Glass Lewis backs Disney board nominees over Trian, Blackwells

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BURBANK, Calif. – The Walt Disney Company (NYSE: NYSE:) has received a recommendation from Glass, Lewis & Co., a leading independent proxy advisory firm, for shareholders to vote in favor of all 12 of Disney’s director nominees at the upcoming Annual Meeting on April 3, 2024. Glass Lewis has advised against voting for any nominees from the Trian Group or Blackwells.

In a report, Glass Lewis acknowledged the “measurable shifts” in Disney’s business direction since the return of CEO Bob Iger and the strength of the current board’s diverse skill sets. The report also referenced Disney’s credible succession planning and recent strategic changes aimed at improving financial and operational performance.

Glass Lewis expressed that while the success of Disney’s initiatives is not yet certain, it is premature to endorse alternative nominations that may not be as beneficial to Disney’s trajectory. They highlighted the company’s efforts under Iger’s leadership to address operational and financial weaknesses and noted the board’s willingness to refresh its membership to respond to shareholder needs, with an average tenure of less than five years among current directors.

Disney’s board, chaired by Mark Parker, has urged shareholders to vote for its nominees using the WHITE proxy card, emphasizing the qualifications of its nominees and their track record in creating shareholder value. The board contends that the alternate nominees do not offer additional skills or qualifications that would contribute to Disney’s success.

The company has stated that shareholders with questions regarding the voting process can contact Innisfree M&A Incorporated for assistance.

The information for this article is based on a press release statement from The Walt Disney Company.

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