In an unprecedented move, the investors of Walt Disney Co have rejected calls by proxy advisors to split the top jobs currently held by Chairman and CEP Robert Iger. The call for the split was also seconded by three state pension funds but the majority shot down the proposal.
Sixty five percent of shareholders opposed the split during the annual shareholder meeting held in Phoenix. The shareholders passed the executive compensation and bonus plans which cemented the unified position as well as the election of Iger to the board with a 98% vote of confidence.
The world's biggest entertainment company had accepted for consideration the proposal forwarded by Connecticut Retirement Plans and Trust Funds to split the roles that Iger concurrently holds. This was not accepted as a matter of consequence when the company compensation plans were approved by shareholders.
Iger is planning to retire as CEO come March 2015.
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