Jobs earns a dollar; Apple AGM Feb 23

To paraphrase Donna Summer, Apple CEO Steve Jobs works hard for his money, drawing his annual $1 salary once again from the company he helped create — though the value of his shares in the firm reached a new zenith — a mighty $1.8 billion!

Revealed within the firm’s regulatory filing with the SEC today, other tasty fiscal tidbits include:

• The Company believes Mr. Jobs’s level of stock ownership significantly aligns his interests with shareholders’ interests; his total compensation consists of a salary of $1 per year.
• $248,000 was reimbursed for company travel on the JobsMobile (the slightly-aging $90m Gulfstream V jet he was given in the last Century).
• The company’s net income jumped 70 percent in fiscal 2010 to $14 billion, on revenue of $65.2 billion, an increase of 52 percent from a year earlier.
• Apple’s Chief Operating Officer, Timothy Cook, took salary of $800,000 in 2010 along with a $5 million bonus and $52.3 million worth of stock awards.
• Cook’s compenstion included $40,001 for accrued and unused vacation.(Cook works pretty hard too).

In related news, Apple’s Annual Meeting will be held on Wednesday, February 23, 2011 at 10:00 a.m. Pacific Standard Time

Shareholders will vote on six items at the Annual Meeting:

• The election to the Board of the seven nominees named in this Proxy Statement (Proposal No. 1);
• Ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2011 (Proposal No. 2);
• An advisory vote on executive compensation (Proposal No. 3);
• An advisory vote on the frequency of the advisory vote on executive compensation (Proposal No. 4);
• A shareholder proposal entitled “Amend the Company’s Corporate Governance Guidelines to adopt and disclose a written CEO succession planning policy” (Proposal No. 5); and
• A shareholder proposal entitled “Adopt a majority voting standard for director elections” (Proposal No. 6).

What are the Board’s voting recommendations?

• “FOR” each of the nominees to the Board (Proposal No. 1);
• “FOR” ratification of the appointment of Ernst & Young LLP as the Company’s independent registered public accounting firm for 2011 (Proposal No. 2);
• “FOR” the proposal regarding an advisory vote on executive compensation (Proposal No. 3);
• “EVERY YEAR” for the proposal regarding an advisory vote on the frequency of the advisory vote on executive compensation (Proposal No. 4);
• “AGAINST” the shareholder proposal entitled “Amend the Company’s Corporate Governance Guidelines to adopt and disclose a written CEO succession planning policy” (Proposal No. 5); and
• “AGAINST” the shareholder proposal entitled “Adopt a majority voting standard for director elections” (Proposal No. 6).