Disney chair to receive $500,000 in annual pay

Change is part of board payment policy overhaul

NEW YORK — Disney chair George Mitchell will take home $500,000 a year in company stock for his services to the Mouse House and its board of directors, according to compensation policies revealed Friday.

Change is part of an overhaul of the board payment policy for Disney’s nonemployee members.

In documents filed with the Securities and Exchange Commission on Friday, Disney also said that its directors will no longer receive individual meetings fees (set at $1,000) for board or committee meetings and instead will get an annual committee retainer of $10,000 for each panel on which he or she serves. Committee chairs will get a nice pay raise, from $3,500 annually to $15,000, while each director will receive $15,000 quarterly deferred stock grants starting Sept. 30.

In addition, directors will continue to receive annual options to buy 6,000 shares of common stock that vest over five years and have a 10-year term.

Disney said the new arrangements were approved after extensive consideration of board compensation practices at other large public companies and should bring its practices into line with those of its peers.

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