Yau Ming Low
The proxy battle at Walt Disney (NYSE:DIS) took a new turn this week as the California Public Employees Retirement System (CalPERS) said it voted to elect Trian Fund Management’s director nominees, activist investor Nelson Peltz and former Disney CFO Jay Rasulo.
“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,” the U.S. pension fund told Reuters on Friday.
Trian’s campaign, officially launched in early 2024, has drawn support from key stakeholders, including influential proxy advisory firm Institutional Shareholder Services, which has backed Peltz’s candidacy but not Rasulo’s.
CalPERS, the biggest public pension plan in the U.S., owned 6.65M Disney (DIS) shares as of the end of 2023.
“Two new directors who are qualified and capable of leading needed change in corporate governance will serve the Disney board well,” said CalPERS, ranked among the top 30 investors in the entertainment giant.
Its decision comes days ahead of the company’s annual shareholders meeting next week when the investors are expected to cast their votes to elect a 12-member board, ending a months-long fight between Peltz’s Trian and Disney (DIS) CEO Bob Iger.