toggle

AAPL Stock: 113.99 ( + 1.98 )

Printed from http://www.macnn.com

Apple reverses course on key shareholder proposal

updated 09:50 am EDT, Mon April 27, 2009

Apple reverses SEC filing

Apple has submitted a major correction to an SEC filing, one which could substantially alter the company's financial future, an announcement reveals. The corrected document is a 10-Q form, which includes the results of voting on various shareholder proposals. The tallies in the original 10-Q were inaccurate, Apple now admits, because a mistake from someone working on its behalf counted abstentions as "no" votes.

While leaving most proposals unaffected, the new form reverses the outcome for Proposal No. 5, demanding a shareholder advisory vote on executive pay. The so-called "Say on Pay" measure has been adopted, and is expected to be implemented for a vote in 2010. Apple notes that it has little objection, as it predicts that new regulations will require all public companies to follow suit in the near future. The measure may however have significant impact on the company's course, putting reins on exorbitant salaries, or helping to aid or hamper executive recruitment.




by MacNN Staff

POST TOOLS:

TAGS :

toggle

Comments

  1. entaco

    Joined: Dec 1969

    +7

    financial future?

    This proposal gives a nonbinding advisory vote by shareholders on compensation, which the company may choose to accept or ignore. It won't "substantially alter the company's financial future."

  1. climacs

    Joined: Dec 1969

    +2

    it would be nice

    if we could get a link to the document where this story came from.

    Apple has submitted a major correction to an SEC filing, one which could substantially alter the company's financial future, an announcement reveals.

    where's the announcement???

  1. testudo

    Joined: Dec 1969

    +1

    two things

    Apple reverses course on key shareholder proposal

    Actually, Apple didn't reverse course. That would imply the company decided to make the change. What they did was corrected an error in the vote counting, and had to update its filings accordingly.

    Apple notes that it has little objection, as it predicts that new regulations will require all public companies to follow suit in the near future.

    Yes, so little objection that they suggested/urged stockholders to vote "No" on this proposal.

    Oh, and what entaco said.

  1. galley

    Joined: Dec 1969

    +4

    shareholder proposals

    "Yes, so little objection that they suggested/urged stockholders to vote "No" on this proposal."

    I don't think I've ever seen a proxy form from any company where the board recommended voting YES on a shareholder proposal. I suppose that if they were in favor of it, they would have proposed it themselves.

Login Here

Not a member of the MacNN forums? Register now for free.

toggle

Network Headlines

toggle

Most Popular

MacNN Sponsor

Recent Reviews

DoxieGo Portable Scanner

Sometimes, people need to scan things, but having a computer at hand to do so isn't exactly feasible. Maybe it's the home of a relat ...

Dell AD211 Bluetooth speaker

For all of the high-priced, over-engineered Bluetooth speakers in the electronics market, there is still room for mass-market solution ...

VisionTek 128GB USB Pocket SSD

USB flash drives dealt the death blow to both the floppy and Zip drives. While still faster than either of the old removable media, sp ...

toggle

Most Commented