CalPERS Has Voted For Nelson Peltz and Jay Rasulo For the Disney Board
With just days to go until The Walt Disney Company’s Annual Meeting, Nelson Peltz has gotten another endorsement in his bid to get a seat on the Disney board.
The California Public Employees Retirement System (CalPERS) said that the pension fund has voted for both Peltz and his ally Jay Rasulo for seats in the upcoming board elections.
“CalPERS believes Walt Disney Co will benefit from fresh eyes on its board of directors and voted its company shares in favor of candidates Nelson Peltz and Jay Rasulo,” CalPERS told Reuters.
Momentum For Peltz
At the end of last December, CalPERS owned 6.65 million shares, making them a significant stakeholder in the company.
In addition to CalPERS, Petlz has also scored endorsements from advisory firm Egan-Jones and the Institutional Shareholder Services (ISS) in recent weeks.
“We see very little downside and a lot of upsides in putting the Trian Nominees on the Board,” Egan-Jones said in its recommendation.
Disney Has Strongly Opposed the Activist Investor
Disney, meanwhile, has gotten endorsements from George Lucas, JPChase Morgan CEO Jamie Dimon, and Laurene Powell-Jobs. The company and CEO Bob Iger have told investors that Peltz’s board candidacy is a “distraction” and will hurt the company should he succeed.
“Nelson Peltz and Jay Rasulo threaten to jeopardize the incredible progress the company has made since Bob returned as CEO. At this critical moment, we simply cannot let that happen. The choice is clear. Vote Disney,” the company said in a recent pitch to shareholders.
After months of publically sparring, the showdown between Peltz and Disney will come to a head on April 3 at The Walt Disney Company’s annual shareholder meeting.
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