Apple today held its 2011 annual shareholders meeting at its campus in Cupertino, CA. Among the items up for vote was a shareholder proposal, backed by Institutional Shareholder Services (ISS) and the Laborers’ International Union of North America, that would require the company’s board of directors and CEO to annually update and disclose a CEO succession plan. The proposal was opposed by Apple, and was today voted down by shareholders. Another shareholder proposal opposed by Apple, changing the election process of the board from a plurality vote to a majority vote, passed, however; the shareholders also re-elected all seven board members. Notably, Apple CEO Steve Jobs, who took a medical leave of absence earlier this year, did not attend the meeting.
Apple shareholders reject CEO succession plan proposal
Charles Starrett was a senior editor at iLounge. He's been covering the iPod, iPhone, and iPad since their inception. He has written numerous articles and reviews, and his work has been featured in multiple publications.