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Tuesday, Nov 28, 2023

Disney Updates Corporate Governance Guidelines

The Walt Disney Company Board of Directors announced that it has amended its corporate governance guidelines to provide to provide that any director who receives a “withhold” vote representing a majority of the votes cast for his or her election would be required to submit a letter of resignation to the Board’s Governance and Nominating Committee which in turn would recommend to the full Board whether the resignation should be accepted. In addition, in response to a shareholder proposal on greenmail at Disney’s Annual Meeting, the Board amended the Company’s bylaws to add a provision that generally prohibits the repurchase of any shares at above-market prices from any holder of more than 2 percent of Disney’s voting securities without shareholder approval.

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