Anaheim, CA (March 10, 2006) – By an overwhelming margin, shareholders of The Walt Disney Company (NYSE: DIS) at the 2006 Annual Meeting today elected all 13 members of the Board of Directors, voting at least 94% in favor of each member, and supporting all Board recommendations, based on preliminary results.
Disney Chairman George J. Mitchell introduced members of the Board of Directors and welcomed shareholders at the meeting.
“Creating quality entertainment is our number one priority at The Walt Disney Company today,” said Disney President and Chief Executive Officer Robert A. Iger, in remarks to investors. “We believe that a commitment to quality and creativity in its highest form, using technology to its fullest, crossing international borders and keeping consumers top of mind is the best way to manage and grow our businesses and deliver strong and consistent returns for our shareholders, for years to come.”
Based on preliminary results, at least 1,547,910,731, or 94% of shares voted, were cast in favor of returning the following directors to the Board:
John E. Bryson
John S. Chen
Judith L. Estrin
Robert A. Iger
Fred H. Langhammer
Aylwin B. Lewis
Moncia C. Lozano
Robert W. Matschullat
George J. Mitchell
Leo J. O’Donovan, S.J.
John E. Pepper, Jr.
Orin C. Smith
Gary L. Wilson
Final voting tallies are subject to certification by the Company’s inspector of elections, and will be included in the Company’s next quarterly report filed with the Securities and Exchange Commission.
Shareholders also ratified the appointment of PricewaterhouseCoopers LLP as the Company’s independent accountants for the fiscal year ending September 30, 2006. The preliminary vote was 1,595,649,613 FOR and 28,821,267 AGAINST, with 19,172,039 abstentions.
In addition, shareholders agreed with the Board in rejecting shareholder proposals regarding China labor standards and anti-greenmail payments.
Regarding Shareholder Proposal 1 – Greenmail, the vote was 266,248,435 FOR and 1,010,213,681 AGAINST, with 50,116,907 abstentions.
Regarding Shareholder Proposal 2 – China Labor Standards, the vote was 107,587,966 FOR and 1,071,307,153 AGAINST, with 147,683,308 abstentions.
Management believes certain statements in this news release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of management’s views and assumptions regarding future events and business performance as of the time the statements are made and management does not undertake any obligation to update these statements. Actual results may differ materially from those expressed or implied. Such differences may result from actions taken by the Company, including restructuring or strategic initiatives (including capital investments or asset acquisitions or dispositions), as well as from developments beyond the Company’s control, including: adverse weather conditions or natural disasters; health concerns; international, political, or military developments; technological developments; and changes in domestic and global economic conditions, competitive conditions and consumer preferences. Such developments may affect travel and leisure businesses generally and may, among other things, affect the performance of the Company’s theatrical and home entertainment releases, the advertising market for broadcast and cable television, expenses of providing medical and pension benefits, demand for products and performance of some or all Company businesses either directly or through their impact on those who distribute our products.
Additional factors are set forth in the Company’s Annual Report on Form 10-K for the year ended October 1, 2005 under Item 1A, “Risk Factors.”