New York State Common Retirement Fund, Albany, will vote in favor of all the directors of Walt Disney Co., Burbank, Calif., at the company's annual meeting on Friday, announced Alan G. Hevesi, New York state comptroller and sole trustee of the $117.5 billion pension fund.
Also, Proxy Governance, a proxy-voting advisory firm formed after the last Disney annual meeting, announced that it recommends its clients vote in favor of all the directors.
In a statement, Mr. Hevesi cited "a number of positive developments at Disney, including improved performance, the separation the positions of chair of the board and CEO, the commitment to find a new CEO and the addition of independent directors." He added that the company's effort to improve performance "would be substantially aided if Disney made renewed efforts to repair its extremely profitable relationships with Pixar and Miramax."
Last year, the New York fund voted against Michael Eisner, who was chairman and CEO. After the vote, Mr. Eisner stepped down as chairman, although he retained his seat on the board and his position as CEO.
