Activists Take Aim at Apple

At its annual shareholder meeting Thursday, Apple (AAPL Quote) will square off against disaffected shareholders clamoring for a voice in setting executive compensation -- and hoping to prevent another options-backdating scandal.

Three labor unions holding Apple stock in pension funds have put proposals on the company's ballot that would require options to be priced on the day they are granted; give shareholders a nonbinding vote on executive compensation; and tie executive bonuses to the company's stock performance.

In order to pass, each proposal must be voted on by a majority of shareholders and receive 50% of those votes. The AFL-CIO, International Teamsters and Amalgamated Bank LongView Funds submitted the proposals.

Ironically, the assault on Apple's governance practices comes when shareholders are enjoying all-time highs, sparked by continued strong sales of the iPod digital music player, expanded market share of the Mac computer line, and the anxious anticipation of the iPhone. Apple shares closed Wednesday at $106.88. ...