AFL-CIO Opposes Steve Jobs’s Reelection To Disney Board

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Disney is an entertainment giant. But with assets valued at a total of just (!) $81 billion, Apple could probably snap it up with the money Tim Cook uses to wedge his office door open with. There are people who will swear up and down that an Apple/Disney buyout makes perfect sense — particularly given Steve Jobs’ history as a major Disney shareholder.Recently Francis McInerney, a consultant at North River Ventures, called the deal “frighteningly obvious” and said that “the logic is so great this could happen tomorrow.” Rumors of an Apple/Disney merger go back at least as far as 1999 when it was reported that Disney planned to acquire both Apple and Pixar in a $12 billion stock swap, with Steve Jobs being ordained CEO of the mega-company. Since then, this rumor has come back with surprising regularity — although it’s unknown exactly why Apple would be interested in running theme parks and making animated movies.

Disney is an entertainment giant. But with assets valued at a total of just (!) $81 billion, Apple could probably snap it up with the money Tim Cook uses to wedge his office door open with. There are people who will swear up and down that an Apple/Disney buyout makes perfect sense — particularly given Steve Jobs’ history as a major Disney shareholder.

Recently Francis McInerney, a consultant at North River Ventures, called the deal “frighteningly obvious” and said that “the logic is so great this could happen tomorrow.” Rumors of an Apple/Disney merger go back at least as far as 1999 when it was reported that Disney planned to acquire both Apple and Pixar in a $12 billion stock swap, with Steve Jobs being ordained CEO of the mega-company. Since then, this rumor has come back with surprising regularity — although it’s unknown exactly why Apple would be interested in running theme parks and making animated movies.


The AFL-CIO is opposing Steve Jobs’ reelection to Disney’s board of directors.

The AFL-CIO, which holds about 3.8 million Disney shares, says Jobs’ poor health, plus his job as CEO of Apple, make him a bad choice for Disney’s board. Jobs is likely to be reelected at Disney’s annual meeting on Wednesday.

Jobs is the largest individual sharholder with 7% of Disney’s stock, awarded after the 2006 purchase of Pixar.

The union isn’t the only group opposing Jobs. It is joined by an institutional investment group that is also questioning Jobs’s reelection to the Disney board because of his health.

Institutional Shareholder Services notes that Jobs has attended less than 75% of board meetings in the last three years, and wonders if Jobs should be reelected.

“Jobs’ poor attendance in three of the past four years, and recent leave of absence from his primary employer, raises questions about his ability to fulfill his responsibilities as a director of the company,” ISS wrote in a note to shareholders.

ISS stopped short of rejecting Jobs but said shareholders deserve greater disclosure about his ability to function as a director.

Los Angeles Times: Advisory firm questions Steve Jobs’ reelection to Disney board