Feeds

Apple shareholders get 'say on pay'

Jobless outfit admits vote miscount

5 things you didn’t know about cloud backup

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. ®

5 things you didn’t know about cloud backup

More from The Register

next story
BBC: We're going to slip CODING into kids' TV
Pureed-carrot-in-ice cream C++ surprise
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Twitter: La la la, we have not heard of any NUDE JLaw, Upton SELFIES
If there are any on our site it is not our fault as we are not a PUBLISHER
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Consolidation: The Foundation for IT Business Transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?