Shareholders of Walt Disney Co. (NYSE: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.
Although Glass Lewis & Co., a shareholder-advisory firm, recommended that the shareholders withhold support for Steve Jobs, Apple’s (NASDAQ: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.
Continue Reading Below
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.