Walt Disney has managed to see off a shareholder revolt after a last-minute compromise in the row over boss Bob Iger holding the dual roles of chief executive and chairman.
Disney’s board, which includes Facebook chief operating officer Sheryl Sandberg and Twitter co-founder Jack Dorsey, promised that it will appoint a separate chairman in future under “normal” circumstances.
Dissident shareholders had threatened to submit a resolution at Disney’s annual meeting to let them appoint their own independent candidates to the board. Hermes Equity Ownership Services and big pension funds from California and Connecticut dropped the planned resolution after Disney offered the compromise.
Iger, chief executive of the world’s biggest entertainment company since 2005, added the role of chairman in 2012.
He will now have his chairman’s role reviewed annually as part of Disney’s move to defuse the row.
Iger’s annual pay fell 15% to $34.3 million (£21.25 million) despite record profits.
