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News > Disney shareholders vote to return 12 directors to office,
approve 2005 stock incentive plan
Disney News
Press Release
Disney shareholders vote to return 12 directors to office, approve
2005 stock incentive plan
Walt Disney Company annual meeting held in Minneapolis
MINNEAPOLIS - Shareholders of The Walt Disney Company (NYSE:DIS) today
displayed strong support for the Company's Board of Directors at the
Company's 2005 Annual Meeting of Shareholders, voting at least 92 percent
in favor of each member of Disney's Board of Directors.
Chairman George Mitchell reviewed the Company's ongoing governance
changes, recent changes to Disney's executive compensation plans, and
the management succession process. Chairman Mitchell reiterated that
the Board is committed to a process to find "the best possible
person to decisively and creatively lead this company into its very
promising future."
Disney CEO Michael Eisner and President Bob Iger also told investors
that the Disney management team is focused on the right priorities to
drive growth over the long term -- producing world-class creative content
across the Company, and focusing on improved earnings and cash flow,
as well as returns on invested capital.
Eisner and Iger also highlighted upcoming major events of 2005, including
the celebration of Disneyland's 50th anniversary, the opening of Hong
Kong Disneyland and the upcoming film slate from Walt Disney Studios,
as well as the strength of Disney's media properties, including Disney
Channel, ESPN and ABC Television Network's recent performance.
Shareholders voted as recommended by the Board of Directors on four
of five proposals presented, including election of 12 existing directors
to new one-year terms, ratification of PricewaterhouseCoopers LLP as
the company's independent accountants for the current fiscal year, and
approval of the 2005 Stock Incentive Plan.
Shareholders rejected a shareholder proposal regarding China labor
standards, and approved a non-binding shareholder resolution to bar
payment of greenmail.
Shareholders of The Walt Disney Company voted by a wide margin to return
all 12 of the company's directors to new one-year terms.
At least 1,656,232,580 shares, or 92.2 percent of those voted, were
voted in favor of returning the following directors to the board:
John E. Bryson
John S. Chen
Michael D. Eisner
Judith L. Estrin
Robert A. Iger
Fred H. Langhammer
Aylwin B. Lewis
Monica C. Lozano
Robert W. Matschullat
George J. Mitchell
Leo J. O'Donovan, S.J.
Gary L. Wilson
Final voting tallies are subject to certification by the company's
inspector of elections, and will be included in the company's next quarterly
report filed with the Securities and Exchange Commission.
Shareholders ratified the appointment of PricewaterhouseCoopers LLP
as the company's independent accountants for the fiscal year ending
Sept. 30, 2005. The preliminary vote was 1,753,484,379 FOR and 22,277,530
AGAINST, with 21,482,354 abstentions.
Shareholders approved the company's 2005 Stock Incentive Plan. The
preliminary vote was 1,125,233,198 FOR and 281,442,833 AGAINST, with
23,495,830 abstentions.
Shareholders rejected a shareholder proposal relating to the manufacture
of Disney-branded products in China. Chairman Mitchell reviewed the
Company's active efforts in promoting responsible labor practices. The
vote was 1,142,702,284 AGAINST and 111,595,575 FOR, with 175,878,157
abstentions.
A shareholder on greenmail was approved by a preliminary vote of 788,814,385
FOR and 609,760,243 AGAINST, with 31,596,426 abstentions.
