THE VOTE: Apple Inc. shareholders on Wednesday rejected a stockholder proposal that requested the company disclose a succession plan for its chief executive. The company had advised shareholders to vote against the measure.
THE PROPOSAL: The proposal, presented at Apple's annual meeting in Cupertino, Calif., called for a plan that would ensure a "smooth transition" if CEO Steve Jobs steps down. A report on the plan would be disclosed to shareholders.
WHY IT'S NOTEWORTHY: Jobs went on indefinite medical leave for unspecified issues in January. His absence could be related to an earlier bout with pancreatic cancer or a liver transplant he received in 2009.