EXCLUSIVE: The New York City Retirement Systems are in Disney‘s corner amid bitter proxy fight with activist investor Nelson Peltz.
Disney’s “shares have performed well. Disney’s management and board are focused on a strategic transformation, and as shareholders we believe that they should be given the time to execute on this,” NYC Comptroller Brad Lander said in a statement to Deadline. “What remains clear is that boards are most effective when members bring valuable perspectives and relevant experience and are focused on the long-term health of the company.
Nelson Peltz’s troubling performance on other company boards raise concerns about the value he would bring to the table, and we do not believe this would be beneficial to preserving shareholder value,” he said. “The New York City Retirement Systems intend to vote in favor of the candidates nominated by management.” The five city pension funds hold 2.6 million Disney shares worth just under $300 million.
The company has 1.8 billion shares outstanding. The $250-billion system isn’t a massive Disney investor, but it is a high profile one.
Read more on deadline.com
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