Apple shareholders vote down stock option grant, executive compensation changes

“Three failed shareholder proposals regarding executive compensation and options backdating at Apple won widespread support, according to a filing Thursday with the Securities and Exchange Commission,” Daniel Del’Re reports for TheStreet.com.

“While none of the proposals won a majority of votes at the company’s shareholder meeting in May, the strong showing underscores that investors’ concerns about how — and how much — executives are paid at the high-flying icon of the tech sector,” Del’Re reports.

“Over 41% of shareholders voted in favor of a proposal from the Amalgamated Bank LongView Collective to explicitly ban backdating of stock option grants. This was just shy of the 46% that voted against the measure. About 13% of shareholders abstained,” Del’Re reports.

“A second proposal, submitted by the International Brotherhood of Teamsters, would have created a tighter link between executive compensation and the company’s stock performance relative to its peers’ stocks. The measure won 38% support with only about 1% of shareholders abstaining, making it a clearer victory for management,” Del’Re reports.

“The third proposal, submitted by the AFL-CIO, would have given shareholders a nonbinding vote on executive pay packages at Apple’s annual meeting. The measure won more than 41% of the vote, with 47% of shareholders voting against it and 11% abstaining,” Del’Re reports.

“Apple’s management recommended voting against all three measures on grounds that they would inhibit the company’s ability to recruit and retain talented executives and engineers,” Del’Re reports. “Critics of the type of proposals that Apple faced amounted to shareholder attempts to micro-manage executives and boards.”

Full article here.

17 Comments

  1. WTF happened to AAPL today!? or the last few days for that matter… I bought in @ $124.00 and almost “gut feeling” sold @ $145.00 just before the iPhone release! Dam! Lesson learned: Screw the so called experts, and always trust my feelings… Last time I did act on my feelings I made nearly $8k on AAPL… Can’t really complain though, I’m still about up $12k this year alone. Love you Steve! X0X

  2. US shares have tumbled amid fears that problems in the mortgage market may prompt a global credit crunch.

    It wasn’t just AAPL having the problem. All major stocks have had a major sell off over the last few days.

    I have no sympathy for people who complain about their stock being down without looking at the stock market in general. Stop being narrow minded and start taking a better look at whole picture. Start watching CNBC or Bloomberg TV and people just might learn something.

  3. @ Cheeky

    I looked at the charts, the DOW was going down the whole day, however AAPL went into a giant tailspin about 2:45, which constituted the majority of its losses.

    Something looks fishy.

  4. People investing should look at macroeconomics. Apple vs market looks a good bet but the overall market looks really dodgy. How many dollars are being printed? They stopped releasing the figures.

    The currency markets know this, the stock markets don’t seem to have noticed.

  5. “Lousy union scumbags. Let’s see what THEIR slimey executives are making.”

    you’re changing the subject moron. also, its not normal for a male to admire another male to the extent of many on this site. repressed issues may be at play.

    steve is straight!

  6. Yeah, actually the Cheney secrecy policies leaking into the government’s Treasury Department, and the slow deterioration of the trustworthiness of their reporting of economic figures . . .is one of the most troubling aspects of this administration. In some cases, they changed the definition of the figures being reported without telling anyone. Yet these are the numbers that guide global markets. Open government isn’t only about accountability, it’s also about simply knowing where the f##% you are. I have a feeling that the global currency and debt markets don’t have a clue as to where we are right now . . . because in the last five years, the US government has begun to fudge a lot of facts.

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