Disney's current strategic direction under CEO Bob Iger has received an endorsement from independent proxy voting and corporate governance advisory firm Glass Lewis. Glass Lewis recommended that Disney shareholders vote for the company's 12 director nominees and reject those proposed by activist investor groups Trian Partners and Blackwells Capital at the upcoming annual meeting on April 3.
Glass Lewis praised Disney's efforts to shift operational priorities under Iger's leadership, stating that the company has made credible progress in addressing operational and financial weaknesses. The firm acknowledged that while the success of Disney's initiatives remains to be seen, it believes that supporting alternate solicitations may not be as beneficial to Disney's trajectory.
Trian Partners has been advocating for the inclusion of its nominees on Disney's board, citing concerns about the company's ability to execute strategic plans. However, Glass Lewis expressed skepticism about the potential benefits of Trian's proposals, noting that Disney already has a credible plan in place.
Blackwells Capital, on the other hand, has put forward three candidates for Disney's board and has voiced support for Iger's leadership. The firm believes that its nominees bring valuable skills and perspectives to the board.
Disney has reiterated its opposition to the nominees from Trian and Blackwells, emphasizing the strength and diversity of its own nominees. The company's chairman, Mark Parker, expressed satisfaction with Glass Lewis' recognition of Disney's nominees and strategic plans.
Glass Lewis also commended Disney's governance practices, succession planning efforts, and the engagement of the current board. The firm noted the board's willingness to refresh its membership regularly, ensuring a diverse range of skills and expertise.
In response, Disney highlighted the successful track record of its nominees and dismissed the alternate nominees as lacking in unique qualifications and plans for delivering superior shareholder value.
