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Walt Disney Co. accused of federal disclosure rules violations

UPI News Service, 12/21/2004 

Walt Disney Co. has promised not to violate federal disclosure rules governing lucrative relations with relatives of board members.

The U.S. Securities and Exchange Commission Monday charged Disney employed three adult children of former board members from 1999 to 2001, paying them annual salaries of $60,000 to $150,000 without disclosing their employment until 2002, the Hollywood Reporter said Tuesday.

The entertainment conglomerate settled the matter by promising not to violate such disclosure rules again.

Jennifer Gold, daughter of board member Stanley Gold, quit her job in the consumer products division last year with Roy E. Disney, so the two could spearhead their high-profile campaign to oust Michael Eisner, who has since given up his post of chairman of the board but remains chief executive.

Disney had no comment Monday on the SEC action.

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Copyright 2004 by United Press International

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