Good morning. Good morning. What a great way to start the day. We created that video especially for this meeting And it truly captures and celebrates what is just so extraordinary about The Walt Disney Company and why so many millions of people We don't have a camera, I'd show it to you. Mickey actually taps his feet.
Now this is going to be in the market fairly soon. I just have a feeling going to be a big hit. I have the original Mickey watch from the 1930s and I usually wear it on special occasions like this. I just love its link to Disney's heritage and I love the watch, it's a prized possession of mine. But the symbolism of where Disney is going and just seemed fitting to where here in San Francisco where creativity and innovation intersect and actually change the world.
This is also a great Disney city. In fact, the Walt Disney Family Museum is here. Not too far away, right? It's also home to our great TV station KGO TV. We've got Disney Stores in the area.
Lucasfilm is right across the street. So the Force is definitely with us. Okay, now speaking of the Force, Unless you've spent the last few months in a galaxy far, far away, you know that Star Wars: The Force Awakens A few months ago, it's now been viewed over 150,000,000 times and we think that response is unbelievable. Just
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Just wait until you all see the whole movie. Now based on what I've seen so far, I can tell you that The unprecedented excitement captured in that video totally justifies. Director, J. J. Abrams and the amazing cast have I think I blame it on Lucasfilm, right?
Okay. I know you're disappointed, but I didn't come empty handed. So I do have Just some Star Wars news to share with all of you. As you know, we're also planning multiple films that go into characters and events that go far Chris Weitz is writing the script. Gareth Edwards is directing and we're thrilled to have Oscar nominee Felicity Jones In a starring role.
Now I'm also very pleased to announce drum roll please that the title of the movie is Rogue 1, Rogue 1. Now the storyline actually came from John Knoll, who is the Academy Award winning visual Effects, sorry, guru and Chief Creative Officer at Industrial Light and Magic. And he's worked on many big films including several We start filming Rogue One this summer and even though I can't say anything more about it, I did bring something special to show you. This is the world's First, Glim said some original concept art for the film and no one has seen anything from this film before. So, I hope you're intrigued, feel just a little bit special.
I think it says a lot actually. Anyway, while we're on the subject of Star Wars movies, I also have one other announcement to make and that is mark your calendars because Star Wars Episode VIII Written and directed by Rian Johnson will be in theaters on May 26, 2017. So between now and 2017, we're going to bring 3 Star Wars films to the world. We've had 4 straight years of record results and fiscal 2014 was truly a year to remember, Driven by extraordinary creativity, innovative technology and global expansion, 2014 was in fact the biggest Our net income was up 22 percent to $7,500,000,000 and our EPS was up 26% to $4.26 Total shareholder return for the year was 38%, almost double the 20% return. Thank you.
Almost double the 20% return of the S and P 500 during The same period and we also paid our 59th straight year of dividends increasing the dividend per share by 34%. Some highlights, our studio delivered some of the biggest movies in 2014, surpassed $4,000,000,000 in global box office for the 2nd year in a row. We also welcomed a record number of guests to our parks and resorts And with an unparalleled portfolio of sports rights and the addition of the new SEC network, ESPN continued to reign as the number one sports brand. ABC launched its best season in recent memory and Good Morning America completed another year as the number one morning show. Thank you.
It's also a great year for Disney Consumer Products. I love these statistics. 11 separate franchises in $105 at the moment, that's Compared to about $80 a year ago giving us a market cap of just about $180,000,000,000 As well as for our performance. In our shareholders meeting a few years ago, we launched something called Heroes Work Here and that was to promote career opportunities for for veterans and to raise awareness of their tremendous value as employees. Since then, thank you.
This is something we're really proud of, but since then more than 5,000 former servicemen and women have joined the Walt Disney family, which is something again we are incredibly proud of. But on top of that, I'm pleased to report that another 5,000 veterans have found careers with companies across the company across the country As a direct result of our program, just fantastic. The best at Disney are in good company because they are among our 180,000 cast members and employees around the who worked tirelessly to tell great stories and create magic in the lives of millions of people every day. And I'm always inspired by their endless creativity, grateful for their countless contributions to our success and I am reminded every single day what enormous privilege it is for me to lead the Walt Disney Company. Last summer, I celebrated my 40th anniversary of the And I can honestly say that I've never been prouder to be part of Disney nor have I never been as optimistic about the future of The Walt Disney Company.
Now there's so much to look forward to. I thought I'd take you through some of those things across our businesses. First starting in May, I hope to see a lot of you at Disneyland when we start celebrating the 60th anniversary of Disneyland. Theme park that started it all back in 1955 is more fun than it's ever been and we plan to we're getting rave reviews. We're also looking forward to the 2017 opening of a truly incredible Avatar Theme Land at Disney's Animal Kingdom.
And if you thought Pandora in the movie looked magical, just wait until you see Pandora in person. Our guests in Hong Kong Disneyland will soon be able to experience the first Marvel themed attraction in any of when the Ironman experience opens next year. And of course, there is growing excitement about the Shanghai Disney Resort. As you know, this is the largest investment that we've ever made outside the United States The attention to the smallest detail incredible and the scale is bigger than you can imagine and it's coming to life a bit more with each Passing day. I was there last month and as you can see in this video, the progress is just remarkable.
We just topped off our signature Shanghai Disneyland Hotel. We're nearing completion of iconic features throughout the park Including the largest and most impressive castle we've ever built, that's the castle in the middle there. And we've begun casting for the hundreds of
Thank you.
We're going to wrap up major construction by the end of this year and we're already planning Tacular grand opening celebration for the spring of next year, which we think is the perfect time to open the gates and give the world its first full look at the grandeur This magnificent destination, very, very exciting. It's also an exciting and great time for our media networks. ABC is Thriving with compelling programming that sets it apart, especially when it comes to reflecting the rich diversity of the world around us. Shows like Scandal and Flackish, How to Get Away with Murder, Fresh Off the Boat and recently Thanks to the winning combination of inclusion and quality, ABC is the only broadcast network to grow its audience this season. We also think it's really important for kids to see themselves, their families and their different cultures characters like Doc McStuffins and Sofia the First along with their favorite classic Disney characters and we're looking That's high energy I think.
ESPN Top of its game and the mega cast gave fans unprecedented access to the action offering more than a dozen Now for the final, more than 33,000,000 fans tuned in to see Ohio State beat Oregon for the national championship, The largest single audience in the history of cable television. And no one but ESPN could do something so big, So well and that's why ESPN remains the undisputed leader in sports. Our studio has been setting the bar pretty high these days too and it only goes up Now this is a huge year as I talked before because the Star Wars: The Force Awakens is just one of the fantastic movies on our slate 2015. But let's start with Marvel. Obviously, an incredible success story since joining Disney And the studio goes from strength to strength to strength.
