The board of directors of Apple has called its shareholders to the traditional annual meeting on February 28, 2014, in which it is decided on the basis of votes which shares the company will take from a financial point of view. To this end, the company has issued a public document in which it makes clear the opinions of this board of directors regarding some of the most significant requests of the shareholders.
And these opinions can be summarized in a no and no . The first proposal, promoted by the shareholder Carl Icahn and of which we have spoken on some occasions, proposes that Apple buys back its shares for a value of 50 billion dollars.
The management’s refusal is supported by the argument that Apple does not want to make that decision without first studying other ways of distributing the profits among the shareholders , something that has been requested for months and that the first dividends have already been paid.
The other proposal that has also been rejected by Apple’s board of directors is to create a commission to guarantee compliance with human rights in the company’s workforce. Apple has defended this opinion by ensuring that the company has already been monitoring and guaranteeing these rights for a long time from within the existing departments.
Anyway these refusals from Apple are just requests, opinions defended by the administration. It is the shareholders who are going to decide these measures based on votes, and Apple will have to take measures according to what appears in the results of these votes.
h2. Apple management salaries
The document also details the earnings of Apple executives: Tim Cook’s salary has risen to $1,400,006 , some $43,000 more than last year, but he has lost almost $4 million in stock value. More and more of Cook’s salary is based on the company’s performance, and the decline in his shares has been noticed.
Peter Oppenheimer, Apple’s chief financial officer, has earned $866,061 this year along with Vice President of Software and Services Eddy Cue, Vice President of Engineering Dan Riccio and Chief Operating Officer Jeffrey Williams.
Obviously every top executive at Apple has his or her own amount of profit with the company shares they own (and sometimes we talk about millions in profits), but the “base” salaries are the ones we have mentioned.
We will know more details about these votes on February 28, when the annual shareholders’ meeting is held and the way from Cupertino is decided.