While stopping short of recommending a vote against Jobs' reelection to the Disney board, Institutional Shareholder Services said the media company’s largest individual shareholder had attended fewer than 75% of board and committee meetings in three of the last four years. The firm acknowledged Jobs’ ongoing medical problems but said that shareholders deserved more of an explanation for his nomination.
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The AFL-CIO, which holds about 3.8 million Disney shares in union funds, voted against Jobs’ return to the Disney board.
Brandon Rees, deputy director of the AFL-CIO office of investment, said it was difficult for full-time chief executives like Jobs, who have responsibilities to their own shareholders, to attend board meetings for another publicly traded company.
I'm glad that shareholders are now demanding some explanation for voting for something. It would be nice if Disney can show Jobs' influences, even when he doesn't attend the board meetings, just so one can justify his position on the board beyond just his 7% ownership of the company.
Zz.
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