The Disney proxy fight pits Trian Partners' Nelson Peltz against the board and CEO Bob Iger.
Vanguard, State Street and BlackRock are the largest investors at Disney, making them key votes to court as Wednesday's shareholder meeting nears.
In a contested election, that number is likely to go much higher as proxy solicitors on both sides canvass shareholders, 13D Monitor's Ken Squire said. "Shareholders can change their mind, but unlike most institutional investors, individual shareholders start voting as soon as they receive the proxy. As such, most individual votes are already accounted for," John Ferguson, senior partner at proxy solicitation firm Saratoga Proxy Consulting told CNBC.
But if Peltz manages to secure support from those investors, it would be a clear sign to Wall Street that the activist's concerns at Disney — the failed succession process, an apparent distraction from storytelling in favor of "messaging," and an expensive M&A and investment strategy — hold some merit.
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