Inspector of Election Vote Tally Shows Eisner and Mitchell Received Higher No Confidence Vote from Shareholders Than Reported At Annual Meeting
Burbank, CA -- April 15, 2004 - Roy E. Disney and Stanley P. Gold today said that not surprisingly, Michael Eisner, George Mitchell and other Walt Disney Company (NYSE: DIS) directors received a greater Withhold/No Confidence Vote than the Company announced at its annual shareholders meeting.
According to preliminary tally by the official inspectors of election for The Walt Disney Company's Annual Meeting, IVS Associates, Inc., Michael Eisner received a No Confidence Vote from 45.37% of that company's shareholders, as opposed to the 43% announced by the Company at its annual meeting. George Mitchell, who was appointed Chairman of the Board after the annual meeting, received a No Confidence Vote from 25.69% of the Company's shareholders. The company announced at their annual meeting that Mr. Mitchell received 24%.
The IVS data also shows that excluding the 299,716,670 broker non-votes (Disney shares voted by brokers without instructions from the actual owners), 54.4% of the Walt Disney Company shareholders withheld their votes for Mr. Eisner and 30.8% withheld their votes from Mr. Mitchell.
The withhold vote released by IVS was also greater for the other two Disney Directors Messrs. Disney and Gold asked shareholders to withhold their votes for than that released by the company. According to IVS, John Bryson received a 23.96% No Confidence vote from Disney shareholders. The company said after the annual meeting that Mr. Bryson received a 22.3% withhold vote. Judith Estrin received a 24.37% No Confidence vote. The company said after the annual meeting that Ms. Estrin received a 22.5% withhold vote.
Messrs. Disney and Gold have requested and expect to receive raw voting and proxy materials within the next two business days with which they intend to have their representatives verify the final voting results.
In addition, Messrs. Disney and Gold said that, after weeks of letters from their attorneys and the commencement of litigation demanding the results of the 401K trustee vote - information which the Walt Disney Company has had, but withheld from their shareholders - they expected to receive this information within the next few days.
"We expect that when the 401K trustee vote results are released, they will show that an even greater percent of Disney employees voting through their 401K have No Confidence in their CEO," Messrs. Disney and Gold said.
Messrs. Disney and Gold reiterated that it is time for the Board to recognize its responsibility and do the right thing.
"The message from the company's shareholders couldn't be any clearer," they said. "Contrary to what some would assert, you don't need a forensic accountant to decipher the meaning of the vote. The company's shareholders have told the Board they have no confidence in Mr. Eisner. The Board should immediately commence a search which will result in the replacement of Mr. Eisner as soon as possible. To do anything less, would be an insult to the owners/shareholders of the company."
The official preliminary tally from the inspectors, provided this afternoon to both The Walt Disney Company and Roy Disney and Stanley Gold is subject to review and challenge.
Burbank, CA -- April 15, 2004 - Roy E. Disney and Stanley P. Gold today said that not surprisingly, Michael Eisner, George Mitchell and other Walt Disney Company (NYSE: DIS) directors received a greater Withhold/No Confidence Vote than the Company announced at its annual shareholders meeting.
According to preliminary tally by the official inspectors of election for The Walt Disney Company's Annual Meeting, IVS Associates, Inc., Michael Eisner received a No Confidence Vote from 45.37% of that company's shareholders, as opposed to the 43% announced by the Company at its annual meeting. George Mitchell, who was appointed Chairman of the Board after the annual meeting, received a No Confidence Vote from 25.69% of the Company's shareholders. The company announced at their annual meeting that Mr. Mitchell received 24%.
The IVS data also shows that excluding the 299,716,670 broker non-votes (Disney shares voted by brokers without instructions from the actual owners), 54.4% of the Walt Disney Company shareholders withheld their votes for Mr. Eisner and 30.8% withheld their votes from Mr. Mitchell.
The withhold vote released by IVS was also greater for the other two Disney Directors Messrs. Disney and Gold asked shareholders to withhold their votes for than that released by the company. According to IVS, John Bryson received a 23.96% No Confidence vote from Disney shareholders. The company said after the annual meeting that Mr. Bryson received a 22.3% withhold vote. Judith Estrin received a 24.37% No Confidence vote. The company said after the annual meeting that Ms. Estrin received a 22.5% withhold vote.
Messrs. Disney and Gold have requested and expect to receive raw voting and proxy materials within the next two business days with which they intend to have their representatives verify the final voting results.
In addition, Messrs. Disney and Gold said that, after weeks of letters from their attorneys and the commencement of litigation demanding the results of the 401K trustee vote - information which the Walt Disney Company has had, but withheld from their shareholders - they expected to receive this information within the next few days.
"We expect that when the 401K trustee vote results are released, they will show that an even greater percent of Disney employees voting through their 401K have No Confidence in their CEO," Messrs. Disney and Gold said.
Messrs. Disney and Gold reiterated that it is time for the Board to recognize its responsibility and do the right thing.
"The message from the company's shareholders couldn't be any clearer," they said. "Contrary to what some would assert, you don't need a forensic accountant to decipher the meaning of the vote. The company's shareholders have told the Board they have no confidence in Mr. Eisner. The Board should immediately commence a search which will result in the replacement of Mr. Eisner as soon as possible. To do anything less, would be an insult to the owners/shareholders of the company."
The official preliminary tally from the inspectors, provided this afternoon to both The Walt Disney Company and Roy Disney and Stanley Gold is subject to review and challenge.
