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  "documentTitle": "The Walt Disney Company (DIS)",
  "authorId": "06_Trian_Partners",
  "authorName": "Nelson Peltz",
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  "notes": "The slide uses a series of 'X' icons to emphasize the failure of the Board to engage.",
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      "text": "Given this Board’s track record, we find it disappointing that it rejected adding Nelson and Jay as Directors outright without even meeting with them. Disney’s Board would seemingly rather spend ~$40mm of shareholders’ money than invest a little time to ask questions about their candidacy",
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      "text": "Given this Board’s track record, we find it disappointing that it rejected adding Nelson and Jay as Directors outright without even meeting with them.",
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      "text": "Disney's claim of “20 meaningful interactions since Feb 2023” is perplexing – its proxy statement only lists 11 interactions in the Background to the Solicitation of which the vast majority were just emails or short calls",
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      "text": "Disney only offered Trian a meeting with non-management Directors this year after rejecting our candidates",
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      "text": "First proxy contest we have had where our candidates did not meet any non-management Directors in-person",
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      "text": "At our one, 45-min meeting with the Board in 2023, not a single non-management Director asked a question",
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      "text": "Seemingly never even considered a meeting or call with Jay Rasulo, even though none of the non-management Directors worked with Jay",
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      "text": "Disney's Board showed no interest in meeting or inviting Nelson Peltz to interview with the Board or Governance and Nominating Committee, which has almost never been the case in prior Trian engagements",
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      "text": "proxy solicitation costs: $40mm",
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      "text": "Source: Disney anticipates that total proxy solicitation costs will be approximately $40 million as per the Company's 2024 Definitive Proxy Statement.",
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      "text": "Perhaps The Governance and Nominating Committee Could Have Saved Shareholders ~$40mm by Meeting Our Candidates",
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