“The move, which hasn’t previously been reported, came even though a month earlier Apple’s board urged shareholders to oppose a very similar corporate-governance measure proposed by a shareholder,” Lessin and Lublin report. “Apple’s new executive-stock-holding requirement was implemented Feb 6., according to a notice of the policy under a ‘corporate governance’ tab on its website. The date was about a month after the company issued its proxy statement and three weeks before Wednesday’s annual meeting. The California Public Employees’ Retirement System, the biggest U.S. public pension fund, had been lobbying in favor of the change.”
Lessin and Lublin report, “Apple’s new policy requires executive officers to hold three times their annual base salary in stock, and executives have five years to satisfy it. The document also restates the company’s existing policy of requiring the CEO to hold 10 times his annual base salary and directors to hold five times their annual retainer, policies that were both mentioned in the January proxy. Board members’ retainers start at $50,000 a year, and certain committee chairs earn more.”
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