Empowering Workers in Governing Walt Disney Corp.
Today (December 23, 2020) Disney failed in its attempt to argue to the SEC that they could leave this proposal off the proxy. See notification at https://www.sec.gov/divisions/corpfin/shareholder-proposals-2019-2020.pdf.
Therefore, shareholders will get to vote on this issue at the annual meeting unless Disney negotiates with proponents and they agree to withdraw the proposal. Similar proposals filed at several other companies are also likely to be voted on, since Disney's use of expensive legal arguments against common sense failed.
Shareholders of Walt Disney Company urge the board to adopt a policy of promoting significant representation of employee perspectives among corporate decision makers by requiring the initial list of candidates from which new director nominees are chosen by the Nominations and Governance Committee to include (but need not be limited to) non-management employees. Other options includes worker councils, board liaison, Employee Stock Ownership Plans as modalities for encouraging more employee input into governing Walt Disney. It has been shown that involving employees in the decision making process, see below, can help to create employee satisfaction and commitment to a company.