Walt Disney Co. shareholders have been advised by proxy advisers ISS and Glass and Lewis & Co to urge the split of CEO and Chairman duties currently held by Robert Iger. The advisors said that shareholders vote against the pay of the current position holder.
These recommendations from the influential advisors could convince undecided shareholders ahead of the scheduled March 6 Disney meeting to be held in Phoenix, AZ. This issue has been besetting the theme park and media giant since 2005. This has also been the objection of both ISS and other public pension funds, as this gives him too much power over the future of the corporation.
For its part, Disney urged shareholders to vote against the proxy proposal "because it seeks to replace the current, clear and workable standard for electing a chairman with a vague and unworkable standard." It added that ninety two percent of Iger's compensation is contingent upon the performance of the company and its share value.
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