CalSTRS and the Connecticut Retirement Plans & Trust Funds today announced they will withhold their votes for Michael Eisner, chairman and CEO of the Walt Disney Co., Burbank, Calif., at the company's annual meeting March 3.
The California State Teachers' Retirement System, Sacramento, is taking the action because of concerns over corporate governance issues and board leadership, according to Sherry Reser, spokeswoman. The $113 billion system holds 8 million shares of Disney stock.
Denise L. Nappier, Connecticut state treasurer, said in a statement she will vote the 534,000 shares of Disney owned by the $18.6 billion, Hartford-based system in favor of the other board members who are up for election.
John Spelich, a Disney spokesman, was unable to comment by press time.