Honestly, can you ever imagine anyone else as Maleficent? No one other than Angelina Jolie could really do that role any justice. We're also very excited about Marvel's next film after "Captain America," that's called "Guardians of the Galaxy." There was a short snippet in the video we showed at the beginning of this session. "Guardians" is coming out this summer. It'll be in theaters in August, later in the summer, we have a sequel to "Planes," and that's called "Planes: Fire & Rescue." We're going to wrap up 2014 with Disney Animation's "Big Hero 6" and another live-action film called "Into the Woods" that stars Meryl Streep and Johnny Depp. I'm going to take you into 2015 as well because we also have a great slate for that year.
We're going to kick off 2015 with one of Disney's original and most beloved princesses, bringing her to the big screen with the first live-action film called "Cinderella." You've heard of that title. Later in 2015, we're going to release the long-awaited sequel to the global phenomenon known as "Avengers." "Avengers: Age of Ultron" opens on May 1st, Disney's "Tomorrowland," which stars George Clooney, will be in theaters later that month. That's directed by Brad Bird. Pixar fans also have a lot to look forward to in 2015, starting with "Inside Out," which takes us inside the mind of an 11-year-old girl where her emotions become actual characters in the story. There are some of the emotions. It's an incredibly creative, innovative movie with all of the originality and fantastic storytelling that Pixar is famous for.
We can't wait for you to see it. That's going to open in June of 2015. We've actually got a full slate of great original Pixar movies on the way. That includes "The Good Dinosaur" as well as "Inside Out." "Good Dinosaur" will be in theaters in Thanksgiving of 2015. In addition to those original Pixar films, we're also bringing back some of your other favorite Pixar characters. As you know, we're making "Finding Dory." That's the long-awaited sequel to "Finding Nemo," voiced of course by Ellen DeGeneres. We have plans for a new "Cars" movie. On top of that, Brad Bird is already working on a great story for a new "Incredibles" film. The Pixar slate is extremely rich with diverse films from original films as well as sequels. "Star Wars" fans also have plenty of reasons to be excited.
A couple of claps there, especially since "Star Wars: Episode VII" will be released on December 18th of next year, 2015. I know many of you are hoping for some "Star Wars" news, but it's really early in the process, so there really isn't much that I can share with you right now. However, this is what I can tell you. The story in "Episode VII" picks up the "Star Wars" saga about 30 years after the events in the 1983 film, "The Return of the Jedi." There will be some very familiar faces, along with a trio of new young leads if you're taking notes. Rumor has it that almost every actor in the world has been cast in this movie, but so far, the official cast member that we have confirmed, the only one, is R2-D2. Played by R2-D2. Director J.J.
Abrams is gearing up to begin principal photography in May at Pinewood Studios in London, and the team is well into pre-production. From the concept art that I've seen so far, "Star Wars: Episode VII" really looks amazing. I'm sure we'll have plenty more to talk about in the months ahead, but for now, that's it. I'll get in trouble if I say anything more. I'm going to change the subject and talk about ESPN, which I can talk about all I want. As you know, ESPN serves sports fans across the country and right here in Oregon like no one else can, as you'll see in this video.
You are listening to The Walt Disney Company Annual Shareholder Meeting. The program will continue in a moment. You are listening to The Walt Disney Company Annual Shareholder Meeting. The program will continue in a moment. You are listening to The Walt Disney Company Annual Shareholder Meeting. The program will continue in a moment.
It goes without saying, ESPN remains the world's undisputed leader in sports programming, bringing more sports coverage to more people in more ways than ever before. Whether sports fans are watching NFL games, Wimbledon, the NBA, Indy 500, Major League Baseball, college sports, or sports news on television, online, or on just about any digital device, most of them are watching ESPN. This year, they have even more to look forward to, starting with the exciting launch of ESPN's new SportsCenter. That's on May 26th. The new SportsCenter will look completely different. It will take sports coverage and commentary to a new level again. Moving on to Parks and Resorts, the addition of Cars Land continues to thrill guests and drive incredible performance at Disneyland Resort in Anaheim. We're also just about to wrap up the historic expansion of Fantasyland at Walt Disney World.
The last piece will be completed when the Seven Dwarfs Mine Train opens later this spring. We'll continue the successful rollout of MyMagic+. For those of you who may not be familiar with it's a program that millions of guests now experience already, and this new innovation is wonderful to experience because we think that it really does enhance the experience of going to Walt Disney World in so many different ways. They love having everything they need in one place, the ability to schedule experiences in advance and make the most of their time and ensure that they get to experience all of their favorite attractions. Thank you. For those of you who didn't hear, he said it's awesome. We created MyMagic+ to deliver a more immersive, seamless, and personal guest experience, and we continue to focus on making it even better.
Just a few months ago, we officially broke ground on the new Avatar-themed land at Disney's Animal Kingdom. That's going to be another fantastic experience for our guests. That's going to make Animal Kingdom an even more exciting destination. Of course, we're all looking forward to the day when we welcome guests to our new Shanghai Disney Resort at the end of next year. I was there just a few weeks ago, and there are construction cranes everywhere you look, and buildings and tracks are rising from the ground at a phenomenal pace, and the progress is truly remarkable. At our last shareholders meeting, I gave you the first peek at what the Shanghai Disney Resort will look like when it opens. I brought you another exclusive look today.
Pirates of the Caribbean, as many of you know, is one of the most popular attractions in our parks, and we really couldn't imagine Shanghai Disneyland without that attraction. We wanted to create a one-of-a-kind experience that would appeal to our Chinese guests while remaining true to its Disney heritage. The result is a fantastic new land called Treasure Cove, and that will feature a new Pirates of the Caribbean attraction that we're calling Battle of the Sunken Treasure. We're excited about this for several reasons, including the fact that this will be the first attraction with storytelling based on the phenomenal success of those four Pirates of the Caribbean movies. As you can see, it's going to be an absolutely stunning land and attraction when it's finished.
It's going to give our guests in Shanghai an experience that they can't get anywhere else in the world. We haven't shared any other details about the resort yet, so you're the first to hear about Treasure Cove and to see what it's going to look like. As you can see, this is clearly an extraordinary era for The Walt Disney Company. We've got so much to be proud of and so many things to look forward to. For me, it is a tremendous privilege to lead this phenomenal company, and it's exciting to look ahead into the future and realize how virtually limitless our potential truly is. With Disney, ABC, ESPN, Pixar, Marvel, and now Lucasfilm, we have an unprecedented and unparalleled collection of the strongest brands, the greatest creative content, and the world's most beloved characters to work with.