In fact, the 5 movies that we've released so far have averaged almost $1,000,000,000 each in global box office and we're planning to release 11 more Marvel films in the next 4 years. Now as every Marvel fan knows, Age of Ultron, the highly anticipated sequel opens By the way, obviously, we aren't the only ones looking forward to this movie. And I know everyone has seen the trailer by now. So instead of showing you the trailer, I brought you something new. It's just a quiet little scene from the movie that we haven't shared with anyone yet.
So I hope Small movie. I know it's hard to believe, but that's not even the best part. And the movie is absolutely fantastic. We also have more from Marvel this year as you noticed maybe in the clip that I showed at the beginning. In July, Paul Rudd suits up and shrinks down as Ant Man, so 2 Marvel movies in 1 Now as you may have heard, we recently struck a deal with Sony to produce the next Spider Man movie and bring the iconic Web Slinger, back to the Marvel Cinematic Universe, that's Marvel, on to Disney And we absolutely love this movie.
It's a fresh take on one of our most Cherished characters and it showcases her courage, her kindness as well as her beauty. And Lily James is just breathtaking in Cinderella and she's everything that you had hoped this character would be and more. And so far the reviews call her dazzling, And we're also looking forward to the May release of Tomorrowland, which is a fantastic futuristic Adventure. This one is directed by Brad Bird. Brad Bird did Incredibles for Pixar and Ratatouille and it also stars none other than George
You are listening to the Walt Disney Company Annual Shareholder Meeting. The program will continue in a moment.
Doesn't that look great? And this is also another great year for Disney Animation with more storytelling And extraordinary pictures and you name it than we've ever had before. When Pixar joined Disney in 2,006, we were hoping to spark Creative resurgence in animation across the company and looking at our recent stream of successes, I think we can actually say that that worked. Pixar has always been home to some of the most original and innovative stories in animation and we're thrilled to share
You are listening to the Walt Disney Company Annual Shareholder Meeting. The program will continue in a moment.
Just a coincidence that movie does take place in San Francisco. And I had some pretty good pizza last night. I don't think San Francisco ruined pizza. At Thanksgiving, Pixar's The Good Dinosaur will take the world on a humorous look at what the world might look like if the asteroid That wiped out the dinosaurs had actually missed the earth. You get that, I think?
Well, anyway, later on in the You know that animation is incredibly important to this company and it's always been the very heart and soul of Disney. And Throughout Disney's history, our most successful time as a company has been when our animation is strong and thriving and that's certainly the Today, the Walt Disney Company is once again home to some of the best animation in the world with the box office And the awards to prove it. There was almost $1,300,000,000 in global box office. You know Frozen remains the most successful animated movie in history. And then Big Hero 6, our most recent release is now Disney Animation's 3rd highest grossing film of all time 2 years in a row, Frozen won last year and Big Hero 6 took the Oscar this year.
And Feast also won this year making us the only animation studio John is here with me today. So if you don't mind, please welcome John Lasseter, Chief Creative Officer of Walt Disney and Pixar Animation
So, this is I tell you, I'm so happy to be here. First of all, to thank you and to Thank the Board for 9 years ago of bringing Pixar into the Disney family and having my partner Ed Cattell and I Come back to the studio I love so much Walt Disney Animation Studio and help run it. And I'm so excited of the Success that we've had. That's been
on 9 years. Yes, it's been fantastic.
And this I have to say this guy has been our biggest supporter to bring back Disney Animation. So, give him all the credit.
Thank you. Okay. Speaking of Disney and animation, I mentioned this is a huge weekend for the company because Cinderella comes out But with Cinderella something really, really special. Take it away.
Not only do you get Cinderella, But the Walt Disney Company loves to over deliver. We have a short in front of it from a little movie called Frozen, we're calling Frozen You are listening to the Walt Disney Company Annual Shareholder Meeting. You are listening to the Walt Disney Company Annual Shareholder Meeting. The program will continue in a moment. Did you guys like that?
That was great. We are so proud of
the Walt Disney Animation Studios for the incredible work that they've been doing through these last few years and I think That shows incredible talent that sits at the studio. Yes.
Fantastic. A fitting next chapter for Frozen. Yes. Thank you. Anyway, John, thank you very much for coming.
Guys, aren't you forgetting something?
Olaf? Hey, is that you? Yes. You know me, I just love shareholders and meetings. You're here at the shareholder meeting.
And ESPN.
Oh, good. Good Olaf, thank you very much. That was great Olaf, really appreciate you coming.
Oh, no, my pleasure. It's a little short, but otherwise great.
Ladies and gentlemen, the voice of Olaf, Josh Gad.
So That was pretty great, right? It was a lot of fun, but I thought we were going
to do that other thing that we had talked about. We're not
doing it. Not here.
No. You didn't talk to Bob.
Hey Bob, Josh.
He actually wasn't sure you were I
mean, I just I didn't know if you would go for it. We have not here. We need to ask him, please. No warm up.
Okay, go ahead. No warm up. All right. Go ahead. You do it.
Go ahead. I've had a lot to say today. Go for it. All right.
Ladies and gentlemen, we are proud to announce the Walt Disney Animation Studio is working on Frozen 2. We are At the Walt Disney Animation Studio as with Pixar, when we do a sequel, it is because the filmmakers Have created an idea that is so good that's worthy of these characters. And we enjoyed making Frozen Fever so much and being back that world with those characters and we love these characters in this world so much of Arendelle that Jennifer Lee and Chris Buck have come up with a great And you will be hearing a lot more about it and we're taking you back to Arendelle and we're so excited about that. And Olaf is going to be in it, Josh.
Yes, very excited and it's also called Rogue 1.
Frozen Rogue 1. Thanks, Josh. John, thank you. Thanks, everybody. Thank you
so much. Bye, guys.
I know that I have said this before, but I think it bears repeating that this is an unbelievable privilege to lead the Walt Disney Company, especially in this very, very dynamic era of endless possibility and opportunity. And I'm thrilled and grateful to have the chance to continue to lead This phenomenal company and the incredible team of cast members and employees around the world who bring some of our most exciting historic projects through completion, just fantastic. Last month, we added the position of Chief Operating Officer to our senior management team and asked that Tom Staggs Into that role. As many of you know, Tom led our Parks and Resorts to record performance during a period of incredible growth. He was also a successful CFO of the company before that and he's got 25 years at The Walt Disney Company.
