Will Disney's Bob Chapek Lose His Board Seat in This Week's Shareholder Vote?
Companies' annual shareholder meetings aren't usually the kind of events that financial journalists circle on their calendars, but Wednesday's virtual gathering of Walt Disney (NYSE: DIS) investors bears watching. All 11 of the media giant's board members are up for renewal, and there are grassroots efforts building to press shareholders to vote against CEO Bob Chapek keeping his seat as a director.
Late last year, the groundswell of negativity stemmed largely from Disney theme park annual pass holders who were upset by recent changes at the gated attractions. Now, however, Chapek is in the crosshairs of activists who are upset that he has not taken a stance against the new Florida Parental Rights in Education bill. The legislation -- known more commonly by critics as the "Don't Say Gay" bill -- largely bans classroom instruction that touches on topics of sexual orientation and gender identity.
Chapek put out a statement on Tuesday expressing support for the LGBTQ+ community, but also explaining why Disney leadership has not taken a public stand against the legislation. That only added to the tensions between Disney's CEO and activists who feel he's not doing enough. Suddenly, Wednesday's shareholder vote is looking a lot more interesting.
Source Fool.com
