In a recent development, Nelson Peltz's Trian Partners has taken another significant step in their battle to secure a position on the Disney board. Trian Partners released its preliminary proxy statement, outlining its plans to request shareholders to withhold their votes for current Disney board members Michael B.G. Froman and Maria Elena Lagomasino. Instead, shareholders will be urged to vote for Peltz and former Disney CFO Jay Rasulo to join the board.

Trian Partners puts forth its argument against Michael B.G. Froman's candidacy, stating that he lacks experience as a public company director beyond Disney. Trian highlights Froman's extensive career in fields such as federal trade representation, national security advising, and financial executive roles, which they deem unrelated to Disney's business.

Similarly, Trian questions Maria Elena Lagomasino's suitability for the board due to her background in wealth management, which they believe does not align well with Disney's businesses. They also express concerns about her role on the Disney compensation committee, citing oversight of "misaligned compensation practices."

Peltz, along with former Disney CFO Jay Rasulo, was officially nominated by Trian Group last month. However, Disney's board has been firm in rejecting these nominations, presenting their reasoning against Peltz and Rasulo's inclusion on the board.

Another activist group, Blackwells Capital, has also entered the scene by nominating a board slate consisting of Craig Hatkoff, Jessica Schell, and Leah Solivan. Blackwells is urging shareholders to withhold votes for all Disney and Trian nominees and only vote for their own slate. In return, both Disney and Trian have requested shareholders to withhold votes for the Blackwells nominees.

The decision of shareholders is expected to be influenced by third-party firms like Institutional Shareholder Services. The recommendations from these firms may carry weight with institutional investors such as Blackrock, Vanguard, and State Street.

As the battle for board positions continues, the outcome remains uncertain. Shareholders and institutional parties will assess the arguments presented by Trian Partners, Disney's board, and other involved entities to make an informed decision.