Walt Disney

TABLE OF CONTENTS

Proxy Summary

1

Corporate Governance and

Board Matters

8

Governing Documents .................................. 8 The Board of Directors ................................. 8

Board Leadership ........................................ 8

Committees .............................................. 10

The Board's Role in Risk Oversight................ 11 Management Succession Planning ................ 12 Director Selection Process ........................... 12

Director Independence ............................... 13

Certain Relationships and Related Person

Transactions ............................................. 14 Shareholder Communications ...................... 14

Director Compensation

16

Executive Compensation

19

Compensation Discussion and Analysis ......... 19

Executive Compensation Program

Structure ............................................... 20

2019 Compensation Decisions ................. 28

Compensation Committee Report............... 36

Compensation Tables ................................. 37

Audit-Related Matters

55

Audit Committee Report .............................. 55

Policy for Approval of Audit and

Permitted Non-audit Services ....................... 56

Auditor Fees and Services........................... 56

Items to Be Voted On

57

Election of Directors ................................... 57

Ratification of Appointment of

Independent Registered Public

Accountants.............................................. 63

Advisory Vote on Executive

Compensation .......................................... 63

Approval of an Amended and Restated

2011 Stock Incentive Plan........................... 64

Shareholder Proposal ................................. 71

Other Matters ........................................... 72

Information About Voting

and the Meeting

73

Shares Outstanding ................................... 73 Voting ..................................................... 73

Attendance at the Meeting .......................... 74

Other Information

75

Stock Ownership ....................................... 75

Section 16(a) Reports................................. 76

Electronic Availability of Proxy Statement

and Annual Report .................................... 76

Mailings to Multiple Shareholders at the

Same Address........................................... 76

Proxy Solicitation Costs .............................. 77

Annex A -- Reconciliation of

Non-GAAP Measures

A-1

Annex B -- Amended and

Restated 2011 Stock

Incentive Plan

B-1

The Walt Disney Company (500 South Buena Vista Street, Burbank, California 91521) is providing you with this proxy statement relating to its 2020 Annual Meeting of shareholders. We began mailing a notice on January 17, 2020 containing instructions on how to access this proxy statement and our annual report online, and we also began mailing a full set of the proxy materials to shareholders who had previously requested delivery of the materials in paper copy. References to ``the Company'', ``Disney'' or ``our'' in this Proxy Statement refer to The Walt Disney Company and, as applicable, its consolidated subsidiaries.

The Walt Disney Company Notice of 2020 Annual Meeting and Proxy Statement

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