Apple 2013 Shareholder's Meeting: Directors Reelected, Company Working on 'New Categories'

[MacRumors]

Apple's annual shareholder's meeting took place at the company's Cupertino campus this morning. The meeting is held to allow shareholders to address corporate officers and to handle certain corporate business like reelecting the board of directors and voting on certain proposals.

According to CNBC's Jon Fortt, preliminary results show all directors reelected, Apple's accounting firm was approved, a non-binding advisory vote on executive compensation passed, a proposal to require executives to hold 33% of their stock awards until retirement was defeated, as was a proposal to create a Human Rights board committee. The full text of the proposals are available in Apple's proxy statement. Tim Cook received 99.1% investor approval.

The run up to this year's meeting was more contentious than most. A judge blocked the vote on one of Apple's proposed changes following a lawsuit by a major Apple shareholder. He ruled that three separate proposals had been bundled together, when they should be voted on individually.

During the Q&A portion, Apple CEO Tim Cook said he knows shareholders are "disappointed" by its share price, and that focus should be on the long term, with revenue and profits following. Additionally, Cook said that Apple is working on "new categories" but wouldn't comment on anything specifically.

Cook confirmed that the plans for Apple's new "spaceship" campus are slightly delayed, with a move-in date around 2016, as was previously reported. He reiterated that Apple is "seriously considering" the issue of returning more cash to shareholders.

Last year's meeting did not result in any significant changes for the company. Apple's stock price jumped yesterday on a rumor that Apple would announce a stock split today, but that did not come to fruition.

Article Link: Apple 2013 Shareholder's Meeting: Directors Reelected, Company Working on 'New Categories'

 

[ECUpirate44]

I'll believe the "new categories" claim when I see blurry pics from China.

 

[Tankmaze]

Hmmm, new category ey? TV maybe?

 

[Nunyabinez]

I hope there is some investigation into the analyst that pumped the stock with his split rumor. I'll bet he made a bunch of money off the bump that happened after he said that.

 

[iMikeT]

A defeat of a "Human Rights" committee? What's that say about the way shareholder's view of rights of the people?

 

[needfx]

where can I get the podcast of the meeting?

 

[madsci954]

Additionally, Cook said that Apple is working on "new categories"

Hmmm...
<checks watch>
I wonder what's on TV right now

 

[0029937]

Speaking of new categories. I was thinking of this iWatch thing as my battery just died in my watch and I was considering if I should get it replaced or buy a brand new watch. Then I thought, well what about an Apple watch. At first I thought "no way, I'd feel like a dork wearing a 'smart' watch" but this article came to mind: https://www.macrumors.com/2013/02/25/myo-armband-to-bring-gesture-and-muscle-recognition-control-to-macs/ and then it hit me. Wow, the potential to have a smart watch with gesture based controls to control a TV would insane. You wouldn't need a remote anymore... your hand would be the remote!

 

[NutsNGum]

A defeat of a "Human Rights" committee? What's that say about the way shareholder's view of rights of the people?

That's really for the country in which the workers are employed's job. Apple aren't the UN.

The most they can really do is put a bit of pressure on Foxconn.

 

[Yelmurc]

Let the speculation on new categories begin!!

 

[Rogifan]

A defeat of a "Human Rights" committee? What's that say about the way shareholder's view of rights of the people?

Why does a company a a human rights committee? What's the point of it? Should we ask every other company that manufacturers products in Asia to implement a human rights committee at their company?

 

[samcraig]

No matter how ya slice it - Watches and TVs aren't new categories. Maybe new to Apple. Not to civilization.

 

[chakdey]

This shareholder meeting did not tell us anything new. It was like a repeat of the "Goldman Sachs Technology and Internet Conference".

 

[Peace]

No matter how ya slice it - Watches and TVs aren't new categories. Maybe new to Apple. Not to civilization.

Don't think Cook said Apple was adding new product categories for the good of civilization.

 

[Rogifan]

No matter how ya slice it - Watches and TVs aren't new categories. Maybe new to Apple. Not to civilization.

Neither are glasses or aluminum laptops with hi res displays. Or cheap phones and tablets.

 

[IJ Reilly]

I hope there is some investigation into the analyst that pumped the stock with his split rumor. I'll bet he made a bunch of money off the bump that happened after he said that.

The evidence of a connection is nil to nothing, and people who trade on nonevents (or in this case, rumors of nonevents) get what they deserve.

----------

This shareholder meeting did not tell us anything new. It was like a repeat of the "Goldman Sachs Technology and Internet Conference".

They never do.

 

[MichaelJohnston]

Ok, so... Mac OS X 10.8.3 now?

 

[rudychidiac]

Don't think Cook said Apple was adding new product categories for the good of civilization.

Well said!

 

[iMikeT]

Why does a company a a human rights committee? What's the point of it? Should we ask every other company that manufacturers products in Asia to implement a human rights committee at their company?

Not having a committee would contradict the so-called "self-regulation" that free marketeers always espouse.

There's nothing but inconsistency here. There are those that call for less government intervention when it comes to regulation and that corporations can regulate themselves. But when a corporate entity does try to regulate itself, it gets defeated by its shareholders.

Talk about having your cake and eating it too.



*Full disclosure, I am currently holding a long position in AAPL.

 

[IJ Reilly]

Talk about having your cake and eating it too.

I think the expression you might be reaching for is "let them eat cake."

 

[samcraig]

Don't think Cook said Apple was adding new product categories for the good of civilization.

Never said anything about "for the good" just stated that watches and TVs aren't new categories

Neither are glasses or aluminum laptops with hi res displays. Or cheap phones and tablets.

Never said any of those were new categories either.

 

[Rogifan]

Not having a committee would contradict the so-called "self-regulation" that free marketeers always espouse.

There's nothing but inconsistency here. There are those that call for less government intervention when it comes to regulation and that corporations can regulate themselves. But when a corporate entity does try to regulate itself, it gets defeated by its shareholders.

Talk about having your cake and eating it too.



*Full disclosure, I am currently holding a long position in AAPL.

Not sure what you mean. Apple was against this proposal.

 

[rritterson]

Tim Cook received 99.1% approval.

FWIW, I voted against reelecting him as a director not because I disapprove of his performance but because I believe a CEO should not simultaneously serve as a board member. I always voted against Steve Jobs for the same reason. (At least Tim Cook is not chair of the board)

 

[jsadwith]

This shareholder meeting did not tell us anything new. It was like a repeat of the "Goldman Sachs Technology and Internet Conference".

That's because it was a shareholder meeting, not a product release.

 

[Rogifan]

Never said anything about "for the good" just stated that watches and TVs aren't new categories



Never said any of those were new categories either.

Well Wall Street and the tech press sure seem to be getting an erection over them as if they were.