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Proxy
Summary |
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Corporate Governance and Board
Matters |
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Director
Compensation |
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Executive
Compensation |
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Audit-Related
Matters |
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Items to Be
Voted On |
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Information
About Voting |
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Certain
Relationships and
Related Person Transactions |
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Other
Information |
Many Chinese companies which are ultimately under the control of the Communist government
are vulnerable to the U.S. Holding Foreign Companies Accountable Act, do not adhere to basic auditing standards, and are therefore untrustworthy.
China and by extension the companies it controls is also identified in the U.S. State Departments 2022 Trafficking in Persons Report as a
state sponsor of human trafficking. It is now subject to the Uyghur Forced Labor Prevention Act, which imposes strict verification of parts and products imported from China, that they are not generated from slave labor.
Disneys extensive ties to China breed reputational risk for the company also. For example, while the company funds groups that promote the interests of homosexual
and transgender individuals, the Communist government persistently and vigorously cracks down on those forms of identity within its borders.
A July 2022 joint
statement from the leaders of the British and American domestic intelligence agencies warned that the Communist Chinese Party is the greatest threat to the international order. We consistently see that its the Chinese government that
poses the biggest long-term threat to our economic and national security, and by our, I mean both of our nations, along with our allies in Europe and elsewhere, said FBI Director Christopher Wray.
Given the controversial, if not dangerous, nature of doing business in and with China, shareholders have the right to know the extent to which The Walt Disney
Companys business operations depend on Communist China.
Board Recommendation
The Board recommends that you vote against this proposal.
The requested report
requiring the Company to disclose the nature and extent to which its corporate operations involve or depend on one particular country would not provide additional value to the Companys shareholders. The Company is already subject to and
compliant with comprehensive and ongoing business-related reporting requirements that require it to inform its shareholders about its international operations to the extent such operations are material. In addition, the Company is deeply committed
to operating in an ethical manner that respects human rights and such considerations are included in its business decisions, and the Company has established policies and reporting structures to support this goal.
As discussed in the section of this proxy statement titled Corporate Governance and Board Matters The Boards Role in Risk Oversight, our
approach to oversight of risk management is thoughtfully designed to ensure Board-level and executive team ownership of key decisions that drive long-term and sustainable shareholder value. The Board, either directly or through committees, assesses
significant operational risks related to the conduct of our day-to-day operations, which are the subject of regularly scheduled reports to either the full Board or one
of its committees. Furthermore, the Board, either directly or through its committees, assesses risks that relate to the key economic and market assumptions that inform our business plans (including significant transactions) and growth strategies. In
direct response to shareholder feedback in recent years, the Board has also increased the Governance and Nominating Committees oversight to include the Companys human rights policies and the Committee reviews reports at least annually
from our Global Public Policy group on such matters. The Board believes that these existing procedures are a more effective way to assess and mitigate the risks identified in the proposal, than the report requested in the proposal.
Respect for human rights is deeply engrained in our culture our commitment to human rights is reflected in a number of practices and policies designed to assess,
prevent and mitigate human rights related risks, which your Board oversees. Our website and annual Corporate Social Responsibility Report provide additional detail on our approach, policies, standards and practices.
In September 2022, we published an expanded Human Rights Policy Statement providing information on the Companys ongoing due diligence to identify, prevent,
mitigate and account for human rights risks and impacts. Our Standards of Business Conduct, on which employees are regularly trained, Human Rights Policy and CSR website outline our commitment to conducting business in an ethical and
responsible manner, both internally and with the third parties we do business with, while our Supply Chain Code of Conduct sets out expectations for our suppliers, which are influenced by our Human Rights Policy. These policies
explicitly prohibit forced labor in our direct operations and value chains. They are based on international principles aimed at protecting and promoting human rights, as described in the United Nations Universal Declaration on Human Rights,
the UNs Guiding Principles on Business and Human Rights and the International Labour Organizations Declaration on Fundamental Principles and Rights at Work.
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The Walt Disney Company | Notice of 2023 Annual Meeting and Proxy Statement |
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