Disney shareholders narrowly approve CEO Bob Iger's pay package

New York (CNN Business) Disney shareholders on Thursday narrowly approved a compensation package for CEO Bob Iger worth as much as $35 million this year.

Iger is set to receive a $3 million annual base salary, along with an annual bonus targeted at $12 million. He's also eligible every year for a stock grant targeted at $20 million. That grant will vest over time as an incentive for Iger to remain with Disney.

57% of shareholders voted in favor of the package. The vote happened days after Disney reduced Iger's target compensation by $13.5 million, according to paperwork filed with regulators Monday.