The Walt Disney Co. amended its bylaws to provide for a majority vote standard for the election of directors in uncontested elections, the company announced. The bylaw will provide that in uncontested elections director nominees must be elected by the majority of votes cast at the annual meeting of the shareholders of the Burbank-based entertainment and media company. Incumbent directors failing to receive a majority of votes would be required to offer a letter of resignation for consideration by the board which shall be required to act promptly. The company will adopt the bylaw in time to apply to the company’s 2008 annual meeting. The move was made due to a request from the Sheet Metal Workers National Pension Fund requesting the board initiate a process to amend bylaws to require majority voting.

Universal Studios Hollywood will eliminate all trans-fat food and introduce a healthier menu starting Sunday. The theme park will now offer healthy side choices for adults and children at most food units. Kid’s meals will now come with a choice of fruit or trans-fat-free fries. Adult meals will feature salads or the healthier french fries. The park expects to become completely trans-fat free by the end of 2007. “Providing our guests healthier options and trans-fat-free cooking is the right thing to do,” said Universal Parks & Resorts executive chef Steven Jayson, in a statement. “We want our guests to feel good about the food they eat when they visit our theme parks. And we know choice is important to them. That’s why our program is about choices rather than absolutes.” The new menu also applies to the Universal Orlando Resort in Florida also owned by NBC-Universal. Earlier this year, Burbank-based Walt Disney Co. announced it will also stop using trans-fat at its U.S. theme parks by the end of 2007 and will no longer license food containing it by 2008. The theme park chain Busch Gardens is also phasing out trans-fat and earlier this year the New York Board of Health voted to ban artificial trans-fat in restaurant food in that city.

Although the volume of home sales continued to slow in November, the majority of greater San Fernando Valley communities saw a continued escalation in home prices, in some cases experiencing double digit increases. The local trend is well ahead of statewide statistics which show that median home prices rose a mere 1.4 percent in November compared to the year-ago period, according to the California Association of Realtors. According to the data compiled for C.A.R. by DataQuick Information Systems, median home prices throughout the San Fernando Valley rose an average of 1.9 percent to $550,000 in November, with the Southeast Valley registering 3.2 percent gains in median home prices. But some area saw even bigger hikes. The median home price in Encino rose 37 percent to $750,000, the median home price in Canoga Park rose 19.3 percent to $540,000 and in Valley Village, prices rose 10 percent to $742,500, according to the research from DataQuick. In all 17 greater Valley communities saw home prices increase in the month while only 10 saw prices drop. The most significant decreases were felt in western submarkets, with home prices in Camarillo falling 17.3 percent to $578,250, prices in Moorpark sinking 10.6 percent to $611,250 and prices in Newbury Park decreasing 10.6 percent to $675,000. Other communities that saw prices fall included Agoura Hills, with a 5.8 percent decrease, Tarzana, with a 4.5 percent drop, and Northridge, where the median price of homes fell 3.2 percent in the month. Among the other gainers, Burbank home prices rose 6.1 percent, Reseda prices increased 6 percent and the median price of a home in the city of San Fernando rose by 7 percent. On a statewide basis, home sales dropped by 22.2 percent in November, but the association noted strong differences across the region in pricing. “Although the statewide median price is on track to post just under a 7 percent increase for the year, there is a mixed picture across the state, with more regions reporting year-to-year declines than increases at this point,” said Leslie Appleton-Young, chief economist for the group.

A state judge has cut short Mayor Antonio Villaraigosa’s plan to take some control of the Los Angeles Unified School District. The plan, passed in Assembly Bill 1381 earlier this year, would have shifted some control of certain underperforming schools away from the school board and to Villaraigosa starting Jan. 1. Superior Court Judge Dzintra I. Janavs ruled Thursday afternoon that the law was unconstitutional. The ruling is a major blow to Villaraigosa’s plan to reform the district, which has been the cornerstone of his term. One group that has also strongly advocated for reforms has been the Valley Industry and Commerce Association, which called for a breakup of the LAUSD into smaller districts of not more than 50,000 students. In a statement released after the Thursday ruling, VICA Chairman Robert Scott said the organization “remains committed to working with all officeholders towards meaningful reforms at LAUSD.” “To VICA, smaller school districts are still the best option, but we support the mayor’s efforts to play a wider role at LAUSD,” he said. Villaraigosa is expected to appeal the decision.

