Steve Jobs: Firms Wanted Him Ousted from Disney Board - NBC Bay Area
Press Here

Steve Jobs: Firms Wanted Him Ousted from Disney Board



    For the first few months of 2011, the Internet was abuzz with rumors about Steve Jobs and his health -- especially once he decided on a leave of absence from his duties as Apple's chief executive officer.

    His health also caused concern at Walt Disney Co., where two firms advised shareholders not to reelect Jobs to its board because he missed 75 percent of meetings in the last year, the Wall Street Journal reported. Apparently the warning didn't worry them too much because the shareholders voted for Jobs anyway on Wednesday, the Los Angeles Times reported.

    All in all, it wasn't surprising, because most shareholders tend to reelect board members (all 12 were reelected) and Jobs is Disney's largest shareholder ever since he sold Pixar to Disney in 2006. He has name recognition and also receives no compensation for his seat on the board.

    So was this grandstanding by Glass Lewis & Co. and ISS, the two firms that warned shareholders not to vote for Jobs? It likely is, but it also shows that the two advisory firms are taking their duties seriously. It also shows that shareholders can completely disregard their concerns when they like.