Some shareholders question Jobs' attendance

The Walt Disney Company's annual shareholder meeting may prove more contentious than Apple's recent meeting, with some controversy surrounding the presence (and attendance) of Steve Jobs. A large shareholder group, Institutional Shareholder Services, has raised questions about Jobs' attendance at Disney board and committee meetings, and the powerful AFL-CIO union has announced it has voted against Jobs being returned to the board, according to a report from The Los Angeles Times.

The two organizations gave slightly differing reasons for their positions, both tied to attendance. The AFL-CIO explained that it felt that full-time CEOs for other companies, who have responsibilities to their own shareholders, are inevitably compromised -- unable to give their full attention and attendance to board meetings for another publicly-traded company.

A spokesman for the union said that Jobs' medical complications played a role in their decision by increasing his absenteeism from Disney meetings. Jobs, the largest individual shareholder at Disney, has attended fewer than 75 percent of board and committee meetings over the last three years.

The ISS has not recommended a vote against Jobs, but did question his ability to serve. While acknowledging Jobs' current leave of absence from Apple for medical reasons, the firm simply said that shareholders in Disney deserved more of an explanation as to why the company wants to retain Jobs on its board. ISS generally considers illness to be a valid reason for missing meetings, but said that Disney's decision to recommend Jobs' re-election despite "persistant absenteeism" was an issue: “Jobs’ poor attendance in three of the past four years, and recent leave of absence from his primary employer, raises questions about his ability to fulfill his responsibilities as a director of the company,” the firm wrote to its shareholders.

Jobs has held more than seven percent of Disney's stock, and served as a director on Disney's board since its 2006 acquisition of Pixar Animation Studios. Jobs was, at the time of the buyout, chairman and CEO of the company.

It isn't known if Jobs will attend the Disney shareholder meeting, scheduled for Wednesday in Salt Lake City. Jobs has joked on several occasions that he is not fond of shareholder meetings. A live audio webcast of the shareholder meeting will be available on Disney's corporate website. [via The LA Times]

by MacNN Staff