We recently designed a new shareholder certificate to reflect everything Disney has become, the characters and the stories that define who we are today, and I wanted you to see it first. Like all companies, Disney is moving to paperless stock. Given the great passion for this company that many of our shareholders have, we know that you still want a tangible document to commemorate your investment. We're going to make this collectible available to our shareholders later this year. Interesting to see Walt with Star Wars characters. I like it. I think it works. As Disney shareholders, you're not only investors, but you're also some of our biggest fans and supporters. I have one more announcement for you today. Do we have any D23 members here? That's good. Thank you for coming.
As you know, the D23 Expo is the ultimate Disney fan event created to honor and celebrate your love of all things Disney. I am very pleased to announce that our next D23 Expo is going to be in Anaheim, August 14th to 16th of next year. We hope to see all of you there. We truly appreciate your continued confidence in our company. We are doing everything in our power to earn it every day. Now I'd like to introduce The Walt Disney Company's Board of Directors, starting with our Lead Director, Orin C. Smith, who was formerly President and CEO of Starbucks. You can hold your applause, and we will have everybody stand up at the end. As Lead Director, Orin provides independent leadership for the Board of Directors as well as invaluable counsel to me and our senior team.
Susan Arnold is Operating Executive of The Carlyle Group and is retired from Procter & Gamble, where she was the company's Vice Chairman as well as President of all Global Business Units. John Chen is Executive Chairman and Chief Executive Officer of BlackBerry. Fred Langhammer is Chairman, Global Affairs of Estée Lauder. Aylwin Lewis is President and CEO of Potbelly Sandwich Works. Passed one of those on our way here this morning, as a matter of fact. Monica Lozano is Chief Executive and Chair of the Board of ImpreMedia, LLC. Bob Matschullat is a private equity investor and former Vice Chairman and CFO of The Seagram Company. Sheryl Sandberg is Chief Operating Officer of Facebook. At this time, I also want to acknowledge that long-term board member Judy Estrin is stepping down after 15 years of exemplary service.
I want to thank Judy for her wise counsel, support, and friendship. I join the entire board in expressing our sincere appreciation for Judy's service. I would also like to take this opportunity to welcome our new board member, Jack Dorsey, who will serve as an Independent Director. As Chairman of Twitter and CEO of Square, Jack brings a valuable perspective to our board, especially in the technology and social media space. I'd like to ask the Directors who are here to stand and please be recognized. Ladies and gentlemen, the Board of Directors of The Walt Disney Company. Thank you. As we now move to the formal business portion of this meeting, let me first cover a few administrative matters. Today's meeting has been duly called and is being conducted in conformance with the laws of Delaware and the company's charter and bylaws.
The notice of the meeting and proxy materials describing the meeting's business have been duly sent or made available to the company's shareholders. The polls opened at 9:00 A.M. this morning and will close at the end of the business portion of this meeting. If you have not yet voted or if you want to change your vote, you may do so at any time prior to the closing of the polls. If you didn't get a ballot at the registration table just outside the entrance and would like one, please raise your hand. Anyone didn't get a ballot? Oh, a bunch of people here. If you've already voted, you don't have to do anything at this time. Copies of the rules for the meeting were provided at the registration table.
I'd like to ask for everyone's cooperation in respecting those rules, including speaking time limits and assisting us in the orderly conduct of business. Again, anyone else who wants a ballot, they are passing them around. The company has retained Broadridge Investor Communication Solutions as Inspector of Election for this meeting. We have five items on the agenda today: the election of the 10 directors named in the proxy statement, ratification of the appointment of our registered public accountants, an advisory vote on executive compensation, approval of an amendment to the company's restated certificate of incorporation, and a shareholder proposal on the acceleration of equity awards if presented. Another shareholder proposal that was included in the proxy statement related to proxy access has been withdrawn by the proponents and therefore will not be voted on.
I will introduce each of the first four matters, a shareholder representative will present the shareholder proposal, and then there will be an opportunity for those present to address those matters just presented. Now, once we've completed consideration of those items, the polls will close, and we'll hear a preliminary report from the Inspector of Election. We will then adjourn the business portion of the meeting, which will be followed by a general question-and-answer period. First, I would like to introduce our Inspector of Election, Belinda Musafra, a representative of Broadridge, and ask her to report on the number of outstanding shares present today and voting. Belinda?
Thank you, Mr. Chairman. As of the close of business on January 17th, 2014, the record date for the meeting, there were 1,749,857,284 shares of common stock outstanding, each of which is entitled to one vote. There are at least 1,475,695,879 shares of common stock represented by proxy at this meeting, which represents at least 84% of the total number of shares entitled to vote.
Thank you. Based on the report we've just heard, I rule that a quorum is present and that this meeting is qualified to proceed with the business before us. The first proposal is the election of the 10 board members, the board of directors. Each director holds office for a term of one year, and those nominated for election at this meeting, in addition to me, are Susan Arnold, John Chen, Jack Dorsey, Fred Langhammer, Aylwin Lewis, Monica Lozano, Bob Matschullat, Sheryl Sandberg, and Orin Smith. As you all know, the board has recommended a vote for the election of all of the nominees. The next proposal is the ratification of the appointment of PricewaterhouseCoopers LLP as the company's independent registered accountants for the current fiscal year, as recommended by the Audit Committee of the board 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 & Exchange Commission. Wayne Jackson, a representative of PricewaterhouseCoopers, is here today to respond to any questions. The board has recommended a vote for the ratification of the appointment of PricewaterhouseCoopers as the company's independent registered accountants for fiscal 2014. The next proposal is the advisory vote on executive compensation. We're seeking advisory shareholder approval of the 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. The board has recommended a vote for this proposal. Although the vote is non-binding, the board of directors and the Compensation Committee will review the voting results in connection with their ongoing evaluation of the company's compensation program.
The next proposal is approval of an amendment to the company's amended and restated certificate of incorporation to provide that the company will hold a special meeting of stockholders if requested by stockholders who have held at least 25% of the outstanding shares for at least one year. The board believes that shareholders should have the right to call a special meeting in these circumstances. That the 25% threshold enhances shareholder rights while protecting against the risk that a small minority of shareholders could trigger the expense and distraction of a special meeting to pursue matters that are not widely viewed as requiring immediate attention. The next proposal is a shareholder proposal presented by William Steiner. The full text of the proposal is set forth in the proxy statement.
