Will Apple Shareholders Get These Answers?
Next week’s earnings report from Apple (NASDAQ:AAPL) is being called the most important in years for the company, but its annual shareholders meeting, set for next month, does not come with any less consequence. The meeting will take place at 9 a.m. PT on February 27 at Apple’s campus in Cupertino, California, according to a filing with the U.S. Securities and Exchange Commission, and will allow in all holders of the company’s stock as of January 2, 2013.
Among the issues up for discussion at the meeting, as reported by AppleInsider, are the election of the company’s board of directors, the ratification of Ernst & Young as its independent accounting firm, an advisory vote for executive compensation, and two shareholder proposals.
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The first shareholder proposal is regarding company compensation and asks that all senior executives retain a “significant percentage” of their stock awards earned through equity pay programs until they retire. This will motivate a higher level of performance that ensures future success for the company as a whole, the proposal adds.
The proposal specifically mentions the “mega grant” of one million restricted stock units received by chief executive Tim Cook that held a grant date value of $376 million. Half of those shares were set to vest in five years and the rest in ten years, but such a system has no future performance requirement, the proposal argues.
The company’s board, according to AppleInsider, disagrees with the proposal.