Trian Partners Activist Presentation Deck
Confidential-Not for Reproduction or Distribution
Disney's Shareholder Engagement Process, or Lack Thereof, is Indicative of Poor Governance
Why did Bob Iger and the Board invite Nelson to meet in person three years ago
to hear his views on Disney and barely give him the same opportunity three years later?
. In our view, Disney's shareholder engagement process has been among the worst (if not
the worst) of all the companies we have interacted with
▪ It's important for shareholders to know that Trian has a constructive history with Disney
and Bob Iger. In September 2019, Nelson Peltz spoke with the Board, at the invitation of
Bob Iger, about his views on the Company
• In November 2022, Trian started a discussion with Bob Chapek about the challenges and
opportunities facing the Company and requested a board seat for Nelson
. Shortly after our conversation, the Board abruptly fired Bob Chapek and since Mr. Iger
was re-hired, the Company has barely interacted with Nelson. After one short call with
management, Disney rejected Nelson's request for a board seat outright. Notably.
Disney did not even allow Nelson to meet any directors prior to turning down his
request until we flagged that it was a highly questionable decision to jump to a decision
without hearing us out
• In every engagement where Trian has asked for board representation, we were invited to
in-person meetings and extensive interviews with management and the board
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