Disney announced on Wednesday that its shareholders had approved the appointment of the twelve board members officially backed by the group, thus thwarting the plans of activist investor Nelson Peltz, who was seeking two seats on the board.

The news sent the stock down by more than 3% on the New York Stock Exchange yesterday, but the American entertainment giant's shares recovered by around 0.4% on Thursday morning.

Disney announced last night that, following its annual general meeting, its shareholders had expressed their confidence in the board of directors currently chaired by Mark Parker, the former CEO of Nike, and including Mary Barra, the current CEO of GM, and James Gorman, the former boss of Morgan Stanley.

This vote puts an end to a proxy fight that had been going on for many months, since Trian, Nelson Peltz's investment fund, had been demanding two seats on the board since the beginning of the year.

Unhappy with Disney's performance, Trian is challenging the strategy implemented by the media group and calling for the appointment of a new CEO with a view to boosting profitability deemed far below that of competitors such as Netflix.

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