Vanguard Group Votes with Disney Helping to Extend Lead in Boardroom Fight
According to Reuters, Vanguard Group voted to elect the Walt Disney Company's current directors, allowing them to continue to pull ahead in the boardroom fight.
What’s Happening:
- Vanguard Group is one of the Walt Disney Company's largest investors and supports their current directors to help the company pull further ahead in the boardroom fight.
- Vanguard Group owned 8.2% of stock in the Walt Disney Company at the end of last year.
- Norges Bank Investment Management also said it voted to re-elect 11 of the 12 current directors.
- Norges Bank Investment Management withheld the vote for Parker because shareholders "have the right to seek changes to the board when it does not act in their best interest."
- These Disney endorsements came before the Tuesday night deadline for shareholders to decide on backing the current directors or five alternatives recommended by Trian Fund Management and Blackwells Capital.
- The company's annual shareholder meeting will take place today and will stream live at 1 p.m. EDT.
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