So Tom definitely knows And what it takes to make Disney so special. So here with us today is Tom Steggs. I'd like Tom to stand and I also look forward to working with Tom and the rest of our extremely talented senior management team across the company as We continue to build our future. There's also someone else in the audience that I'd like to introduce. He's a great friend of The Walt company and a true member of the Walt Disney family, Roy P.
Disney. Roy, do you stand? And now I'd like to introduce The Walt Disney Company's Board of Directors starting with our Lead Director, Oren Smith, who was formerly President and CEO Starbucks. Oren? Actually, I'm going to have everybody stand the whole Board stand at the end Finish introducing them all.
Susan Arnold is here with us today. Susan is an operating executive of The Carlyle Group and Alwyn Lewis is Chairman, CEO and President of Potbelly Sandwich Works. Monica Lozano is Chair of the Board Equity Investor and Former Vice Chairman and CFO of The Seagram Company. Gerald Sandberg is Chief Operating Officer of Facebook. And last but not least, our newest Board member, Jack Dorsey, is Chairman of Twitter and CEO of Square.
So like to ask the directors who are here, please stand and be recognized. Board of Directors of the Walt Disney Company. Okay, I'm over here. Thank you. Now it's time for the formal business portion of the meeting.
Yes, right. Comedy Hour. We call it Comedy Hour. The meeting has been duly called and is being conducted by the way, this is an interesting transition. The meeting has been duly called and is being conducted in conformity with the laws of Delaware and the company's charter and bylaws.
And if you have already voted by proxy, you don't need to vote again at this time. If you haven't yet voted or if you want to change your vote, You may do so now. So please raise your hand if you need a ballot to vote. We've got people in the audience Balance need to be turned in by the end of the business portion of the meeting and we will have someone collect them At that time, copies of the rules for the meeting were provided at the registration table. And I would like to ask for everyone's cooperation in respecting the rules, including speaking time limits and assisting us in the orderly conduct We have 5 items on the agenda today, including 2 shareholder proposals.
And I will introduce each of Any shareholder who is interested to address any of the matters. And then the polls will close and we will hear a preliminary report from the Inspector of Election and adjourn the business portion of the meeting. And then after the business portion, we will have a general question and answer period. The company has retained Broadridge Investor Communications Solutions as Inspector of Election for this meeting. And I would now like to introduce Belinda Massafa, a representative of Broadridge and ask her to report on the number of outstanding shares present today
Thank you, Mr. Chairman. As of the close of business on January 12, 2015, The record date for the meeting, there were 1,694,975,000,000,975,000 6 shares of common stock outstanding with each share entitled to one vote. As of the beginning of meeting, there were at least 1,468,000,000,276,676 shares The total number of shares entitled to vote.
Thank you very much. Based on this report, I rule that a quorum is first item is the election of 10 members of the Board of Directors. Each director holds office for a term of 1 year. And those nominated for election at this meeting in addition to me are Susan Arnold, John Chen, Jack Dorsey, Brad Langhammer, Alwyn Lewis, Monica Lozano, Bob Matchelot, Sheryl Sandberg and Orin Smith. As you all know, the Board recommends a vote for the election of all the nominees.
The next item is ratification of the appointment of Directors, services provided by PricewaterhouseCoopers to the company include examination of the company's financial statements And review of its reports and other filings with the Securities and Exchange Commission. Wayne Jackson, a representative of PricewaterhouseCoopers is here today to respond to any questions. The Board recommends a vote for the ratification of the appointment of PricewaterhouseCooper as the company's independent registered accountants for fiscal 2015. The next item is the advisory vote on executive compensation and we are seeking advisory shareholder approval of compensation of our named executive officers. We believe the design of our compensation program and the compensation awarded under it Creates an appropriate relationship between performance and compensation and the Board recommends a vote The next item is a shareholder proposal presented by James McRitchie.
The full text of proposal is set forth in the proxy statement. I understand that Mr. McRitchie is here to present this proposal and I would like to invite him up So that he can do so. And I would ask that he limit the presentation to 5 minutes at most. Mr.
McRitchie?
Thank you very much. This proposal requests the Disney Board adopt a policy of having an independent Board Chair Starting with the next CEO, we're not looking to take anything away from Mr. Iger. Any such action would likely be viewed by the markets as Would have shareholders believe that a lead director offers equivalent advantages. However, if lead directors Actually held equivalent authority, they wouldn't object to a mere change in titles.
As a 2012 report by GMI ratings found, companies that split CEO and Chairman positions generally showed a 5 year shareholder returns were 28% higher. A Spencer Stuart survey found that 64% of Directors agreed or strongly agreed that splitting the positions led to more independent thought by Directors. 60% That it leads to more effective CEO evaluation. National Association of Corporate Directors found that 73% of directors serving with an independent chair said their companies have already voted in favor of having the next Chairman of Walt Disney be an independent Chairman. I hope you will join with us.
Thank you, Mr. McRitchie. The Board of Directors has recommended a vote against this proposal for the reasons set out fully in the proxy statement. Next, we have a shareholder proposal We'll also present this item as representative of Mr. Steiner and I would like to invite Mr.
McGritchie back To present this proposal, I would ask again that you limit the presentation to 5 minutes at most. Thank you.
Thank you. This proposal is to limit accelerated executive pay and asks our Board of Directors to adopt the policy That in the event of a change of control, there should be no acceleration of vesting of any equity award granted to any senior executive that This resolution is prospective, implemented so as not to affect any contractual rights now in The best unit of equity pay over a period of time is intended to promote long term improvement and performance.
Thank you. The Board of Directors has recommended a vote against this proposal for the reasons Set out fully in the proxy statement. Now at this point, I will open the floor to discussion on any of the proposals that have been presented. If you would like to address one of them, please proceed to a microphone and wait to be recognized. And when you are recognized, please state your name, tell us where you're from and Which item you wish to address and then proceed with your remarks.
And please limit your remarks to 2 minutes in order to give other shareholders an opportunity to be heard. Now note that we will have a general question and answer session following the business portion of the meeting, so please limit your remarks at
Nizi Wassman, shareholder, the named executives that we vote on should be questioned. More Corporate Strategy, Kevin Meyer's position And human resource decision, Jane Parker's decision are made at the profit centers. The networks parks on the studio and they certainly make more Anne Sweeney and John Skipper at the networks are responsible for 43% of revenues and 56% of operating income. Mr. Staggs at Park's was responsible for 31% of revenues and I do look forward to his compensation Next year as COO.
