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Pension Funds Ask SEC to Reverse Staff Decision on Disney Proxy Fight

Dec 30, 2004  •  Post A Comment

The battle over the inclusion of a shareholder proposal in The Walt Disney Co.’s 2005 proxy took another turn Thursday when four public pension funds asked the Securities and Exchange Commission to reconsider a decision that permits Disney to block from its proxy a proposal that gives shareholders more power to nominate board members.

The pension funds-the American Federation of State, County and Municipal Employees, the California Public Employees’ Retirement System, the New York State Common Retirement Fund and the Illinois State Board of Investment-have asked the five-member commission to reverse the staff decision.

The funds’ move comes a day after SEC staff said the media giant is not required to include the proposal in its proxy, reversing an earlier, nonbinding opinion that said Disney could not block the proposal from being included in the proxy.