'Disney broke disclosure rules'

The Walt Disney Company acknowledged violating securities in a settlement with US regulators for failing to disclose relationships between the company and its directors. Between 1999 and 2001, Disney failed to tell regulators the company employed three children of its directors, that the spouse of another director was employed by a subsidiary and withheld other information, the Securities and Exchange Commission said.
The SEC did not indicate if any fines were imposed on Disney, which agreed to a cease-and-desist order. "Shareholders have a significant interest in information regarding relationships between the company and its directors," said Linda Chatman Thomsen, deputy SEC enforcement chief.