Now, I understand that Mr. Steve Niemann is here to present the proposal. I would like to invite him to do so now. I would ask that he limit the presentation to five minutes at most. Mr. Niemann?
Good morning, Disney stockholders. Yes, you have your proxy statement. You've probably seen the proposal number two. The title is Limit Accelerated Executive Pay. I'm going to go over it. It's not that long. It won't take very long. Remember, a good corporate governance results in good company performance. These matters are very important. Resolved. Again, this is sponsored by William Steiner of Piedmont, New York. Resolved shareholders ask our board of directors to adopt a policy that in the event of a change in control there shall be no acceleration of vesting of any equity award granted to any senior executive.
Provided, however, that our board's Compensation Committee may provide in an applicable grant or purchase agreement that any unvested award will vest on a partial pro rata basis up to the time of the senior executive's termination with such qualifications for an award as the committee may determine. For purposes of this policy, equity award means an award granted under an equity incentive plan as defined in Item 402 of the SEC's Regulation S-K, which addresses executive pay. This resolution shall be implemented so as not affect any contractual rights in existence on the date this proposal is adopted. The vesting of equity pay over a period of time is intended to promote long-term improvements in performance. The link between executive pay and long-term performance can be severed if such pay is made on an accelerated schedule.
This proposal should also be more favorably evaluated due to the deficiencies in our company's corporate governance as reported in 2013. GMI Ratings, an independent investment research firm, rated our company D in governance and F in executive pay. Robert Iger received $40 million. CEO pay was extreme relative to Disney's peers. Our CEO pension was also excessive relative to peers. Disney paid long-term incentives to our CEO far below median performance compared to peers. Unvested equity pay would not lapse if our CEO were terminated. Disney did not link environmental or social performance to its executive incentive pay. Directors Aylwin Lewis, Fred Langhammer, John Chen, and Susan Arnold received more than 10% in negative votes. Aylwin Lewis and Orin Smith were negatively flagged by GMI due to their directorships at companies that filed for bankruptcy, Halliburton and Washington Mutual, respectively.
There was not one non-executive director who had general expertise in risk management. There were consumer privacy violations, and Disney had a workplace safety event. Disney was not a UN Global Compact signatory and had not implemented OHSAS 18001 as its occupational health and safety management system. There was a potential stock dilution of 10%. There were related party transactions. Returning to the core topic of this proposal, from the context of our clearly improvable corporate governance, please vote to protect shareholder value. Limit accelerated executive pay, proposal number 2. Thank you very much.
The board of directors has recommended a vote against this proposal for the reasons set out fully in the proxy statement. At this point, I will open the floor to discussion of any of the proposals that have been presented. If you would like to address one of the proposals, please proceed to the microphone and wait to be recognized. When you're recognized, please state your name, tell us where you're from, and identify which proposal you wish to address, and then proceed with your remarks. Please limit your remarks to two minutes in order to give other shareholders an opportunity to be heard. Now note, as I mentioned earlier, we will have a general question and answer session following the business portion of this meeting, so please limit your remarks at this time to the proposals that we have just presented.
Anyone wish to comment on any of those four proposals? Okay, thank you very much. This concludes consideration of the items to be presented at the meeting. If anyone has not yet voted and you're holding a ballot, please raise your hand and we'll collect them from you. The 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. Ballots and proxies handed in during the meeting will be tabulated by the inspector and included in the final tally, which will be reflected in the minutes of the meeting and the report we will file with the SEC within a week. Inspector, may we have your preliminary report?
Thank you, Mr. Chairman. For item number 1, the election of directors, we have received proxies or votes as follows. For the election of Susan Arnold as director, four votes were approximately 95% of the votes cast. For the election of John Chen as director, four votes were approximately 97% of the votes cast. For the election of Jack Dorsey as director, four votes were approximately 99% of the votes cast. For the election of Robert Iger as director, four votes were approximately 99% of the votes cast. For the election of Fred Langhammer as director, four votes were approximately 98% of the votes cast. For the election of Aylwin Lewis as director, four votes were approximately 97% of the votes cast. For the election of Monica Lozano as director, four votes were approximately 99% of the votes cast.
For the election of Robert Matschullat as director, four votes were approximately 99% of the votes cast. For the election of Sheryl Sandberg as director, four votes were approximately 99% of the votes cast. For the election of Orin Smith as director, four votes were approximately 92% of the votes cast. For item 2, ratification of the appointment of PricewaterhouseCoopers, we have received proxies for 99% of shares voting to approve the appointment. For item 3, approval of the advisory vote on executive compensation. We have received proxies for 80% of shares voting to approve the resolution. For item 4, approval of an amendment to the company's restated certificate of incorporation, we have received proxies for 72% of the total outstanding shares voting to approve the amendment.
For item 5, approval of the proposal on limited acceleration of executive pay, we have received proxies for 24% of shares voting to approve the proposal. That concludes my report, Mr. Chairman.
Thank you, Belinda. Based on that report and subject to the 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 the appointment of PricewaterhouseCoopers has been duly ratified, that the proposed amendment to the company's restated certificate of incorporation is approved, and that the shareholder proposal was not approved. I also note that a majority of votes present and eligible to vote approved the advisory proposal on executive compensation. That concludes the business portion of the meeting, which is now officially adjourned. Now we're ready to take some questions. Joining me on stage momentarily are Jay Rasulo, Executive Vice President and Chief Financial Officer of the company, and Alan Braverman, Senior Executive Vice President, General Counsel, and Secretary of the company.
If you'd like to ask a question, please proceed to one of the microphones and wait to be recognized. When you're recognized, please state your name, tell us where you're from, who your favorite character is, your favorite attraction is, and then proceed with your question. Again, I would like to ask that you limit your question to no more than two minutes in order to give other shareholders an opportunity to be heard, and that you not raise or repeat topics that have previously been raised. I would also ask that speakers refrain from raising personal matters or grievances, since it's really not fair to make everybody here sit through those matters or matters of personal concern. Now we will open to questions. I guess I will start with number 2.
Good morning. My name is Donna Bell from Portland, Oregon. I am a shareholder, and my favorite character is Maleficent. Several years ago, the company stopped issuing annual reports with Disney artwork and photographs. Annual reports are now available online in PDF format, and you can download them. My question is, why can't you include the beautiful artwork online?
That is a good question. We went from paper to online to save a few trees. Certainly believe it's a good cause. I thought we actually, at one point, we did have photos online. I'm looking at Zenia Marshall. Do we still, or did we discontinue that? We discontinued that. Why? To save money? To save money? Okay. When we discontinued sending out the physical copy, we kept the photos and the artwork for two years. It was explained to me we didn't get that much consumption, I guess, of those, we discontinued it. I always liked them, frankly.
