Apple Investors Want Say on Pay

Apple Computer shareholders yesterday tentatively approved a measure that would give them input in how much the company pays its executives, including CEO Steve Jobs, whose annual salary is $1 a year.

“I hope say on pay will help with my $1 a year salary,” Jobs was reported to have said in response to investors’ initial approval of a “say-on-pay” proposal that would allow shareholders to vote on executive compensation, according to the San Francisco Chronicle.

The proposal, put forth by the AFL-CIO Reserve Fund, stems from allegations against Jobs and other top Apple executives who were accused of manipulating stock-option grants to benefit themselves and employees. While the Securities and Exchange Commission filed no charges against Jobs or Apple, it did file a civil suit against two former senior executives.

Approval of the pay proposals shows that shareholders have not forgotten the company's stock-options woes, said Scott Adams, a representative for the AFL-CIO. Despite their overwhelming affection for the company, shareholders "still want a say on pay," Adams said.