LOS ANGELES (Reuters) - Walt Disney Co Chief Executive Robert Iger received an 11 percent hike in his total compensation despite a moderate drop in his company's share price in its fiscal 2008, according to a proxy filing made on Friday.
The proxy showed that Iger refused $2.4 million of a bonus he was entitled to for outperforming the Standard and Poor's 500 index, which fell nearly 18 percent while Disney shares dropped about 6 percent for the fiscal year ended September 26, 2008.
"Mr Iger thought it was the appropriate thing to do," Disney spokesman Jonathan Friedland said on Friday.
Iger's total compensation climbed to $30.6 million for the 2008 fiscal year, including $2 million in base salary, a $13.9 million bonus, $7.76 million in stock awards and $5.9 million in option awards, the proxy showed.
Days after Disney's 2008 fiscal year ended the company's shares began a precipitous fall and have fallen 34 percent so far in its fiscal 2009.
In comparison, major U.S. media shares, including Time Warner Inc, Viacom Inc, News Corp and CBS