said Wednesday its shareholders have approved a non-binding measure requesting the company to expense options.
The company did not immediately release the breakdown of the vote, which was reported at its annual shareholder meeting. The options expensing proposal was sponsored by the United Brotherhood of Carpenters and Joiners of America Pension Fund, which owns 110,000 shares of Intel.
Intel has been one of the most ardent opponents of the move to require companies to factor the cost of options into their income statements. On March 31, CEO Craig Barrett penned an editorial in
The Wall Street Journal
deploring the campaign to expense options.
Intel has consistently complained that accounting models do not accurately reflect the cost of options.
However, momentum is building in favor of the accounting shift to expense options, with the Financial Accounting Standards Board expected to issue a final rule on the issue in the fourth quarter of 2004.
Investors, too, are increasingly in favor of the rule change. In the past couple of months, shareholders of
have each approved non-binding measures to require options expensing.
Intel shares were recently up 50 cents, or 1.8%, to $27.65.