I do too.
I get to see those pictures up close and personal all the time. I'm sure that there's some cost associated with it, albeit small, and that's why we discontinued it. We appreciate your interest in it.
My pleasure.
Thank you. Number 1?
[Foreign language] Mr. Chairman.
[Foreign language].
I'm Jane Garcia from Detroit. Last year, we had it in Phoenix, a little warmer. Portland is beautiful, [Foreign language]. Board of directors, [Foreign language] for all that you do in all your companies. It's very important to all of us. A special shout-out to Monica, who does so well representing our community. I think it's very important that you are standing out in diversity. Diversity has always been very important, and I think that your inclusion of the global world where we look at is so important, including the Hispanic community, that Nationals there and some other organizations that you do so much for. A special shout-out to Lourdes in south of over there in Disney in beautiful Florida. I think it's so important that the work that you do, not only giving joy to the world, but also giving back to the community.
I just can't begin to tell you that I come all the way from Detroit, which is a comeback city because nothing's impossible, and it is going to happen, and maybe you can really have a shareholders meeting there. We have a new mayor. He would welcome you so well, trust me. I just wanted to make sure that I come and always make sure that we give our [Foreign language] to all of you for what you do. My shareholders, good morning to all of you. Portland is beautiful, [Foreign language]. Again, my name is Jane Garcia from Detroit. [Foreign language].
Thank you very much. We've moved our meeting from place to place over the years. We actually have been fairly diverse in terms of where we have visited. We'll put Detroit on the list of consideration. I can't promise it, but we'll put it on for consideration. If you can promise us good weather, though, in March in Detroit, then maybe we'll make it happen. Thank you. Those were very nice comments. Number three.
Hi, good morning. I'm Justin Danhof, representing the National Center for Public Policy Research. We're a free-market think tank and a company shareholder. Mr. Iger, you may recall that last year you and I discussed media bias. You had said that ABC and ESPN have at times made mistakes and that Disney's news organizations presented the news in the ways that sometimes you weren't very proud of. After last year's meeting, I had confidence that 2013 would be a better year, but I believe that confidence has been misplaced. ABC's coverage of the IRS targeting of conservative and tea party groups is but one example. A September Rasmussen poll found that 53% of Americans believe the IRS broke the law, 23% aren't sure. A Quinnipiac poll found that Americans by a wide margin, 76% to 17%, want a special prosecutor appointed.
Even Democrats want a special prosecutor appointed by a 2-to-1 margin. From July 2013 through January of this year, a period with over two dozen breaking stories on this matter, including the Justice Department appointment of an Obama donor to head this investigation, ABC News devoted a mere eight words to this story. Seven months, eight words. A second example, I'll stop. In 2009, before the Affordable Care Act became law, Charlie Gibson did an ABC News fact-check segment on President Obama's "If you like your healthcare plan, you can keep your healthcare plan" promise. ABC reported the critics that questioned the President's pledge were simply wrong to do so. That's the pledge that was later awarded PolitiFact's Lie of the Year. By then, Obamacare was already the law of the land.
Since then, President Obama has apologized and said he was sorry to those who thought they could keep their health insurance based on assurances they got from him. Do you wish to say anything right now to the millions of people, the millions of Americans who unexpectedly lost their health insurance, perhaps apologize for the role ABC News played in causing that harm?
First of all, thank you for your comments. I do not wish to address them specifically. I will pass on your comments to ABC News. I actually stand by ABC News, who I believe behaves in not only presents the news in a fair and balanced manner, but behaves in a high-integrity kind of way. While there are times when critics come forward and point out mistakes that they've made, I think overall the quality of our news is something that we should be proud of. Again, I will pass your comments directly along to the ABC News management so they can consider them. Thank you. Number four.
My name is Wayne H. Stoll. I'm a native of Portland, and as an Oregon Duck, I think my favorite character might just be Donald. I want to thank you for letting us use him as our mascot, and I think he'd make a great linebacker given his personality. My question is, has there been any consideration on a stock split?
We have not actually discussed splitting the stock, to my knowledge, in quite a long period of time. Obviously, from time to time, we take a look at how we return value or capital to shareholders. They're not from time to time, actually all the time. We actually believe that right now the return of capital to shareholders is something that we should all feel very good about with our buyback program and our increased dividend and the investments that we've made in a variety of different businesses, that we've continued to grow our company and create value for shareholders. I don't think this is something that is necessarily on the table. Jay, I don't know if you want to comment about it at this point.
No, that used to be very popular a decade ago, to split shares to get the price at a lower $20-$30 level for the retail shareholders. That has become less important even to retail shareholders over time. You see many companies that continue to have significant share prices, and frankly, at $80 a share, we don't feel the need to take on the expense of doing that. Thank you.
Thank you. Number 2.
Hi, my name is Corey and I'm a shareholder from Arizona. My question today is, has The Walt Disney Company ever considered getting in the summer camp business?
Oh, that's a good question. We've gotten that question a few times over the years. The answer is no. Well, I guess it was considered at one point many years back. It hasn't been something that we've talked about recently. We obviously offer a lot of different activities for all kinds of people of all different ages from all different places in the summer. Running a camp is not a business that we thought was necessarily the kind of business that we should be in. We do obviously create all kinds of entertainment for people during the summer. We think that that business is one that should be left to others. It's not necessarily what we feel we would do best. Do you go to summer camp?
No.
If we had a summer camp, would you go?
Maybe.
Maybe. Isn't Arizona a nice place to spend the summer?
Sometimes can be very hot.
Yeah, well, thank you very much. Number one.
Good morning. Good morning, Mr. Iger. I'd like to thank you and the board members for all your hard work in bringing Walt Disney as far as you have. I really do appreciate it.
Thank you
as a shareholder. My name is Elizabeth Casali, and I am from Portland, Oregon. My favorite character would have to be Mickey, who I've known since I was very little. My question actually is in regards to the parks and some of the information that we talked about today. You had mentioned in 2014 that we showed significant increase in park attendance in three parks, if I recall. I was writing it down in the dark, so I apologize if I'm wrong. Hong Kong Disney, Disney Paris, and Walt Disney World. I believe you said that the increase was actually double-digit. I think that was correct, which is fantastic.
