Disney revises executive compensation programme

MUMBAI: Media conglomerate Disney has announced that it has completed an update of the company's senior executive compensation programme. Its revised long term incentive programme has received the approval by the company's board of directors and its compensation committee.

The Disney Board's compensation committee chairperson Judith Estrin said, " This will help the company continue to attract and retain the best employees while better aligning their interests with those of our shareholders to position Disney for long-term success.

"Our executive compensation programme is evolving to better support the achievement of the company's strategic goals and link our executives' compensation even more closely to performance. These changes reflect the company's continued commitment to strong corporate governance practices. We want to maintain our shareholders' confidence by creating a stronger alignment between the interests of our management teams and those of our investors.

"At the same time, we want to attract and retain experienced and highly qualified executives by offering real ownership and great long-term financial incentives. We feel that the modifications we have made will help achieve that balance."

The revised long-term incentive programme, was developed through a close collaboration between the compensation committee, its independent consultant and the company's management. It will:

* Introduce new performance-based vesting requirements on a portion of long-term equity compensation granted to senior executives,

*Increase the proportion of restricted stock units (RSUs) and reduce the proportion of stock options used in long term incentive awards,

*Establish new equity ownership requirements for top management.

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