On March 21, 2024, The Walt Disney Company announced that it has commented on a report published by Institutional Shareholder Services (ISS) in connection with the election of the Company?s director nominees at the Company?s Annual Meeting on April 3, 2024, and recommended shareholders to vote for only its 12 nominees and withhold votes for the Trian Group and Blackwells nominees using the white proxy card. Mark Parker, Chairman of the Company, commented that while they?re heartened to see support for Michael Froman and ISS?s recommendation to withhold on directors Jay Rasulo and the Blackwells? nominees, they view that ISS reached the wrong conclusion in its recent report on adding Nelson Peltz to the board.

Mark Parker added that ISS recommendation fails to acknowledge the diverse set of skills and experience on the Company?s Board, including significant value added by Maria Elena Lagomasino. In addition, the Board views that replacing any of the Company?s nominees with any of the Trian Group or Blackwells nominees would deprive the Company of skills and expertise required to help drive value for shareholders, a belief Glass Lewis? report on March 18 also supports.