Electro Rent Corp. Thursday reported net income declined to $4.9 million or $0.19 per diluted share for the second quarter ended Nov. 30, 2006, compared to earnings of $5.6 million or $0.22 per share in the comparable period a year ago. Revenues at the Van Nuys-based company rose 12.6 percent to $31.5 million compared to $28 million for the second quarter of its last fiscal year. “Rental and lease revenue once again increased at a rapid pace, an encouraging sign that our growth initiatives in the U.S., China and Europe can deliver the results we anticipated,” said Daniel Greenberg, chairman and CEO. “We also remained committed to financing these initiatives in the short term in order to build a global operating platform that can sustain our growth for the long term.”

Universal City Studios Credit Union is expanding its headquarters operations. The credit union has acquired a 40,542-square foot building in Burbank for a new headquarters location. The credit union is open to employees of Universal Studios, DreamWorks SKG, USA Networks Inc. and subsidiaries and affiliates.

Raytheon Co., a defense contractor that has a service center at Van Nuys Airport, has sold its business jet division to a new company created by a private equity firm. Hawker Beechcraft Corp., a company formed by Goldman, Sachs and Onex Partners affiliate GS Capital Partners, will pay $3.3 billion for the division, which includes the Van Nuys asset. The facility provides maintenance and service for Raytheon aircraft in the field. The sale is expected to close in the first half of 2007. “The sale of the Raytheon Aircraft Co. further demonstrates our commitment to deliver on the company’s strategy of focusing on our core government and defense business and providing the best technology, solutions and mission support to our global customers,” Raytheon Chairman and CEO William H. Swanson said in a statement released Thursday. The transaction includes Raytheon facilities and other assets in Wichita and Salina, Kan., Little Rock, Dallas and the company’s fixed based operations in the United States, Mexico and the United Kingdom.

A 120-room Courtyard by Marriott has opened in Thousand Oaks. The three-story property at 1710 Newbury Road includes a 1,500-square-foot meeting space, restaurant, business center and lounge. Valencia-based Ocean Park Hotels is the developer and manager of the property. The company is also developing another hotel, TownePlace Suites Thousand Oaks, on a nearby parcel. It is expected to open next month. The Thousand Oaks Marriott is the latest in a number of Marriott properties opening in the Valley area. Earlier this month, the Hilton Burbank Airport & Convention Center was re-branded as the Marriott Burbank Airport Hotel and Convention Center while in downtown Burbank, crews are constructing a Marriott hotel on First Street.

Chatsworth-based Prolab Nutrition Inc. has inked an agreement to become the official sports drink of the Los Angeles Avengers, part of the arena football league. The company is owned by Natrol Inc., founded in 1980.

The Business Journal is accepting nominations for the fourth annual “40 under 40” awards to be presented Jan. 17 at the Beverly Garland’s Holiday Inn. The award, compiled through nominations from readers, business and community leaders, recognizes young business professionals who are making an impact in the San Fernando Valley area. To submit a candidate, download a form here and send to Staff Writer Chris Coates via e-mail at [email protected] or fax at (818) 676-1750. Nominees must be under 40 as of Jan. 17 and work in the Antelope, Conejo, Santa Clarita, San Fernando or Simi valleys. Those who received the award from 2003 to 2006 are not eligible. The deadline for submissions is Dec. 22. Those honored will also be profiled in a special report in the Business Journal’s Jan. 22 edition. For more information about the awards, click here.