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Apple releases 2009 proxy statement

by Robert Palmer Jan 8th 2009 at 3:15PM

Yesterday, Apple released a proxy statement detailing the financial compensation that executives enjoy as part of their participation on the board of directors.

Steve Jobs retained his $1 salary for 2008, but has over 5.5 million shares of Apple stock, which is worth over $500 million on paper. Jobs is worth about $5.7 billion, thanks largely to the fact that he's Disney's largest individual shareholder. Fidelity Investments continues to be Apple's largest investor with over 46 million shares of stock.

There are five shareholder proposals up for voting this time around:

  • Proposal 1 asks to re-elect the board of directors, consisting of Steve Jobs, William Campbell, Millard Drexler, Al Gore, Andrea Jung, Arthur Levinson, Eric Schmidt, and Jerry York.
  • Proposal 2 asks for more transparency surrounding Apple's political contributions.
  • Proposal 3 asks the company to adopt a statement supporting universal health care for everyone, and not just employees.
  • Proposal 4 asks the company to release a report on corporate strategies surrounding climate change and greenhouse gas emissions before July.
  • Proposal 5 asks to adopt a policy that gives shareholders more input on executive compensation. (Thanks, Scott!)

The board of directors, perhaps not surprisingly, recommends approving the first proposal, and rejecting the other four.

The proxy statement is available from Apple's Investor Relations website, and will not be mailed to shareholders unless requested.

[Via MacDailyNews.]



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caleb roberts

Al Gore??????????? Universal Health Care?????????

I agree with what has been said that they should stay out of the political business and stay to making great products. This may make rethink my commitment to Apple.

January 09 2009 at 12:19 AM Report abuse rate up rate down Reply
1 reply to caleb roberts's comment
J

I vote to not return Al Gore. The man is dangerous.

January 09 2009 at 10:02 AM Report abuse rate up rate down Reply
bigdilvey

I want a company that makes good products, but this political crap is ridiculous. Focus on what you do and do it well. Although I like applecare, i don't need it for my heart, lungs, liver, etc. if they want to give it their employees it as a perk... great, but I don't want them to look over my chart and tell me it was because I fell too hard or ate too many cheeseburgers that they refuse my "warranty". Make computers and other cool gadgets, keep the political crap out.

January 08 2009 at 5:14 PM Report abuse rate up rate down Reply
2 replies to bigdilvey's comment
Le Big Mac

Maybe it's obvious, but these aren't proposals Apple is putting forward. They're required to submit them to a shareholder vote based on corporate law because some shareholder obtained sufficient support for his/her proposal.

January 08 2009 at 5:48 PM Report abuse rate up rate down Reply
fishbert

agreed.

while I may support some of the ideals presented in these questions, I think I'd rather have Apple focus on being a technology company rather than a politician.

January 08 2009 at 7:24 PM Report abuse rate up rate down Reply
Allan L.

It might be helpful to clarify that the proposal for the election of directors comes from the company; the other proposals are being offered by shareholders over the company's protest.

Even so, I think it's heart-warming to think someone thinks Apple could provide universal health care.

January 08 2009 at 4:26 PM Report abuse rate up rate down Reply
1 reply to Allan L.'s comment
fishbert

Oh no, the measure isn't asking Apple to provide universal health care... just to release some statement saying they like the idea.

The question I have is: are these political issue measures normally up for vote, or is this a new trend?

If it's the latter, I wonder if it might dissuade Apple from doing things similar to their donation and statement in support of gay rights during the Prop. 8 campaign. If the potential for these measures to go through is the thanks Apple gets for taking a stand on civil rights, maybe they'll be less likely to bother in the future.

January 08 2009 at 7:32 PM Report abuse rate up rate down Reply
Eric

Universal healthcare for everyone, not just employees?

I'm going to need an explanation.

January 08 2009 at 4:11 PM Report abuse rate up rate down Reply
1 reply to Eric's comment
Paul Avery

Basically, Apple has turned around and is supporting 1984.

January 08 2009 at 4:17 PM Report abuse rate up rate down Reply
Scott

You guys missed the fifth proposal, which is in regards to Apple's Compensation of management and others.

You can see the PDF of all proprosals online:

http://media.corporate-ir.net/media_files/irol/10/107357/08_75107/AAPL_Proxy_2009.pdf

I understand why the fifth proposal was made, although I don't think it's necessary. It's (essentially) in response to the compensation issues that arose some-time ago with Steve Jobs. Big deal.

January 08 2009 at 3:39 PM Report abuse rate up rate down Reply
1 reply to Scott's comment
Robert Palmer

Thanks for that -- I must have fallen asleep before getting to the fifth item. :) I've added it to the post.

January 08 2009 at 4:03 PM Report abuse rate up rate down Reply
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