And Alan Horn at the studio oversees some of the highest paid individuals period. As part of his compensation, he should answer not only for the quality of the films, but for the compensation packages of his Aelix actors like Mr. Clooney And as a successful studio heads like Mr. Lasseter, Mr. Lucas and the Head of Marvel.
Thank you very much. Do we have other comments or questions on those proposals? Okay. At this point, I think we've heard the principal range of views on these items. So it's time to close this discussion.
And this concludes consideration of all the items to be presented at the meeting. So if anyone has not yet voted and you are holding a ballot, please raise your hand and we will collect them Polls will now close and I would ask the Inspector of Election to give us her report based on proxies received by the opening of the polls At today's meeting. So ballots and proxies that are being handed in now or have been handed in during the meeting will be reviewed and validated by the inspector And included in the final vote tally and then the final vote will be reflected in the minutes of the meeting and a report we will file with the SEC within the
As the company's registered public accountant for 2015, we have received proxies representing 99% of shares Voting to approve the ratification of the appointment. Regarding proposal 3 to approve an advisory resolution on executive compensation, We have received proxies representing 84% of shares voting to approve the resolution. Regarding shareholder proposal 4 relating to independent Board Chairman, we have Proxies representing 28% of shares voting to approve the proposal. Regarding the shareholder proposal 5 relating to acceleration of executive pay. We have received proxies representing 24% of shares voting
Final confirmation of voting results by the Inspector of Election. I declare that all of the nominees for election to the Board have been duly elected And that neither of the shareholder proposals was approved. And so that concludes the business portion of the meeting, which is now officially adjourned. So we are now ready to take questions on other matters. So if you ask a question again, please proceed to one of the microphones And wait to be recognized.
And then when you are recognized, please state your name, tell us where you're from, and then proceed with your question. Again, I would ask that you limit your question to no more than 2 minutes in order to give other shareholders an opportunity to be heard and that you not raise or repeat topics that And with that, we will open the floor to questions. Let's start with number 1.
This is Bob Iger. Hi, Bob. I'm Mike Tuchman from Orlando, Florida, home of Epcot. When you introduced Tony Baxter at the 2013 Disney Legend Awards, You told the crowd about how the company found out the hard way how important the Disney properties Figment and Dreamfinder were to their fans, How these and those enthusiasts always show up at shareholder meetings and other events to The Disney characters they grew to love and cherish. Last year, our Marvel publishing sector released a series 5 graphic novels with the title Figment featuring both Figment and Dreamfinder together again.
The books were so that each installment had to go into extra print additions. Since we know that you know about the enthusiasm of the fans And since these properties have successfully crossed platforms as well as generations, we ask if now Finally, it's a time to reinstate the original characters, stories and essence of the experience That was Journey Into Imagination at Epcot. We hope that you agree that it is time to bring Dreamfinder back home to our parks and have him tell the classic Disney story all over again and share it with new veteran and future generations of visitors so that they too may fall in love with the spirit of imagination and the original ambassadors of Epcot. Thank you. Thank
you very much. We were by the way, we were blown away by the success of those graphic novels. And I don't know what that says about the future of Dreamfinder and Figment, but we certainly took notice. We don't have Number 2, another old friend.
Bob? My name is Dwight Morgan. I'm a shareholder, Premier Passholder, pen trader, D23 Day 1 Charter member, Carolwood Historical Society member. My favorite character is Peter And I live in Pasadena. Last year, I came to this meeting and asked a question about treatment of pin traders in the parks.
You said you'd have someone get in touch with me and I want to thank you for doing just that. I'd also like to report that though we have met a couple meeting in a couple of years to resolve them, so I'll be patient. We're only 1 year into this. I have another problem for you to help me with though. Gift cards, they seem to be an item that is handled differently by some Disney's California Adventure, once at the Oova Bar in Downtown Disney.
It seems to me that if the annual pass is accepted As for discount, then the gift card should also be accepted. But That's not always the case. And the reverse has also been noticed that the gift card gets accepted, but you don't get a discount. Seems to be a mixed message there and I'd like to know if there's a reason for that.
Okay. First of all, on the first item, I won't dwell on it, but we as you mentioned and appreciate it, we have put you directly In touch with representatives at Disneyland, it's my understanding that some progress has been made regarding pin trading, although I don't know whether that apparently hasn't been communicated you. But you should go back to the people you've been talking to and maybe get an update. I must admit that I'm not 100% certain I have an answer for you on your gift cards and your discounts, but again, I will put you in touch with the right person. You can be more specific about it.
I just don't understand the mechanics that you described. So I'm not the expert on the subject to respond fully.
Sometimes it's just easier to get The quest to the right person by going to the top.
Well, thank you very much. Thank you. I do follow through though. I'll make sure you get to the right person. I'll look in My Rolodex of 180,000 cast members and fine, I'll find that one person.
Who uses Rolodexes today by the way? I don't even know where that came
Yes, number 1. Hi, good morning. I'm Justin Danhof of the National Center For Public Policy Research. I was also at the Apple meeting earlier Last April, the CEO of Mozilla was forced from his job because he had contributed $1,000 to a 2,008 referendum here in California that defined marriage Certain way, colleagues at Mozilla held a different view and he was ousted from his job. The story received sustained national attention because many People thought it was simply unjust for a person to lose his job for participating in civic activities.
We discovered that some corporations such as Coca Cola Had made a pledge to its employees that they would not be fired or treated adversely at work because of off the job legal, political or civic activities, but most corporations So we began approaching many CEOs and we submitted proposals to Walt Disney and over 20 other corporations asking them to hold a formal changes to their workplace policies. This includes but is not limited to General Electric, Pepsi and Time Warner. Only a very small number of companies opposed even letting their shareholders vote on the idea. Unfortunately, Disney was among them. Disney fought at the Most iconic brands would fight to maintain the ability to terminate or penalize its employees for off the job private political And to block our shareholders from even expressing a formal but non binding opinion.
Disney's standard of business So my question is simple. Why does Disney's management oppose granting employees the same kind of freedom of conscious protections The General Electric, Pepsi and Time Warner have seen fit to do? And why did you spend shareholder resources asking the SEC to block from voting on the non binding recommendation on this issue.
Thank you very much. Your proposal was studied very carefully by our team and they concluded that it really did not have would not have had a material impact on our existing policies. And so we made that argument to the SEC as to why the proposal should be excluded And they agreed with us. We actually have policies in place that encourage participation by our employees in political and civic activities. So this is a subject that we're quite familiar with.
