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Shareholders re-elect 11 Directors at the Walt Disney Company

Mar 04, 2016

CHICAGO, IL - Shareholders of The Walt Disney Company at the 2016 Annual Meeting today elected 11 members of the Board of Directors and supported Board recommendations on the Company’s auditor, the advisory vote on executive compensation, and amendments to the restated certificate of incorporation, based on preliminary results.

Disney Chairman and Chief Executive Officer Robert A. Iger welcomed shareholders to the meeting at the Auditorium Theatre of Roosevelt University in Chicago and introduced independent Lead Director Orin C. Smith and the other members of the Board of Directors.

“Collectively, all of our investments, acquisitions, and efforts are part of our long-term strategy designed to differentiate Disney as the world’s premier storytelling company, and they are paying off with historic results and generating great value,” Mr. Iger told shareholders. “In the decade since we launched this strategy, through Fiscal 2015, Disney has delivered a total shareholder return of 393%, significantly outperforming the S&P 500, which delivered a return of 96% during that same period. Over the last five years, we achieved annualized growth of 16% in net income and almost 20% in earnings per share, and I am happy to report that Fiscal 2015 was our fifth consecutive year of record results.”

Mr. Iger announced Disney Cruise Line is planning to add two new ships to its award-winning fleet, bringing the total to six. The Company expects the additional ships to be completed in 2021 and 2023.

Mr. Iger told shareholders that Disneyland and Walt Disney World Resorts will break ground next month on the new Star Wars-themed lands at Disneyland Park and Disney’s Hollywood Studios, and that Star Wars: The Force Awakens will be available on Digital HD and Disney Movies Anywhere on April 1, and on Blu-ray Combo Pack on April 5.

Based on preliminary results, all Disney Directors standing for election were re-elected to the Board:

• Susan E. Arnold
• John S. Chen
• Jack Dorsey
• Robert A. Iger
• Maria Elena Lagomasino
• Fred H. Langhammer
• Aylwin B. Lewis
• Robert W. Matschullat
• Mark G. Parker
• Sheryl K. Sandberg
• Orin C. Smith

“I want to welcome our two newest Board members,” Mr. Iger said. “Maria Elena Lagomasino is Chief Executive Officer and Managing Partner of WE Family Offices, and Mark G. Parker is President and Chief Executive Officer of Nike. They bring a wealth of experience and expertise, along with valuable perspective to our Board.”

Pursuant to the tenure policy in the Company’s corporate governance guidelines that limits Board service to 15 years, Monica C. Lozano did not stand for re-election. “I want to thank Monica for her wise counsel, support and friendship, and I join the entire Board in expressing our sincere appreciation for her service,” Mr. Iger said.

Shareholders ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent accountants for the fiscal year ending October 1, 2016. They also approved the advisory resolution on executive compensation and an amendment to the Restated Certificate of Incorporation that eliminates the provision requiring a supermajority vote of two-thirds of outstanding shares to approve certain business combinations.

Shareholders agreed with the Board in rejecting two shareholder proposals, one regarding simple majority voting, and the other regarding lobbying disclosure.

Final voting tallies from this year’s annual meeting are subject to certification by the Company’s inspector of elections, and will be included in the Company’s report to be filed with the Securities and Exchange Commission within a week.

Shareholders re-elect 11 Directors at the Walt Disney Company

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