The preliminary results for the Disney board vote follow a months-long proxy campaign by the activist investors
The votes for Disney’s board election are in!
According to preliminary results revealed during the entertainment giant’s annual meeting on Wednesday, shareholders have voted to elect Disney’s full slate of nominees to the board “by a substantial margin,” according to chief legal and compliance officer Horacio Gutierrez.
The decision follows a months-long proxy campaign by activist investors Trian Fund Management and Blackwells Capital. In addition to losing the board election, Trian’s proposal to repeal amendments made to Disney’s bylaws in November and Blackwells’ proposal to increase the size of the company’s board were both rejected.
The official results will be released in an 8-K filing with the U.S. Securities and Exchange Commission within the next four business days. Each director holds office for a term of one year.
Trian had nominated its co-founder Nelson Peltz and former Disney chief financial officer Jay Rasulo to stand election. Meanwhile, Blackwells nominated former Warner Bros. and NBCUniversal executive Jessica Schell, Tribeca Film Festival co-founder Craig Hatkoff and TaskRabbit founder Leah Solivan.
“While we are disappointed with the outcome of this proxy contest, Trian greatly appreciates all of the support and dialogue we have had with Disney stakeholders. We are proud of the impact we have had in refocusing this Company on value creation and good governance,” Trian said in a statement. “We thank Trian’s investors for the confidence they have placed in our efforts. And, we wish the best for all of the Company’s stakeholders, including Disney’s Board and management team. We will be watching the Company’s performance and be focusing on its continued success.”
In its statement, Blackwells said its “primary objective was achieved – keeping Nelson Peltz out of the Disney Boardroom.