My question is really in regards to the original Disneyland park, which in my opinion is really where our roots come from and where Walt's real heart lay from the beginning. Just a few years ago in park history, I want to say it that way, there was a significant investment done into what was the original "20,000 Leagues Under the Sea" ride, that was obviously brought up to be the "Finding Nemo" submarine, which was a very exciting new add to the park, and everybody was very happy about it.
I do realize that with the fill and exit for that ride vehicle, the amount of time it takes to get people on and off, it's not really as probably profitable as some of our other rides that are at the park, say, the Haunted Mansion, as an example, with the moving walkway to get onto the Doom Buggy . I know that there is a bit of investment that was put into it, but also the feel that maybe the profitability of that ride wasn't as high. We were just there recently, about a month ago, and realized that the submarine ride was closed down. Now, I see that it does say that it's opening sometime, I think it is either late this year or early next year after refurbishment.
My question is in regards to that ride, not only is it a lower profitability because of the size of the actual ride vehicle, but I'm sure that the upkeep, when you're looking at the actual size of the lagoon as well as the water evaporation of that, is quite extensive. Is there any thought process for, even though we love the submarine ride because it was an original from Walt, is there any thought process in possibly taking that ride out and putting something in maybe more towards the Marvel Universe idea?
There really isn't. I actually was very much behind and very much in favor of bringing that attraction back. You mentioned it was an attraction created initially by Walt Disney. It was "20,000 Leagues Under the Sea." It was shut down, I believe, in 1996, and we brought it back almost 10 years later, after it had been closed down or dormant for a long period of time, and we re-themed it based on "Finding Nemo," which I mentioned earlier, a very successful Pixar film. You're right that although we don't look at it in terms of profitability, we look at it in terms of volume or how many people can actually experience that attraction over different periods of time. Loading and unloading those subs is not the easiest thing in the world to do. It takes a little bit more time than some of the other attractions.
Because of that, we don't get as many people through it. Because it is such an iconic Disneyland attraction, because we are really proud of the attraction that we recreated back in, I think, 2006 or 2007. We believe that it's in its rightful place, open and actually there for guests to enjoy, young and old. There's no plans. We are looking at opportunities to bring Marvel into our parks, and we are looking at opportunities to increase the presence of "Star Wars" in our parks, and I think you expect, since there's already "Star Wars" present at Disneyland, that there's more ahead for Disneyland. Also, Disneyland in 2015 celebrates its 60th anniversary, which we're excited about, and there'll be a whole new menu of activity available to commemorate the 60th or diamond anniversary of Disneyland. Thank you very much.
Thank you.
Number three.
Good morning. My name is Dwight Morgan. I'm from Pasadena, California. I'm a Premier Passport holder as well as a shareholder. A couple of years ago, I mentioned that people were ripping us off at Disneyland with the renting of multi-day passes, and I was thrilled to find that though it slows down admission to the park, they're taking care of that issue. That makes me really pretty happy. I'm hoping that you're working on getting the MyMagic+ to Disneyland Resort as well as Walt Disney World and maybe combining all of those computers so that different parts of the park's organization can talk to each other. Right now, I understand it's still snail mail from California to Florida. My real purpose is today, I'd like to talk about pin trading and why pin traders seem to be pushed about in the park. We've lost our homes.
We used to have tables where we could trade pins, and we now come to the park, and the tables are gone. "No, you're not here today. You've got to go over to the other part of the park." I'm wondering, is there some way that in, at least at Disneyland, we could have access to somebody that could tell us what is really going on with pin trading? We go to the online website, and tonight it'll tell us that a new pin is coming out tomorrow. Tomorrow morning when I get to the park, "No, that got delayed until next week." That's not real efficient and doesn't make for happy pin traders.
Well, thank you very much. I know that pin trading has been very popular, actually in all of our parks around the world. I will pass your specific comments along to Michael Colglazier, who runs Disneyland. One of the reasons why we have limited pin trading in terms of presence in the parks is as the parks have gotten more popular, or we've had more traffic, we've had to be careful that the pin traders don't interrupt the normal flow of traffic and essentially reduce the quality of the experience for the other guests who are not interested in pin trading. Specifically, I'll pass those comments along to Michael and see whether there's anything specific he can address for you. If you want to leave your name, I know you're from Pasadena, but I didn't catch your name.
My name is Dwight Morgan.
Okay.
I go to Disneyland every Thursday.
Thank you.
I should be pretty easy to find.
Thank you. You trade pins obviously, so we can talk.
Obviously-
I wish I had one to trade with you.
If there are pin traders there, that's the place to look for me.
I will make sure that we get your name and that we connect you with the right people so you can talk about it.
Thank you very much, sir.
Thank you. Number four.
Good morning. My name is Lewis Feldman. I'm from Portland, Oregon. I'm a shareholder. Last year, 2013, we've had the privilege of taking my two special needs children to Disneyland for the first time in February, and it was very successful. The cast members were delightful to work with and very helpful. Unfortunately, in May, the issue broke about the misuse of special needs passes and the company shifted its policy, and I was wondering if management was going to re-examine the issue, because at this point in time, the way it is structured, it is not effective for various special needs groups. Just an issue of perhaps the pendulum has swung a little too far in the other direction and wanted to get your comments on that.
Well, thank you very much. This is an issue that we know got a lot of attention because we did change our policy. The changes that we made were not designed to take privileges or access away from anybody that deserves them. What was going on, as you alluded to this, is that the access that we had been providing was being abused. In some cases, it was that people were applying for the access and then reselling to people who really did not deserve the kind of access that we were providing. The result was that people who really did deserve the access were not getting the access that they should have had. We've had to be really careful at how this is managed, and I think a lot was misinterpreted when we changed our policy.
Again, it was not intended to take away privileges for anyone that really needs them. In fact, we pride ourselves on the access that we provide people that have a real need. If there's something very specific that you've experienced, I can easily have that addressed. In general, and I realize this has taken a little bit time to cycle through both as kind of a news item, but also from an operational perspective, because we're basically vetting the requests or considering the requests in sort of much more rigorous fashion to make sure that we're eliminating abuse. Again, the intention was not to take privileges away from any of those that deserve it.
Absolutely. It was very understandable given the situation. It's just in terms of the FastPasses and stuff for autistic children as I have, even the FastPass lane sometimes does not work as well for these children.
Yeah
in terms of waiting 20, even 30 minutes sometimes is difficult for them.
Yeah.
With attendance up, I understand there are other issues in.
