading the necessary change in corporate governance will serve Disney’s board of directors greatly,” said CalPERS, ranked among the top 30 investors in the entertainment giant.
His decision comes just days before the company’s annual shareholder meeting next week, when investors are expected to cast their votes to elect a 12-member board, ending a months-long fight between Peltz’s Trian and the CEO of Disney (DIS) Bob Iger.