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Shareholders of The Walt Disney Company (NYSE:DIS) at the 2014 Annual Meeting today elected all 10 members of the Board of Directors standing for re-election and supported Board recommendations on the Company’s auditor, the advisory vote on executive compensation, and an amendment 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 Keller Auditorium in Portland and introduced independent Lead Director Orin C. Smith, formerly President and Chief Executive Officer of Starbucks Corporation, and the other members of the Board of Directors.
"Fiscal 2013 was our third consecutive year of record results,” Mr. Iger told shareholders. “We increased revenue by 7% to a record $45 billion, which led to a record $6.1 billion in net income, up 8% over the year before.”
“These results drove total shareholder return of 27% for the year, compared to 20% for the S&P 500. And over the last five years, we’ve delivered total shareholder return of 113%, which is more than double the return generated by the S&P 500 for the same period,” Mr. Iger noted.
Mr. Iger also announced that the next D23 Expo, the ultimate Disney fan event, will take place August 14-16, 2015 in Anaheim, Calif.
Based on preliminary results, all Disney Directors standing for election were re-elected to the Board:
Susan E. Arnold
John S. Chen
Robert A. Iger
Fred H. Langhammer
Aylwin B. Lewis
Monica C. Lozano
Robert W. Matschullat
Sheryl K. Sandberg
Orin C. Smith
Pursuant to the tenure policy in the Company’s corporate governance guidelines that limits board service to 15 years, Judith L. Estrin did not stand for re-election. “I want to thank Judy for her wise counsel, support, and friendship, and I join the entire board in expressing our sincere appreciation for Judy’s service,” Mr. Iger told shareholders. “I’d also like to take this opportunity to welcome our new board member, Jack Dorsey, who will serve as an independent director. As Chairman of Twitter and CEO of Square, Jack brings a valuable perspective to our board, especially in the technology and social media space.”