I don't know that we should use attendance being up as an excuse for that. If it's extremely difficult for an autistic child to wait in line for a long period of time, we should be able to address that. I'll gladly connect you with someone. We have representatives from parks and resorts here that can talk to you directly, or you can do so after the meeting.
Thank you.
We'd love to hear your input, specific input. Number 2.
Hi, my name is Constantine Schnecker. I'm individual shareholder from Germany, currently holding 1,000 shares. I've come all the way from Germany to ask two questions to you.
It's a long trip to Portland, Oregon.
Yes. My first question is regarding Disney's businesses in Germany. Germany is an important market in Europe where the Disney Channel has been free to air for two months now. I would like to know from you if you are satisfied with how things are going in Germany, or do you think there's still a lot of room for improvement, and what are your expectations for the future for that market? For my second question, I would like to tell you a little bit more about myself. I studied international business and communication in Asia at a university in Germany. I also speak Chinese, and it is my dream to work for Shanghai Disneyland. I have applied for many positions at the Shanghai Disney Resort. However, I have never received any positive feedback from them.
Did you receive any feedback?
No, nothing. Nothing. That's actually why I'm here.
Okay.
I just wanted to know from you what you would suggest me to do so that my dream will come true and I'll be able to contribute to Disney's success in China.
Thank you. Can you sing, dance, or act? We're looking to hire almost 1,000 people who can sing, dance, and act.
No.
No.
I don't even know that song, actually.
I'll try something else. First of all, let me address Germany. We are both satisfied with our recent progress in that country. You cited the launch of the new Disney Channel, which we're extremely excited about. So far so good. We've had a couple of good months of audience reaction, both from a size perspective, but generally from a quality perspective. I also believe there's a lot more we can do and there's a lot more improvement. The launch of the channel was designed as basically a major first step to grow our presence in Germany significantly. I will say, over the years, we've not been as successful in Germany as I believe we can or should be, given the size of that market and the passion and interest in Disney that people have in that market.
More to come, but so far so good with the channel. In terms of Shanghai Disneyland, Jayne Parker, who is our head of HR for the company, is here. You can give her your name. I can tell you that we're planning to open sometime in the latter part of 2015. We have to hire thousands of people, not just performers, people who can sing, dance, and act. People with all kinds of different skills, talents, and experience. I don't know what your background is other than the fact that you're from Germany, but I will at least give you a chance to provide your resume, and I will make sure that someone gets back to you.
Great. Thank you.
Thank you. Number one.
Hi, my name is Terry Williams. I live in Gresham, Oregon. I'm a shareholder, and I'm a Disney Vacation Club member. I wanted to ask a little bit about the cruise line. I've had the privilege of being on all four of the Disney ships and intend to continue visiting them because they're a fabulous experience. What expansion, do you have any plans, more itineraries? Kind of what's on tap for the cruise line?
First of all, thank you for your business. We're proud of our cruise ships, all four of them. We are currently not planning to commission or build more ships than the four that we have. Don't rule that out forever, but we're extremely satisfied with the two new ones, the Dream and the Fantasy that were launched in 2011 and 2012, not just from an experience perspective, but from a business perspective. We are looking at a number of new itineraries. Usually, I have all of them in my head, either because I've studied them or I have interacted with the cruise ship folks. I must say, I'm drawing a blank on what the new itineraries are. I know that we're expanding where the fleet is sailing to. You know that we sail up not far from here, northwest into Alaska, which has been extremely successful.
The two big ships, the Fantasy and the Dream, are spending most of their time in the Caribbean. I know we have a big European trip coming up for one of the ships. Jay, you're looking at your notes. Want to add anything to that? No.
Nope.
Everything in its time. Thank you. Near future, expanded itineraries but not expanded fleet.
Okay. Thank you.
Thank you very much. Three.
My name is Mary DePorre. I am a shareholder, and I am an AMI Primary Diploma holder. AMI, in case you don't know, stands for Association Montessori Internationale. It is a scientific method of early childhood education with more than a 100-year history. Its graduates from the primary program, that's for three to six-year-olds, are over-represented among creative entrepreneurs. Examples include Anne Frank, Julia Child, founders of Google, Larry Page and Sergey Brin, Jimmy Wales, the founder of Wikipedia, Jeff Bezos, the founder of Amazon, Will Wright, game designer. Advocates from the past for this method of education include Mr. Rogers, Thomas Edison, Helen Keller, and Mahatma Gandhi.
I am here today to represent my company, The Montessori Mystery Unveiled, and to ask the board of Disney that is a self-proclaimed company that is innovative and worldwide if they would be willing to start a Montessori primary program for their employees' children using my book as a guide to starting a Montessori business.
Well, thank you very much. You obviously are very passionate about what you do about Montessori. I doubt that that is something that we would do, I can pass on what you've already expressed, what it is that you want, and we can pass it on to the folks that consider providing those sorts of services for our employees so they can consider it. We have childcare centers actually in different places that we operate, including Bristol, Connecticut, where ESPN is, in Burbank, in Glendale, we have a big presence, and in Orlando. Beyond childcare, I don't really think that we'll be in the business of providing education for the children of our cast members and employees.
It would set your company apart to have childcare with over 100 years of scientific research backing it up with so many creative entrepreneurs that can help propel your company into the 21st century and beyond.
Well, thank you very much.
Thank you.
Appreciate it. Number four?
Hi, I'm Gary Patton from Mountain View, California. I'm a shareholder. I have a custodial account for my son. I did that a few years ago because of the certificate, and I framed it. When I gave it to him for Christmas, I told him he now is part of the mouse. I want to thank you for making efforts to keep the certificate available. I know it's hard. You can't do it. You got to save trees. If I can say, it's an honor for me to be here. It's my second meeting to attend. I was up 8 years in the Anaheim area because of my job, and I was transferred to the Bay Area and going through my Disneyland withdrawals. I think the meeting that I attended in the pond there in Anaheim was when you first came on board.
What little I know about the company, and I know personally some cast members at Anaheim that I've gotten really attached to. I feel like I have an understanding of what they go through. I'd like to suggest that my favorite character is Robert Iger. I don't want to sound disrespectful. I wonder if you would actually dissolve with acetone.
I would what?
Dissolve with acetone. I say that as a compliment because. I'll say again, what little I know, especially you're at such a much higher level than I am. I feel like I really have identified with the magic that exists. Somebody said earlier that Disneyland is special. It was the original park. I made one trip to Walt Disney World and made the mistake of wearing my Disneyland shirt, and they trashed the crap out of me- in a respectful way. What little I knew at the time, I told them, "Well, without our little park in California, you guys wouldn't exist." I suggest my favorite character because I want to compliment you and everybody that works with you. I feel you put your heart and soul into this company. I feel like you're tremendous.
