Tech giant Apple Inc's (NASDAQ:AAPL) annual shareholder meeting was held virtually Friday and here are the key takeaways from the meeting.
Out of the 10 proposals put to vote at the meeting, including four from Apple and the remaining six from shareholders, eight proposals received majority votes along the lines of the company's recommendation.
CEO Compensation Package Gets Nod: Ahead of the meeting, opposition to CEO Tim Cook's fat pay package was rising, with proxy advisory firm Institutional Shareholders Services recommending against approval. Norway's Government Pension Fund Global, aka Oil Fund, also communicated last week it would cast a negative vote on the proposal.
The proposal to approve the executive compensation plan, however, was approved by a majority vote of 64.4%, Reuters reported.
Related Link: Apple Confirms March 8 'Peek Performance' Launch Event: Here's What Investors Should Expect
Civil Rights Proposal, Concealment Clause Get Shareholder Backing: Apple shareholders rejected the company's recommendations against a "civil rights audit," and voted for the proposal. They called upon the board to conduct a third-party audit on the company's civil rights policies and practices.
Shareholders also voted in favor of the proposal for reporting of concealment clauses by Apple, although it squeezed through by a narrow margin. Apple will now be required to make available to the public a report on how it uses concealment clauses in employment contracts, especially with respect to discrimination and harassment.
A majority of shareholders, however, aligned with Apple in voting against proposals to revise transparency reports, reporting on forced labor, reporting on the median gender/racial gap and amending articles of incorporation for the company to become a social purpose corporation.
Among Apple's proposals, shareholders approved the election of its board of directors, the appointment of Ernst & Young as its audit firm and an omnibus stock plan.
Apple shares closed Friday's session at $163.17, down 1.84%.
Related Link: Apple Analyst: Russian Sales Ban Signals Industrywide Trend
Photo: Courtesy of Mike Deerkoski on Flickr
