In a recent statement to Deadline, NYC Comptroller Brad Lander announced that the New York City Retirement Systems are throwing their support behind Disney in the ongoing proxy battle with activist investor Nelson Peltz. According to Lander, Disney's management and board are focused on a strategic transformation, and they should be given the time to execute their plans.

Lander emphasized the importance of having board members who bring valuable perspectives and relevant experience to the table, while also prioritizing the long-term health of the company. He expressed concerns about Peltz's previous performance on other company boards, which raised doubts about the value he would bring to Disney and its shareholders.

The New York City Retirement Systems, which consist of five city pension funds, hold approximately 2.6 million Disney shares valued at just under $300 million. While this makes them a significant investor, they are not among Disney's largest shareholders. However, their support carries weight due to their high profile.

Peltz's investment firm, Trian Partners, has been aggressively advocating for a seat on Disney's board. On the other hand, Disney has been equally assertive in its efforts to keep Peltz off the board. Shareholders are currently casting their votes for the candidates nominated by the company's management, with the voting period ending on April 2. The results will be announced at Disney's shareholder meeting the following day.

Both sides have been rallying allies and engaging in a campaign to influence shareholders. Peltz believes that Disney's board requires oversight of succession planning and business strategy, while Disney contends that their highly qualified board and management are leading a successful turnaround.

Trian Partners is also seeking a board seat for former Disney executive Jay Rasulo. In recent developments, Jeffrey Sonnenfeld of the Yale School of Management criticized Peltz on CNBC, and Disney released a filing titled "Oh, Nelson, Part II," highlighting the company's performance as the driving force behind its share price gain.

The battle for board representation will ultimately come down to the 12 nominees who receive the most votes from shareholders. Peltz's group has been urging stockholders to support his candidacy, while another investment firm, Blackwells, has put forward three additional nominees.

As the voting period draws to a close, all eyes will be on Disney's shareholder meeting where the final results will be announced. The outcome of this proxy fight will determine the composition of Disney's board and potentially shape the future direction of the company.