Apple shareholders want input on executive compensation
At annual meeting, Apple shareholders approve non-binding resolution that would give them a "say on pay."
CUPERTINO, Calif.--Apple shareholders approved a non-binding resolution Tuesday asking the board of directors to give shareholders input on executive compensation.
Preliminary results of the voting were not immediately available following the close of Apple's annual meeting of shareholders, but the proposal required a simple majority to pass. Another shareholder proposal to create a board committee on sustainability and environmental protection was rejected.
Scott Adams, representing the AFL-CIO, urged shareholders to demand a "say on pay," bemoaning the runaway surge in executive compensation. "The U.S. system for paying the CEO is broken," he said.
Later, during an open question-and-answer session, Apple CEO Steve Jobs joked, "I'm hoping the say on pay proposal will help me with my dollar a year." Jobs draws just $1 dollar a year in salary, but is a major shareholder in the company and tends to receive other forms of compensation, such as stock grants. Last year Apple said it.
Apple had no immediate comment on the approval of the non-binding resolution.