LeapFrog Enterprises, the maker of technology based educational toys, changed its bylaws at its annual shareholder meeting held June 4 to allow shareholders to fill vacancies that occur on the company’s board of directors.
The proposal, to which the board took no position either pro or con, was submitted by Read the rest of this entry »
Apple shareholders will be getting a “say on pay” after all.
Beginning next year, Apple will allow investors to have an annual advisory vote on its executive pay packages, the company said Monday in a statement. After repeatedly saying that shareholders had lost a vote on the matter at its annual meeting in February, Apple acknowledged in the statement that it had miscounted shareholder votes, mistakenly counting abstentions as no votes.
In a post on Friday, I noted that Apple seemed to have changed the way it counts shareholder votes over the last year. More shareholder votes were cast in favor of “say on pay” this year than last, and the gap between yes and no votes on the matter had widened. Despite that, Apple said last year that the matter had passed, while saying this year that it failed.
Sometime in the last year, Apple seems to have changed the way it tallies shareholder votes.
At its annual meeting with investors in February, Apple announced that shareholders had voted down all investor-sponsored proposals, including a widely watched one that urged the company to allow shareholders to vote every year on its executive compensation practices.
The result was something of a surprise, given that a similar say-on-pay proposal had passed the previous year and the say-on-pay movement has been gaining strength ever since.
Starbucks, which wants to enact a “one-time stock option exchange” in light of its shares losing about three-quarters of their value over the last couple of years, decided to delete one sentence from its 2005 stock plan following “discussions with (shareholder advisor) RiskMetrics Group in connection with its review” of the shareholder approval it is seeking at the coffee retailer’s annual meeting next month.
You can read the offending sentence for yourself, but the gist is, Read the rest of this entry »
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