NY State Pension to vote against Eisner

[raidermatt]

From CBS Marketwatch:

NY state to vote Disney shares against Eisner-CNBC
2/26/2004 12:23:36 PM

LOS ANGELES, Feb 26 (Reuters) - New York State Comptroller Alan Hevesi plans to vote state pension fund shares against re-electing Walt Disney Co. (DIS) Chief Executive Michael Eisner to the board of directors at the shareholders meeting on March 3, CNBC reported on Thursday.

 

[FantasticDisFamily]

It seems that more and more of the big institutional investors are stating this publicly. And with each announcement the noose appears to be tightening further.

Of course, this vote would ONLY remove him from the board of directors - although it wouldn't seem to make a lot of sense to keep him as CEO with that much lack of confidence demonstrated. But stranger things have happened.

Deb

 

[Spacedude]

Oh, but there is more......




By Russ Britt , CBS.MarketWatch.com
Last Update: 5:35 PM ET Feb 26, 2004

LOS ANGELES (CBS.MW) - Six more state pension funds lined up Thursday to oppose the reelection of Chairman Michael Eisner to the Walt Disney Co. board.

Funds in New York, New Jersey, Connecticut, Massachusetts and Virginia plus the California State Teachers Retirement System have joined the California Public Employees Retirement System in opting to withhold support for the embattled Eisner, according to Bloomberg.

Disney ( DIS ) officials could not be reached for comment.

New York State Comptroller Alan Hevesi issued a press release Thursday saying the state's Common Retirement Fund would withhold its 8.7 million Disney shares. Hevesi estimated the fund's total value was $225 million.

"Under Michael Eisner's management, Disney has not performed well over the last several years," Hevesi said. "His tight control over Disney decision-making and his role as both CEO and chairman of the board call into question his commitment to corporate governance reforms."

Joining the fray was the New Jersey Division of Investment, the Massachusetts Pension Reserves Investment Management Board and the Virginia Retirement System, according to Bloomberg. Along with Connecticut, New York and the two California funds, the seven hold 39 million Disney shares, or 1.9 percent of the company's stock, Bloomberg said.

Eisner and three other board members are targeted for ouster by former directors Roy Disney and Stanley Gold. The two business partners are urging shareholders to vote no on retaining the directors at next week's annual meeting.

Disney shares were up 43 cents, or 1.6 percent, to $26.73 Thursday.