For me at least, the idea of a demanding pensioner conjures up the image of an irate granny with sharp elbows and a handbag of deadly proportions. However, the reality is that the people behind this move are more likely to be sharp toothed lawyers in silk suits.
According to News.com, the Central Laborers Pension Fund, which owns more than 11,000 AAPL shares, will submit a proposal at Apple’s annual shareholder meeting that would require the company to “adopt and disclose a written and detailed succession planning policy.” In other words, they wanna know who will run the company should Steve Jobs leave the company.
For its part, Apple says that it already has a succession plan in place and that making it public would hurt their ability to attract and retain top talent. That is, executives not given a leading role might be tempted to ply their skills elsewhere, creating openings the company would then be hard pressed to fill.
Does the pension fund’s proposal stand a chance of being adopted? As long as Steve keeps banging out world beating products and AAPL rises commensurately it’s hard to imagine anyone getting too worked up about internal dynastic politics.
Then again, a sharp-elbowed granny with a lethal bag just might get her way. She certainly stands a better chance than a bunch of silk-handed lawyers…
What’s your take?