Change may have come from persuasion by Calpers
[Updated with details, stock grants for BoD] Despite recommending (and obtaining) a "no" vote on a similar measure, Apple has updated its bylaws and now requires executive officers to hold at least three times their annual salary in AAPL stock, reports the Wall Street Journal. The rule adopted by Apple has significant differences from the proposal put forth at Apple's annual shareholder meeting, but embraces the same principle -- that executives (and in this case non-executive directors as well) need to be personally invested in the companies they manage.
Apple sued for fraud
A lawsuit was brought against several key Apple executives on Friday, accusing CEO Steve Jobs and several others of fraud, in relation to the stock option backdating scandal in recent years. According to a filing with the US District Court in San Jose, Jobs stands with former financial officer Fred Anderson, as well as Nancy Heinen, William Campbel, Millard Drexler, Arthur Levinson, and Jerome York, in addition to the company itself.
Apple expands board to 12
Apple recently expanded its executive board from 10 to 12 members, adding to the board a senior vice president of Mac hardware development, and a senior vice president of iPhone software. AppleInsider reveals that the iPhone position was filled by Scott Forstall – formerly the president of iPhone software – while Bob Mansfield was elected to fill a void created by Tim Butcher, who left his position as the Mac development lead in 2004.