Disney Shareholders Reject Attempt To Split Chairman, CEO Roles
March 7, 2013 at 5:14 AM (PT)
Shareholders at THE WALT DISNEY CO.'s annual meeting on WEDNESDAY, voted to reject a proposal by pension funds to separate the Chairman and CEO positions presently held concurrently by BOB IGER and to re-elect the present board. The voters also approved DISNEY's executive pay and bonus plans in a non-binding vote and rejected LEGAL AND GENERAL INVESTMENT MANAGEMENT's proposal to allow shareholders with a stake of 3% or more in the company to put on the ballot their own board candidates.
CONNECTICUT State Treasurer DENISE NAPPIER, on behalf of the state's employee pension funds, proposed the split in positions, backed by the CALIFORNIA STATE TEACHERS' RETIREMENT SYSTEM and NEW YORK CITY Comptroller JOHN LIU.