Bill Ackman is calling on the Securities and Exchange Commission to initiate an investigation into the Walt Disney Company’s proxy battle following leaks to the media claiming that Disney was headed for a victory over activist investor Nelson Peltz.
Ackman, whose hedge fund isn’t a Disney investors, said the leaks to the Wall Street Journal and other publications appear aimed at pressuring more institutions and shareholders to vote for the incumbent Disney board.
Such tactics are not just inappropriate but illegal, Ackman wrote in a lengthy X post on Tuesday — the day before Disney’s highly anticipated shareholders meeting.
He also surmised that the leaks were coming from either Disney itself or one of its advisors. “If Peltz were ‘winning,’ there would be no leaks to the press,” he said.
There have been a few recent articles in the press about @Disney 'winning' its proxy contest with Nelson Peltz based on early election returns that have been leaked to the media. We don't have an investment in Disney, but I thought it useful to point out the inappropriateness of…
— Bill Ackman (@BillAckman) April 2, 2024
“The @SECGov should do a thorough investigation of this proxy contest and appropriately punish whoever is responsible for this miscarriage of shareholder governance and justice,” Ackman wrote. “Companies of the caliber of Disney and/or its advisors should not behave this way.”
Ackman added that he “strongly” recommends Disney shareholders vote to put Peltz on the board.
“Ask yourself, why is the company fighting so hard to keep him off? The fact that the company leaked the early returns to the media is further evidence that an activist of Nelson’s caliber deserves to be on this board for all shareholders benefit.”
As Breitbart News reported, Disney is holding its annual shareholders meeting on Wednesday, with the event set to begin at 1 p.m. ET.
Peltz believes Disney has lost its way and is looking to secure board seats. Specifically, he is looking to score two seats, having nominated himself and former Disney CFO Jay Rasulo. He is aiming to replace two Iger loyalists: Maria Elena Lagomasino and former Mastercard executive Michael Froman.
Under CEO Bob Iger, Disney has embraced woke identity politics, making transgenderism and radical LGBTQ activism a central part of its corporate mission.
The results have been disastrous. Disney has experienced a recent string of box-office disasters that is unprecedented in company history. It has also waged a costly and ill-advised cultural war against the state of Florida — a fight that Disney recently lost.
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