8-KShareholder Matters

Apple Inc. 8-K Report, Shareholder Vote Results (Feb 24, 2011)

Filed February 24, 2011For Securities:AAPL

Summary

This Form 8-K from Apple Inc. reports the outcomes of its Annual Shareholder Meeting held on February 23, 2011. The primary focus for investors is the shareholder votes on various proposals, including the election of directors, ratification of the independent auditor, advisory votes on executive compensation, and shareholder proposals concerning corporate governance. The results indicate strong shareholder support for management's proposed actions, such as ratifying Ernst & Young LLP as the auditor and the advisory vote on executive compensation, which will be held annually. Additionally, shareholders elected all nominated directors, with significant support for each nominee. This meeting's outcomes generally signal shareholder confidence in Apple's current leadership and corporate governance practices.

Key Highlights

  • 1All incumbent directors were elected to serve a one-year term.
  • 2Ernst & Young LLP was ratified as Apple's independent registered public accounting firm for fiscal year 2011 with overwhelming support.
  • 3Shareholders approved an advisory vote on executive compensation, with the company determining to hold this vote annually based on the results.
  • 4A shareholder proposal to adopt a majority voting standard for director elections was approved.
  • 5A shareholder proposal to amend corporate governance guidelines to adopt and disclose a written CEO succession planning policy was not approved.
  • 6The filing confirms the date of the Annual Meeting of Shareholders as February 23, 2011.

Frequently Asked Questions

The main topics voted on included the election of directors, ratification of the independent auditor (Ernst & Young LLP), an advisory vote on executive compensation, the frequency of future advisory votes on executive compensation, and two shareholder proposals concerning CEO succession planning and majority voting for director elections.

All seven nominated individuals, including Steven P. Jobs, were elected to the Board of Directors for one-year terms with substantial 'For' votes, indicating strong shareholder confidence in the current board.

Shareholders approved the advisory vote on executive compensation. Based on the significant support, Apple's Board determined that the company will hold an advisory vote on executive compensation every year.

One shareholder proposal, 'Adopt a Majority Voting Standard for Director Elections,' was approved. The other shareholder proposal, 'Amend the Company’s Corporate Governance Guidelines to Adopt and Disclose a Written CEO Succession Planning Policy,' was not approved.