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" The funds say the future of Disney's chief executive, Michael Eisner, is not on their agenda for the meeting "Putting Eisner aside, we want to meet face to face to talk about it Immediately following that meeting, Disney's board split the roles of chairman and chief executive â€â€? one of the key issues pressed by CalPERS and other institutional investors S The investors, including the California Public Employees' Retirement System (CalPERS), the nation's largest pension fund, sent a letter to Disney Chairman George Mitchell requesting an immediate meeting "In our view, such a meeting would send a necessary signal to the marketplace that the Disney board is willing to engage in a constructive dialogue regarding our mutual interests as fiduciaries and shareowner representatives Disney reported stronger-than-expect ed first quarter growth on higher attendance at its theme parks and a rise in revenue at its movie studio In a separate statement, New York State Treasurer Alan Hevesi, representing the New York State Common Retirement Fund, said the group had dropped its demand that Eisner be fired "We remain deeply concerned that our investments and the future of this company are in jeopardy," the letter said "We remain confident in the company's strategic positioning and future growth potential But CalPERS, which organized the letter on behalf of the funds, said it stands by its earlier call for Eisner to leave, although it would not press the issue at a meeting with the board Shares of Disney have risen steadily over the past year as the company's financial performance has improved to discuss performance and governance concerns Pension Funds Seek Meeting With Disney Mar 23, 8:26 AM EST Six of the country's largest and most influential public pension funds on Monday requested a meeting with directors of The Walt Disney Co senator from Maine, and board member Judith Estrin have offered over the past few weeks to meet with pension funds to discuss their concerns "We have explicitly agreed to give the company some time to improve its performance and not to ask for Eisner to be replaced at this time," Hevesi said " CalPERS called for Eisner's resignation by the end of the year following a March 3 Disney shareholder's meeting at which investors withheld 43 percent of votes cast for Eisner's re-election to the board "We believe this is a dire situation," CalPERS spokesman Brad Pacheco said "The company has lost more than 20 percent in stock value over the last five years â€â€? nearly five times more than the losses incurred by the Standard & Poors 500 index for the comparable period," the six pension funds said in their joint statement "</p > Mitchell, the former U But investors say they are concerned about the longer-term performance of the stock "We look forward to hearing your questions and to sharing with you details on the performance of The Walt Disney Company," Mitchell wrote in a letter sent Monday to the pension funds, offering to meet The other funds asking for a meeting, with combined assets of more than $500 billion, include the Connecticut Retirement Plans and Trust Funds, the California State Teachers' Retirement System, the Ohio Public Employees Retirement System and the North Carolina Retirement Systems "The time has come for the commission to send a strong message that it is serious about enforcing the indecency laws of our country," he said gov But the decision was criticized by the Parents Television Council, a conservative advocacy group whose complaints led to the FCC's review In another decision Thursday, the FCC proposed fining Infinity Broadcasting the maximum $27,500 for a Stern show broadcast on WKRK-FM in Detroit ABC did the same with its telecast of the Academy Awards show "Bono may have used the F-word as an adjective, but today's FCC ruling turned it into a verb directed at American families," council president L Similar legislation is pending in the Senate It marked the first time that the FCC cited a four-letter word as profane; the commission previously equated profanity with language challenging God's divinity The Federal Communications Commission overruled its staff and said an expletive uttered by rock singer Bono on NBC was both indecent and profane He said the decision "does nothing to hold NBC accountable for this obvious breach of commonsense decency standards " Federal law bars radio stations and over-the-air television channels from airing references to sexual and excretory functions between 6 a "Prospectively, parties are on notice that they could now face significant penalties for similar violations," Powell said The rules do not apply to cable and satellite channels or satellite radio " The FCC received hundreds of complaints about the Golden Globes broadcast after Bono, the lead singer of the Irish rock group U2, said, "This is really, really, f------ brilliant The Center for Responsive Politics, a watchdog group, said fines against Stern accounted for almost half of the $4 million in penalties proposed by the FCC since 1990 m "Complaints should no longer be denied because of a lack of tape, transcript or significant excerpt," Commissioner Kevin Martin said " The enforcement bureau said last October that Bono's comment was not indecent or obscene because he did not use the word to describe a sexual act Clear Channel executive vice president Andrew Levin said, "We're as determined as ever to make sure that we don't have any violations in the future To avoid a repeat incident, NBC aired this year's Golden Globes broadcast on a 10-second delay , when children may be tuning in Commissioner Michael Copps dissented from the decision, saying the commission should have moved to revoke the stations' licenses Commissioners said they did not propose a fine for Bono's expletive during the 2003 Golden Globe Awards because they had never before said that virtually any use of the F-word violated its rules The FCC also proposed fining a subsidiary of Clear Channel, the nation's largest radio station chain, the maximum $55,000 for a broadcast on two Florida radio stations, WAVW in Stuart and WCZR in Vero Beach, where the host conducted an interview with a couple allegedly having sex The FCC on Thursday also proposed maximum fines for the broadcast of the Howard Stern radio show and for a program on two Florida radio stations owned by a Clear Channel Communications subsidiary â€â€?â€â€?â€â€?â€â€? On the Net: Federal Communications Commission: http://www The FCC specifically rejected earlier findings that occasional use of the F-word was acceptable The House earlier this month voted to increase the maximum fine for indecency to $500,000 m Commissioners noted that they acted against Clear Channel on the complaint of a listener who did not have a transcript or tape, a departure from past practice and 10 p FCC Cites Stern, Bono for Indecency Mar 18, 7:47 PM EST Federal regulators opened a new front in their crackdown on offensive broadcasts Thursday, saying that almost any use of the F-word on over-the-air radio and television would be considered indecent Brent Bozell III said fcc NBC did not immediately return a phone call seeking comment Infinity Broadcasting failed to immediately return a call seeking comment Thursday "Given that today's decision clearly departs from past precedent in important ways, I could not support a fine retroactively against the parties," said FCC Chairman Michael Powell, who had asked his fellow commissioners to overturn the agency's enforcement bureau's finding A publicist for U2 said Bono was in the studio in Ireland and was not immediately available for comment |
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