Disney Amends Board-Election Bylaws

Disney (DIS Quote - Cramer on DIS - Stock Picks) has decided to amend its bylaws to implement a majority-vote standard for electing directors in uncontested elections.

The company said late Friday that director nominees in uncontested elections will have to be chosen by the majority of votes cast at the annual meeting of shareholders. Incumbent directors who don't receive a majority would be required to offer a letter of resignation.

Plurality voting will continue to apply if the number of nominees exceeds the number of open director positions. Disney will adopt the new bylaw in time to apply it to the company's 2008 annual meeting.