Disney Shareholders Pass Pay Equity Proposal
Disney held its annual Investor Day this afternoon.
As usual, most of Disney’s recommended proposals passed or failed in guidance with Disney’s recommendations. But not all of them.
In a stunning turn of events, shareholders voted in the company’s best interest, even against Disney’s wishes.
You can read the entire list of shareholder proposals here. I will save you some time by saying that people followed every Disney suggestion but one.
Image: The Walt Disney Company
Yes, that includes the recommendation for Bob Chapek as a member of the Board of Directors.
If anything, Chapek earned a vote of confidence, as he apparently received at least 94 percent of the vote. All members of the Board did.
However, Disney lost the vote that MickeyBlog had discussed last month in this article.
Yes, shareholders voted in favor of Proposal 7, the suggestion from Arjuna Capital that Disney should publish a pay equity report.
Roughly 59 percent of shareholders voted in favor of this report. It will list Disney’s “median and adjusted pay gaps across race and gender.”
Suffice to say that this turn of events is unusual in recent Disney history. Generally, people follow the recommendations completely.
So, voters just went against Disney and will force this bit of unexpected transparency. Long term, it’ll be good for the company.
Still, as I discussed in the article, Disney hasn’t liked the idea of transparency recently. They’re probably not happy about this turn of events.
