In a filing with the Securities and Exchange Commission, The Walt Disney Company has made an argument against Trian Partners and Nelson Peltz’s attempt to get on the Disney Board of Directors, while defending Disney CEO Bob Iger. Disney’s statement comes after filings from Trian Partners and media appearances by Peltz, who is trying to get onto the Disney Board of Directors.

The powerpoint-style filing leads by stating “the current Disney Board is the right Board for shareholders”. The document begins by making the argument that the current makeup of the Board is effectively ideal for Disney, and specific interest is given to the recently anointed Mark Parker as Board Chairman. Disney offers a strong rebuke of Peltz by saying, “Nelson Peltz does not understand Disney’s business and lacks the skills and experience to assist the board in delivering shareholder value in a rapidly shifting media ecosystem”. In separate filings with the SEC, Disney said that Peltz and Trian Partners offered no vision for the future of The Walt Disney Company.

The filing goes on to defend Bob Iger, notably in the purchase of 21st Century Fox assets and his returns to shareholders during his first tenure as CEO. The document quotes Peltz as saying investors should look at the total shareholder return, and Disney says that Iger’s was 554% during his previous stint as CEO.

Disney closes with a series of slides that conclude that “Peltz has no track record in large cap media or tech” and said that he has “no solutions” to offer Disney at this time.

You can read the full filing here: https://otp.tools.investis.com/clients/us/the_walt_disney_company/SEC/sec-show.aspx?FilingId=16317414&Cik=0001744489&Type=PDF&hasPdf=1

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