Feeds

Apple pressed to show succession plan

Board asked to give shareholders a peek at the future

Intelligent flash storage arrays

Apple has come under further pressure to tell shareholders how it plans to manage the eventual succession to Steve Jobs, after the CEO announced his latest and open-ended stint of medical leave.

Institutional Investor Services, a particularly influential shareholder advisory firm, has thrown its weight behind the Central Laborers Pension Fund's proposal that Apple should disclose its succession planning each year.

The non-binding proposal is expected to go before shareholders at Apple's annual meeting later this month.

ISS' intervention is significant, as institutional investors in major companies rely on it to guide them on how to vote on shareholder proposals. It played a particularly prominent role in the drawn out proxy fight around HP's proposal to take over Compaq almost ten years ago.

Apple has consistently opposed the idea of making its succession plans public. On the one hand this is understandable, as it would expose its strategic plans and single out its most valued execs making them vulnerable to poaching from rivals. But on the other hand, given Jobs' almost messianic status within and outside the firm, major shareholders are getting nervous about who would lead the company should his absence become permanent.

A spokeswoman for the union told the Financial Times that it wasn't asking Apple to name the potential successors, but rather to simply outline what the succession plan was.

She added that it didn't actually expect the proposal to pass - at least not this year. ®

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Zippy one-liners, broken promises: Doctor Who on the Orient Express
Series finally hits stride, but Clara's U-turn is baffling
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
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.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
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?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.