Apple directors must now win a majority vote before appointment to boardAt its annual shareholders meeting on Thursday, Apple announced that it has adopted a measure approved by shareholders last year that requires a majority vote for new board members to be approved.
Shareholders initially voted for the non-binding proposal a year ago, but Apple chose not to adopt it. But the company announced on Thursday from its Cupertino, Calif., headquarters that the measure has now been approved, according to Reuters.
Members of Apple's board of directors who cannot obtain a majority vote will now be required to voluntarily resign from their positions. In addition to shareholders, Calpers, the largest U.S. pension fund, has also pushed for the measure.
The most recent changes to the Apple Board of Directors came last November, when Disney Chief Executive Bob Iger joined the board. In addition, Arthur D. Levinson, Ph.D., became the new chairman, replacing the late Steve Jobs.
The remaining members of Apple's board are CEO Tim Cook, William Campbell, Millard Drexler, Al gore, Andrea Jung and Ronald Sugar. All of them received more than 80 percent of the vote on Thursday, leaving their positions intact.
On Topic: Investor
- Berkshire Hathaway increases Apple position to $1.46B
- Apple's board chair & general counsel sell over $10M in personal stock
- Apple Inc. gears up to distribute $3.2 billion in dividends to shareholders
- Apple issues $7B U.S. bond to fund stock buybacks, corporate initiatives
- Apple's iPhone falls from 3rd to 5th in China smartphone marketshare