And we believe that the policies that we have in place on top of encouraging those activities Also define activities that would be perfectly acceptable to us. Obviously, there are some that might not be and that is Subject to judgment on our part in terms of what is in the best interest of the company. But again, the decision that was made and the recommendation we ultimately made the SEC was that your policy would not have brought material change your proposal would not have brought material
Okay. I just urge you to personally take a look at the policies then because we still find there's a big void, and many of your workers are still Subject to potential discrimination, not saying it would be intentional, but we've studied the issue intensely and there is a big void still there. So I urge you personally to take a
I will do that again. I have done that already. I will do that again. I happen to believe that we behave very responsibly when it comes To managing our employees and managing the relationship that we have with them and monitoring the relationship they may have outside of the workplace to make sure that is in keeping with standards that we feel are appropriate to the company and to its shareholders. Thank you.
Thank you. Number 2.
Thank you. Good morning, Mr. Iger. My name is Gina Schuler. I am a shareholder.
I live in San Francisco. I'm also a critical care nurse. I've been a nurse for 25 years, and I've taken care of report in 2012 that showed conclusively that if children exposed to smoking images in movies, it will cause them to begin smoking. And any of us Disney has a policy to discourage smoking in youth rated films. Between 2,008 20 This shows a commitment to real corporate responsibility to children's future health.
However, Marvel Studios you may not know, 43% of their youth rated movies show smoking. So Mr. Iger, I will ask if you would be willing to change the world and commit to an ironclad Policy that your PG-thirteen and youth rated films never show smoking in them.
Thank you very much. Well, the answer to that is yes. I will commit to that. We are extending our policy to prohibit smoking in movies across The board, Marvel, Lucas, Pixar, Disney films, except when we are depicting a historical figure who may have smoked at The time of his life, so for instance, if we were doing a movie on Abraham Lincoln, he was a smoker, then we would Consider that acceptable. But in terms of any new characters that are created for any of those films under any of those labels, We will absolutely prohibit smoking in those films.
Thank you so much for being an industry leader in this field.
Yes, number 1.
Good morning. My name is Matthew Hanson. I'm a shareholder from Salt Lake City area. I have a question in regards to home video. First, it's a bit more of a request.
As far as catalog titles, I'm not sure what goes into deciding whether something gets a wide release such as Bedknobs and Broomsticks and others Titles such as The Love Bug, Old Yeller, Apple Dumpling Gang, and others that were such as Pollyanna that were released as 2 disc sets with an abundance of bonus features and commentaries with the actors. All of those bonus features And commentaries are completely left off of those Blu rays. So I just ask that That would be maybe included in future releases. My other question is in regards to 3 d Blu ray releases. Ironically, the company decided to let go of those releases with the release of Frozen last year, Only in the United States, just about every other country and territory received a 3 d Blu Ray release of that And it's getting a bit frustrating and annoying to have to try and track down and import A copy of Frozen as well as others.
I got Need for Speed, Maleficent and Plains Or e mail. I can't find anybody who has an answer as to why.
Yes. I will thank you. I'll put you in touch with the right person who can answer the specifics of that. The whole business of home video is changing dramatically and has changed, which is affecting what we release, when we release it, where we release it, in some cases what how it's priced Clearly, in an era of digital technology, the ability to release more, not only more films, but more information, more background material That films grows because the cost of releasing in a digitally distributed world is substantially less And releasing physical goods. So I have a feeling that in terms of getting extra basically add ons or features In the future, in digital releases meaning non physical copies, you'll be more satisfied.
I can't speak on the 3 d side except I imagine the adoption of 3 d TV is I know is relatively limited and I'm sure that we decided that it wasn't cost effective Back to you.
My name is Stanton Glantz. I'm a Professor of Medicine at UC San Francisco, Who've been working on the issues smoking and movies for a long time. I'd first like to thank you for the unequivocal statement About getting smoking out of youth rated films that Disney produces and distributes, I would point out that the policy you have on your website isn't as wrong is what you just said and would hope you see that they're brought into sync. My question is that the CDC has estimated that an Our rating for smoking in movies would save 1,000,000 kids' lives among kids alive today in the United States. And will Disney take a public position in support of an industry wide standard of an R rating for smoking And use its seat on the MPAA to push for an industry wide level playing field policy.
It would Essentially institutionalize the policy that you just outlined since we do think an exception for actual Historical figures who actually smoked is appropriate. First of all,
I will make sure that the policy that is described On our website reflects the policy that I just articulated. The policy that I articulated was amended Within the last 48 hours, actually to be broader than the policy that we had because I thought it was the right thing for us to do. We are a member of the MPAA. However, we don't get involved in how the MPAA applies ratings to Films, they do that independent of us and occasionally we lobby with them on how they've rated some of our films, but we certainly don't get involved in how they rate We just like to think that we have a responsibility to shareholders of the company and to customers around the world and we like to behave In a very, very responsible way in that regard as evidenced by the policy that I outlined. So I doubt that you're going to get Much support from us on lobbying the MPAA to put an R rating on films that have smoking, I think it would be a little bit presumptuous Of me to say to commit to doing that today without getting a little bit more flavor or perspective on the dynamic that exists at MPAA on the subject.
I'm just not well versed in that. I don't know what positions the other studios have been taking about this.
We have had Make the policy so it's a little bit where the studio so the MPAA actually is why I'm asking this question because the MPAA has told a wide range of health groups and representatives of groups like the American And we of pediatrics that it's really up to the studios to make the policy that the MPAA is just implementing the policy that the 6 studios on the Board established. So it's a little bit back and forth.
I think it might be nuance there. It's up to the studios to make policy regarding their own Studios to set ratings policy for the MPAA. They determine how they apply ratings independent really of even the Board members that sit on the MPA. I'll inquire what I don't believe Alan, I'm accurate in that regard, correct?
The Board doesn't rate movies, but the Board the rules for rating, the policies that are implemented in the ratings the MPA has told us are determined by the Board of Directors of the MPA and then implemented by the MPA.
Okay. Our General Counsel, Alan Braverman is here and he one of our representatives on the MPA Board. So Alan, do you
have a microphone? It's a separate group than the MPA Board. It's a separate group that administers the I think the best way to close out this conversation is to take the point to the group that administers the ratings because there's a dynamic that goes on within that group. And the purpose of that rating organization was to set up An entity independent of the studios to apply a series of ratings to the studio production, so the studios weren't engaged themselves and self rating their own content.
We will make sure that we communicate at least to the Board of the NPA that this came up at our shareholders You brought it up.
Okay. Well, I'd appreciate an opportunity later for some more detailed discussions because I think the MPA is kind of talking out of both sides of And the result is 1,000,000 kids are going to die unnecessarily.
