The campaign to block CEO Bob Iger from also becoming Disney‘s chairman has gained a new supporter. The Nutmeg state’s treasurer, Denise Nappier, says she will use the votes from the 642,000 Disney shares in Connecticut’s retirement funds to oppose the board members on the Nominating And Governance Committee who drove the effort to give Iger the top two jobs this year, when John Pepper steps down as chairman. Nappier’s announcement follows a similar recomendation last week from investor advisory firm Institutional Shareholder Services. “It is quite disturbing that Disney has chosen to embrace a regressive policy that could impair the board’s role to oversee executive management on behalf of shareholders,” Nappier said in a statement cited by Bloomberg. Nappier has also opposed combining the CEO and chairman jobs at other companies, including Bank of America. Pepper responded to Nappier’s announcement by saying that 68% of Standard & Poor’s 100 biggest companies have a single person serving as CEO and chairman. Disney’s decision to blend the jobs “was an integral part of a thoughtful and carefully considered succession and management transition plan,” he said. The state treasurer’s position “utterly disregards both the Company’s record of financial performance and that nine out of the ten directors will be independent, including an independent lead director with duties and responsibilities that exceed in scope those recommended by governance advisors.”
By DAVID LIEBERMAN, Financial Editor | Thursday March 8, 2012 @ 8:09am ESTTags: Bob Iger, corporate governance, Disney
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This article was printed from http://www.deadline.com/2012/03/connecticut-supports-effort-to-keep-disney-ceo-and-chairman-jobs-separate/
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