Tuesday, March 4,2008 @ 5:10pm
Shareholders approve 'say on pay' proposal
Apple shareholders today approved a non-binding resolution requesting the board of directors to provide shareholders with input on executive compensation. The proposal required a majority of votes from shareholders to pass, while another shareholder proposal to create a board committee on sustainability and environmental protection was rejected, according to News.com. Scott Adams, who represents the AFL-CIO, asked shareholders to demand a "say on pay" as a result of uncontrolled executive compensation.
"The U.S. system for paying the CEO is broken," Adams said.
Company CEO Steve Jobs quipped during an open question-and-answer session at the meeting: "I'm hoping the say on pay proposal will help me with my dollar a year."
Jobs' compensation as CEO of Apple is just $1 per year, a move that was enacted after reports surfaced on his prior status as the most well-payed CEO. Jobs receives stock grants as another form of compensation, however, and is a major shareholder of Apple Inc.