Disney said in an SEC filing Friday that it may seek to pare down its board
of directors, adding that four board members have had relatives on the
In an amended 10-K annual report filing Friday, Disney revealed that four
directors have had relatives who were Disney employees.
'As a consequence of these relationships, and taking into account the
proposed independence standards of the New York Stock Exchange and SEC
regulations, the Board of Directors is currently reviewing appropriate steps to
ensure ongoing compliance with applicable rules and corporate `best practices'
generally,' Disney said in the statement.
'These steps will include a reduction in the board's size and reorganization
and reduction in size of board committees.
'[Disney] is targeting completion of this review and adoption of appropriate
changes by the end of 2002.'