wfn.org | Express Concerns to Disney

[owner-umethnews@ecunet.org]

"UNITED METHODIST DAILY NEWS" by SUSAN PEEK on Aug. 11, 1991 at 13:58 Eastern,
about FULL TEXT RELEASES FROM UNITED METHODIST NEWS SERVICE (3466 notes).

Note 3460 by UMNS on March 3, 1997 at 16:38 Eastern (3265 characters).

SEARCH: Walt Disney, pensions, United Methodist, executive
compensation, contract suppliers
Produced by United Methodist News Service, official news agency of
the United Methodist Church, with offices in Nashville, Tenn., New
York, and Washington.

CONTACT:  Linda Bloom                          106(10-21-71B{3460}
          New York (212) 870-3803                    March 3, 1997

United Methodists join other stockholders
with pay, work concerns at Disney meeting
          
          by United Methodist News Service

     United Methodists were among the stockholders expressing
concern over workforce and executive compensation issues at the
Feb. 25 Walt Disney Company annual meeting in Anaheim, Calif.
     Kent Poindexter, senior research analyst in corporate
relations and social concerns at the United Methodist Board of
Pension and Health Benefits, presented an executive compensation
shareholder resolution on behalf of the Sisters of the Blessed
Sacrament.
     The resolution questions the need for excessive compensation
and severance pay, tries to link compensation more closely with
financial performance and social responsibility, and relates to
other concerns over justice for workers of contract suppliers.
     As a holder of 107,809 shares of stock, the pension board
joins with other Disney shareholders "who do not understand why
our company has put such a high priority on paying former
executives extremely high wages and a seemingly low priority on
seeing that those who produce its apparel and gifts are paid a
decent wage and treated with the human dignity that every person
deserves."
     Along with Progressive Asset Management and Franklin Research
& Development, the Board of Pension and Health Benefits co-
sponsored a resolution calling on Disney to monitor the contract
suppliers of its merchandise.
     "The news media has reported on many cases of human rights
abuses, forced child labor and inadequate wages among such
suppliers," the board's statement said. "We believe Walt Disney
management should ensure that its suppliers are closely monitored
and in compliance with the company's stated policies and
practices."
     The contract supplier resolution received the support of 39
million shares, about 8.5 percent. "We got excellent votes for the
first year of a resolution," said the Rev. David Schilling, a
United Methodist staff member of the Interfaith Center on
Corporate Responsibility (ICCR). "It indicates some interest way
beyond religious shareholders."
     The vote promises the opportunity for further dialogue with
Disney on the issue, according to Schilling. At the meeting,
Disney also announced it will issue a public code of conduct for
manufacturers; authorize audits and inspections at all contract
facilities, and make the standards available for employees to
read.
     The executive compensation resolution received a vote of 10.4
percent (47.9 million shares). A company-sponsored resolution on a
lucrative 10-year contract for Disney chairman Michael Eisner was
passed, but 12.5 percent of shares withheld support. "There was a
significant number of people who did not vote for it or in favor
of it," Poindexter said.
                              #  #  #

-----------------------------------------------------------------------

 To make suggestions or give your comments, send a note to 
 umns@ecunet.org or Susan_Peek@ecunet.org

 To unsubscribe, send the single word "unsubscribe" (no quotes)
 in a mail message to umethnews-request@ecunet.org

-----------------------------------------------------------------------