Highlights of Apple's 2018 Shareholders Meeting

Discussion in 'MacRumors.com News Discussion' started by MacRumors, Feb 13, 2018.

  1. MacRumors macrumors bot


    Apr 12, 2001

    Apple's annual shareholders meeting took place at the Steve Jobs Theater at Apple Park this morning, with shareholders gathering to vote on proposals and ask questions of Apple executives.

    Apple does not live stream its shareholders meetings, but several members of the press, such as CNET's Shara Tibken and Business Insider's Kif Leswing, were at the event and shared details on what was covered on Twitter.

    Image via Shara Tibken

    Much of the meeting was spent discussing shareholder proposals, several of which were routine proposals direct from Apple for re-electing the board of directors, compensating executives, appointing Ernst & Young LLP as Apple's public accounting firm, and approving the non-employee Director Stock Plan. All of these passed with more than 95% approval.

    Two proposals from shareholders, one that asked Apple to implement more relaxed rules for letting shareholders nominate directors to the board and another asking Apple to form a human rights commission were defeated. 32 percent of shareholders voted in favor of the first, while just 5.6 percent voted in favor of the second.

    During a Q&A session, and during the proposal discussion portion of the shareholders meeting, Apple CEO Tim Cook made a few interesting comments worth highlighting, though much of what was said was a repeat of comments made during Apple's Q1 2018 earnings call earlier this month.

    - iPhone X customer satisfaction is at 99%.

    - Apple's wearables business, which includes AirPods, Beats, and Apple Watch, is "approaching" the size of a Fortune 300 company. Earlier this month, Cook said it was the size of a Fortune 400 company.

    - Apple acquired 19 companies in 2017 (10 of those are known, nine unknown).

    - Across all products, Apple holds almost a quarter of a billion subscriptions.

    - On the topic of Telegram being briefly removed from the App Store earlier this month for illicit content, Cook said Apple has "always curated [Apple's] properties." Apple keeps pornography, terrorism, and other questionable content out of the App Store. "I think people are coming around to that actually being a good thing," said Cook.

    - Apple has internal candidates ready to succeed Tim Cook, which is a topic that comes up at every shareholders meeting.

    - Cook said mobile payments have "taken off slower than I personally would have thought." Adoption is speeding up though in key countries like China and Russia. Cook also said he hopes he'll still be alive "to see the elimination of money."

    - On a question about special dividends, Cook said he's "not a fan," but Apple is committed to increasing dividends each year. Apple will provide more info on its capital return program in April.

    - On the topic of retail stores, Cook said Apple doesn't believe physical stores will go away. "We believe that interaction with people still beats anything," he said.

    - Apple won't open its main ring-shaped building at Apple Park for tours because "we have so much confidential stuff around." "Keeping stuff confidential is the bane of my existence now," said Cook.
    Shareholders also asked a few frivolous questions, which ate into the Q&A time and limited what we heard from Apple executives. One asked about Apple's work in oral health, a topic Cook said Apple isn't focusing on, while another asked when Apple will introduce a waterproof iPhone (iPhones have been water resistant since the iPhone 7).

    There was a question on Blockchain, which Cook avoided, and one investor, still using iOS 9, abstained from voting on board re-election because of Apple's "bad" software updates that have removed features. "I'm not gonna sell my stock or buy the competitor's stuff because it's even worse," he said.

    Apple holds its shareholders meetings on an annual basis, with the next one scheduled to take place in early 2019. This year's meeting had limited attendance due to the size limitations of the Apple Park theater, but shareholders not able to attend were able to vote on proposals by proxy ahead of the meeting.

    Article Link: Highlights of Apple's 2018 Shareholders Meeting
  2. dannyyankou macrumors G3


    Mar 2, 2012
    Scarsdale, NY
    Hope some of those 9 unknown company acquisitions include artificial intelligence.
  3. No. 44 macrumors member

    Oct 29, 2016
    Long gone
    I hope some of those 9 unknown company acquisitions include real intelligence...
  4. BvizioN macrumors 601


    Mar 16, 2012
    Manchester, UK
    How yoy define real?
  5. lunarworks macrumors 68000

    Jun 17, 2003
    Toronto, Canada
    Which one of you guys was that?
  6. Relentless Power macrumors Penryn

    Relentless Power

    Jul 12, 2016
    “Apple has internal candidates ready to succeed Tim Cook, which is a topic that comes up at every shareholders meeting.”

