Shareholders of Walt Disney Co. (DIS) re-elected the company’s board of directors at its annual meeting on Wednesday and plan to back the board’s proposal for setting executive compensation — a vote now required by law, The Wall Street Journal reported.
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Although Glass Lewis & Co., a shareholder-advisory firm, recommended that the shareholders withhold support for Steve Jobs, Apple’s (AAPL) chief executive, due to excessive absences, the votes indicated that the advice was rejected. This was also the case with six other directors, the Journal reported. Jobs is currently on a medical leave of absence from Apple.
According to the Journal, shareholders rejected a resolution that would have limited Disney to using a single performance measure with which to grant incentive-based compensation.