Disney Employed Relatives of 4 Directors
August 9, 2002
BURBANK, CA (Bloomberg News/NY Times) -- The Walt Disney Company said four of its independent board members had relatives who were employed by the company last year.
Disney's announcement came in a filing with the Securities and Exchange Commission. The New York Stock Exchange has proposed new standards of independence for corporate directors. With the changes, a director would not be considered independent if a relative worked at the company the last five years, a stock exchange spokesman, Ray Pellecchia said.
The proposal would also require that a majority of a company's directors be independent of the company. Craig Bowers, the son of Reveta Bowers — a Disney independent director and principal at a Los Angeles school — worked at Disney's Internet group in the fiscal year ended September 2001, the company said in the filing. He earned $81,863, Disney said. Mr. Bowers is no longer employed at Disney.
Jennifer Gold, the daughter of another independent director, Stanley Gold, works at Disney's consumer products division and earned $85,111 there last year, the company said. Mr. Gold manages the investments of the Disney family as chief executive of Shamrock Holdings.
David Watson, son of Raymond Watson, also an independent director, works at the Disney Channel cable-television network, where he earned $152,608 last year. Raymond Watson is vice chairman of the Irvine Company, a Southern California real estate developer.
Louise Bryson, the wife of John Bryson, an independent director, is executive vice president for affiliate sales and marketing for Lifetime Entertainment Television, a cable network that is 50 percent owned by Disney. Ms. Bryson was paid $1.35 million last year. Her compensation is not subject to the Disney's board's approval, the filing said. Mr. Bryson is chief executive of Edison International, a California power utility.
August 9, 2002
BURBANK, CA (Bloomberg News/NY Times) -- The Walt Disney Company said four of its independent board members had relatives who were employed by the company last year.
Disney's announcement came in a filing with the Securities and Exchange Commission. The New York Stock Exchange has proposed new standards of independence for corporate directors. With the changes, a director would not be considered independent if a relative worked at the company the last five years, a stock exchange spokesman, Ray Pellecchia said.
The proposal would also require that a majority of a company's directors be independent of the company. Craig Bowers, the son of Reveta Bowers — a Disney independent director and principal at a Los Angeles school — worked at Disney's Internet group in the fiscal year ended September 2001, the company said in the filing. He earned $81,863, Disney said. Mr. Bowers is no longer employed at Disney.
Jennifer Gold, the daughter of another independent director, Stanley Gold, works at Disney's consumer products division and earned $85,111 there last year, the company said. Mr. Gold manages the investments of the Disney family as chief executive of Shamrock Holdings.
David Watson, son of Raymond Watson, also an independent director, works at the Disney Channel cable-television network, where he earned $152,608 last year. Raymond Watson is vice chairman of the Irvine Company, a Southern California real estate developer.
Louise Bryson, the wife of John Bryson, an independent director, is executive vice president for affiliate sales and marketing for Lifetime Entertainment Television, a cable network that is 50 percent owned by Disney. Ms. Bryson was paid $1.35 million last year. Her compensation is not subject to the Disney's board's approval, the filing said. Mr. Bryson is chief executive of Edison International, a California power utility.
