The Walt Disney Company will continue to combine the roles of chairman and the chief executive officer of the Walt Disney Company after shareholders at the company's annual meeting Wednesday rejected a proposal to separate the two posts.

Bob Iger currently holds the offices.

The debate came after the Connecticut Retirement Plans & Trust Funds proposed limiting his roles in order to ensure better corporate governance.

That proposal was backed by another high-profile pension fund, CalSTERS, as well as PGGM Investments, and proxy advisory services ISS and Glass Lewis.

CalSTERS CEO Jack Ehnes told CNBC [4] that Iger was a slave to two masters in his current capacity.

"It is the job of the CEO to manage the company, and it's the job of the chairman of the board to protect the interests of the shareholders," Ehnes said.

Iger assumed the dual roles in 2012 after Disney outlined a succession plan that calls for him to step down from his CEO duties in March 2015. The proposal from the Connecticut Retirement Plans & Trust Funds called for separating the chairman and CEO roles after he steps down from the company, according to the Wall Street Journal. [5]

In addition, shareholders at the meeting elected all 10 members of the Disney's board of directors, a group that includes Facebook COO Sheryl Sandberg and former Starbucks CEO Orin C. Smith.

It also approved the company's executive compensation plan. Last year, Iger earned $40 million in salary, stock awards and bonuses, according to Reuters [6].

For the record: An earlier version of this article mistakenly said that Iger would have been forced to give up one of his two jobs if the proposal passed.