Disney released details of Iger’s compensation Monday as part of the proxy filing for its 2014 annual meeting, set for March 18 in Portland, Ore.
The drop in Iger’s paycheck comes even as Disney stock is at all-time highs. But in fact, the Mouse had a better financial performance in key metrics in fiscal 2012, when the company acquired Lucasfilm and “The Avengers” tore up at the worldwide B.O.
Iger’s package for fiscal 2013 included $13.57 million in bonuses, plus more than $17 million in stock and option awards, on top of his $2.5 million base salary.
His 2013 haul is close to the $33.4 million he earned in fiscal 2011. On the heels of a banner 2012, Iger netted $40.2 million.
Even a 15% decline, Iger’s pay package is sure to draw criticism from corporate watchdog groups. Disney’s proxy outlines in detail the performance-based rationale for the salary. Notably, Disney asserts that shareholder returns have climbed 202% since Iger took the helm in 2005. He’s under contract to remain the head Mouse through June 2016.
Disney shares have been on a tear this year, gaining 45% during the past 12 months. Shares closed Monday at $73.28.
Among other details, the proxy discloses that Disney CFO James Rasulo earned $10.7 million in fiscal 2013, down from $12.1 million in fiscal 2012. General counsel Alan Braverman took in $6.9 million (down from $8.3 million in ’12) while Kevin Mayer, exec veep of business development and corporate strategy, was up slightly at $4.29 million, compared to $4.20 million last year.
Among the items that will come up for shareholder vote at the annual meeting, Disney recommends a no vote on a proposal to make it easier for shareholders to nominate independent directors; and a no vote on a proposal to limit accelerated executive pay.
Also Monday, Disney said its board has elected Twitter chairman Jack Dorsey as an independent member of its board of directors. The 37-year-old tech entrepreneur will fill the seat vacated by Judith Estrin, who will not stand for reelection at the meeting after hitting the term limit of 15 years on the board.