Walt Disney Co. shareholders voted 57% in favor of ratifying the executive compensation of the company and re-elected all directors with at least 73% of the vote, according to preliminary proxy voting results at the company's annual meeting Tuesday.
The $24.2 billion Connecticut Retirement Plans and Trust Funds, Hartford, and Institutional Shareholder Services had called for voting against the re-election of four directors to the company's governance and nominating committee “for reversing its policy of having an independent board chairman.”
The Connecticut fund also opposed the executive compensation in a non-binding say-on-pay vote.
ISS also recommended against the executive pay. An ISS report cited the “high level of CEO pay opportunity and total pay against ISS' selected peer group and Disney's own peer group, despite achieving below 75th percentile level in most financial measures and the lack of rigorous goals for high level of target pay opportunity,” according to an ISS report.