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Disney Said to Oppose Vote on Executive Jobs

IN BRIEF / MEDIA

November 09, 2004|From Bloomberg News

Walt Disney Co. is seeking to block a shareholder vote on a proposal to split the chief executive and chairman positions at the media giant, Connecticut Treasurer Denise Nappier said.

Nappier called on Disney's board to stop blocking the proposal.

The state's pension funds filed a resolution last month to permanently separate the two roles, saying it would improve oversight of management. Nappier said Disney asked the Securities and Exchange Commission to allow the company to omit the vote from its annual proxy next year.

Disney has contended that the company lacks the legal authority to implement the proposal and that it is contrary to the SEC's proxy rules.

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