Apple on Friday released its proxy statement for 2010, showing, among other things, that CEO Steve Jobs’ salary remains at US$1 per year and that the 2011 annual shareholders meeting will take place on February 23 at 10:00 AM Pacific time.
The proxy statement also describes the six proposals that will be voted on during the meeting, including re-election of the current seven members of the Board of Directors. Unsurprisingly, Apple asks all shareholders to vote in favor of the current Board members. It also supports voting “Yes” on two other proposals — ratifying Ernst & Young LLP as the Company’s independent registered public accounting firm for 2011 and an advisory vote on executive compensation — and recommends voting “Every Year” in response to a “say on pay” proposal.
However, Apple is asking shareholders to vote “No” on the remaining two proposals, one that asks for a CEO succession planning policy and another that wants the adoption of a majority voting standard for director elections.
In response to the CEO succession plan proposal, Apple says in its proxy statement: “The Company recognizes that a highly talented and experienced management team, not just the CEO, is critical to Apple’s success. Accordingly, the Board already implements many of the proposed actions and maintains a comprehensive succession plan throughout the organization.” The company also says that such a plan would give its competitors an unfair advantage and would undermine executive recruiting efforts.