The firm is Disneys second-largest shareholder at about 4.2%.
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Disney and BlackRock declined to comment.
Peltz Trian Partners is voting about 1.5% of Disney, his shares and those of ally Ike Perlmutter.
Bob Iger and Nelson PeltzGetty Images
He wants board seats for himself and former Disney executive Jay Rasulo.
To that end, he has asked shareholders to unseat Disney nominees Maria Elena Lagomasino and Michael Froman.
There are 12 director seats.
The nominees with the most votes win.
The company has a larger than average retail shareholder base.
Trian has spent about $25 million in its push.
Battle lines have been forming.
BlackRock is a big get.
Theres been no word regarding Disneys other top two shareholders, Vanguard and State Street.
Its also spent millions to promote them but without getting much traction.
A SEC rule requiring whats called a universal proxy card has made shareholder board challenges easier.
Previously, only shareholders voting in person at annual meetings could mix and match.
There are towering egos involved, Levin says.
The kind of thing Peltz [would] contribute is pure governance.
The core problem with the board is that they are completely loyal to Bob Iger …
So you have 11 people consistently unable to push back on him, to question him.
Nelson Peltz [wouldnt] have that problem.
Thats how Peltz has in part described the Disney board.
The company disagrees with that characterization.
From a Wall Street perspective, the outcome wont alter Disneys investment thesis much.
A director Peltz could mean a higher likelihood that Iger truly does retire in 2026, he added.
But Peltz or no Peltz, theres pressure to get succession right this time.
