The California Public Employees' Retirement System, the nation's largest public pension fund, said Wednesday it opposes re-electing Michael Eisner, Walt Disney Co.'s chief executive officer, to the company's board.
Christianna Wood, CalPERS' senior investment officer, said the fund won't vote its 9.44 million Disney shares in favor of Eisner at the company's annual meeting Friday in Minneapolis.
"We wanted to send a message that he needs to move on," Wood said. "He should not remain on the board. It's bad governance."
CalPERS, with $180 billion in assets, said it opposes any future role for Eisner on Disney's board. The fund said it had "lost confidence in Mr. Eisner's ability to contribute to long-term shareowner-value creation."