Apple CEO Tim Cook will earn considerably less in 2023 than he did in the last two years. The pay cut comes at the recommendation of the company as well as Cook himself. And it was approved Friday at Apple’s annual shareholder’s meeting.
In addition, five proposals made by shareholders for changes at the company were also voted down at the meeting.
Apple CEO Tim Cook had a meeting today with his many bosses: Apple shareholders. He answered questions about dividends, COVID-19 and more.
And a vote at the Apple 2022 shareholders meeting requires the Board of Directors to carry out an audit of the company’s civil rights policies. But several other proposals were voted down.
Apple shareholders voted Friday to require an audit looking into whether the company’s policies have a negative impact on the civil rights of its employees and customers.
Apple’s Board of Directors opposed the idea, claiming the company is already committed to respecting civil rights.
Apple CEO Tim Cook is very upbeat about where his company is going. He told investors today that upcoming Apple products will “blow you away.”
Cook also indicated that Apple’s magic pipeline isn’t just brining more of the same. Cupertino is branching out.
A handful of Apple shareholders argued today that the company’s board of directors needs more conservative voices.
CEO Tim Cook responded that Apple has policies, not political beliefs. And a vote on the conservative proposal found very little support.
Investors rushed to buy Apple stock today, pushing the share price up almost 6 percent. That added a whopping $55 billion to the company’s market capitalization.
Apple is still a bit short of the much-hyped $1 trillion valuation, but moved noticeably closer today.
Apple has been treading lightly with Wall Street in recent months. The company’s stock has continued to nosedive despite reporting record earnings for the last quarter. Many investors have been urging Apple to do something with its $137 billion cash hoard. Shareholders want a return on their investments.
Greenlight Capital, a prominent and influential Apple investor, has called Apple out for its proposal to eliminate preferred stock. Apple started paying a quarterly dividend of $2.65 per share last year, but investors want something more substantial. Greenlight Capital’s David Einhorn believes that “preferred shares would be a way to reward investors without putting the company at risk.”
Apple has officially responded with a press release:
Apple shareholders have voted down a proposal that would have required Apple to disclose Steve Jobs’ succession plan.
The vote came at Apple’s annual meeting today. The proposal was brought by the Laborers’ International Union. Apple’s board also opposed.
Apple has said in the past that it has executive succession plan, though it hasn’t revealed what that plan is.
Steve Jobs wasn’t present at today’s meeting. He continues his indefinite medical leave. This is only the second time in a decade he has missed the annual event.
All Things D: Apple Shareholders Reject Proposal to Disclose Succession Plan
