Apple Inc., at its annual meeting with shareholders, “passed a resolution in favor of an annual advisory vote by shareholders on executive compensation,” Scott Hillis reports for Reuters.
“The proposal had been opposed by the board of directors. It urged the board to put up to shareholders a nonbinding resolution each year regarding pay of top executives,” Hillis reports.
Full article here.
Earlier today, The Associated Press reported that Proxy advisory firm Glass Lewis & Co. supported the “shareholder proposal that would allow holders to ratify executive compensation each year. Apple opposes that proposal, which was made by the AFL-CIO Reserve Fund in response to concerns about the Apple’s backdated stock option practices.”
Full article here.