Walt Disney (DIS - Get Report) shareholders approved CEO Bob Iger's future pay package by a slim 57% margin at the company's annual shareholder meeting even though the media giant proposed to reduce his compensation by $13.5 million.
Iger was paid $65.6 million in 2018, a large jump from the $36.2 million he was paid in 2017, thanks to the stock awards he received from the company's upcoming purchase of Twenty-First Century Fox (FOX) assets.
Iger received $2.9 million as his base salary, $35.4 million in stock awards, options worth more than $8 million and another $18 million in bonuses.
The California Public Employees' Retirement System (Calpers), which holds 3.2 million Disney shares, came out against the compensation package, as did fellow institutional shareholders Institutional Shareholder Services, Egan-Jones Proxy Services and Glass Lewis & Co.
In December, Disney announced that it was toughening the performance targets necessary for Iger to receive a potential $135 million award tied to his contract extension.
Two shareholders proposals were defeated during the meeting. A proposal for greater disclosure of Disney's lobbying activities was defeated after being approved by only 39% of voting shareholders.
Another proposal to tie Disney executive pay to the company's handling of cyber security and data privacy issues was approved by only 26% of voting shareholders.
Walt Disney is a holding in Jim Cramer's Action Alerts PLUS charitable trust.
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