Feeds

Apple shareholders get 'say on pay'

Jobless outfit admits vote miscount

SANS - Survey on application security programs

Apple's shareholders will, after all, have the opportunity to weigh in on executive compensation.

In a brief announcement on Monday, Apple acknowledged an error in how it tallied a recent vote about granting shareholders input on executive pay. The original count had incorrectly recorded abstentions as "No" votes and the proposal lost. When corrected for this error, the proposal passed.

The practice of allowing shareholders to voice their opinion on compensation packages - known as "say on pay" - has been gaining popularity recently, due in no small part to rising disgust with the skyrocketing salaries and bonuses being paid to corporate bigwigs.

And CEO pay is, indeed, reaching ludicrous levels. According to the US labor behemoth, the AFL-CIO, 2008 was a good year from America execs, seeing as how their average compensation totaled $10.4m (£7.1m). Their perks alone averaged nearly $340,000 (£232,150) - "nine times the median salary of a full-time worker," according to the AFL-CIO.

Say on pay votes aren't binding, but it would be a suicidally shortsighted board of directors that would ignore such a vote - especially seeing as how the say on pay trend is not being advanced merely by rank-and-file stockholders, but also by large institutional investors.

With the revised tally, Apple now joins Intel in adopting say on pay in the Silicon Valley.

But it was close. In its original Form 10-Q filing with the US Securities and Exchange Commission as part of its recent quarterly financial statement, Apple had reported that the say on pay had gone down to defeat with 51.66 per cent of the votes against the proposal. In an amendment filed on Monday, however, the proposal passed with 51.63 per cent in favor.

According to Apple, "an internal investigation confirmed the mistake was due to human error." We sincerely doubt that the human in question is earning $10.4m per year. ®

Combat fraud and increase customer satisfaction

Whitepapers

Securing web applications made simple and scalable
In this whitepaper learn how automated security testing can provide a simple and scalable way to protect your web applications.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Mainstay ROI - Does application security pay?
In this whitepaper learn how you and your enterprise might benefit from better software security.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.