The Walt Disney Co. has a shareholders meeting coming up in March and at it, the second-biggest U.S. pension fund, CalSTRS, will oppose current CEO and Chairman Bob Iger's re-election to the job of chairman.
Iger was elevated to the chairman role last year.
CalSTRS will also oppose the the election of six board directors and Disney stock-related compensation plan, Bloomberg reports.
In a statement, CalSTRS' director of corporate governance, Anne Sheehan, echoed a previous boardroom showdown:
“We’ve been through this fight before, in 2004-05, which resulted in the ouster of then-CEO Michael Eisner and a shareholder revolt that led to the separation of the board chair and CEO positions.”
CalSTRS owns 5.28 million Disney shares worth $263 million. That amounts to only 0.3 percent of the entertainment giant. Numerous mutual funds and institutional investors hold larger stakes, as does George Lucas following a deal last year for Disney to buy Lucasfilm for $4 billion. The estate of Steve Jobs also has substantial Disney stock holdings.
Iger made over $40 million in 2012, most of it tied up in Disney stock. Over the past year, Disney has beaten broad stock market indices on returns by a wide margin.