LPWire: North Carolina Withholds Votes for Eisner and Audit Committee

North Carolina Withholds Votes for Eisner and Audit Committee

State Treasurer Richard Moore sent a letter today to the North Carolina Retirement Systems' money mangers instructing them to withhold their vote for Michael D. Eisner for the position of Board Chairman/Chief Executive Officer of The Walt Disney Company. He also instructed the managers to withhold votes for the three members of the audit committee for allowing the auditor to perform additional non audit services.

"This is an important test in the new world of corporate governance. As one of the most visible companies in the country Disney's management needs to be more responsive to its owners. The failure of the company to generate long term value for shareholders combined with their past inattention to good corporate governance practices has forced us to take this step," said State Treasurer Richard Moore.

The North Carolina Retirement Systems holds $56.5 million of Disney, primarily in index funds.

--Posted February 27, 2004
Source: North Carolina Treasury Dept