macnn
03/04/2008, 5:10pm, EST
Tuesday, March 4th
Shareholders approve 'say on pay' proposal
Apple shareholders today approved a non-binding resolution requesting the board of directors to provide shareholders with input on executive compensation. The proposal required a majority of votes from shareholders to pass, while another shareholder proposal to create a board committee on sustainability and environmental protection was rejected, according to News.com. Scott Adams, who represents the AFL-CIO, asked shareholders to demand a "say on pay" as a result of uncontrolled executive compensation.
"The U.S. system for paying the CEO is broken," Adams said.
Company CEO Steve Jobs quipped during an open question-and-answer session at the meeting: "I'm hoping the say on pay proposal will help me with my dollar a year."
Jobs' compensation as CEO of Apple is just $1 per year, a move that was enacted after reports surfaced on his prior status as the most well-payed CEO. Jobs receives stock grants as another form of compensation, however, and is a major shareholder of Apple Inc.
Filed under: Investor, Apple
Other story tags: shareholders
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Heaven forbid the owners of a company have a say in how the company operates or compensates its people.
I also voted NO to Bill Campbell, but that probably didn't help any. How people can leave him on the board when his company is so mac-unfriendly is completely beyond me.
BTW, the article is wrong. Jobs' $1 salary was not put in place "after reports surfaced on his prior status as the most well-payed CEO." He's always been paid $1. His most well-payed part comes from his bonuses, plane, etc. (which is where most of the compensation given to CEOs come from).