Shareholder Meeting 2011 Live Log

[ShrunkenNed]

The Disney Annual Meeting of Shareholders comes to us from Salt Lake City, UT this morning at 9AM PT/12PM ET. Check back here for live updates from the meeting, providing streaming internet holds up for this reporter!

For those interested in listening to the meeting as well, here is the link to do so.

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9:05 AM PT: Board Chairman John Pepper, Jr, touting banner year for Disney in 2010, credits the people who drove the company through many personnel changes throughout the year; speaks of his personal experiences of seeing Disney in action throughout the world. Board members introduced.

9:10 AM PT: CEO Bob Iger takes the stage. Acknowledges Roy P. Disney in audience. Takes moment for reflection on devistation in Japan.

9:11 AM PT: Assumed video presentation (not available through webcast)

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9:15 AM PT: Back from video presentation, presumably about worldwide reach of Disney.

Iger talks about creative advances within the company, touting Alice in Wonderland and Toy Story's financial worldwide success. Return to shareholders has increased by 20%.

Speaking success of Tangled, new Princess in Rapunzel, always a plus for the company.

Pirates 4 plug and video presentation.

9:20 AM PT: Cars 2 Promo, as well as plug for Carsland in DCA; Trailer for Cars 2 shown.

9:30 AM PT: Marvel Films plug for Thor, Captain America; Avengers coming Summer 2012. Paramount studios logo ends after this year.

Talks about the Disney Dream, Disney Fantasy cruise ships, Hawaii resort, Hong Kong Disneyland develpoments coming soon.

TV Business within ABC, Disney Channel, Disney Channel in 158 countries world wide, Disney Junior channel to launch in 2012. ESPN "stronger than ever," continuing to expand digital reach (Video Presentation).

note:unfortunately, there is no replay for a live webcast, due to the nature of streaming, some items may get missed; I am trying to capture the essence of the meetings; however, this in no way can be a complete coverage of everything discussed. Full recpas will be available at a later time.

[ShrunkenNed]

9:35 AM PT: Iger acknowledges Facebook fans. Also states awareness of pleasing customers and the need to satisfy shareholders as well as remining committed to the global community.

Shareholders get exclusive showing of Toy Story: Hawaiian Vacation short, released with Cars 2 this summer. ShrunkenNed cries at not being able to view this.

9:45 AM PT: John Pepper, Jr back for business meeting portion. Mentions in passing ways to improve line wait for Soarin' queues to make it more enjoyable for guests.

9:50 AM PT: 1st Matter at hand: Re-Election of board members. 2nd: Appointment of Accountant firm: Price Waterhouse. 3rd: Approval of stock incentive plan. 4th: Advisory vote on executive compensation. 5th: Vote on Frequency of advisory vote. 6th: Shareholder proposal presented by Unite Here. (Policy allowing to take one performance based test for bonus awards instead of multiple tests)

10:00 AM PT: Proxy votes announced. #1-4 approved, #5 One year frequency of advisory vote. #6 Rejected

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10:05 AM PT: Open Question Time.

Q:Shareholder praising Disney for Environmentalism, Will Disney do more to promote themselves?
A: Disney is trying to reduce the negative things (i.e. carbon footprints), promote more through global reach (i.e. Disney Channel, movies, talking to communities.

Q: 3rd Grader asking why DCA Entrance is being changed.
A:Felt current entrance was "cold, not Disney enough."

10:10 AM PT

Question Missed

Q: Shareholder - Union Member urging Disney to get involved better w/ Labor Dispute in CA.
A: Board is aware of discussions - been kept briefed and has agreed w/ management. Bob Iger: Personally involved, is glad to hear counter proposal is being discussed or at least addressed by union. Disney asks employees to defray 25% of the cost - employees w/ similar pay are already adopting the same condition. Wants to stay consistent with other company plans. Disney plan offers more than Union plan. Feels like big steps were taken. Aware of no wage increases while contract was under review, but still feels the proposal is in line with the rest of the company.

10:20 AM PT

Q: Shareholder - Wants to have old policy of free tickets to shareholders that attend the meeting. Feels joyful experience of meeting when Walt was alive is missing. It's what Walt would do and in fact DID. Quite humorous.

A: Providing no FCC disapproval, free tickets to anyone attending this year's meeting!

Q: Concerning D23, exact question not heard.

A: D23 was launched as a way to reward most ardent fans, plug for D23.

Q: 4th Grade Shareholder asked about sequels (not clear on specifics).

A: Only a few sequels - more originals coming up as well.

Q: Bellman at DL Hotel wants more rewards and recognition for DL Hotel workers, while executives receive increases, employees bear the brunt of the costs.

A: Everybody counts within the company, money must be balanced within the company. Reenforces Iger as CEO (shareholder was pointed towards Iger's income.) 90% Iger's salary is performance based, therefore, earned. Says the Pixar deal would not have happened without him and his relationship w/ Steve Jobs.

