Key Points
T. Rowe, which owns roughly 11.7 million shares inDisney, representing about a 0.64% stake, backed the company and said it had voted to re-electMaria Elena Lagomasino and Michael Froman, the twoDisneydirectors being challenged by Nelson Peltz's Trian Fund Management...
The company scored another victory on Monday as it appeared to secure the support of another powerful investor,Disney's second-largest shareholder BlackRock, according to sources familiar with the matter..
He is also urging the company to come up with a plan for artificial intelligence and consider splitting off its theme park and hotel assets into a real estate investment trust.. Iger, who was recruited out of retirement in 2022 to run the company a second time, is dialing shareholders to say his transformation is underway and there is no need for the distraction ofactivistinvestorsin theboardroom, people familiar with the calls said..
There is still an opportunity to sway shareholders as each side raced to dial up portfolio managers at mutual funds and the stewardship teams that vote the shares owned by the large index funds - Vanguard, BlackRock and State Street...
Vanguard and State Street could not be reached for comment on Monday.. WhileDisneyhas an unusually large number of non-institutional "mom and pop" shareholders, which control 35% to 40% of the company, the vote ultimately will turn on how the index funds vote...
