Disney has announced that it will be issuing a cash dividend of $0.30 per share for the second half of its fiscal year 2023. This marks the first dividend payment made by the company since it was halted three years ago due to the COVID-19 pandemic.

The dividend is scheduled to be payable on January 10, 2024, to shareholders who hold the company's stock as of the close of business on December 11. Back in February, Disney had already expressed its intentions to reinstate the dividend this year.

Mark Parker, Chairman of the Board, highlighted the past year as a period of significant progress for The Walt Disney Company, characterized by strategic restructuring and a renewed focus on long-term growth. Parker expressed pleasure in declaring a dividend for shareholders, emphasizing the continued investment in the company's future and the commitment to creating meaningful value.

The announcement of the dividend comes amidst the backdrop of activist investor Nelson Peltz seeking a seat on Disney's board. Supported by former Marvel boss Ike Perlmutter, Peltz intends to take his fight "directly to the shareholders" after Disney rejected his offer and appointed two new directors instead. This has led Disney to revise its corporate bylaws concerning external candidates seeking board seats.

At the company's annual meeting, shareholders have the opportunity to elect directors. The nominee names are listed in a proxy statement provided to shareholders, who can also propose other candidates not endorsed by the company, as Peltz plans to do. The total number of board seats Peltz is pursuing remains unclear. Disney's fiscal year concludes in September, with the annual meeting typically taking place in March. This year's meeting was held later in April due to the conflict with Peltz.

Disney's newly filed amendments to its corporate bylaws address recent amendments to Rule 14a-19 under the Securities Exchange Act of 1934. The amendments require any person soliciting proxies for a director nominee to provide a representation of compliance with Rule 14a-19 and deliver reasonable evidence of meeting its requirements. They also stipulate the use of a non-white proxy card by any person directly or indirectly soliciting proxies using their own card. Additionally, the amendments enhance procedural mechanics and disclosure requirements related to director nominations made by stockholders.

As the dividend is set to be paid out and discussions about board membership continue, Disney moves forward with its strategic objectives, prioritizing the growth and value creation of the company.