[ad_1]
©Reuters. File photo: The Walt Disney Company logo and ticker symbol are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, USA, on December 14, 2017.REUTERS/Brendan McDiarmid //File photo
Written by Svea Herbst-Bayliss
NEW YORK (Reuters) – Proxy advisory firm Glass Lewis on Monday requested a request from Walt. disney As hedge funds vie for seats on the entertainment giant’s board, (NYSE:) shareholders re-elected the company’s entire board, dealing a blow to Trian Fund Management and Blackwells Capital.
Glass Lewis said recent earnings reports show Disney is doing well and neither hedge fund has come up with better ideas to improve its operations.
“We believe it is in the best interest of investors to support incumbent directors at this time,” the report, seen by Reuters, said.
Disney’s board of directors has 12 members, and Tryon recommended two candidates, while Blackwells proposed three director candidates.
The battle over who will serve on Disney’s board of directors is the toughest and most expensive of the season, with Mr. Tryon saying the company is lacking creativity and deciding which executive will replace CEO Bob Iger. Blackwells said the company needs to do more to find out. Make better use of technology to dominate the media and entertainment sector in the years to come.
Disney has strong support from ValueAct Capital, another hedge fund, and JPMorgan CEO Jamie Dimon, who has defended the company from hedge funds.
[ad_2]
Source link
