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Disney's heiress, Abigail Disney, continued Wednesday his denunciation of excessive executive pay.
During a hearing before the House Financial Services Committee, Disney – the great-granddaughter of Walt Disney Company co-founder Roy Disney – challenged US corporations for perpetuating widespread inequality between employees and their dependency heads "to the money while paying their workers less than a living wage.
| Teleprinter | security | Latest | Change | % Chg |
|---|---|---|---|---|
| DIS | WALT DISNEY COMPANY | 134.68 | +1.48 | + 1.11% |
"It's not just a question of what is moral or what is right," she said in her prepared remarks. "There is an important economic argument for fighting inequalities at all levels. By tolerating such extreme injustice, we have begun to cannibalize the very people who make this economy prosper. "
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Last month, Disney made headlines calling the salary of its CEO, Bob Iger, "crazy" for $ 65.6 million. This figure, she said, should probably be closer to $ 10,000 an hour (about $ 31 million a year).
By 2018, Iger was winning 1,424 times more than the median Disney employee. She again addressed this issue Wednesday, claiming that she had privately directed Iger to raise these issues "discreetly and politely and behind the scenes," but was eventually dismissed.
Disney then asked the company – which had acquired Fox television and film assets earlier this year, becoming the world's largest media entity – to become a leader in fighting income inequality.
For example, she said Disney could receive half of the leadership bonuses this year and put them into a trust fund to help workers with urgent needs; rehabilitate housing near its parks so that people have shorter trips; restore the stock option program for all employees; provide food for employees; and create two or three seats on the board of directors for employee representatives elected by their peers.
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"There is nothing wrong with an 8-digit gain – unless people from the same company ration their insulin," she said. "So it's just unacceptable. And the CEO has the moral obligation to know how is the life of low-wage workers under his own roof. "
Disney does not hold a position within the company.
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