Michael Eisner should not hold the positions of both chairman and chief executive officer of Walt Disney, according to Ohios public pension system, or OPERS. Therefore, the company has joined other pension funds in saying it will not vote for Eisner at Wednesdays shareholder meeting.
Already, Calpers, the nations top public pension fund, has said the same thing. For the Ohio pension fund, the 10 th largest in the country, which owns $125 million in Disney stock, insistence that Eisner not hold two roles was chief in the decision.
"In order for the Disney board to exhibit their commitment to good corporate governance practices, the role of CEO and chairman of the board need to be split to increase board independence," said the systems corporate governance officer, Cynthia Richson.
Beside withholding its vote for Eisner, OPERS said it would say "no" to current Disney presiding director George Mitchell, and two members of Disneys governance and nominating committee, Gary Wilson and John Bryson.