Disney Directors to Meet Angry US Pension Funds

24 March 2004

Walt Disney Company directors have agreed to meet representatives of institutional shareholders in a bid to quash shareholder dissent.

Six US pension funds -- two from California, plus schemes from Connecticut, New York, North Carolina and Ohio -- wrote to chairman George Mitchell earlier this week demanding a meeting with the board to discuss the media mammoth's performance and governance [WAMN: 23-Mar-04].

Mitchell said he looked forward to meeting with the funds, but made it clear the get-together would be on his terms. "We will advise you as to which board members will attend," he told the pension schemes, signalling that they will not get their wish of meeting the full board.

The Disney chairman added that directors remain "confident in the company's strategic positioning and future growth potential."

Data sourced from: Financial Times; additional content by WARC staff