ISS endorses activist Peltz for Disney board in bitter proxy fight
Business,Disney,Arts And Entertainment,CEOs,Bob Iger,Banking And Finance,Elections
In a blow to Walt Disney (DIS.N), opens new tab, activist Nelson Peltz received a powerful endorsement in his battle against the entertainment conglomerate on Thursday, when proxy advisory firm Institutional Shareholder Services (ISS) recommended shareholders elect him to the board.
ISS, whose recommendations can sway hundreds of investors' votes, said Peltz, a large Disney shareholder, could ensure the board does its job well as it tackles questions of CEO succession and strategy at the home of Mickey Mouse.
The recommendation comes as Disney CEO Bob Iger continues to rally support among a high profile cast that included Emerson Collective founder and president Laurene Powell Jobs on Thursday and Star Wars-creator George Lucas earlier this week.
"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," the report seen by Reuters said.
