Apple just posted its 2012 Proxy Statement for investors. Within, we find that Apple’s CEO Tim Cook was awarded almost $400 million in 2011, while Steve Jobs was paid his $1 a year salary. Mr. Forstall’s annualized base salary was increased to $700,000 —from $600,000 in 2010— to match the then-current base salaries of his peers on the executive team. Mr. Cue had a base salary of $444,000 during 2011, the lowest base salary out of the executive team.
Within the Proxy Statement, we also find seven proposals requiring shareholder action. Proposal No. 1 asked that Apple elect eight board directors. Apple will remain with the same eight board members. The other noteworthy proposal, No. 3, asked for an advisory note detailing Apple executive’s compensation. The other four are proposals from Apple’s shareholders including “Conflict of Interest Report,” “Shareholder Say on Director Pay,” “Report on Political Contributions and Expenditures,” and “Adopt a Majority Voting Standard for Director Elections.” In proposal No. 4, shareholders requested Apple’s board of directors submit a report by November 2012 on “board compliance with Apple’s Business Conduct Policy” that includes the following:
1. Disclose the investments of board members that could reasonably be viewed as a financial conflict
2. Describe the role board members play in the development of the Company’s policies and the
process by which Apple determines if board member participation violates its Business Conduct
3. Disclose policies that could financially benefit board members.
Apple has an upcoming earnings call Jan. 24 to report on the company’s first quarter, where we will most likely hear record sales and earnings for the company.
The full press release is available after the break:
CUPERTINO, California—January 9, 2012—Apple® today announced that its 2012 proxy materials are now available atwww.apple.com/investor under the US Securities and Exchange Commission’s Notice and Access rules. As a result of the Notice and Access rules, Apple is able to significantly reduce the environmental impact of producing and delivering printed materials.
Apple shareholders can still receive a printed copy of the proxy materials free of charge by following the instructions provided at www.apple.com/investor or in the Notice of Internet Availability of Proxy Materials that will be mailed to individuals who were Apple shareholders as of December 27, 2011. Apple’s 2011 Form 10-K was filed on October 26, 2011 and may also be viewed at www.apple.com/investor.
Apple designs Macs, the best personal computers in the world, along with OS X, iLife, iWork and professional software. Apple leads the digital music revolution with its iPods and iTunes online store. Apple has reinvented the mobile phone with its revolutionary iPhone and App Store, and has recently introduced iPad 2 which is defining the future of mobile media and computing devices.
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