“Apple Inc. on Monday released its annual proxy statement, which came out with a proposal by two shareholders groups that would alter how stock-option prices are determined for senior Apple executives,” Rex Crum reports for MarketWatch.
Crum reports, “The proposal — sponsored by the New York-based Amalgamated Bank LongView Collective Investment Fund and the Connecticut Retirement Plans and Trust Funds, of Hartford, Conn. — calls for any standard options granted to senior Apple executives to be given an exercise price that is equal to the average opening and closing prices of Apple stock on the day that the options are given. The measure also calls for any grant dates in a fiscal year to be disclosed in advance.”
“Apple said it opposed the proposal, arguing that it doesn’t apply to the company’s current equity-compensation practices. Apple also said that it hasn’t granted any options to senior management since 2003, and has instead given such officials restricted stock grants that don’t have an exercise price,” Crum reports. “The company added that its shareholders would vote on the measure, five other shareholder proposals and four company-sponsored items, as well as elect Apple’s board of directors at the annual meeting, scheduled for May 10 at its Cupertino, Calif. headquarters.”
Full article here.