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  "documentTitle": "The Walt Disney Company (DIS)",
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      "text": "While They Can Be Beneficial, Shareholder Consulting Agreements are Not the Same as Board Representation",
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      "text": "Management generally decides what information to share; Consultants provide advice typically within a framework established by the principal; Consultants do NOT provide independent oversight; Consultants do NOT provide accountability; Consultants CANNOT vote on Board matters",
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      "kind": "paragraph",
      "text": "20 days after Trian nominated candidates for Board representation, Disney entered into an “information-sharing arrangement” with ValueAct, another Disney shareholder, to enable it to consult with Disney’s Board and management.",
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      "text": "Disney Chief Executive Officer Bob Iger has at least a cordial relationship with ValueAct CEO Mason Morfit... Iger and Morfit have gone on hikes together...",
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      "text": "I have known Bob Iger since the time of our Fox investment... I have used him as a sounding board for our investments...",
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      "text": "\"Disney Chief Executive Officer Bob Iger has at least a cordial relationship with ValueAct CEO Mason Morfit, who is married to actress Jordana Brewster. Known for her role in the Fast & Furious films, Brewster has owned a home near Iger in the tony Brentwood neighborhood of Los Angeles. Iger and Morfit have gone on hikes together, according to the people, while Morfit and Brewster attended a screening of the Disney film Flamin' Hot in Los Angeles last summer.\" — Bloomberg, November 2023; \"I have known Bob Iger since the time of our Fox investment (he was across the table during the Fox / Disney deal discussions in 2017). Over the years, I have used him as a sounding board for our investments in New York Times, Nintendo and a few others...I got excited when he returned to Disney a little over a year ago...\" — Mason Morfit, ValueAct Co-CEO and CIO, January 2024",
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      "text": "Source: Bloomberg article titled “Disney Activists Double After ValueAct Amasses Stake,” by Thomas Buckley and Crystal Tse published on 11/15/23, Company press release, 13D Monitor.",
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      "text": "We Are Also Concerned that Messrs. Iger & Morfit’s Personal Relationship Could Jeopardize the Objectivity of Advice",
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