As of Tuesday, just over 22% of shares had been cast, ammong those who have already cast their votes, Peltz leads Disney director Maria Elena Lagomasino. A spokesman for Disney said leaking an early vote count was “a highly inappropriate attempt to sway votes.”

Most shareholders are able to vote or alter a previous vote until the polls are officially closed, which happens the day of the annual meeting.
Courting shareholders

Disney and Trian continue to dart around the U.S. making their final cases for why shareholders should back their nominees in what has become a tight race.

Iger has personally visited major shareholders in recent weeks, while senior executives including finance chief Hugh Johnston and Alexia Quadrani, executive vice president of investor relations, have met with others. In some cases, Disney board members including Chairman Mark Parker and Lagomasino, who is known as “Mel” and is one of the board members whose seat Trian is contesting, have also attended shareholder meetings.

Disney has told investors in private meetings that it would be problematic and disruptive for the company and Iger if Peltz joins the board and that his presence in the boardroom would slow down decision making. It has also talked about the company’s streaming strategy and focus on revitalizing its studio.

Peltz and his team, which includes his son Matthew Peltz, a partner at Trian, and another young partner, Ryan Bunch, have made dozens of shareholder visits, including trips to Canada and the U.K. Some large shareholders have received multiple visits.

Some major institutional investors are still undecided because they say both sides have made valid points.

While Iger is viewed as a strong CEO, some see value in having an outside voice to raise questions and challenge opinions in the boardroom. Several investors said Disney’s addition of former Morgan Stanley CEO James Gorman to its board was a good sign of its commitment to succession, given the smooth leadership transition he oversaw at his bank last year.

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