Apple Revises 10-Q Pay Votes, Passes Say on Pay

Apple filed an amendment on Tuesday to change the Form 10-Q it filed with the Securities and Exchange Commission on April 23 because some shareholder votes had been incorrectly counted. The change means that the "Say on Pay" proposal that had apparently been shot down was actually approved.

The "Say on Pay" proposal, or Shareholder Proposal Number Regarding Advisory Vote on Compensation, was originally reported as defeated because shareholder abstention votes had been accidentally counted as "No" votes. According to Apple, "the mistake was due to human error, which Apple regrets."

The reversal means that shareholders will be able to vote on executive pay changes. Apple plans to implement the change in 2010 ahead of expected regulation changes or new laws that will require publicly traded companies to offer some form of "Say on Pay" voting.

Apple is currently trading at US$124.02, up 0.12 (.010%).