### Decoding the High-Stakes Proxy Fight between Disney and Trian Partners

In a recommendation that could shape the high-profile proxy fight between The Walt Disney Company and Nelson PeltzÔÇÖs Trian Partners, the influential advisory firm Institutional Shareholder Services is recommending that its clients vote to add Peltz to DisneyÔÇÖs board of directors.

ISS ultimately recommended a vote for Peltz, but not Rasulo, and to withhold a vote for current Disney board member Maria Elena Lagomasino.

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ISS released a detailed report Thursday outlining DisneyÔÇÖs performance, and evaluating the proposals from both Trian and another activist, Blackwells. ISS noted DisneyÔÇÖs underperformance in recent years, and places particular emphasis on DisneyÔÇÖs succession issues.

And while it praised the strategic moves made since IgerÔÇÖs return, the firm nonetheless argued that change is needed at the board level.

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ÔÇ£Because the company has made positive changes to its board as well as operational changes that have been well received by the market, we recognize that some shareholders may feel that the company has sufficiently course corrected. These investors have likely drawn comfort from IgerÔÇÖs return. Nonetheless, given the major missteps and severe consequences of the failed 2020 succession, particularly for a company that already had a history of succession drama, it may be difficult for others to simply trust that the board, albeit refreshed, will get it right this time,ÔÇØ ISS wrote in its report. ÔÇ£These shareholders may be concerned about post-Iger DIS. Our analysis favors this latter view.

ÔÇ£Dissident nominee Peltz, as a significant shareholder, could be additive to the succession process, providing assurance to other investors that the board is properly engaged this time around,ÔÇØ the report continued. ÔÇ£He could also help evaluate future capital allocation decisions. Moreover, multi-year concerns surrounding LagomasinoÔÇÖs role as a compensation committee member strengthen the case that PeltzÔÇÖs addition, on balance, would appear a net positive.ÔÇØ

More to come.

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