(by Dr. Goldfinger)

The U.S. largest public pension funds said they would claim for the right to have voice in Walt Disney Co.’s board of directors.

The funds are now having an option to vote for shareholders to be able to nominate up to two directors at Disney’s 2005 annual meeting.

The CEO of Disney Michael Eisner plans to retire in 2006. He gave up his role as chairman this year after the holders of 45% of Disney shares withheld votes for his re-election to the board amid campaigns from big funds and former directors Roy Disney and Stanley Gold.

The funds include the California Public Employees’ Retirement System (CalPERS) and the New York State Common Retirement Fund, two fund giants.

"We have agreed to co-sponsor this resolution to use in the event the Disney Board doesn’t satisfy our concerns about independent directors," CalPERS President Sean Harrigan said in a joint statement from the funds.