    I would think most appropriate fit to replace Tim Cook when that time comes, would be Jeff Williams In my opinion.
  7. akfgpuppet macrumors regular


    Feb 5, 2011
    The 831
    Can't wait to see next gen iPhone leaks in a couple of months.
  8. DocMultimedia macrumors 6502a


    Sep 8, 2012
    Charlottesville, VA
    Tim may not like them, but I still hope there is a nice uptick in dividends this year. 10%/yr increase is nice, but with a few extra billion laying around, it wouldn't kill them to help me out a bit more. :)

    But...I have a feeling they will only drastically increase their stock buyback. In theory that should at least keep the stock price moving up.
  9. Supermacguy macrumors 6502

    Jan 3, 2008
    Good thing that guy on iOS 9 didn't vote. Whew Apple dodged a bullet there!
  10. jkool macrumors member

    Jul 22, 2002
    psst...it's illicit
  11. busyscott macrumors regular


    Sep 29, 2015
    Cook admitting "payments taking off slower than we thought" reminds me a lot of how they responded to the trash can Mac Pro not being what pro's wanted. A day late and a dollar short. I just don't believe they've added enough value to using my credit card via a phone vs using my actual credit card. Either everything in my wallet has to go digital (I'm looking at you drivers license!) or the digital cards have to add more value than physical ones (rewards programs?)...it's pretty much that simple to me.
  12. Mike MA macrumors 68020

    Mike MA

    Sep 21, 2012
    I guess many people in a lot of European countries hope to be still alive till Apple Pay “is being launched at all“ ;)
  13. neliason, Feb 13, 2018
    Last edited: Feb 13, 2018

    neliason macrumors 6502

    Oct 1, 2015
    This guy is right. I still think Apple is the best but it isn’t what it should be. It isn’t what it sold itself as for so long.
  14. rizzo41999 macrumors 6502


    May 27, 2009
  15. Relentless Power macrumors Penryn

    Relentless Power

    Jul 12, 2016
    There likely won’t be much to see from what the iPhone X is now. The 2018 iPhone X is likely going to resemble largely of what already is with the iPhone X, but offered in a larger 6.5 iPhone X Plus. (Maybe iPhone SE 2 leaks, if any.)
  16. djlythium macrumors 6502a


    Jun 11, 2014
    Could be a good choice. I'd like to see Craig take the helm.
  17. Relentless Power, Feb 13, 2018
    Last edited: Feb 13, 2018

    Relentless Power macrumors Penryn

    Relentless Power

    Jul 12, 2016
    I like Federighi, and he has very open personality and the most humor on stage (Not to mention he is highly intelligent). But I don’t see him being the future CEO of Apple, Not that he isn’t capable, it just does seem to be fitting for him in my opinion. But he does have stellar hair.
  18. naturalstar macrumors 6502a


    Mar 9, 2012
    Nice summary.

    Curious about the 9 unknown companies that Apple purchased. AI would be a definite need, but I wonder what they are actually targeting.

    Keeping things confidential... *insert deep closed mouth laughter and head shake here*

    Oral health? Cool, but how would that work?

    I had a good chuckle at the one investor who abstained from voting. I share his sentiment.
  19. cknibbs macrumors regular

    Dec 12, 2012
    Personally kinda stoked that they are focusing on the things that used to make Apple what they were - stability and ease of use. I don’t think there will be mind bending changes made to mobile devices for a while. I’d love to see more focus on AI (Siri) and less focus on new OS X.0 releases every year. New features are good but iOS has moved so quickly I don’t think people even use all the features available to them.
  20. alphaswift macrumors regular

    Aug 26, 2014
    I see a guy whose company was not bought.
  21. hamiltonrwatch macrumors regular


    Sep 11, 2014
    slightly right of left
    "but not before we bring it back from our overseas tax shelters" - Tim Cook:D
  22. MRrainer macrumors 65816

    Aug 8, 2008
    Zurich, Switzerland
    Not a big deal, if you've still got an iPhone 4S.

    The "Apple Store" app, to buy hardware, hasn't worked on iOS9 for a while...
  23. seatton macrumors 6502a


    Nov 7, 2013
    Seattle, WA
    They forgot to mention that they have sold their first 1,000 HomePod units as of this morning - another milestone for Apple!
  24. mac 2005 macrumors 6502a

    mac 2005

    Apr 1, 2005
    Not sure of the writer's definition of "frivolous," but I'd rather the writers here report facts and not editorialize. The meeting is for shareholders, who have every right to ask whatever question(s) they find appropriate.

    Now, if you want to include some of those questions and allow readers to decide for themselves that some of the questions were frivolous.... That said, what would be the point? Which brings me back to where I began: What was the point?
  25. TallManNY macrumors 601


    Nov 5, 2007
    The added security isn't enough of a feature for you? Personally I don't love using my credit card at smaller stores which might not have a particularly secure set up. Or using them in Taxi Cabs which definitely don't have a secure set up. And since my phone is generally in my hand already as I'm waiting in line, it saves me a step reaching for my wallet.

    So I really like Apple Pay.
    --- Post Merged, Feb 13, 2018 ---
    The hair pretty much guarantees that he would win any competition for future CEO. I suspect Cook will never want to retire, so Federighi will be too old to be CEO when Cook steps down. But if it were today, I think Fed would get the job.

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140 February 13, 2018