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Darkbeer
02-08-2005, 07:59 AM
Roy E. Disney and Stanley P. Gold Press Release

Roy Disney and Stanley Gold Withhold Vote for All Directors at 2005 Disney Annual Meeting; Say They Have Not Conducted Campaign This Year to Ask Other Shareholders to Do the Same

BURBANK, Calif., Feb. 8 -- Roy E. Disney and Stanley P. Gold today issued the following statement on their vote at the 2005 Disney Company Annual Meeting:

"Our voting decision at the 2005 Disney Annual Meeting rests on one question -- Has the Disney Board adequately addressed the issues that resulted in the unprecedented vote of "No Confidence" at last year's annual meeting?

"The Board has adopted a number of policies since March, 2004. The litmus test, however, as to whether this Board has truly reformed itself is how it conducts and implements the search for Mr. Eisner's successor. We are waiting to see whether this Board has the independence and dedication to its stockholders to conduct an open and honest search for a new leader with the vision and creativity to meet the challenges ahead -- a person who will become only the sixth leader of Disney, a true icon of American business and culture. At this point in time, the Board's credibility is in question due to reports that they have yet to interview a single outside candidate. Potential candidates, meanwhile, are indicating a lack of interest in the position because of delays in the search process and the uncertainty regarding when Mr. Eisner will leave the Company.

"The Board has set a deadline of June 2005 to select a successor. Until we see that this Board has faithfully discharged its duties in this most critical of Board functions, and that Mr. Eisner steps down as CEO and as a member of the Board upon the culmination of the process in June, we are WITHHOLDING our vote at the 2005 Disney Annual Meeting for all members of the Disney Board. We have not conducted a campaign to ask other shareholders to do the same.

"Lest there be any confusion, by withholding our vote, we are doing precisely that, no more and no less. We are withholding our vote because we are withholding final judgment. In recent months, the Board has been saying the right words. We now await its actions."

Tony
02-08-2005, 10:27 AM
Very interesting. I am planning on submitting my votes this weekend, and had actually decided the same thing for almost exactly the same reason. This might just be an interesting shareholder's meeting after all....

Darkbeer
02-08-2005, 02:33 PM
Tony.. This UPCOMING weekend???, you need to exercise your proxy NOW online... the meeting is THIS Friday!

SaveDisney.com has instructions on how you can vote online to make sure your vote gets recorded....

Tony
02-08-2005, 04:44 PM
Oops! Forgot the dates. I'll be voting tonight.

Alex S.
02-08-2005, 05:01 PM
I don't expect many of the institutional investors to jump on the bandwagon this time around.

JeffG
02-08-2005, 06:59 PM
I don't expect many of the institutional investors to jump on the bandwagon this time around.

I agree. I suspect that the withheld votes this time will be pretty much insignificant. The major investor groups have mostly indicated intent to vote the directors' recommendations.

Eisner and Mitchell might get a measurable percentage of withheld votes leftover from last year's publicity (and I think one investor group did recommend withholding from Mitchell), but even those will probably be a lot less than last year.

The mportant point is that Disney ultimately had a very good year last year, took pretty much all the actions that the institutional investors wanted, and most of the big shareholders are pretty happy with the company at the moment.

-Jeff

Mark Goldhaber
02-08-2005, 07:55 PM
(and I think one investor group did recommend withholding from Mitchell)
Glass Lewis. ISS recommended for all.

Either way, this trip to Minneapolis is getting more interesting. (And Evelyn Davis has a proposal on the agenda, which means we get to hear her tell Michael to shut up again.) :D :~D

Darkbeer
02-08-2005, 08:00 PM
You can listen to the annual meeting live Friday morning (8 AM PST/11 AM EST), or on tape delay here...

http://corporate.disney.go.com/investors/calendar.html