Apple shareholders reject CEO succession proposal

A plan for Apple's board to disclose a CEO succession planning policy in writing is rejected

Apple's shareholders rejected a proposal in which the company would have to adopt and disclose its CEO succession planning policy.

The proposal called for Apple's board of directors to amend the company's corporate governance policy to adopt a CEO succession planning policy, and to annually produce a written report on the plan.

There was a large shareholder turnout at the Apple annual shareholder meeting in Cupertino, California, but the succession planning proposal was rejected, said Clark McKinley, a spokesman for CalPERS, a public pension fund that holds Apple stock, and whose members were at the meeting. CalPERS, which holds approximately US$229 billion in assets, was in favor of the adoption and disclosure of a CEO succession planning policy.

"Apple is a great company that we're pleased to have in our portfolio. But great and smart companies also should have transparent succession plans for their owners," McKinley said.

The proposal was initially put forth by Central Laborers' Pension Fund and was supported by multiple organizations including Laborers' International Union of North America (LIUNA). The organizations said shareholders needed to know that a succession plan was in place in case of an emergency. Apple however recommended that shareholders vote against the proposal, saying it would expose confidential information to competitors, which was not in the best interest of the company and its shareholders.

The vote came in the wake of Apple's announcement in January that CEO Steve Jobs was taking medical leave of absence for unspecified reasons. Jobs has taken multiple leaves of absence, and the company has mostly held back information related to his health, which has been of increasing concern to shareholders. The proposal was put on the ballot prior to Apple's announcement Steve Jobs' indefinite leave of absence.

Join the newsletter!

Or
Error: Please check your email address.
Rocket to Success - Your 10 Tips for Smarter ERP System Selection

Tags business issuesApplepersonnel

Keep up with the latest tech news, reviews and previews by subscribing to the Good Gear Guide newsletter.

Agam Shah

IDG News Service
Show Comments

Essentials

James Cook University - Master of Data Science Online Course

Learn more >

Mobile

Victorinox Werks Professional Executive 17 Laptop Case

Learn more >

Exec

Budget

Back To Business Guide

Click for more ›

Brand Post

Most Popular Reviews

Latest Articles

Resources

PCW Evaluation Team

Andrew Teoh

Brother MFC-L9570CDW Multifunction Printer

Touch screen visibility and operation was great and easy to navigate. Each menu and sub-menu was in an understandable order and category

Louise Coady

Brother MFC-L9570CDW Multifunction Printer

The printer was convenient, produced clear and vibrant images and was very easy to use

Edwina Hargreaves

WD My Cloud Home

I would recommend this device for families and small businesses who want one safe place to store all their important digital content and a way to easily share it with friends, family, business partners, or customers.

Walid Mikhael

Brother QL-820NWB Professional Label Printer

It’s easy to set up, it’s compact and quiet when printing and to top if off, the print quality is excellent. This is hands down the best printer I’ve used for printing labels.

Ben Ramsden

Sharp PN-40TC1 Huddle Board

Brainstorming, innovation, problem solving, and negotiation have all become much more productive and valuable if people can easily collaborate in real time with minimal friction.

Sarah Ieroianni

Brother QL-820NWB Professional Label Printer

The print quality also does not disappoint, it’s clear, bold, doesn’t smudge and the text is perfectly sized.

Featured Content

Latest Jobs

Don’t have an account? Sign up here

Don't have an account? Sign up now

Forgot password?