I've got a little seven-year-old friend, and she gave me this little bracelet to wear. It's got her name on it, and she said, "If anybody asks you if that's your name, you tell them it's your seven-year-old friend." We've seen "Frozen" four times, we will see it again if it stays on the screen longer. I want to also mention, I think "The Lone Ranger" got a real bad rap. I'm biased, but there's fact to that. I really enjoyed the movie.
Thank you.
Can I ask you two questions? I have friends in China, my favorite lanyard is the Zhong Guolong, the China dragon of the Hong Kong Disneyland Park, I now have been able to acquire all five of them, which is very rare, and the white one is my favorite. I have friends that have family in China, and hopefully, I'd like to go to the Shanghai park if I can ever afford to go. I've got one friend with family in Beijing. Every time she goes, she asks me if I want to go. One of these days, I'm going to make it, and maybe I can get into the park. If it's okay, I'm sorry to talk so long, but I've got two questions. Is it possible for Mulan to become a princess and for her castle to be in Shanghai? That's one question.
Number two, is there going to be a sequel to the "Pirates of the Caribbean?
Okay. Good question.
Thank you for your time.
Okay. Thank you. First of all, thank you very much for such kind words. Appreciate that very much, your support, and obviously your interest in the company. We're not planning to build a Mulan castle. I think that was your question. We're building a big castle, the tallest, biggest castle we've ever built, Shanghai Disneyland, but it will not be themed Mulan. There will be some Mulan presence in the park, but we're not giving away what that will be. Your second question.
Is there going to be a sequel of the Pirates of the Caribbean?
Oh, a sequel. Yeah. Sequel to "Pirates," sorry. We've had development for what would be a 5th "Pirates" sequel. We've not officially green-lit the movie, but I can tell you that there's work being done on creating and developing it, but no other announcements specific to that. Thank you. Number two.
First, my name is Greg Hinkelman, thank you for coming to Portland. Couple of things. One, I was pleased to see the "Maleficent" trailer. When I heard you guys were making that movie, I thought you were going to make the movie about my third-grade teacher. Thank you for that's a Disney character. Two, one of the things that I'd like the board to look at, especially on the theme park side, is the growing exclusivity that is happening in the park. I read a couple of weeks ago, I don't know if this is true, of course, everything you read on the internet is true, right? That the Lilly Belle is now no longer going to be available to regular schmucks like me, but it's now exclusive to Club 33 members and special groups.
There's more and more of this creeping of exclusivity going into the parks, I get the annual passport thing. I get that. You want to take care of the people that live there locally who take their money and spend it there more easily than I do living here in Portland. I'd like you guys to look at that and to see how much exclusive are you guys going to get, and include the rest of us. Thank you.
Okay. Thank you. Well, appreciate your comment. There is so much available at our parks for everyone. I couldn't even begin to list all the different experiences, particularly in Orlando, which you cited, which is the largest of our facilities around the world. When you look at what is exclusive, it's very tiny, really tiny. In some cases, we brought a few things back that we wouldn't necessarily have even brought back if it weren't for the real passion of a small group of people, in some cases, the members of D23. Which, by the way, you can become a member of D23 for a relatively nominal fee. I think it's $75 a year is the maximum. There's another package which is a little less, then there's actually a free membership as well.
We did feel that people who joined D23 or are among our most ardent fans deserve just a little bit of something for the fee that they pay that other people don't necessarily get. It is so small in terms of what's available. We try to be as inclusive as we possibly can for all of our guests. I'm sorry you feel that way. The Lilly Belle, by the way, I guess, is it brought back to D23 members? I'm not aware of that. I don't think it is, right? It's exclusive because no one can use it. Is it open? What's that?
You can go to City Hall and get a pass to go, but it's not exclusive, but you have to have a pass.
Anyone can get one.
Anyone can get one? Okay, there you go. Sort of exclusive, I guess. First come, first served. Number two.
My name is Jeff Hinkleman. I'm his brother. I'm a D23 Day One member. My question actually is about ABC News. I think personally they're doing a fantastic job, so the complete opposite of what was said earlier. My question is sometimes it seems ABC News is a training ground for CNN. They've lost some good talent. Chris Cuomo, Jake Tapper, Bill Weir have all left ABC News. I'm wondering if you or ABC News is doing anything to keep the talent that they have now. Good Morning America is doing a fantastic job. David Muir, I swear, is the hardest-working news journalist in TV and is there every day. Is Disney doing anything to keep the fantastic talent that ABC News has?
Well, yes, of course. There's a deep bench at ABC News and a lot of what I'll call newcomers that have emerged, David Muir being one of them, although he's not much of a newcomer anymore. They're really proud of the team that they've got there. Some familiar names and many names that will be familiar in the years ahead. True, some people have left to go on to CNN. People have left for certain reasons, in some cases voluntarily, in some cases, we were trying to make room for a new generation or a new crop of talent at ABC News. I think they've got a great group there, though. Thank you for your interest. Number one.
Good morning. My name is Greg Alexander. I'm a resident here of Portland, and thank you for bringing the meeting here at this time. My question regards copyrights. Disney is well-known for policing their brand very tightly, and at some point, the copyrights for the early films of Disney are just going to expire and pass into the public domain. I wonder, is the company concerned about that, and are there any plans in terms of how that would affect branding and possible revenue loss?
Alan, you want to address it first? Our General Counsel, Alan Braverman, and I can talk some specifics.
It's a subject that we've been looking at for some time. I think what I can say is along with copyrights, we have extremely strong trademarks, and have aggressively registered our trademarks around the world, which I think even after copyrights expire, either here or in foreign markets, gives us a fair degree of enduring protection against anyone going out and marketing what we think of as Disney IP in a way that would confuse the consumers. We feel like we've taken the right measures and prudent measures against the possibility of copyrights expiring.
We believe that we make movies in a very special way, and that even though some copyrights have expired, we still think our movies with the Disney name on it really stand tall. "Snow White" would be a great example of that. "Snow White and the Huntsman" was made by another studio a few years ago as an example. Did not have our music, did not have certain elements that made our movie as charming and, I guess, as popular as it still is even though it was made back in the late 1930s. That's one example. "Peter Pan" movies have been made. Other studios have plans to make other movies based on some IP that we derived our stories from. We still stand by the approach that we take when we make films to make them inclusive, optimistic, generally films that deserve the name Disney on them. Thank you.
