Disney Shares Update on Disability Pass Shareholder Proposal Recommendation

This week brought several developments with Disability Accessibility Service (DAS) changes at Disneyland and Walt Disney World. Just a few days ago, we learned that Disney has reversed course on its previous attempts to block shareholder proposals to review DAS changes.

Disney has now issued a clear response, outlining when the shareholder proposal will be discussed and disclosing the board’s recommendations to shareholders. This is an important update for readers who have been following changes to DAS closely. The DAS Disability Pass eligibility changes, first introduced in 2024, were widely discussed and continue to attract national attention.

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DAS shareholder proposal included on Disney shareholder meeting agenda

Disney filed its annual proxy statement announcing that it will hold its next annual shareholder meeting on March 18, 2026 at 1:00 p.m. ET, which will include votes for board members and advisory votes related to executive compensation and other proposals.

Of most interest to those following DAS advocacy groups and Disney are the details of the DAS shareholder proposal being placed on the meeting’s official agenda. The shareholder proposal, formally known as the “Independent Review and Report on Accessibility and Disability Inclusion Practices,” will be put to a stakeholder vote.

The proposal calls for the Walt Disney Company to assess “the legal, financial and reputational risks associated with its controversial changes to Disability Access Services (DAS).” The shareholder proposal calls for Disney to commission an independent third-party review of its accessibility and disability inclusion practices, assess risks, compare them to standards and competitors, and share the findings publicly and internally.

DAS underwent a major restructuring in 2024 to curb overuse, misuse and other problems that were beginning to undermine the program’s effectiveness. As a result, many guests who were previously eligible for these accommodations became ineligible following the changes. Read our original coverage to learn more about the DAS shareholder proposal.

So what happens at the shareholder meeting? The stockholder proposals contained in the proxy materials will then be submitted to stockholders for a vote at the annual meeting. Disney initially tried to block the proposal from appearing in its agency materials, but later withdrew the request. So we can expect shareholders to vote at this meeting on March 18.

Disney recommends shareholders vote against DAS proposal

Its proxy materials also disclosed Disney’s recommendation that shareholders vote against the proposal. Disney revealed in the materials that despite claiming not to meet the requirements of Rule 14a-8, it decided to include the proposal due to recent regulatory changes. Rule 14a-8 is from Securities and Exchange Commission The document explains who can file a shareholder proposal, how and when to file it, and what types of subject matter can be included in a company’s proxy materials. While this appears to be an act of good faith, Disney’s decision to include the proposal is more likely a procedural and risk management move, although shareholders are still advised to vote against it.

Disney argued in its response that it already has strong accessibility and disability inclusion practices in place and that the company has been an industry leader in this area for more than 30 years, during which time it has regularly reviewed and updated its approach.

The company pointed to detailed public information available online and in-park, as well as various accommodations across its theme parks, media and streaming platforms, including disability accessibility services, subtitles, audio description and other accessibility tools. Disney also emphasized that it has strong leadership, governance and risk oversight structures in place and is committed to inclusion and guest safety, and said no additional independent review was required.

As a result, the Board believes that the proposal does not add meaningful value to shareholders and requires resources without providing new or useful information, and the Board unanimously recommends a vote against the proposal. The company also reiterated its previous statement calling the shareholder proposal false and misleading.

While the proposal is unlikely to pass — it is extremely rare for a shareholder proposal to pass when the board recommends against it — it would still be a win for the DAS advocacy group. Even though the changes were first introduced in 2024, this back-and-forth has brought DAS back into the spotlight and kept the conversation going.

While DAS is on the agenda, the upcoming shareholder meeting is more likely to focus on appointing a successor Bob Iger As CEO. The meeting came as Disney revealed that Iger’s total compensation will increase to $45.8 million in 2025, from $41.1 million in 2024 and $31.5 million in 2023.

You can read the official wording from Disney’s proxy materials recommending voting against the proposal below:

The Board recommends that you vote against this proposal for the following reasons:

• The company is committed to designing and delivering innovative and effective services that are suitable for people with disabilities and has continuously reviewed its practices. The company has been an industry leader in accessibility for more than 30 years.

• The company provides detailed public information, tips and advice about its accessibility and disability inclusion practices online and in person at its theme parks.

• The company provides strong governance and oversight of its inclusion practices and risk management.

• The proposal’s requirements would not enhance shareholder value.

Company-wide, we strive to provide opportunities to enjoy our products and services. To this end, the company has made thoughtful investments to integrate disability accessibility into our operations, and we work hard to design, promote and serve as a model for accessibility. The company also pays attention to detail when developing disability accessibility plans for its domestic parks, which offers the extraordinary benefit of eliminating the need to wait in regular waiting lines for most rides. The Company also offers a variety of accommodations to help you access rides and other attractions in the parks, access our content and programming, and experience our other products and services. For example, the company offers a range of tools and accessibility features on streaming platforms and the web, including tools such as audio description, closed captioning, keyboard navigation, and interoperability with popular screen readers.

The company provides detailed information on accessibility and disability-inclusive practices on its website, including publishing briefs on accessibility topics. Each of our theme parks also publicly provides complete information about their accommodations and offers assistance to guests before and during their visit. For our domestic theme parks, Disneyland Resort, and Walt Disney World Resort, this includes a page on the Disability Accessibility Program with registration guidelines and the process for using the program at one of our parks.

The company has strong governance and oversight of its accessibility efforts and risk management. Our Senior Executive Vice President and Chief People Officer leads Disney’s global talent and culture strategy: talent acquisition and development, compensation and benefits; opportunity and inclusion; organizational effectiveness; and employee services and systems. Reporting to our Chief People Officer, our Senior Vice President and Chief Opportunity and Inclusion Officer leads the company’s opportunity inclusion strategy and works closely with leaders and teams across all departments to foster a culture rooted in belonging. The Chief Security Officer works with businesses and leaders across the company to lead guest safety efforts for the company’s Disney Experience, including efforts related to guest accessibility. The Board and its committees oversee the Company’s key financial, legal and reputational risks, supporting strong brand management and mitigating such risks. For further details, please see the section of this proxy statement titled “The Board’s Role in Risk Oversight.”

The company has detailed support and accommodations for guests and consumers with accessibility needs, as well as risk oversight practices and governance. Accordingly, the Board believes that the proposed requirements are not in the best interests of the Company and its shareholders because it will not provide shareholders with meaningful additional information to obtain the resources they require.

For the reasons stated above, our Board of Directors unanimously recommends a vote against.

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