CalSTRS, Connecticut Retirement Plans & Trust Funds and Legal & General Investment Management withdrew their proposal at Walt Disney Co. calling for shareholder access to corporate proxy material to nominate directors, according to a webcast of the company's annual meeting Tuesday.
The Connecticut pension system “agreed to withdraw the proxy-access resolution and expressly reserves its rights to refile the resolution for the 2015 proxy season if the engagement between the co-filers and Disney does not continue to demonstrate transparency on board leadership issues,” Denise L. Nappier, Connecticut state treasurer and sole trustee of the Hartford-based $27.1 billion pension system, said in a statement.
Ms. Nappier was not available for further comment.
Officials of the $180.8 billion California State Teachers' Retirement System, West Sacramento, Legal & General and Hermes Equity Ownership Services, which is working with Legal & General on the proposal, couldn't be reached for comment.
Disney executives couldn't be reached for comment.
At the annual meeting, shareholders elected all Disney directors with votes in favor ranging from 92% to 99%; approved the pay packages for Robert A. Iger, chairman and CEO, and other top executives with an 80% vote in favor; approved authorizing shareholders to call a special meeting of the company; and rejected a shareholder proposal calling for limiting acceleration of executive pay awards in the event of a change of control of the company, according to the webcast.
