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Disney Compensation Questioned

December 18, 1996|Bloomberg Business News

A Walt Disney Co. shareholder called for the entertainment firm's board to review executive compensation policies in the wake of the $90-million severance package to be paid to Michael Ovitz.

Progressive Asset Management, an Oakland-based brokerage firm specializing in socially responsible investing, said it will introduce a resolution at Disney's shareholder meeting Feb. 25 asking the board to link executive compensation more closely to financial performance.

Salaries would also be tied to "social and environmental criteria," it said. The brokerage had said in September that it would make such a proposal.

Disney would be required to compare compensation packages of its officers with the lowest and average wages of Disney contract workers in the U.S. and three low-wage countries, including Haiti.

The resolution also asks the board to consider whether a cap should be placed on compensation packages for officers to prevent paying excessive amounts.

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