BlackRock: Walt Disney
What was the issue?
The Walt Disney Company (Disney) is a diversified global entertainment company with operations in three business segments: Entertainment, Sports and Experiences. The Walt Disney Company (Disney) faced contested director elections and shareholder proposals at the 2024 AGM. Shareholders raised concerns about governance, strategy, and executive compensation. BlackRock has been engaging with Disney for years regarding these issues.
What did BlackRock do?
As part of their engagement, BlackRock focused on:
1. Assessing the company's long-term strategy and financial performance.
2. Discussing board composition and succession planning.
3. Evaluating the shareholder proposals based on their potential impact on long-term shareholder value.
BlackRock engaged with both Disney's management and dissident shareholders to understand their positions. They also conducted extensive discussions with Disney’s leadership, including joint meetings with active portfolio managers.
What was the outcome?
BlackRock supported Disney's management nominees for the board, believing their strategy was well-defined, and that the management was addressing performance issues and making necessary governance changes. Regarding the shareholder proposals, BlackRock voted against all of them, considering them redundant given Disney's existing practices and disclosures. BlackRock’s support of Disney’s management was based on the company’s positive financial results and ongoing efforts to resto re investor confidence.
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UTC (UK) Pension Scheme | Statement of Investment Principles - Implementation Statement | 5 March 2025
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