Steve Jobs' Position on Disney Board Questioned on Eve of Re-Election
A shareholder advisory firm has raised concerns about the Apple chief's frequent absences from board and committee meetings.
A shareholder advisory firm has raised concerns about Steve Jobs' position on the Walt Disney Co.'s board on the eve of the company's annual meeting, the Los Angeles Times reported.
Institutional Shareholder Services said Jobs, who is Disney's largest individual shareholder, has attended less than 75% of board and committee meetings in three of the past four years.
The shareholder firm did not recommend a vote against Jobs' re-election, and it did acknowledge Jobs' ongoing health issues, but said shareholders deserve more of an explanation for his being nominated.
"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," ISS wrote in a recommendation to shareholders.
Jobs, who was diagnosed with pancreatic cancer in 2004, underwent a liver transplant in 2009. He took an unexplained medical leave of absence in January from Apple, where he serves as CEO.
Jobs holds more than 7% of Disney stock. He has served on the board of directors since it acquired Pixar Animation Studios, where he was chairman and CEO, in 2006.
It is unclear whether he plans to attend Wednesday's shareholder meeting in Salt Lake City.