OAKLAND, Ca. March 10, 2009— Shareholders of The Walt Disney Company (NYSE:DIS) at the 2009 Annual Meeting today elected all 12 members of the Board of Directors and supported Board recommendations on the Company’s auditor and stock and executive compensation plans, based on preliminary results.
Shareholders also agreed with the board in rejecting three shareholder proposals regarding political contributions, executive death benefits and shareholder votes on executive compensation.
Disney Chairman John E. Pepper Jr. welcomed shareholders to the meeting at Oakland’s historic Paramount Theatre and introduced members of the Board of Directors. Noting the impressive creative and financial performance of Disney in 2008, Mr. Pepper noted that the current year “is proving to be even more challenging,” but that Disney management and its board remain “sharply focused on building long-term shareholder value.”
“We are being extremely realistic about the global economy and the challenges we face,” Disney President and CEO Robert A. Iger told shareholders. “But that realism is accompanied by a strong belief in what we can accomplish together to not only emerge from this downturn but to position the company for future prosperity.”
“It is this blend of realism and optimism that is guiding us through this unsettling time,” he added.
Mr. Iger provided details to investors about Disney’s corporate responsibility efforts, highlighting a new report, published online at www.Disney.com/crreport, that provides insights into the Company’s approach on critical issues regarding children and families, content and products, environment, community and workplaces. He also announced the launch of D23 (www.Disney.com/D23), the first official community for Disney fan’s in the Company’s 85 year history.
Based on preliminary results, the following directors were re-elected to the Board:
Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent accountants for the fiscal year ending October 3, 2009 and approved an increase in the maximum number of shares of stock under the Company’s Amended and Restated 2005 Stock Incentive. Finally, shareholders also approved terms of the Amended and Restated 2002 Executive Performance Plan.
Final voting tallies are subject to certification by the Company’s inspector of elections, and will be included in the Company’s next quarterly report filed with the Securities and Exchange Commission.
About The Walt Disney Company
The Walt Disney Company, together with its subsidiaries and affiliates, is a leading diversified international family entertainment and media enterprise with five business segments: media networks, parks and resorts, studio entertainment, consumer products and interactive media. Disney is a Dow 30 company and had annual revenues of nearly $38 billion in its most recent fiscal year.
Certain statements in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of our views and assumptions regarding future events and business performance as of the time the statements are made and we do not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company as well as from developments beyond the Company’s control, including governmental actions and changes in domestic and global economic conditions. Additional factors are set forth in Item 1A of the Company’s Annual Report on Form 10-K for the year ended September 27, 2008 and subsequent reports.