Roy Disney seeks 20 percent no vote

manning

Just for that I have requested it
Joined
Feb 12, 2002
Full article here http://news.yahoo.com/news?tmpl=story&u=/nm/20040220/bs_nm/media_disney_dc_1


LOS ANGELES (Reuters) - Leaders of the dissident shareholders' campaign to unseat Walt Disney Co. Chief Executive Michael Eisner said on Thursday they were aiming for a fifth of voting shareholders to support them at next month's annual meeting.
"Anything over 20 percent is a serious, serious message of dissatisfaction by shareholders to management," Gold told Reuters, saying he would be gratified if 15 percent to 20 percent of shareholders withheld their votes for Eisner.

Charles Elson, director of the Center for Corporate Governance at the University of Delaware, said that "anything over 20 would be a big number" and send a strong message.

A Securities and Exchange Commission proposal under consideration would allow major shareholders to submit alternative board candidates if 35 percent of votes were withheld for company-backed candidates in the previous year.

Institutional Shareholder Services, an independent firm that advises Wall Street on proxy votes, has recommended voting against Eisner but in favor of three other directors that Gold and Disney have targeted.
Gold said he thought the adviser could sway 7 percent to 8 percent of shareholders. Some analysts, however, have said ISS typically packs more influence in proxy battles.

Gold and Roy Disney said they had not talked to Comcast.

But several investors are still considering which way to vote. Patrick McKeigue of Independence Investment, a fund management group with 3.8 million Disney shares as of the end of December, said he had met with Roy Disney's group and the company was still pondering whether to support Eisner's board candidacy.

Mark Anson, chief investment officer of the California Public Employees Retirement System, said his fund was also studying the issue.

Mario Gabelli, chief of Gabelli Asset Management, said his firm was also debating, but his personal preference was to support management. Gold and Disney were "background noise," he said, although he added that view could change.

"Between now and the final election, we could have what is going on in the Democratic party -- the dark horse becomes the front-runner," he said.
 

Chuck S

DVC Co-Moderator
Super Moderator
Moderator
Joined
Feb 6, 2000
So, if 35% is needed to propose a new slate of officers, and Roy is expecting 20%, and by the sounds of it really does NOT want to reach the 35%...it sounds like playground politics.
 

manning

Just for that I have requested it
Joined
Feb 12, 2002
The 35 percent is only an SEC proposal at this time. Also article points out that anythng over a 20 percent no vote sends a strong message. This is only one of several steps. If they get 20 percent then they go to their next step, whatever that is. They are in the process of strengthening their position.
 

manning

Just for that I have requested it
Joined
Feb 12, 2002
According to an article from www.cbs.marketwatch.com

Quote


The company is obligated to have proxy statements in the mail 15 days prior to the company's annual meeting. Shareholders can vote by mail as long as their ballots arrive before the meeting starts at 10 a.m. in Philadelphia. Shareholders also can vote by phone or via the Internet.

Shareholders say, however, that this is a departure from the company's past practices.

And that could spell trouble down the road for Disney, said Jim Devereaux, a corporate law attorney.
"That could be the basis for challenging the results of (the proxy vote)," Devereaux said. "It would have to be resolved by a judge or in arbitration."
 

raidermatt

Be water, my friend.
Joined
Sep 26, 2000
Definitely a coincidence.

Absolutely.

Positively.

Must be.

Couldn't be anything else.

Not a chance.
 

lenshanem

DIS Veteran
Joined
Jul 9, 2002
Well then, they're past the date for me! Still ahevn't gotten proxys on four accounts, have now called twice and been told they were emailing em info to vote. Still no email... Getting very irritated!
 

Chuck S

DVC Co-Moderator
Super Moderator
Moderator
Joined
Feb 6, 2000
Shan,

That does NOT mean you need the proxy in your hand 15 days prior. It means that Disney, if taken to court, must show an affidavit or proof of mailing 15 days prior to the meeting. I have not received a paper proxy, either. However, I did receive info and vote via the proxyvote website because I signed up for it a few years ago...which may exclude them from sending me a physical ballot (I'm not sure how the law actually works...if those that signed up HAVE to also receive a paper proxy?)
 








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