Connecticut Treasurer Denise L. Nappier withdrew her shareholder resolution to require the board of The Walt Disney Co., Burbank, Calif., to formalize the separation of the chairman and CEO positions, confirmed Bernard Kavaler, a spokesman for Ms. Nappier. Ms. Nappier filed the resolution on behalf of the $20 billion Connecticut Retirement Plans and Trust Funds, Hartford, of which she is principal fiduciary. Mr. Kavaler said Ms. Nappier withdrew the action after Disney's board amended its corporate governance guidelines in line with her resolution.
"This represents a significant victory for Disney shareholders and corporate governance advocates and is certainly in the best interest of the company," Ms. Nappier said in a news release. "I appreciate the willingness of board Chair George Mitchell and his colleagues to confirm, by way of formal amendment to the corporate governance guidelines, the board's policy regarding the independence of the position of chairman of the board."
In March, the board stripped CEO Michael Eisner of the chairman position and elected Mr. Mitchell, the former senator from Maine, to the post.
Disney spokesman John Spelich did not return calls seeking comment.