It's a serious issue. I agree with you. Thank you. Back to 1. Hi.
My name is Antoni. I'm from here in San Francisco. And I just want to first start off by saying I am a humongous Disney superfan and a big fan of you Mr. Iger. So this is actually a very, very cool experience for me to be speaking to you directly.
Thank you. I am a Jisby shareholder as well. And I'm actually flying into the land this afternoon. Jisby is most important thing in the world to me and this is
all really fantastic. 2 really quick questions. We better get going. There's a lot to do there. I have
to reschedule my flight because of this Yes. 2 really quick questions. 1, what is your personal favorite Disney theme park ride? And then 2, Is the 3rd gate in Anaheim still something in the books? Is it something in the pipeline?
Is that something you can't speak to? Or is it something pushed back because of Shanghai and all the other projects going on with Avatar? Well, we
have the ability as a company as we've demonstrated to develop and expand in multiple places around the world all at once. And in Back beyond Shanghai, there's significant amount of development expansion going on at other locations as I described earlier, Avatar is one example. And we have plans specifically at Disneyland for expansion that we have not announced. But those plans At the present time do not include a 3rd gate. They include expansion of the gates that exist.
I don't rule without forever, but It's not something that we're currently focused on because we have room for expansion ample opportunity in the existing 2 gates. Okay. Thank you. And what is your personal question? I'm sorry.
I didn't answer the question. Usually, I mess with my favorite characters and I'm always hesitant because I don't want to offend the other characters. Today, it would be Olaf though. Alright? I really I can answer this.
Not a big deal. I've always loved Pirates, particularly the original one in Disneyland. It's down for some maintenance, much needed maintenance by the way. But that said, it's just I think a great attraction. It's actually one of the last that was designed and
Thank you. Thank you. Hello, Mr. Iger. My name is Brad Ledwiss.
She has a question as well, but I'm also a financial advisor and her custodian for her shares for her college fund as well. Cheryl, thank you for being on this board. I'm really excited that women like you are leading our country as far as the companies that I get excited Especially Disney. That being said, Brookie's babysitter was a cast member at Disney for 4 years while she was at Chapman College and she just got a job with Maker Studios. She told me about it and I was so impressed Then I figured I'd come to the shareholder meeting and ask you, me being a baby of ESPN, are my kids babies Maker Studios.
Is it
going to be as big as ESPN 20 years from now?
Well, I certainly hope so. Maker Studios was an acquisition of ours, I guess, just about a year ago. And for those of you who may not know Maker I think it's maker.com and they've done quite well since they've been part of Disney. And we aim to not only continue to let Maker Continue to be in the business of producing short form videos but they're a great place for us to better distribute Short form videos that are made under the various Disney brand umbrellas including ESPN, ABC News, etcetera. How big maker studios become, I can't really predict Right now, but we were very enthusiastic when we bought it and everything we've seen so far has only contributed to even greater enthusiasm about it.
Your daughter lives Like my grandchildren in a new world where short form video is extraordinarily popular and a completely different way of Enjoying storytelling and we're glad as a company to be part of that wave and hope that there's a lot more So Brooke or Brookie, thank you for coming to your 1st shareholders meeting.
My name is Brooke. I am 6. My favorite Disney character is Anna. My question is, who was the 1st Disney Princess to walk on the Disney
And the reason she's asking is we're going on the Dream on Saturday.
That's good. There'll be some Disney princesses on the Dream on Saturday, Brooke. I promise you that. The first Disney princess, we've had multiple Disney princesses on our Chips, right, Tom? Can you answer, Brooke?
Do you know the first? Was there a first or were we at the end? There wasn't actually a first because the first ship had several of the Princess on because We couldn't choose just one, but Cinderella was definitely one of the ones on the first cruise. There you have it. Thank you, Brook.
Yes. My name is Richard Murphy. I'm a shareholder from Whitinger, California. I wanted to ask you about net neutrality. There's a lot of discussion in Washington right now in activity about new rules.
And I would like to hear from you about what the company has decided is in the best would be in the best interest of shareholders in terms of those new rules. Appreciate it. It's a very complicated subject. I prefer not to bog this meeting down by getting into the description of it, Marshall Levikos, I'm not sure you'd understand all the nuances. It's very, very complicated.
We have not taken a Formal public position on this subject. There are elements to net neutrality and the So I'm going to refrain from doing that here. It's an incredibly it's a big hot button issue, particularly in Silicon Valley. And Valley and well again it's very complicated. So I'm not going to get into more detail, but appreciate it.
Today is what advice would you give a kid like me who would like your job someday?
Were you at our shareholder meeting last year?
Yes. You
are. Yes, I remember. Well, one thing you can do is keep coming to our shareholders and we'll get to know you better. Well, I'm extremely fortunate, as I mentioned earlier, to have this job. And I also mentioned I've been at the company for 40 years.
So I guess one of the reasons I'm in this job is I've totally loved and appreciated the company I've worked for and the businesses Worked in and over the years I've learned a tremendous amount which comes from partially the passion and the commitment that I've had. I think the best I could possibly give you would be to have patience, work hard, enjoy what you do, continue to pursue opportunities That come your way and just go for it.
And also, I'm For my project at school, I'm working on, like, a PowerPoint for me being at the meeting. And I'm just Wondering after the meeting, if I could have your autograph.
Sure. Yes. We'll arrange for right backstage, we'll arrange for a quick picture and an autograph.
Okay. Thank you.
My name is Alan Gipnis.
I'm a shareholder. I'm a bit concerned and distressed by a trend I notice Where things are referred to as Disney Presents or from Disney and not Walt Disney. I'd like to just from the comments say it all started with Walt.
I'm sorry, what was your specific
I noticed that on some of the films today, for example, it just says Disney, not Walter, yes. Correct.
First of all, Disney Animation, we still call Walt Disney Animation. On the Disney films in general, we call them Disney, the name of the studio. We use Disney as kind of the formal brand these days, well, the name of the company rather remains The Walt Disney Company. We just thought that it was a shorter way
All right. Hello, Mr. Iger. Bob, if may, since we are fellow cast members and I'm from Disneyland Resort, my name is Craig D. Smith.
And one thing I wanted to talk
to you about, 1st, preface it
by saying, I'm not one of these guys who's like, can't stand to see any execs making multimillion dollar salaries because to me, You either earned it or you didn't and you and the others have certainly done that as far as shareholder value. Thank you. Having said that, I think you need to take a maybe you get a little isolated up there in that position because you and the other executives as well department, yet she doesn't even make $10 an hour. And I would challenge any of the executives or even a month to try to live on that in Southern California. So what I would ask of you is, would you consider So what I would ask of you is would you consider because it's a trend that's coming raising the minimum wage and I promise you the unions will object if you did that before negotiations came up.
