The Educational Foundation of America (EFA), a long-term shareholder in The Walt Disney Company (Disney), has submitted a proxy memorandum urging Disney shareholders to vote in favor of Item No. 6, a proposal for the company to annually publish a report on the congruence of its political and electioneering expenditures with its publicly stated values and policies. The memorandum, dated March 18, 2024, highlights concerns over Disney's political contributions that appear misaligned with the company's commitments to environmental sustainability, women's advancement, diversity, equity, and inclusion, and democratic processes. EFA argues that such misalignment undermines Disney's business interests and corporate responsibility initiatives, potentially harming the company's reputation and shareholder value. The foundation has detailed instances where Disney's...Show More

The Educational Foundation of America (EFA), a long-term shareholder in The Walt Disney Company (Disney), has submitted a proxy memorandum urging Disney shareholders to vote in favor of Item No. 6, a proposal for the company to annually publish a report on the congruence of its political and electioneering expenditures with its publicly stated values and policies. The memorandum, dated March 18, 2024, highlights concerns over Disney's political contributions that appear misaligned with the company's commitments to environmental sustainability, women's advancement, diversity, equity, and inclusion, and democratic processes. EFA argues that such misalignment undermines Disney's business interests and corporate responsibility initiatives, potentially harming the company's reputation and shareholder value. The foundation has detailed instances where Disney's political spending has supported candidates and organizations that oppose the company's stated goals, such as climate change mitigation, reproductive health care access, and diversity initiatives. EFA emphasizes the growing industry practice of reporting on political spending alignment and refutes Disney's opposition to the proposal, stating that current disclosures are insufficient and that addressing misalignment is both feasible and beneficial. The foundation bears the cost of disseminating the information and clarifies that it is not soliciting proxy authority.