Forum Home Page [see Broadridge note below]

 The Shareholder ForumTM`

Fair Investor Access

This public program was initiated in collaboration with The Conference Board Task Force on Corporate/Investor Engagement and with Thomson Reuters support of communication technologies. The Forum is providing continuing reports of the issues that concern this program's participants, as summarized  in the January 5, 2015 Forum Report of Conclusions.

"Fair Access" Home Page

"Fair Access" Program Reference


Related Projects 2012-2019

For graphed analyses of company and related industry returns, see

Returns on Corporate Capital

See also analyses of

Shareholder Support Rankings


The article below was referenced in

May 21, 2014 Forum Report

Questions About Shareholder-Hosted Meetings of Shareholders



Source: Los Angeles Times, September 12, 2002 article

Disney Investor Calls for Meeting

Media: Providence Capital wants institutional shareholders to discuss the company's corporate governance issues, including the board's makeup.


Tapping impatience among some investors in Walt Disney Co., New York investment banking company Providence Capital is calling a meeting next week of institutional shareholders to discuss "critical issues" surrounding the entertainment company's performance.

Providence Capital, headed by well-known corporate activist Herbert Denton, said the Tuesday meeting will focus mainly on corporate governance issues, including the remaking of Disney's board and a succession plan for Disney Chief Executive Michael Eisner."In view of Disney's recent stock performance, we believe the board would welcome the views of its largest stockholders prior to instituting changes in the company's governing body," Providence said in a statement.

The meeting will be held a week before Disney's board of directors is scheduled to meet to discuss, among other things, various steps to reform the company's board. In August, Eisner said that Disney will shrink its board, reduce the size of its committees and strengthen its independence by year's end. In a government filing last month, the company disclosed that three board members have relatives who were employed by Disney.

"We believe we have a good sense of how our major shareholders feel about the company," Disney spokesman John Spelich said. "We welcome input from all our shareholders."

Eisner and Chief Financial Officer Tom Staggs also will hold what the company described as routine meetings with investors and analysts Friday in New York.

The meetings come as Eisner faces heavy pressure from investors and some influential board members to bolster the company's stock price and improve the company's earnings, which have been hurt by sagging theme park attendance and weak ratings at its ABC television network. Disney's stock price, which lost 7 cents on Wednesday to close at $16.18 on the New York Stock Exchange, fell to an eight-year low last month.

"The company is clearly reaching out to investors and that's good," said analyst Jordan Rohan of Wit SoundView.

Denton wouldn't say how many shares Providence owns, but described his company as a small shareholder.

Providence bought shares in the company in late summer when Disney's stock traded at around $13 a share, believing the company was undervalued.

Providence is an activist investor that has waged fights with ICN Pharmaceuticals Inc., Aetna Inc. and Tyco International Ltd. Providence has two or three meetings like this a year. Providence has advised the California Public Employees' Retirement System, among others.

Denton has faced criticism for accepting fees from companies that he has targeted. He called such criticism a cheap shot. "We're not looking for any fees from Disney," he said.

Copyright 2014 Los Angeles Times


This Forum program was open, free of charge, to anyone concerned with investor interests in the development of marketplace standards for expanded access to information for securities valuation and shareholder voting decisions. As stated in the posted Conditions of Participation, the purpose of this public Forum's program was to provide decision-makers with access to information and a free exchange of views on the issues presented in the program's Forum Summary. Each participant was expected to make independent use of information obtained through the Forum, subject to the privacy rights of other participants.  It is a Forum rule that participants will not be identified or quoted without their explicit permission.

This Forum program was initiated in 2012 in collaboration with The Conference Board and with Thomson Reuters support of communication technologies to address issues and objectives defined by participants in the 2010 "E-Meetings" program relevant to broad public interests in marketplace practices. The website is being maintained to provide continuing reports of the issues addressed in the program, as summarized in the January 5, 2015 Forum Report of Conclusions.

Inquiries about this Forum program and requests to be included in its distribution list may be addressed to

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.

Shareholder Forum™ is a trademark owned by The Shareholder Forum, Inc., for the programs conducted since 1999 to support investor access to decision-making information. It should be noted that we have no responsibility for the services that Broadridge Financial Solutions, Inc., introduced for review in the Forum's 2010 "E-Meetings" program and has since been offering with the “Shareholder Forum” name, and we have asked Broadridge to use a different name that does not suggest our support or endorsement.