And bring it more in line with what it costs. And just a suggestion, If you wanted to tie it in with how much it costs to go to Disneyland every year, the raise that goes there, I think that would be a very fair compensation. But These are real people with real issues and I hope you would if Rag Bag Walmart can do it, I would hope our corporation can do it. Thank you. Thank you.
I actually think you make a very good point. And in one of the collective bargaining agreements that we reached just this past year with 1 of the larger Unions of the company, we agreed to take their wages up significantly and we were among the first US companies to commit to a $10 an hour wage starting actually in 2016. After doing that, we've extended that to all hourly Employees of the company, so whether they're covered by union or not.
When will this be announced? I'm sorry.
It hasn't been. It hasn't already. It was announced. Okay. I'll look for that.
Thank you.
Good morning, Mr. Reagor. I'm very My name is Gavin Doyle and I run a Disney fan site online called disneydose.com as well as I'm a shareholder and I'm very happy to be at the meeting today. Recently, you did the fantastic appointment of Tom Staggs, the COO. Congratulations to him and that is very well And I know now you have Bob Chaffetz stepping up into the Head of Disney Parks and Resorts.
And I was hoping that you could discuss his new leadership position And then also some of the goals of the Disney Parks and Resorts under him in the next few years?
Well, there's not much to describe other than he Continues with the responsibilities that Tom had before him and that Jay Rizzo had before Tom. This is a large extremely complex, Very important business to The Walt Disney Company that fortunately has been growing nicely and will continue to grow. His responsibilities remain similar, Not the same to those that preceded him and his goals are also very similar, which is to continue to provide the guests of our parks and resorts and our cruise ships and The other businesses have come under Parks and Resorts with great experiences around the world, great price to value relationship and Continue to see that this business which is a cornerstone of The Walt Disney Company in so many ways continues to thrive in the United States markets around the world, as simple as that.
Thank you very much.
It's also one of the best jobs of the company by the way.
Well, that's absolutely the fact. Okay. Thank you.
Buenos dias, Mr. Chairman. I'm Jane Garcia from the Comeback City of Detroit, And I want to make sure that I come here today to give you greetings. I also sit on the National Board of Fair. My thank you to the Board of Directors, fellow stockholders.
On the issue of Disney and diversity, you were first. I think that that's very important that people understand You only you take care of the communities that you serve. You also take care of the military and that's very close to our heart. I think this is very important that the Board of Directors know That the shareholders may not know, I have a special shout out to Monica Lozano, who sits on several committees across this country and gives back to our Very much like the rest of the Board of Directors and that's because your Board of Directors are so diverse. I think that it's very Hopefully that you will plan a meeting to our comeback city Detroit in the near future.
I've been to Minnesota, Portland, Phoenix. And I just think that it's very important that we spread out that kind of revenue to a comeback city like Detroit. My thank you to Lourdes Moa from Florida, who always returns calls. That means so much when you have people that are working in your company That returns the calls, the messages and gives back to the community. On that behalf, I wanted to make sure that I come personally as I always do to give you my thanks.
Thank you very much. Extremely nice of you.
My name is Gideon. I am 6 years old. I am a Disney shareholder. And Today, what does he say, CEO, Kevin Reed, Dave?
I didn't understand the second part. The
name of Disney's Hollywood Studios can be changed?
The name of Disney Hollywood Studios
Yes.
Being changed. No, no, it is being changed. Oh, not announced. We used to be MGM Studios. We changed it to Hollywood Studios And we're doing some significant work there right now that I guess will result in a name change.
Right. So now we can announce that. It's not been announced, right? No. We'll announce that we're changing the name, but we won't announce what we're changing it to.
How's We're not changing to Rogue 1. Thank you, Gideon.
Hi. Matthew from San Jose. I am a shareholder. I couldn't help but notice, but that It is expanding more and more into college Division 1 sports. And I'm a sports nut.
I love basketball. I love college football. And the more I study the system in Division 1, the more I become concerned that these colleges are exploiting at the same time, it doesn't look like the forces right now are sufficient to beat back the lack of integrity At the Division I college level. So that to me indicates that we need someone from the outside like Disney to come in and assist In helping college athletes get at least maybe a base kind of pay or something that would diminish The influence of boosters and cash payments. And if we don't do this, at some point someone's going to turn on the TV, Look at that Oregon State game or look at that SEC game or look at March Madness and talk and tell themselves, These guys are not getting paid any money.
And when this television gets shut down or shuts off, these guys go back. They may not have had a college Education at all or they may not have graduated. And at some point, I think the lack of integrity at the college level will impact your bottom line As you expand more and more into Division 1. So what are your thoughts on that?
Well, I think you kind of hit the nail on the head in that we do pay a significant amount of money to colleges, universities, These conferences around the country for the right to carry their sports on ESPN, Which we believe we do quite well. It's obviously in our best interest to see to it that the whole area of college sports Feel the quality of the people involved in it, I think reflects on the interest that people would have from an audience perspective watching those on ESPN. We have not taken a public position on some of the specifics that you referenced. That doesn't mean that we haven't expressed positions with those that we are directly in business with at the university and the college level. But we don't believe At least from a policy perspective that would be appropriate for us to take a position publicly about it.
That said, on the journalism side, ESPN covers And I think a high quality and rather aggressive way, a variety of different aspects of sports, both at the college and the professional level. And in doing so, I think gives creates perspective and enlightens people on a variety of Different issues as it relates to athletes and the conduct of the sports that they participate in. In doing so, I actually think SBN serves the public good and the good of the sport in that way. In fact, it's I think a good use of journalism In a sense, by taking a public position about it, it's obviously in our best interest for sports to be played under The highest quality circumstances and however you look at it, but I don't think we'll be taking a public position about things that you cited.
Thank you. Thank you.
Good morning, Mr. Iger. My name is Joe Matrice. I'm from Granville Lake, Michigan and a shareholder. My question is more related to the financial end right now.
The strong dollar and the impact, I know that Disney has a presence around the world. So there's a lot of natural hedging you might say in operations and expenses. But what do you foresee over the short term and the long term impact to the financials earning power of Disney With the strengthening of the dollar?
