Walt Disney Co

The proposal requests that the Board evaluate and report on whether Disney’s Matching Gifts Program and its eligibility rules that the proponent characterizes as excluding or disadvantaging religious organizations may create legal, reputational or discrimination-related risks for employees. The proposal cites concerns that certain eligibility criteria (as described by the proponent) could result in selective exclusions and potential conflicts with nondiscrimination commitments. The requested report would assess potential impacts on employees and the Company and provide findings to shareholders, excluding proprietary information or disclosures that might affect pending litigation. The proponent frames the requested analysis as necessary to inform investors about possible liabilities and reputational exposure tied to the program’s eligibility practices.

This proposal asks the Board to evaluate and report to shareholders on the expected and potential return on investment (ROI) from Disney’s climate commitments, including its 2030 and 2035 emissions targets. The proponent requests disclosure of the Company’s expenditures, projected costs and financial metrics tied to its net-zero and related environmental initiatives so investors can assess financial and regulatory risk. The supporting statement cites estimates of large global transition costs and potential exposure to regulatory scrutiny and greenwashing enforcement. The requested report would aim to provide transparency on the financial implications and risk management associated with Disney’s environmental commitments.

This proposal asks the Board to adopt cumulative voting for the election of directors, which would allow each shareholder to cast a number of votes equal to their shares multiplied by the number of director positions and allocate those votes among nominees as they choose. The proponent argues cumulative voting enhances minority shareholder ability to elect directors and increases board accountability without dictating election outcomes. The supporting statement references governance authorities and proxy season developments to support the reform as a shareholder-rights enhancement. Implementation would likely require amendments to governing documents and compliance with applicable law.

The proposal requests an independent review assessing Disney’s accessibility and disability inclusion practices across operations, with a focus on legal, financial and reputational risks and benchmarking against international standards and competitors. The proponent cites recent changes to park accommodations, media attention, litigation and guest feedback as reasons for concern and potential impacts on attendance and brand loyalty. The requested review would produce a public summary and internal briefing to enhance transparency and identify areas for improvement. The goal is to inform shareholders about accessibility-related risk management and opportunities to strengthen inclusion practices.