Disney shareholders set to vote on Peltz at April 3 annual meeting

FILE PHOTO: Nelson Peltz, founding partner of Trian Fund Management LP, speaks at the WSJD Live conference in Laguna Beach, California

(Reuters) – Walt Disney Co said on Monday it had set its annual shareholder meeting on April 3, with a focus on activist investor Nelson Peltz’s bid seeking a seat on the media and entertainment conglomerate’s board.

The board recommends shareholders vote against a proposal of Peltz’s Trian Group that would reverse recent board changes to bylaws and against a shareholder proposal requesting a report on the company’s reliance on China operations.

Earlier this month, Peltz’s hedge fund Trian Fund Management wrote to Walt Disney shareholders to make the case for replacing board director Michael Froman.

In its letter to shareholders, Disney wrote Peltz “has demonstrated that he does not understand Disney’s businesses” and that he “lacks the perspective and experience to contribute to the objective of delivering shareholder value in a rapidly shifting media ecosystem.”

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Peltz has served on 11 public company boards, including at Procter & Gamble Co. He has said these companies on average outperformed the broader stock market index during his time as a director on their boards.

(Reporting by Jahnavi Nidumolu and Rhea Binoy in Bengaluru; Editing by Subhranshu Sahu)