Goofyposter
Director of Farmland Defense
- Joined
- Oct 18, 2001
- Messages
- 2,388
Trustees Holding Disney Shares Urged to Vote NO
To Reelect Michael Eisner and George Mitchell
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All trustees pension plans, mutual funds, bank trusts must exercise their fiduciary responsibility as a shareholder of Disney by voting NO to reelect Michael Eisner and George Mitchell. I suggest that a fiduciary would not be acting responsibly if they fail to take advantage of this unique opportunity to protest a value destroying management.
We accept that NO votes will not prevent the reelection of Eisner and Mitchell. A NO vote, nonetheless, has great value to the beneficiaries of trusts holding Disney stock, it sends a message to the board that the company owners are alert and watchful. It sends the message that the ownership can change the board. When one considers the history of this board and the various opportunities for value enhancement including the Comcast offer which seem certain to present themselves, a prudent shareholder will want to monitor this board. A substantial NO vote will make clear that Disney shareholders insist on management of their property in their interest and not as the benefit of an entrenched executive.
Lets pass over the controversial departures, be it Katzenberg or Burke, Pixar or Ovitz to the pending case in the Delaware Chancery Court. In the spring of 2003, the Chancellor allowed the case against Disney to proceed, based on allegations of total and utter dysfunctionality of the board, board committees and the CEO. The case may never come to trial, but the process by which Eisner dealt with the hiring and leaving of Ovitz makes very clear that the Disney owners will be well served by electing a new board.
Trustees should consider very seriously the consequences of failing to vote against a management that has been alleged to have wasted corporate assets. A word about George Mitchell. He is a truly great man. One of the elements of his greatness in the incarnations of judge, Senator, lawyer and peace maker is his tenacious loyalty to his cause. It is as unthinkable as his switching to the Republican party that George Mitchell would cast off his loyalty to Michael Eisner and function as the independent lead director this corporation needs. Right man, wrong job.
To Reelect Michael Eisner and George Mitchell
--------------------------------------------------------------------------------
All trustees pension plans, mutual funds, bank trusts must exercise their fiduciary responsibility as a shareholder of Disney by voting NO to reelect Michael Eisner and George Mitchell. I suggest that a fiduciary would not be acting responsibly if they fail to take advantage of this unique opportunity to protest a value destroying management.
We accept that NO votes will not prevent the reelection of Eisner and Mitchell. A NO vote, nonetheless, has great value to the beneficiaries of trusts holding Disney stock, it sends a message to the board that the company owners are alert and watchful. It sends the message that the ownership can change the board. When one considers the history of this board and the various opportunities for value enhancement including the Comcast offer which seem certain to present themselves, a prudent shareholder will want to monitor this board. A substantial NO vote will make clear that Disney shareholders insist on management of their property in their interest and not as the benefit of an entrenched executive.
Lets pass over the controversial departures, be it Katzenberg or Burke, Pixar or Ovitz to the pending case in the Delaware Chancery Court. In the spring of 2003, the Chancellor allowed the case against Disney to proceed, based on allegations of total and utter dysfunctionality of the board, board committees and the CEO. The case may never come to trial, but the process by which Eisner dealt with the hiring and leaving of Ovitz makes very clear that the Disney owners will be well served by electing a new board.
Trustees should consider very seriously the consequences of failing to vote against a management that has been alleged to have wasted corporate assets. A word about George Mitchell. He is a truly great man. One of the elements of his greatness in the incarnations of judge, Senator, lawyer and peace maker is his tenacious loyalty to his cause. It is as unthinkable as his switching to the Republican party that George Mitchell would cast off his loyalty to Michael Eisner and function as the independent lead director this corporation needs. Right man, wrong job.
