Activist investor Peltz has gained the endorsement of influential proxy advisory firm ISS in his bid for a seat on the Walt Disney board. This development comes amidst a bitter proxy fight between Peltz and Disney.
Peltz has been vocal in his criticism of Disney's strategic decisions and corporate governance practices. ISS's backing of Peltz adds significant weight to his campaign, as ISS is widely respected for its independent analysis and recommendations on corporate governance matters.
The proxy battle between Peltz and Disney has intensified in recent weeks, with both sides engaging in aggressive tactics to sway shareholders. Peltz has argued that Disney needs fresh perspectives on its board to navigate the rapidly changing media landscape, while Disney has defended its current board composition and strategic direction.
ISS's decision to support Peltz is seen as a blow to Disney, as ISS's recommendations are often influential in shaping shareholder opinions. Peltz's campaign has garnered support from other institutional investors who share his concerns about Disney's performance and direction.
Disney has not yet responded to ISS's endorsement of Peltz, but the company is expected to intensify its efforts to retain control of its board in the lead-up to the upcoming shareholder vote. The outcome of the proxy fight will have significant implications for Disney's future direction and governance practices.
