Apple agrees to adopt board majority-vote proposal

Reuters News
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Posted: Feb 23, 2012 1:29 PM
Apple agrees to adopt board majority-vote proposal

CUPERTINO, California (Reuters) - Apple Inc on Thursday adopted a measure long desired by shareholders and governance activists, requiring its directors to win a majority vote before being elected to the board.

The move came after shareholders, in a rare display of strength, voted last year for a non-binding proposal to require that directors be elected only via majority vote. But the consumer electronics company chose not to adopt that measure.

Calpers, the largest U.S. pension fund, has persistently sought support for such a measure. At Thursday's annual shareholders meeting in Cupertino, executives said Apple will now require directors who do not manage to secure a majority vote to voluntarily resign their positions.

(Reporting By Noel Randewich; Editing by Gerald E. McCormick)