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The board recommends shareholders vote against a proposal of Peltz’s Trian Group that would reverse recent board changes to bylaws and against a shareholder proposal requesting a report on the company’s reliance on China operations.
Earlier this month, Peltz’s hedge fund Trian Fund Management wrote to Walt Disney shareholders to make the case for replacing board director Michael Froman.
In its letter to shareholders, Disney wrote Peltz “has demonstrated that he does not understand Disney’s businesses” and that he “lacks the perspective and experience to contribute to the objective of delivering shareholder value in a rapidly shifting media ecosystem.”
Peltz has served on 11 public company boards, including at Procter & Gamble (NYSE:PG) Co. He has said these companies on average outperformed the broader stock market index during his time as a director on their boards.
