Proxy advisory firm Egan-Jones is the second to endorse Trian Partners’ Nelson Peltz for a seat on The Walt Disney Company Board of Directors.

Egan-Jones Supports Nelson Peltz

“We see very little downside and a lot of upsides in putting the Trian nominees on the board,” Egan-Jones said, citing an “apparent lack” of a long-term succession plan for Disney CEO and a board that “appears cut off and unwilling to engage with investors and the broader market.”

Proxy advisory firm Institutional Shareholder Services (ISS) also supports Peltz. Unlike ISS, Egan-Jones endorses both of Trian’s nominees — Nelson Peltz and former Disney CFO Jay Rasulo. Egan-Jones recommends shareholders withhold votes for Maria Elena Lagomasino and Michael B.G. Froman, current Board members Disney has nominated.

Egan-Jones said Disney’s business model is “built for the last decade, but not forward looking and flexible enough to ensure success in the next.” They state the current Board members have “a desire to protect the status quo for as long as possible and at all costs.”

Disney has repeatedly pushed back against Trian, Peltz, and Rasulo, who received support from former Marvel Chairman Ike Perlmutter.

Blackwells Capital also launched a proxy fight, nominating three executives, but have received considerably less attention.

Disney received support from proxy advisory firm Glass Lewis, JPMorgan Chase CEO Jamie Dimon, “Star Wars” creator George Lucas, former Imagineer Bob Weis, former Disney CEO Michael Eisner, and the grandchildren of Walt and Roy Disney.

Disney shareholder votes for the Board of Directors will be tallied during the April 3 meeting.

Source: Deadline

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