Disney Shareholders Reject Activist Reforms

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Walt Disney Co. shareholders on Tuesday re-elected the entertainment giant’s 12 directors, and rejected a reform proposal that would have put compensation for Chief Executive Bob Iger and other top executives to a shareholder vote.

Shareholders at the Burbank company’s annual meeting, held this year in Oakland, also rejected an activist-led proposal that would limited death benefits for families of executives who die on the job. Highly generous death benefits have been labeled “golden coffins” by better corporate governance advocates.

Shareholders did approve company-promoted amendment to its executive compensation plans that would allow the company to increase the number of shares available for granting to one person. The move is part of the company’s long-term incentive program.

Directors were reelected with 90 percent support from shares voted at the meeting, which represented 84 percent of common shares available for voting.

In comments to the group, Iger said his company is facing what may be the toughest economic climate of his career. “We are being extremely realistic about the global economy and the challenges we face,” he said, according to Bloomberg News. “We continue to look for ways to adjust our cost base.”

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