Hedge fund Alta Fox Capital Management, the beneficial owner of approximately 2.5% of the outstanding shares of Hasbro Inc,  has filed a definitive proxy statement with the US Securities and Exchange Commission in connection with Hasbro's 2022 Annual Meeting of Shareholders.

Alta Fox disclosed in its materials that it has reduced its slate to three director candidates after taking into account Hasbro’s recent expansion of its Board of Directors, the Company’s most pressing needs and feedback from other shareholders. In addition, Alta Fox sent a letter to shareholders.

The letter states that shareholder-driven change is needed at the 2022 annual meeting to mitigate further value destruction under Hasbro’s 'arrogant, insular and ineffective board, and questions the board’s unwillingness to embrace shareholder input following years of poor returns.

The letter urges shareholders to elect Alta Fox’s three-member slate on the GOLD proxy card to inject capital allocation, strategic planning and transformation expertise into the boardroom.