Disney’s Bob Iger Made $44.9M In 2015, Down From Year Ago

By David Lieberman, Patrick Hipes

Disney Chairman and CEO Bob Iger made $44.9 million in total compensation during fiscal 2015 the company reported today in its annual proxy filing at the SEC. His package is down 3.4% from 2014, when he collected $46.5 million, but don’t feel too bad for him: last year’s total marked a 35.5% raise from the year before.

According to the filing, Iger’s package included: $2.5 million in salary, $8.9 million in stock awards, $8.4 million in option awards, $22.3 million in non-equity incentive compensation, $1.4 million due to changes in pension value and non-qualified deferred compensation earnings, and $1.3 million in other compensation.

The “other” category includes $277,489 for personal use of the company jet, and $683,245 for security.

The board credited Iger for Disney’s “spectacular financial performance” over his tenure. Disney shares generated an 18% return in the fiscal year that ended on October 3 while the overall market was flat.

Disney COO Tom Staggs, positioned as Iger’s heir apparent after his promotion earlier this year, was second in exec compensation in 2015, making $20.0 million.  Jay Rasulo, who Staggs beat for the No. 2 job, made $15.1 million for his work in the fiscal year as CFO and then an advisor to Iger.

The board’s Compensation Committee is chaired by The Carlyle Group’s Susan Arnold and includes WE Family Offices’ Maria Elena Lagomasino, Potbelly Sandwich Works’ Aylwin Lewis, ImpreMedia CEO Monica Lozano, and former Starbucks Corporation CEO Orin Smith. Lozano is not up for re-election to the board.

The company will hold its annual meeting in Chicago on March 3. Shareholders will have an opportunity to vote on two resolutions that Disney’s board opposes.

One would allow the charter or bylaws to be changed by a majority of the shares being voted, instead of a two-thirds supermajority. Supporters say that the shift would make the company more attractive to investors.

Disney says it is already taking care of the matter in a proposed amendment to its Certificate of Incorporation. It eliminates the supermajority requirement for a vote on a potential business combination involving a hostile acquirer.

Another proposal would have Disney report its lobbying expenses, including amounts spent on trade associations. Keeping that information secret “leaves a serious disclosure gap, as trade associations generally spend far more on lobbying than on political contributions,” supporters say. “Transparent reporting would reveal whether company assets are being used for objectives contrary to Disney’s long-term interests.”

But the board says it’s against the idea because it would “exceed disclosure currently required by law.” More transparency about Disney’s political activities might hurt shareholders by giving “adverse parties information about the Company’s priorities and the methods it is using that those parties could use to dilute our efforts.”

The media giant has had a bit of a rollercoaster ride this year, with its cable cash cow ESPN taking hits from investors worried about its long-term health followed by the record release this month of its franchise re-starter Star Wars: The Force Awakens.

This article was printed from https://deadline.com/2015/12/bob-iger-2015-compensation-disney-chairman-1201671742/