Apple CEO and new Walt Disney director Steve Jobs has turned down his fee for joining the Disney board.

As a board member he is entitled to a $65,000 salary for being on the board. His request not to take payment meant that Disney had to change its director compensation policy to accommodate Jobs' request.

Jobs favours taking stock options instead of a regular fee, tying his personal success up with that of the company he works for.

He joined the Disney board in May. He became the company's largest individual shareholder following the completion of Disney's purchase of animation firm Pixar which Jobs owned. He now holds a $3.9 billion stake in Disney in the form of 138 million shares in the company.