FUNDS SEEK DISNEY CHANGE PENSIONS' PLAN AIMS AT ACCOUNTABILITY.Byline: Greg Hernandez Staff Writer BURBANK - Four major pension funds, including the California Public Employees' Retirement System, said Tuesday that they will push for shareholders to be able to nominate nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. up to two directors to The Walt Disney Noun 1. Walt Disney - United States film maker who pioneered animated cartoons and created such characters as Mickey Mouse and Donald Duck; founded Disneyland (1901-1966) Disney, Walter Elias Disney Co.'s 11-member board of directors. Their proposal, filed with the U.S. Securities and Exchange Commission, is the latest salvo in a series of power struggles this year that have resulted in Disney CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. Michael D. Eisner announcing plans to step down in September 2006. Eisner was stripped of his title as chairman in March after a bitter shareholder revolt led by the funds. ``The first step in restoring investor confidence was for Michael Eisner Michael Dammann Eisner (born March 7, 1942) was CEO of The Walt Disney Company from September 22, 1984 to September 30, 2005. Early life Michael Eisner was born to a wealthy family in Mt. Kisco, New York, and raised on Park Avenue in Manhattan. to step down, the second step was to search for a successor as the CEO, but the third step - getting independent directors to serve next year and in the years ahead - is the most important step of them all,'' CalPERS President Sean Harrigan said in a statement. A spokesman for The Walt Disney Co. said Tuesday that ``as with all shareholder proposals we receive each year, we will review this proposal accordingly.'' The pension funds combined own more than 18 million shares of Disney stock. They said their proposal would be a way to hold the board of directors more accountable to shareholders and are seeking to have its measure voted on at the company's annual meeting in 2005. If passed by a majority of shareholders, it would go into effect at the 2006 meeting. This year's annual meeting was rocked by an unprecedented shareholder rebellion against Eisner and other directors who, although running unopposed, faced an extraordinary level of opposition from shareholders unhappy with the company's stewardship under Eisner. CalPERS is joined in the measure by the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Common Retirement Fund, the American Federation of State, County and Municipal Employees The American Federation of State, County and Municipal Employees (AFSCME) is the second- or third-largest labor union in the United States and one of the fastest-growing, representing over 1. Pension Funds, and the Illinois State Board of Investment. ``We are hopeful that Disney will add independent directors on its own. But it would have been irresponsible of us not to file this proposal since the issue has not yet been resolved,'' said New York State Comptroller The New York State Comptroller is the chief fiscal officer of the U.S. state of New York. The duties of the comptroller include auditing government operations and operating the state's retirement system. Alan G. Hevesi, sole trustee of the New York State Common Retirement Fund. Greg Hernandez, (818) 713-3758 greg.hernandez(at)dailynews.com |
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