Feb 6 (Reuters) – Walt Disney Co (DIS.N) mentioned on Monday it had set its annual shareholder assembly on April 3, with a deal with activist investor Nelson Peltz’s bid in search of a seat on the media and leisure conglomerate’s board.
The board recommends shareholders vote in opposition to a proposal of Peltz’s Trian Group that might reverse current board modifications to bylaws and in opposition to a shareholder proposal requesting a report on the corporate’s reliance on China operations.
Earlier this month, Peltz’s hedge fund Trian Fund Administration wrote to Walt Disney shareholders to make the case for changing board director Michael Froman.
In its letter to shareholders, Disney wrote Peltz “has demonstrated that he doesn’t perceive Disney’s companies” and that he “lacks the angle and expertise to contribute to the target of delivering shareholder worth in a quickly shifting media ecosystem.”
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Peltz has served on 11 public firm boards, together with at Procter & Gamble Co (PG.N). He has mentioned these corporations on common outperformed the broader inventory market index throughout his time as a director on their boards.
Reporting by Jahnavi Nidumolu and Rhea Binoy in Bengaluru; Enhancing by Subhranshu Sahu
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