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.
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Joined: Apr 2009
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."