Dis amends bylaws for elections

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The Walt Disney Co. said it will amend its bylaws to provide for a majority vote standard for the election of directors in uncontested elections.

The bylaw, expected to be applied at the company's 2008 annual shareholder meeting, will provide that in uncontested elections director nominees must be elected by the majority votes cast at the annual meeting, according to the company. Incumbent directors who fail to receive a majority of votes would be required to submit a letter of resignation to the board for consideration.

After years of criticism that Disney's board was stacked with insiders and directors with ties to company executives, Disney in recent months has taken steps to strengthen its corporate governance rules. Last year, the company adopted the policy calling for board members to resign if they receive more "withhold" than "for" votes in an uncontested election.
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