Disney investors on Thursday voted for a proposal that the entertainment giant would cease participation in the Equality Ratings Program for prominent LGBTQ rights agencies.
The proposal was submitted through the Free Enterprise Project Initiative by the right-wing think tank National Center for Public Policy Research, requiring Disney to “stop” participation in the Human Rights Campaign’s annual corporate equality index. (FEP calls it “the original and best opponent of the American Corporate Life Awakening Acquisition.”)
“When a company acquires extreme positions, it destroys shareholder value by alienating most of its customers and investors. This proposal provides Disney with an opportunity to return to neutral,” the FEP proposal states. Since 2007, Disney has received a “perfect score” at the CEI, and said it can only be achieved by staying on partisan, divisive, increasingly radical standards.
In December 2023, Disney announced that it was built on a legacy of workplace inclusion and support for the broader LGBTQIA+ community. The Walt Disney Company scored a perfect score on the Human Rights Foundation (HRC) Foundation’s 2023-24 Corporate Equality Index (CEI).
In its proposal, NCPPR’s Free Enterprise Project was specifically aimed at trans-trans efforts supported by HRC and others, “like Glsen, Trevor Project, Glaad,” claiming that conservative groups “sought to promote irreversible surgical procedures for confused teens,” and that strengthened sports and roll bathrooms for girls and women and claimed roll bathrooms. The proposal also referred to Disney’s opposition to Florida’s so-called “no gay” law in 2022, claiming that “Disney was miserably involved in such activities when it was miserably involved.”
Disney’s board of directors recommended a vote on the proposal to end participation in the HRC’s Corporate Equality Index. Shareholders agreed, but according to a reserve tally, only 1% of the shares voted in favor of the proposal.
In a statement of opposition, the board said, “I don’t think the proposal would provide additional value to shareholders given the company’s existing practices to assess participation in transparency efforts and reporting on ESG (environmental, social and governance), workforce equity issues and oversight of human rights policies.”
In a statement, Eric Bloom, vice president of corporate citizenship at the Human Rights Campaign Foundation, said: “This vote gives us a clear statement of value from Disney shareholders, who know what we know.
Thursday’s vote to reject anti-HRC proposals comes after Disney reduced its diversity, equity and inclusive policies last month. In the case of Disney, the company has announced it will end Reimagine Tomorrow, an initiative aimed at promoting stories from underrated communities.
On Thursday, Disney shareholders also voted for two other proposals. One to require reporting on “climate risks to beneficiaries of retirement plans,” and the other to evaluate how Disney “evaluates how risks associated with discrimination against buyers and sellers of advertising based on political or religious circumstances.” Boycott of X (formerly Twitter).
Additionally, shareholders of the Annual Meeting voted in favor of approval of the compensation package for Disney’s nominated officers in fiscal year 2024. This includes CEO Bob Iger’s salary package totaling $41.1 million for that period (an increase of 30% from 2023). Iger’s contract is expected to run until 2026, and Disney Board said it hopes to announce its CEO successor early next year. The shareholders also voted to re-elect 10 Disney Board members, including Iger, for a one-year term.
In his introduction at the meeting, Igar announced that development of “Coco 2” is officially underway. Pixar animation films are aimed at the theatrical release in 2029.
During part of the Q&A at the meeting, Igar was asked about his plans to adopt Disney’s AI. He replied, “AI may actually be the most powerful technology we’ve seen,” and Disney “just started rolling out it” with the aim of making business more efficient. However, according to Iger, Disney follows three principles when it comes to AI. That means that the IP is protected. The creator is “respected.” And the customer is “considered and evaluated.”
This week at NVIDIA’s 2025 GTC Developers Conference, AI Chip Company announced a collaboration with Disney Research and Google’s Deepmind AI Lab, describing it as an open source physics engine that allows robots to learn how to handle complex tasks more accurately. Disney will use AI-based technology to promote a robot character platform that will enhance the next generation of entertainment robots at theme parks.
Overall, the 2025 Disney shareholders’ meeting was far less dramatic than last year’s fireworks. At the 2024 gathering, investors voted decisively for activist investor Nelson Peltz’s bid to win two seats on Mouse House’s board of directors.
