Nelson Peltz’s Trian Group gained more ground in the proxy fight over Disney’s board on Wednesday as Egan-Jones urged shareholders to vote for Trian’s nominees Peltz and Jay Rasulo ahead of Disney’s annual meeting on April 3. Egan-Jones follows in the footsteps of Industrial Shareholder Services, which backed Peltz (but not Rasulo) last week.
The group recommended shareholders withhold votes for Maria Elena Lagomasino and Michael B.G. Froman.
“We see very little downside and a lot of upsides in putting the Trian nominees on the Board,” Egan-Jones said in a statement. They pointed to the “apparent lack” of a long-term succession plan for Bob Iger, a Board that “appears cutoff and unwilling to engage with investors and the broader market” and “a desire to protect the status quo for as long as possible and at all costs” as reasons for necessary change.