Well, we won't get too specific about this. From time to time during our earnings We either address this issue proactively or we respond to questions that come from The investor community on this subject because of the exposure that Disney has to the fluctuations in value Of the dollar against foreign currencies. We have seen some what I'll call headwinds in the last 12 to 18 months certainly As the dollar has strengthened against certain foreign currencies, the 2 I think that would be most obvious in terms of the size of our business would be the yen in Japan And the euro in Europe, where essentially the our business in those territories affected to some extent. As you mentioned, we do from time to time hedge currencies done through our Treasury And that protects us somewhat on this, but doesn't guarantee that protection lasts forever, particularly in a relatively volatile circumstance. There's not much more I can say about it other than this is something that we're extremely mindful about that we speak about publicly from time to time and I don't have Anything to update you on.
The other thing that obviously is something that we track is that as the dollar gets stronger against certain currencies, It can be more expensive to travel to the United States and that sometimes has had an impact on visitation to the U. S. And on tourism, although I don't think we've seen in the recent 6 months or so anything profound in this regard, our currencies, which affects how expensive it is to travel here. It's something that we track very carefully.
Just a follow-up question. Does it affect Your future production plans of like feature films or locations or things like that
That you would consider not really, no. We tend to take a very long term view on this. There's a Where we're developing businesses or where we're making movies based on currency. We do get We take advantage of certain subsidies that are made available to us as territories around the world seek to attract movie and television production to create jobs In their locale, we've certainly taken advantage of that. But we haven't made any vastly different plans as it relates to production More investment just because of currency.
Thank you. I'm going to take 2 more questions.
Hi, Mr. Chairman. I'm Gary Patton from the Bay Area and I'm a shareholder. I want to thank you for coming to San Francisco. I was In Portland last year, due to a trip to go up and I rode to Caltrans for the first time, been here 5 years to come see you.
I was also present with another shareholder in the Apple meeting. It was wonderful seeing you there. And I've been telling everybody, I'm going to be in your presence Two times this week. But I suggested last year that if we squirt you with acetone, I'm I was 8 years in Anaheim, Orange County. And my first meeting ever to attend was your first as CEO.
And I want to reiterate how much I appreciate and to support everything else The others have said and complimenting you and the Board and all the cast members because I've got to be really good friends with Some and one retired 2 years ago with 34 year service. And thank you so much For putting your heart and soul into this company. And I think you are in bringing John to this meeting, It just it seems like you can't think anything can get better, but it does. I have a little 8 year old friend that I've known since she was 2. And last Friday, when I said Stephanie, Cinderelli is coming out next week.
And she started mimicking me, and I don't want to take That I think is pretty important. And she said, she was mimicking me when I was talking to her teasing me. And I said, we've got a date next Friday. She said, we've got a date next Friday. And her mom said, no, you can't go Friday, but you can go Saturday morning.
And We saw Frozen 5 times. We'd missed the sing along because your mom wouldn't let her go during the time of that. It was very seldom. But she would beeline to the back of the theater and we made it the sting on. I saw Melissa Fint twelve times on the big screen and once on a DVD.
Every time I see that movie, there are a few scenes in there that hit so deep As if I saw it for the first time. And those comments you made last year were true. I apologize for taking so much time. There's one question I'd like to a suggestion I'd like to make. When I was down there during the homecoming, the park shut down And when it opened up, there was an article in the paper.
A student from Long Beach When it opened. He was not invited back and he lived in Monticello, Utah 10 years ago. And is it possible, is the Diamond celebration going to Have a day closed and is it going to be like it was with the homecoming?
Well, we're going to have a huge celebration In May, as I mentioned, for the Diamond of the 60th anniversary, it will be a big event as we did at the 50th At Disneyland, if he is interested in going, there are ways that he can do that by contacting us if he's Got proof, not that I'm suspicious at all that he wasn't there, but that he was there on day 1. We would want him to be with us We celebrated an anniversary like this. There'll be ample opportunity throughout the celebration for people that are special to Disneyland To enjoy it in pretty unique ways.
Well, I apologize for not keeping the article. All right. Well, thank you. Thank you. We will see Cinderelli Many times, but thank
you for Thanks for your support and your business. Okay, last question.
Hello, Mr. Reiger, Bob. My name is Richard Liebof and I'm a shareholder from Glendale, Tanya, I am very pleased to in fact see that Glendale has had a Continuing presence for Disney in that Disney Imagineering, of course, is located there now And has added to the economy of Glendale. I am also, by the way, a distant cousin of yours With your grandmother, your maternal grandmother, Eva Eiger, having been a 1st cousin of my maternal grandmother. And I have tried to communicate with you over the years about that.
But I am here today at my first Disney shareholder meeting. And my question really is about The Disney Foundation and how much is awarded by the Disney Foundation to various communities around the country or the world. I recognize, of course, that Disney, I'm sure, is called upon by many people throughout our country and elsewhere for funds, but that has In fact, been the reason I've tried to communicate with you over the years is to get some fundraising money for organizations I've been involved with. But I've been told recently that the Disney Foundation does make significant contributions to organizations. And I was just curious about what approximately is given?
Do I call you cousin in responding? Very welcome to do so. Well, first of all, thank you. Now curious specifically how related my paternal grandmother died probably about 15 years ago at 99 years old and she Knew that I had worked for ABC and she used to go to sleep with television on ABC Network because she thought it would be good for my career, otherwise, but that was endearing. So lift the ratings because she left it on that channel.
We are, I think, great corporate citizens, not just of the world, in the United States, but the state of California and specifically the environs around, where we do the most business in California, notably Anaheim, Los Angeles, Burbank and Glendale. There are ways if you have Specifics in mind in terms of what you would like us to consider supporting there are certainly ways that you can communicate that By sending it directly to my office, I'll make sure now that there's some relationship. Your name is Mr. Liebov? And your first name was Alan?
Richard. I'm sorry, Richard. I'll make sure that I see it and that I get it to the right people I don't know why you haven't been able to reach me before, but it's no excuse. I get a lot of correspondence Saying you've just been lost in the mail didn't quite work, but I'll make sure to look out for it.
I won't. My Burbank Right. I once in fact sent you a copy of a picture from my bar mitzvah that had your grandmother in the picture.
And I didn't respond? And you didn't respond. I probably didn't get to it. I don't remember that.
I have a copy of the picture and
I'll leave with someone today. So why don't you meet me Somewhere here. And I'd love to see it and talk to you. All right. Thank you.
Good. That's fun. Not only a shareholders meeting, it's an Iger family reunion. Anyway, thank you very much for your support, For your attendance, for your commitment and your interest in The Walt Disney Company, we truly appreciate it. On behalf of myself and my fellow executives and Our cast members who are here and the Board of Directors, I thank you very much and here's to another great year.
Thanks.