Apple updates 10-Q, promises ‘Say on Pay’ action [next year]
“Human error” led to some shareholder ballots being counted incorrectly. However, now all is well as the company has discovered the mistake and plans to make amends by not doing anything until next year.
Apple has announced that it has filed an updated Form 10-Q with the Securities and Exchange Commission in order to reflect the fact that a shareholder-submitted initiative on Say on Pay, which states that shareholders should have a say on the pay of company directors, actually passed. It seems that abstentions were tallied as abstentions “due to human error,” a condition the company discovered last week and now intends to put right. According to a company release:
The Compensation Committee of Apple’s Board of Directors has been closely following the Say on Pay issue, and anticipates that new laws or regulations will require some form of Say on Pay vote at all public companies in the near future. Even if that does not occur, Apple is committed to implementing an advisory Say on Pay vote next year.
When things like this happen, I always wonder two things: 1.) Is Apple coming forward voluntarily or did someone threaten to blow the whistle? 2.) How common are mistakes/fraud like this? I rather doubt that crony capitalist corporations, such as Halliburton, would be troubled in the least if achieving their aims meant using a little slight of hand…
What’s your take?
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