Apple Corrects 10-Q SEC Filing, Announces Shareholder Approval of 'Say on Pay' Proposal

[MacRumors]

Apple today announced that it has filed an amended Form 10-Q with the U.S. Securities and Exchange Commission, correcting errors in the reported vote totals for shareholder-submitted proposals at its most recent annual shareholder meeting.

Last week's filing incorrectly reported the voting percentages for shareholder-submitted proposals because abstentions were counted as "No" votes. Very shortly after the original filing, the company learned that these votes had been incorrectly tallied and an internal investigation confirmed the mistake was due to human error, which Apple regrets. Today's amendment correctly reports the voting results.

The correction affected the outcome of one shareholder-submitted proposal, known as "Say on Pay," which successfully passed with approximately 51.63% of votes cast under corrected counting procedures.

As a result of the corrected vote count, Shareholder Proposal No. 5 Regarding Advisory Vote on Compensation, known as "Say on Pay," was approved with a majority of votes cast. The Compensation Committee of Apple's Board of Directors has been closely following the Say on Pay issue, and anticipates that new laws or regulations will require some form of Say on Pay vote at all public companies in the near future. Even if that does not occur, Apple is committed to implementing an advisory Say on Pay vote next year.

As noted in shareholder materials for the annual meeting, the "Say on Pay" proposal, will allow shareholders to cast advisory votes regarding compensation for Apple's senior management at each annual meeting. The referendums would be non-binding, but would allow shareholders a greater voice in communicating with Apple management. Apple had formally opposed the proposal as an ineffective means of offering shareholder input.

Executive compensation has become a popular topic among shareholders throughout the corporate world, with several countries recently passing laws requiring such opportunities for shareholders and the U.S. considering similar legislation.

Article Link: Apple Corrects 10-Q SEC Filing, Announces Shareholder Approval of 'Say on Pay' Proposal

 

[gmcalpin]

<sarcasm>Oh no! However will Apple recruit the best and brightest executives now?!</sarcasm>

 

[twoodcc]

glad they got the votes right. better late than never

 

[alphaod]

So shareholders have rights now?

 

[rhett7660]

So shareholders have rights now?



We need the ability to vote a poster to become a miserable user

What rights are you referring to? Shareholders can always use proxy votes etc for voting on items that are put up to vote for shareholders.

 

[hitekalex]

10-Q SEC filing has been corrected?? You don't say.. When did the corporate process minutiae become worthy of 1st page news?

 

[rhyx]

10-Q SEC filing has been corrected?? You don't say.. When did the corporate process minutiae become worthy of 1st page news?

Say on Pay is actually a very big deal.

 

[amk29j]

Say on Pay is actually a very big deal.

It might be a big deal for a shareholder, but it's not a big deal to the average Apple consumer who is mostly following their product line. This is really not relevant to me and probably most people. It's not worthy for Page 1.

 

[Le Big Mac]

Say on Pay is actually a very big deal.

Or at least its ratification by shareholders is.

I had several proxies this year with the proposal, all had management against and at least one noted that similar proposals were on lots of corporate annual agendas.

 

[michael.lauden]

It might be a big deal for a shareholder, but it's not a big deal to the average Apple consumer who is mostly following their product line. This is really not relevant to me and probably most people. It's not worthy for Page 1.

i'd probably agree - but this is probably a bigger deal for Apple - which is what MacRumors covers

 

[anubis]

Not sure why this is front page news... a slight error in a 10-Q filing that has very little to no impact on Apple, its day to day operations, and most importantly, the Macrumors community

 

[motoracer1486]

Page 1 = Macrumors fail

 

[jbernie]

Not the end of the world but newsworthy regardless given the backlash against director pay & incentives at many large companies of late.

Not aware of there being a general backlash against the compensation given to Apple's board members but the shareholder vote can remind the board of who keeps them there should they change their compensation to something more substational and unwarrented as viewed by the shareholders.

 

[Small White Car]

It might be a big deal for a shareholder, but it's not a big deal to the average Apple consumer who is mostly following their product line. This is really not relevant to me and probably most people. It's not worthy for Page 1.

I'm so sorry that the news about Quicktime uploading directly to Youtube was pushed down the front page.

Surely consumers will be lost and hopeless without that critical news being availalbe without scrolling!

 

[Sharewaredemon]

I'm so sorry that the news about Quicktime uploading directly to Youtube was pushed down the front page.

Surely consumers will be lost and hopeless without that critical news being availalbe without scrolling!

heaven forbid we should see the page be updated several times per day with news relevant to apple.

 

[mdriftmeyer]

It might be a big deal for a shareholder, but it's not a big deal to the average Apple consumer who is mostly following their product line. This is really not relevant to me and probably most people. It's not worthy for Page 1.

Create your own news site and dictate what is or is not news worthy for the top page.

 

[Le Big Mac]

i'd probably agree - but this is probably a bigger deal for Apple - which is what MacRumors covers

And Steve Jobs is probably thinking "for most companies, this would be no good, but I'm pretty sure the shareholders will vote me even more money than I'd feel comfortable getting from the board. Sweet."

 

[DELLsFan]

Not the end of the world but newsworthy regardless given the backlash against director pay & incentives at many large companies of late.

Not aware of there being a general backlash against the compensation given to Apple's board members but the shareholder vote can remind the board of who keeps them there should they change their compensation to something more substational and unwarrented as viewed by the shareholders.

Compensation to the Apple Board of directors would never be publicly questioned - especially when the company is doing so well and shareholders continue to receive profit.

Still, who wouldn't be curious to know what Apple was paying Albert Gore, Jr. for doing ... what exactly?

 

[MattInOz]

And Steve Jobs is probably thinking "for most companies, this would be no good, but I'm pretty sure the shareholders will vote me even more money than I'd feel comfortable getting from the board. Sweet."

Yep Steve wage is safe.
They can't pay him less than a dollar.

 

[jbernie]

Compensation to the Apple Board of directors would never be publicly questioned - especially when the company is doing so well and shareholders continue to receive profit.

It all depends on what the compensation is, but regardless it allows the shareholders to express a non binding opinion of what the board is doing regarding compensation. For all we know it could work in reverse and the shareholders could express an opinion that Steve Jobs should be earning more than he is, ie $1 a year should be much more.

If the board makes a changes and the shareholders are very against it and say this through a vote then the board needs to realize that the next time they are up for re-election a similar vote could see some of them lose their position.