Feb 14 The California State Teachers' Retirement
System (CalSTRS) said it will vote against Walt Disney Co's
decision to combine the roles of chairman and chief
executive and its executive pay plan at the company's annual
shareholder meeting in March.
The second-largest U.S. pension fund owns about 5.3 million
shares of Disney - a 0.3 percent stake - worth $263 million, and
had voiced its opposition last March after Disney said it will
elevate CEO Robert Iger to the dual role.
Iger received $40.2 million in total compensation last year,
according to regulatory filings.
"Here we go again, sliding back into a governance structure
that has already proved detrimental to the company's long-term
growth and to its shareholders' interests," said Anne Sheehan,
CalSTRS director of corporate governance.
Sheehan said investors have been through this fight before
in 2004-2005, leading to the separation of roles and the ouster
of then CEO Michael Eisner.
Institutional Shareholder Services and the treasurer for the
state of Connecticut has also raised objections to the company's