Disney Amends Bylaws

The Walt Disney Co. amended its bylaws to provide for a majority vote standard for the election of directors in uncontested elections, the company announced. The bylaw will provide that in uncontested elections director nominees must be elected by the majority of votes cast at the annual meeting of the shareholders of the Burbank-based entertainment and media company. Incumbent directors failing to receive a majority of votes would be required to offer a letter of resignation for consideration by the board which shall be required to act promptly. The company will adopt the bylaw in time to apply to the company’s 2008 annual meeting. The move was made due to a request from the Sheet Metal Workers National Pension Fund requesting the board initiate a process to amend bylaws to require majority voting.