Nelson Peltz’s ongoing battle for seats on the Walt Disney Company’s board of directors just got an endorsement. Sadly, it’s not from George Lucas or another big name.
Institutional Shareholder Services (ISS) is a proxy advisory firm with offices worldwide. According to CNBC, ISS advised Disney shareholders to back Peltz and Trian Fund Management’s efforts.
A report issued by ISS touts that Peltz could improve Disney, but it did express concern about former Disney Chief Financial Officer Jay Rasulo’s involvement:
“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.”
“Though we do not have any concerns about his ability to serve as an objective director, we recognize that Rasulo’s potential presence might create added friction on the board.”
ISS is owned by Deutsche Börse Group in Germany. The firm aims to “empower investors and companies to build for long-term and sustainable growth by providing high-quality data, analytics, and insight.”
Advisory firm ISS tells Disney shareholders to side with Nelson Peltz in proxy fight https://t.co/DdAV3CXMer
— CNBC (@CNBC) March 21, 2024
Disney issued a brief response to ISS’s endorsement of Peltz. The House of Mouse believes the advisory firm “acknowledges the diverse set of skills and experience on Disney’s Board.”
Earlier this month, advisory firm Glass Lewis backed Disney. With the competing endorsements, it’s difficult to call how the voting will go on April 3.
Just this past week, George Lucas raised some eyebrows by announcing his faith in Bob Iger. Considering the state of Star Wars since Disney bought it, we all thought Lucas would have wanted to see new blood in the boardroom.
With several theatrical flops on the books, having an activist investor like Peltz getting to have a small say in the company should be the least of Disney’s concerns. It’s going to be an interesting year for Mickey.
[Source: CNBC]
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