Apple’s recently filed quarterly report incorrectly reported voting percentages for Say on Pay from many shareholder proposals because it counted abstentions as “No” votes. Say on Pay asks the board to give shareholders an advisory vote on executive compensation.
Apple’s first announcement claimed that the proposal they submitted to the Securities and Exchange Commission failed to get support at a shareholder meeting. After the original filing, they learned the proposal was approved by the majority – approximately 52% of the voters.
“The Compensation Committee of Apple’s Board of Directors has been closely following the Say on Pay issue and anticipates that new laws or regulations will require some form of Say on Pay vote at all public companies in the near future,” Apple said in their press release. “Even if that does not occur, Apple is committed to implementing an advisory Say on Pay vote next year.”
Apple shares rose 56 cents to $124.46 in afternoon trading Monday.
Read the full press release from Apple.
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