Daniel Del'Re
SAN FRANCISCO -- Three failed shareholder proposals regarding executive compensation and options backdating at Apple (AAPL Quote - Cramer on AAPL - Stock Picks) won widespread support, according to a filing Thursday with the Securities and Exchange Commission.
While none of the proposals won a majority of votes at the company's shareholder meeting in May, the strong showing underscores that investors' concerns about how -- and how much -- executives are paid at the high-flying icon of the tech sector. The three controversial measures garnered about 40% of shares voted, indicating that support came from a broader base of investors than those that submitted the proposals. The votes took place amid a general rise in investor concern about levels of executive compensation and the extent to which companies disclose the details of pay packages. Other tech companies, including Hewlett-Packard (HPQ Quote - Cramer on HPQ - Stock Picks), have faced votes on executive compensation this year, though in most cases they fail to win majority support. As in cases at other companies, the proposals on Apple's proxy came from labor groups holding the company's shares in pension funds. Over 41% of shareholders voted in favor of a proposal from the Amalgamated Bank LongView Collective to explicitly ban backdating of stock option grants. This was just shy of the 46% that voted against the measure. About 13% of shareholders abstained.
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