Report: Disney Shareholders to Vote on Exec Pay
(Reuters) – Walt Disney Co shareholders, will vote on Tuesday on a proposal that would give them a non-binding, advisory vote on the pay packages given to Chief Executive Bob Iger and other top executives, the Los Angeles Times said.
Disney is one of nearly 100 public companies whose shareholders will vote on the “Say on pay” initiative, which is backed by a group of 75 investors, including TIAA-Cref and the California Public Employees’ Retirement System (CALPERS), the paper said.
“With the advisory vote, we want to provide the company with feedback on whether the board did a good job in explaining the basis for their compensation decisions,” the paper cited Hye-Won Choi, head of corporate governance issues for TIAA-Cref, as saying.
TIAA-Cref owns about 14.6 million Disney shares, the paper said.
Disney could not be immediately reached for comment by Reuters.
In a filing with the U.S. Securities and Exchange Commission in January, Disney advised investors to vote against the proposal.
“A shareholder vote is simply too blunt an instrument for dealing with the complex interrelated judgments involved in executive compensation,” Disney said in its proxy statement.
“A simple up or down vote on compensation matters by shareholders would likely provide little useful guidance about the driving force behind the vote,” the company said.
(Reporting by Ajay Kamalakaran in Bangalore; Editing by Erica Billingham)