Activist investor Nelson Peltz’s proxy fight against Disney for two seats on the company’s board comes to a head at its annual shareholder meeting today. Business Insider’s Madeline Berg has a complete rundown of how we got here.

Today’s vote is about a lot more than just two board seats. It’s about the future of one of America’s most iconic companies. It’s about the state of the media and entertainment industry, in which Disney plays a pivotal role. And it could reshape how Disney CEO Bob Iger, who’s less than two years into his second stint at the company, might ultimately be remembered.

Such an ambitious battle doesn’t come cheap, as BI’s Peter Kafka pointed out. The total amount spent between Disney and its rivals wrangling votes is estimated to be at least $70 million, a record for a proxy fight.

One reason it cost so much, and why this vote is so unique, is the makeup of Disney’s investor base.

Winning the vote isn’t just a matter of convincing large investment firms with sizable positions to vote your way. Although, big players matter, too, BI’s Grace Eliza Goodwin writes.

Almost 40% of Disney shares are owned by individuals, which means both sides need to get more creative in their approach. Disney, for example, used Pinocchio in one investor presentation.