The shareholder animus toward the board of Time Warner (TWX) has officially dissipated.
All 13 board members of the multimedia conglomerate's board were re-elected by margins of at least 90% of votes cast, CEO Dick Parsons reported at the close of the company's annual meeting Friday.
That's a vast improvement in popularity from last year, when the company's declining stock price -- and America Online's disappointing performance -- served as catalysts for shareholders to withhold their votes for various board members, particularly former executives of AOL.
Despite resigning his position as chairman of Time Warner -- then known as AOL Time Warner -- former AOL Chairman Steve Case last year continued to generate ill will from Time Warner shareholders. They blamed him and other AOL veterans for the conglomerate's poor financial results following the 2001 merger of AOL and Time Warner, and for suspect revenue-recognition practices at AOL. Those practices remain under investigation by the
Securities and Exchange Commission
Case, who remains on Time Warner's board, was re-elected by only 78% of shareholder votes last year; former lieutenant Miles Gilburne, who also remains on Time Warner's board, was re-elected by only a 65% margin.
Ernst & Young,
which proxy advisory firm Glass Lewis objected to for its role in AOL's accounting problems, proved popular as well this year: The auditor was ratified by 96% of votes cast, Parsons said. That was about the same margin as Ernst & Young enjoyed in the 2003 vote.
Time Warner's shares rose 33 cents Friday to trade at $16.63.