Disney Bruised In Board Vote Battle As Pension Fund CalPERS Backs Nelson Peltz & Ex-CFO
deadline.comAround 100 hours before the deadline for all Disney shareholders to cast their ballots in the acrid board clash between the Mouse House and activist investor Nelson Peltz, one of the country’s top pension funds just rolled its cannons onto the battlefield.
With 6.7 million shares in Disney, the California Public Employees Retirement System (CalPERS) just blew a hole through Bob Iger and supporters’ hard fought efforts to keep the Ike Perlmutter-backed Peltz and a former CFO from gaining seats on the board on April 3. “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,” John Myers, chief of the CalPERS Office of Public Affairs, told Deadline today.
While CalPERS says it will also vote for Iger and the likes of ex-Morgan Stanley boss James Gorman for the 12-member board, they are certainly intent on shaking things up even as Disney shares have been rebounding in recent months. “The pension fund’s established voting guidelines focus on the need for independent corporate boards, a say in setting executive pay, and increased transparency,” Myers added. “Two new directors who are qualified and capable of leading needed change in corporate governance will serve the Disney board well.” Disney had no comment Saturday on CalPERS’ announcement.
Read more on deadline.com
