Blackwells Capital, which is seeking seats on the board of the Walt Disney Co., said it has discovered that ValueAct Capital Management, an investment company publicly supporting Disney CEO Bob Iger in its proxy battle with Nelson Peltz's Trian Fund Management, has received $55 million to $95 million in undisclosed pension management fees from Disney.
Because of the lack of disclosure, Blackwells said shareholders should disregard ValueAct’s endorsement of Disney’s current board. It also questioned whether Disney’s board violated pension laws and Disney’s code of ethics.
