Disney Re-Elects Steve Jobs To Board Despite Objections

Shareholders of Walt Disney have re-elected Apple CEO Steve Jobs as a member of the entertainment company's board.

Steve Jobs, who is also the largest shareholder in Disney with a 7.8 per cent share, was re-elected despite his continued absence from board meetings, some of the shareholders and advisory firms were quick to point out.

Jobs has been a Disney director since 2006, when the company acquired Pixar Studios, which he owned, in an all-stock transaction of $7.4 billion, making him the single largest shareholder of Disney.

According to Bloomberg, the current 12 member board of directors, including Jobs, was re-elected with 74 per cent of shareholder votes.

“The Walt Disney Company considers itself fortunate to have Steve Jobs as a member of its board of directors,” the company said in a statement.

Advisory group Glass Lewis & Co. advised shareholders to vote against Steve Jobs owing to his absence from shareholder meetings. The Institutional Shareholder Services did not directly tell its members not to vote for Jobs, but said, “recent leave of absence from his primary employer, raises questions about his ability to fulfill his responsibilities as a director.”

Disney Chief Executive Officer Robert Iger also offered a free theme-park pass to shareholders that were present during the meeting. The company had stopped offering this particular perk to shareholders during the 1990s.