Number three.
Hi, my name is Eugenia Horn, and I'm currently in Boise. I grew up in the Southern California area, so I went to Disneyland a lot. Please keep the submarine. It's one of those things that's nostalgia for me.
Please keep the what?
The submarine.
The submarine. Thank you.
The "20,000 Leagues Under the Sea," I rode that numerous times, also the Jungle Cruise. I can practically tell you some of the history of the park just from going there. My question was related to the last gentleman's, is that I grew up on Disney. The type of movie, the animation, particularly the 2D animation, I feel is kind of getting lost. To me, that is the Disney brand. It is unique. No one else can do that. My favorite movie and favorite character is Jafar from "Aladdin." As I say, to me, that is a work of art comparable to Leonardo da Vinci. It just kind of concerns me that we have the computer graphics and the other properties of which Disney is a caretaker of intellectual property in movies that no one can match. There's jokes about the attorneys.
You don't want to mess with a Disney attorney, ever.
He doesn't look that fearsome.
My basic concern is there going to be the tradition of the 2D movies, the animation, even if it's short? I know it's going to be expensive, but to me and to a lot of people, that is the Disney unique brand.
Well, thank you. First of all, on the movie side, we're just trying to make great movies, tell great stories, memorable characters, worlds that are created that people believe could actually exist or people want to visit. I can't think of a better example than "Frozen." I think when people watch "Frozen," they don't think 2D or 3D, they just really engage with the storytelling and the characters. I think it sort of proves the point that it doesn't matter what the genre is or the type of technology that we use to create or tell the story, it's about how good the story is, really. There currently are no plans in place to make another 2D film. The last one we did was "The Princess and the Frog." There are plenty of activities in the company for other forms of hand-drawn animation.
We recently released a number of Mickey shorts, for instance, that are basically derived from hand-drawn animation style. We'll continue to look at opportunities like that. It's unlikely, at least in the near term, particularly since we don't have anything in development, that you'll see a hand-drawn or 2D animated feature film from Disney. Thank you. We have time, I guess I'll take two more questions. Now, number 4.
Hi, my name is Crystal. I'm currently in Seattle, Washington. My favorite character is Figment. My favorite attraction is the Walt Disney World Railroad for very personal reasons. My question revolves around the park cast members, the park frontline cast members. Being one former cast member myself, we are the ones really making the magic for everyone, despite what's going on backstage and behind the scenes and everyone that's doing all these wonderful things, thinking of the content that's coming. Are there any plans to perhaps raise the financial compensation for the frontline cast members, since we are the ones that are out there every day helping to make the magic and keep everything running from the parks?
Very good question. Thank you. First of all, I agree with you that the experience that we provide at our parks around the world wouldn't be what it is today, wouldn't be as great as it is today, without former cast members like you or cast members that provide unbelievable experience for all the people who visit. I get feedback all the time from strangers and friends and family members who have visited, citing, giving me names of cast members that have made their experience better. It makes me feel incredibly proud. Plus, I get a chance to see firsthand, not just in Florida and California, but all around the world, what frontline cast members do for Disney and for the people who visit us.
We have thousands and thousands of cast members around the world, many covered under collective bargaining agreements, there are negotiations going on with unions all the time. It is clearly our intention to continue to provide the right form of compensation for our cast members, either in the form of salaries or additional benefits, where we provide numerous benefits to our cast members, and we look at the package, and I'm certain that that will continue to rise. We're proud of our track record in this regard. We have good relationships with all the unions that we do business with. We haven't had a work stoppage of the company, for instance, in over 15 years.
The other thing that we're really proud of is that since 2010, in the U.S. alone, at our parks, we have added 10,000 jobs, which is, I think, just an unbelievable number, and I think it's a testament to the fact not only that these businesses are so successful, but we've continued to invest in them, and those investments have created a lot of jobs for a lot of people. We're proud of the people that we've been able to bring in that period of time. It is our intention to behave very responsibly and fairly with all of our cast members and compensate them in ways that reflect the value that they create for the company and for our customers. Thank you. One more question. Number 3.
Number 3. Okay. I am Mary Perez from San Jose, California. Originally went to Disneyland in 1955. I own everything Disney. I would like to vote for San Francisco for the stockholders meeting and that it be held at the Walt Disney Museum, which has a wonderful theater and your history. Question about the park. You're doing away with Disney Dollars. Disney Dollars, great way to give small kids a little money of their own. Most of all, you give them to the kids, and they keep them. It's some products you could have, so you give out the money, and it's never spent. It's framed like most of them, We'd like to know if that's continuing.
First of all, on San Francisco, we had a shareholders meeting, not at the Presidio, not at The Walt Disney Family Museum, but in San Francisco. 2004?
'04.
Oh, it was in Oakland. Sorry. Okay, it was to San Francisco. Maybe it doesn't count.
No.
We had it in Oakland, I think, four or five years ago. It gave people from San Francisco an opportunity to go without having to travel far. Disney Dollars. Disney Dollars, I don't think at this point we have plans to discontinue Disney Dollars. I'm not aware of that. I think we're still providing them. Have you heard otherwise?
In Disneyland, it's very hard to find the Disney Dollars. I believe there are only two spots, one of them being when you check in.
Yeah, on Main Street or.
Main Street.
Yeah.
The other one is.
Like Town Square.
Toontown has them. Otherwise, everybody's been told they're going to the plastic, the cards.
Yeah, that could be, that could be that we're responding to more guest requests, you know, now to have basically plastic instead of the old commemorative dollars. I'll have to look into it. I don't know. I must admit, I'm not an expert on the subject. I'll have someone look into it. Thank you very much. Okay, I'm going to take one more question since you're standing and look patient. Then that will be it because we've kept people a long time.
Thank you. My name is Thomas Stern. I'm from Los Angeles and Astoria, Oregon. I'd also like to be pointed to the representative from Disneyland as far as handicapped issues. Talking about Shanghai Disneyland reminded me. My adopted hometown of Astoria for the last 30 years has done a melodrama called "Shanghaied in Astoria." Has there been any thought of possibly doing some sort of tie-in as a promo?
Not to my knowledge. The first I've heard of this. Not to my knowledge.
May I suggest it be looked into?
We'll have someone look into it.
Thank you.
Thank you. Okay, I think that concludes our shareholder meeting for 2014. Thank you very much for your attendance. Thank you for your patience. Thank you for your votes and your support, and best of all to all of you. Thank you.