Bob Iger backed by Glass Lewis in Disney’s proxy battle against Nelson Peltz

In a notable development within the corporate world, Walt Disney’s chief executive, Bob Iger, has received backing from Glass Lewis, a leading proxy advisory firm, in his ongoing conflict against billionaire activist Nelson Peltz. This announcement comes in the wake of the second proxy battle initiated by Peltz against Disney, with a critical annual shareholder meeting scheduled for April 3. Glass Lewis has advised shareholders to vote in favor of the current Disney board, which includes two new directors proposed by Disney, and against Peltz and his nominee, Jay Rasulo. The firm has assessed Peltz’s plans for Disney as not “superior” and has commended the efforts made by Iger and his team over the past 15 months to address the company’s operational and financial challenges. This development is perceived as a setback for Peltz, who has aimed to “restore the magic” at Disney by advocating for strategic changes, including the consolidation of certain divisions and platforms.

Simultaneously, Nelson Peltz, who has a net worth of approximately $1.5 billion and is known for his activist roles in various companies, is reportedly reconsidering his political affiliations. After distancing himself from Donald Trump following the Capitol riot on January 6, 2021, Peltz, in an interview with the Financial Times, expressed his reluctance but acknowledged the possibility of supporting Trump in the upcoming 2024 presidential elections. His concern over rising US immigration and questions regarding Joe Biden’s mental state were cited as reasons for this reassessment. This revelation indicates a potential shift in the political landscape as influential donors like Peltz, and possibly others, weigh their support for Trump, despite earlier reservations. This scenario underscores the complex relationships and decisions among high-profile investors and their influence on both corporate governance and political dynamics.