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Young Shareholder: Loves classic Disney animation and new animation. Is 2D animation still on the list of movies to produce?
Iger: The last 2D was Princess and the Frog. To his knowledge, no feature in development right now. There is activity in TV. Not ruling it out but no development right now.
Shareholder since 1998; Loves Oswald the Lucky Rabbit. Any future plans?
Iger: Fortunate to get rights back. Noticed in Disney lot they were selling some appareal. Not aware of any animation work but he was in Epic Mickey 1 and 2 but not aware of anything else. But there may be.
Long-time Disneyland customer. Two years ago at meeting encouraged Disney to better tell the story of their success in the environment. Congratulates Iger and others on Disney environment team who continue to improve that record. In 2012 for 3rd year in a row Disney was top 10% in Newsweek rankings. At previous meeting Iger asked him to help tell that story. So in past 2 years he's published 2 article letting people know of Disney's success. Presented at 3 International conferences and several national conferences. And developed partnerships with sustainable travel using Disney's example. Also developed a course using 12 strategies Disney is using to teach other companies. Developed a 6-part video series to help train students. People are often surprised at all the programs Disney has and they want to learn more. Question: Will Disney work with him and his University to further share the Disney story by creating an internship for grad students to learn from, help host the conference at WDW, etc.
Iger: You listed a number of people involved in these efforts. Recommend you take requests directly to Beth Stevens.
Shareholder and Annual Passholder: Suggestion for Mickey and Friends Parking Structure. Have lamps on escalator to help people know where to go.
Iger: Thank you, that's a big structure and we'll take the idea to heart.
Shareholder, D23 Member: Bought children first share of Disney stock last Christmas. Yesterday at Disneyland's Grand Californian. What is possibility of expanding DVC at Disneyland Resort. Currently only about 50 rooms.
Iger: Opened the 50 3 or 4 years ago. Not currently developing expansion of those but appreciate thoughts.
Private shareholder: Admire what Disney does, their values, they speak to them, the country and the world. Disney is leading edge in corporate governace and doing the right things for shareholders and customers. Looking forward to Magic Bands. One request - Would like a combo California / Florida Annual Pass
Iger: Pleased to say there is such a pass. Idea was raised at a meeting a while ago (actually an International pass). Couldn't do that but did create Premiere pass for WDW and Disneyland
Independant Shareholder: Can't tell how important Disney has been to his family. Compliment on Heroes Work Here. Disney is an integral part of Disney and appreciative of what they've meant to family over the years. Idea - have thought about "grandpas and grandmas work here" (laughter)
Iger: I'm a grandpa and I work here.
From the guy who asked about bi-coastal passes in 2008 (that got instituted in 2010). Talks about the program "Made in America." Hoping Indian studios don't move American studios off short. But his reason for question - he's a pin collector. Has about 3,000 in collection right now. Found only 2 Made in America - both shareholder meeting pins. Why can't they make more in America.
Iger: Talked about the subject alot. Proud of jobs and investment in the US. But at the same time, expanding aronud the world and part of that success is they've managed to figure out how to reach people in countries far and wide. With that comes investment in and manufacturing in other countries. But have talked at length about moving some of manufacturing here. But most is done through 3rd party licensees and they make the decisions. Can only say this has and will continue to be discussed.
Important to take a big view picture of the company. Started by 2 brothers working harder than anyone can imagine. They went bankrupt 7 different times. Iger understands what Walk knew - it takes a team of talent people to work for and believe in quality. Unfortunate that this company is used as a podium to expose a view of some vague nuance on corporate governance. This company should be celebrated in how to do a good job. Thank you.
When you looking at diversity, Disney has arrived - thank you. Special thank you for the military support.
Iger: Thank you for the compliment but always work to be done and room for improvement. Huge priority - future success depends on ability to reflect the world and people trying to reach.
Question asking for media to stop their liberal bias. Gives statistics and several recent examples.
Iger response: Respect your opinions. Goal at ABC News is to be fair and unbiased. Believes they achieve that goal but there have been mistakes. But overall stands behind them.
Before Q&A, Iger Introduces Roy P. Disney, Grandson of Roy O. Disney
A private shareholder - recommends following Disney's recommendations.
#1 - All Board nominations elected
#2 - Accounting approved
#3 - Executive performance plan approved
#4 - Approval of advisory vote on exec compentation (57%)
#5 - Shareholder #1 - 39% approve
#6 - Shareholder #2 - 35% approve
Iger declares the results above.
Disney maintains rigorous standards regarding Board independance. In addition, Disney had a rep for bad coffee and says Starbucks has been popular and there will be more.
Shareholder - Do people want to consider the Lead Director's ties to Starbucks might have played a part in Starbucks being a coffee supplier at Disneyland. Is Lead Director truely indepdenant?
CalPers and Dutch pension provider (both huge shareholders) rep speaks: Does not want to see a repeat of events of 2004/5 but see the Board going back to old ways. Disappointed with CEO/Chair positions combined without shareholder input. Compensation program support dropped to only 57% last year but without Board response. Compensation should be about pay for performance and the current program is fundementally flawed. In addition, believes both shareholder proposals are good ideas.
Orin Smith: Guidelines call for indepedant chairman unless it's in the best interest to do otherwise. This decision was made for that reason. In 2011 it was clear Disney had an exceptional CEO. The term of his contract ended in Jan 2013 so the board was preemptive in extending that contract as long as possible. They offered Iger the role of Chairman and CEO because they thought Iger would make an outstanding Chairman because of relationship with directors and openess with which he dealt with the board. They made the proposal to Iger to extend him as CEO to March of 2015 and by including the Chairman ship, they were able to extend to mid-2016 the time they could have his services. Also provices an orderly transition to next CEO. They believe that was an exceptional circumstance. In the process, they also strengthened the role of Lead Director.
Second shareholder proposal would create a greater threshold for combining Chairman and CEO positions and limit that term to 6 months. They believe an independant chair is the key to protecting shareholders. A study shows a company that separates those positions performs better than those that don't by a wide margin. Same study showed CEOS that also serve as chair earn 50% more than their counterparts who are CEO only. In 2004 there was a commitment to separate those positions and they thought they could rely on Disney to continue that separation. Disney did very well from 2004 - 2011 with those positions separate. In 2011 Disney backtracked making Iger CEO until 2015 and Chairman until 2016. Timing of decision prevented shareholders from expressing decent. Also mentions Iger's severance package estimated at $100 million. Proposal does not require Disney to separate roles until after Iger departs in 2016. So they ask Iger strengthen the role of the Lead Director until there can be an independant chair in 2016.
Disney recomments a vote against this proposal.
The proposal says long-term shareholders with a significant stake should be able to nominate 1 or 2 candidates for the Board of Directors. Allows them to get someone on the board without a proxy fight. Responds to points Disney has already made in opposition. Mentions companies that have a similar proposal have not had issues Disney has raised.
Disney's Board recommends a vote against this proposal.
#1 - Election of 10 Board of Directors
#2 - Ratification of accounting firm
#3 - Approval of 2002 executive performance plan. Terms must be approved every 5 years for tax purposes.
#4 - Advisory vote on executive compensation. Seeking shareholder approval of executive officer compensation. Vote is non-binding.
Next two are shareholder proposals are will be presented now
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