Apple Sets Feb. 25 For Annual Shareholders Meeting
10:14 am, January 13th, 2010, Ed Sutherland
Apple announced it will hold its annual shareholders meeting on February 25. It will be the first since 2009, when CEO Steve Jobs didn’t appear due to health reasons. The company Tuesday urged shareholders reject several environmental-centered proposals and will amend its policy to allow greater executive compensation.
Although Jobs will take his usual $1 annual salary, he has 5.5 million Apple shares, outdistancing other executives. The Apple co-founder will receive $4,000 in compensation for using his private jet in 2009 for business. The amount is a far cry from previous years. In 2008, Jobs received $871,000 in compensation for using his Gulfstream. In 2007, the Apple leader received $776,000 for business-related private flights.
The company also announced it will oppose two shareholder proposals asking Apple provide greater environmental information. The group As You Sow wants Apple to prepare a report on how the company is working toward sustainability , greenhouse emissions and worker safety.
Citing similar reports from Dell, HP and IBM, the group said Apple “lags behind global industry peers on sustainability.” The Cupertino, Calif. responded, saying the request for transparency “far exceeds that of other companies in the industry. The company is already substantially fulfilling – and in many ways exceeding – the request for information” in the proposal.
Ironically, Al Gore – who won a Nobel Peace Price for his work on the environment – is one of seven Apple board members seeking reelection.
Apple also urged shareholders reject another proposal that would create a board committee on sustainability. The group would monitor natural resource limits, energy use, disposal of waste and climate change. The company said it already is able to make decisions on health and safety matters.
The company is also seeking changes in its 2003 Employee Stock Purchase Plan allowing 36 million more Apple shares be available for executive compensation.
In 2009, the annual shareholders meeting was a raucous event with talk of election-year conspiracies and questions of Jobs’ health mixed with the audience singing “Happy Birthday” to the CEO.
[Apple Proxy Statement, 9to5Mac]
Posted by Ed Sutherland in News | Comment on this article
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The first since 2009? Isn’t that implied by the term “annual”?
Damien, on January 13th, 2010 at 12:23 pm
$4000? that doesn’t seem right !
Premal Shah, on January 13th, 2010 at 12:39 pm
Damien I was thinking the same thing.
Charli, on January 13th, 2010 at 2:23 pm
Moxy Vote launched a new tool at http://www.moxyvote.com that allows retail investors to make informed decisions on their proxy votes. Two advocates on Moxy Vote are supporting the sustainability resolutions on Apple. Details at: http://www.moxyvote.com/ballots/aapl
Moxy Vote is a neutral platform that is just trying to get retail investors to vote their proxies. The site is cool because investors can link their brokerage accounts to the site and align them with like-minded advocates. That way, shares will be voted automatically.
Moxy Vote, on February 18th, 2010 at 9:01 am