California Public Employees Retirement System (CalPERS), one of the top pension funds in the country, has announced its support for Nelson Peltz’s appointment to the Disney board.

CalPERS Blows Hole Through Disney’s Board Clash

With around 100 hours remaining before the deadline for Disney shareholders to cast their ballots in the board clash between the company and Nelson Peltz, CalPERS has loudly and firmly voiced its support for Peltz. The top pension fund, which holds 6.7 million shares in Disney, has backed Peltz’s bid for a board seat.

Building Momentum for Change

CalPERS believes that Disney will benefit from fresh perspectives on its board of directors. While the company’s shares have been rebounding lately, CalPERS views the addition of Peltz and former CFO Jay Rasulo to the board as a means of fostering needed change in corporate governance.

A Close Vote Raises Tensions

Disney’s shareholder vote has become tenser as the deadline nears. Since 40% of Disney’s owners consist of individual and small shareholders, every vote counts. Disney and Trian Partners, the investment firm founded by Peltz, have been actively engaging shareholders ahead of the vote with calls and campaign material.

Influential Shareholders and Proxy Advisors Take a Stand

Notably, the likes of George Lucas, Laurene Powell Jobs, and Michael Eisner have expressed their support for the incumbent board, even their past critics such as Abigail Disney and members of her family have voiced their support. Influential voices and proxy advisors, including ISS, have recommended Peltz’s appointment.

Legal Battles Over Shareholder Campaign

The Disney shareholder vote has even led to legal battles. Blackwells Capital, an activist investment firm, has put forward its own board nominees and recently filed a lawsuit against Disney over what it deems an inappropriate corporate relationship with ValueAct Capital.

Votes Still Being Cast

While a number of votes have already been cast, Disney shareholders have until April 2 to submit their ballots. The results will be announced at the shareholder meeting held on April 3.

Overall, with the shareholder vote becoming ever closer, it seems the battle for a seat on Disney’s board remains uncertain and potentially pivotal for the company’s future.