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Apple: Shareholders did approve 'say on pay'

Company tells the SEC that an earlier filing had an incorrect vote tally and that shareholders did indeed OK a resolution on executive compensation.

Apple said Monday that its shareholders have approved a so-called "say on pay" proposal, contrary to the results it had reported earlier.

The company informed the Securities and Exchange Commission that a filing last week "incorrectly reported the voting percentages for shareholder-submitted proposals because abstentions were counted as 'No' votes." At Apple's February 25 shareholders meeting, shareholders had seemingly rejected a "say on pay" resolution that would have let them weigh in on policies regarding executive pay and compensation.

After a recount, Apple told the SEC on Monday, it turned out that a majority of votes had been cast in favor of the resolution, officially known as Shareholder Proposal No. 5 Regarding Advisory Vote on Compensation. The mistake in the earlier count was the result of human error, according to the company.

Shareholders should be able in 2010 to start telling Apple's board for the record what they think of executive compensation policies. "Apple is committed to implementing an advisory Say on Pay vote next year," the company said.

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