Is a Disney shareholder trying to micromanage Mickey? The SEC doesn’t think so. I’m Amy E. Feldman.
Under securities law, public companies have to hold shareholder meetings where the shareholders get to discuss and vote on certain items. The company sets the agenda, but shareholders can propose certain topics to be discussed.
A shareholder of the Walt Disney Company made a proposal urging the company to consider publishing a list of any charities to which the company has given ten thousand dollars or more. Mickey and his team were NOT fans of that which kind of makes you wonder what organizations they support and why they want to hide it: maybe they’re secret cat lovers? Or want to give to a pro mousetrap organization for some reason? Who knows? Well, the shareholders might. Disney sought the SEC’s guidance on whether they could stop the proposal—but the SEC said no. They said it didn’t consider the proposal to discuss it an effort to micromanage, so the shareholder will get to talk about it with other musketeers.
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