• Opposition Mounting Against Reelection of Steve Jobs to Disney Board

    The Magic Kingdom isn't so welcoming to Apple CEO Steve Jobs these days thanks to a stronghold of organized labor leaders actively opposing Jobs' reelection to the board of directors at Disney. Tomorrow in Salt Lake City, Utah, the Walt Disney Company will hold its annual meeting. Ahead of the gathering, the labor union federation AFL-CIO, which holds close to four million Disney shares, opposes the reelection of Jobs to the venerable company's board of directors.

    Jobs currently holds more than 7% of Disney’s stock and has served as a director of the company since 2006.

    According to labor leaders, Jobs' intensive full-time responsibilities as CEO and lengthy record of tardiness (largely due to his medical condition) are being presented as reasons to oppose Jobs' reelection. Making matters worse for Jobs is the similar opinion held by shareholder advisory firm Institutional Shareholder Services, which also cites the mogul's shabby attendance at Disney board meetings as a potential indication that he is unfit for the post.
    ISS, which advises large institutional holders on proxy matters, wrote that it generally considers illness to be a valid explanation for director absences.
    “Jobs’ poor attendance in three of the past four years, and recent leave of absence from his primary employer, raises questions about his ability to fulfill his responsibilities as a director of the company,” ISS declared in a formal recommendation to shareholders, although no definitive anti-Jobs vote was advised. All told, Wednesday's shareholder meeting will likely be an interesting one as both voices of support and opposition for Jobs' return will certainly clash.

    It isn't yet known if Jobs himself will be in attendance.

    Source: LA Times
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