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Disney Chairman And CEO Roles Do The Splits
Disney has put their policy to separate the roles of chief executive and chairman into permanent effect.
A Reuters article states that:
"The board amended corporate governance guidelines to read, "the chairman of the board shall be an independent director unless the board concludes that the best interests of shareholders would otherwise be better served," and to require a written explanation in proxy materials if the two jobs were held by a single person.
The board stripped the chairmanship from Chief Executive Michael Eisner after a strong protest vote against him at the March 2004 annual meeting, but directors had resisted pressure from shareholders to make separation of the jobs company policy. "
Former Senator George Mitchell, who had been serving as an independent lead director, was named chairman.
Connecticut Treasurer Denise Nappier, dropped her shareholder proposal for Disney's 2005 annual meeting which would have advised the same decision.
"This represents a significant victory for Disney shareholders and corporate governance advocates, and is certainly in the best interest of the company," Nappier stated.
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