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10:35 AM PT

Q: Shareholder - Any queue enhancements for theme parks being worked on?

A: It's being worked on, but can't comment on what that may be.

Q: Shareholder - Thanks to Bob Iger for all he's done, but feels Comapany needs to act as one, seems to compete within divisions.

A: Iger doesn't consider there to be a problem with individual parts, and feels they ARE working as a whole.

Note handed to Pepper: CM's will assist atendees in obtaining DL tickets.

10:40 AM PT
Q: What goes into location selection for shareholder meetings?

A: Not too much science to it, like to hear from diverse regions.

Q: Challenge to enforce park hopper pass rules - i.e., those who sell passes on Craigslist for reduced prices. Also, making sugar free items for diabetics more accessible.

A: Not aware of lack of biometrics at DL as far as dealing with pass fraudulency.(apparently WDW is better at this) Will look into how accessible diabetic items are.

Q: Concerning personal info being available on CM ID cards. How is this being addressed?

A: Issue being addressed, having to deal with technical issues, but it is top priority to fix it quickly.

10:50 AM PT
Q: Shareholder and DL Hotel Bellman addressing union issues, citing personal issues of CMs.

A: Management has offered wage increases over the course of 5 years, feels this is a good offer.

Same shareholder says they don't feel as the offer is good and needs to listen more to the CMs.

11:00 AM PT
Q:Unsure as to exact question - streaming interrupted. Seems to be about opening shopping centers away from theme parks based on success of DTD.

A: Success of DTD due to proximity to theme parks for tourism. NO plans for shopping center otherwise.

Streaming interrupted.

Q: Will Kingdom Keepers or Peter and the Starcatchers books be considered for film?

A: No movie plans currently, but Peter & The Starcatchers is now a stage play with glowing reviews.

Q:Concern over Disney controlling brand - more trademaks being infringed? Concern - Theme park details not as pristine. Concern - Will there be expansion for DVC members at the Grand Californian?

A: Not currently planning expansion, but are happy with the success. Feels the upkeep of the park has improved recently. And encourages visitors to report unkempt-ness to CMs when visiting. Disney is doing their best to protect copyrights.

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Seeing as how my stream has interrupted... I must conclude the reporting - if anyone else hears anything more, feel free to add!

Thanks for reading!

[TimmyII]

Bob Iger stated that there will be no release of any kind of "Song of the South" for quite some time...if ever.

[austen]

Bob Iger stated that there will be no release of any kind of "Song of the South" for quite some time...if ever.

That comes up every year. The same answer is repeated every year. I'm getting tired of this routine!

[#1DisneyFreak]

Great reporting Craig! Thanks for bringing that to all of us!

[Ezra]

You didn't miss much at the end, other than the Song of the South question. (Q: Could there be a limited "not available in stores" release. A: No. We can't justify using company resources for a release whether it's wide or narrow for quite some time, if ever.)

Q: A fourth-grader asked if there was any further plans at Walt Disney World beyond the Fantasyland expansion.
Iger: Nothing has been announced yet, but you can expect improvements at our parks all the time.

A former ESPN emplyoyee touted the sucess of ESPN under Disney but didn't really have a question.

A man gave thanks for bringing the meeting to Salt Lake, and for the free park tickets. "Now when someone asks 'You just came back from the shareholders meeting, what are you going to do now?' I can answer, 'I'm going to Disneyland!'"

That was pretty much it. You can listen to the meeting on replay now: Disney Corporate Investors Presentations

[bodhran105]

Q:Concern over Disney controlling brand - more trademaks being infringed?

A: Disney is doing their best to protect copyrights.

I'm getting the feeling that wasn't the answer the person wanted. Seemed they were scared Disney was over controlling the brand, not giving much leniency to people. I remember posting a while ago somewhere all about my rant on older park music, images, and videos being controlled- even our own. I'm not happy. When I see lots of Disney music radio stations closed and all I have left is Radio Disney- where it's not even just Disney! I'm going to be VERY angry.

[ShrunkenNed]

^Actually, the concern was over the use of characters and licensed material that was not Disney standard, or what was deemed appropriate; more to the point, what does Disney doing to tighten the reigns?

Great reporting Craig! Thanks for bringing that to all of us!

You're welcome! Glad to do it!

[TimmyII]

I liked that Bob Iger said he might be setting a new precedent when he gave out free tickets to Disneyland for all who attended today's meeting. If that's the case, I'll be making plans to attend future shareholder's meetings (if I can afford the travel). I've always wanted to attend one, but haven't been able to...however, I did PERFORM at one back in 1997 at the Arrowhead Pond! But couldn't attend after we were done as I had another shift to work at the park!

[ShrunkenNed]

Interesting to note, he said the main reason those free passes were discontinued was the fact that when the meetings were held anually in Anaheim, they'd have thousands hit the park afterward, not to mention too many who showed up at the meetings for the wrong reasons.