Television

Disney board gets 92 per cent vote from shareholders

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MUMBAI: Media conglomerate Disney has announced that its shareholders have strongly supported its board of directors at the annual meeting which took place a few days ago.

The shareholders, voted at least 92 per cent in favor of each member of the board of directors. At the meeting Disney chairman George Mitchell reviewed the company's ongoing governance changes, recent changes to Disney's executive compensation plans, and the management succession process.

Mitchell said, "The Board is committed to a process to find the best possible person to decisively and creatively lead this company into its very promising future."

Disney CEO Michael Eisner and President Bob Iger also told investors that the Disney management team is focused on the right priorities to drive growth over the long term. The aim is to produce world-class creative content across the company. The focus will also rest on improving earnings and cash flow, as well as the returns on invested capital.

At the meeting Eisner and Iger also highlighted upcoming major events of 2005. These include the celebration of Disneyland's 50th anniversary, the opening of Hong Kong Disneyland and the upcoming film slate from Walt Disney Studios, as well as the strength of Disney's media properties, including Disney Channel, ESPN and ABC's recent performance.

Meanwhile the shareholders voted in favour of four of five proposals presented. They included the election of 12 existing directors to new one-year terms, ratification of PricewaterhouseCoopers as the company's independent accountants for the current fiscal year, and approval of the 2005 stock incentive plan. However they rejected a shareholder proposal regarding China labour standards, and approved a non-binding shareholder resolution to bar payment of greenmail.

Shareholders rejected the proposal relating to the manufacture of Disney-branded products in China. At the meeting Mitchell took time out to review the company's active efforts in promoting responsible labour practices.

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