AppleComputer shareholders yesterday tentatively approved a measure that would givethem input in how much the company pays its executives, including CEO SteveJobs, whose annual salary is $1 a year.
“I hope say on pay will help withmy $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 tovote on executive compensation, according to the San Francisco Chronicle.
The proposal, put forth by theAFL-CIO Reserve Fund, stems from allegations against Jobs and other top Appleexecutives who were accused of manipulating stock-option grants to benefitthemselves and employees. While the Securities and Exchange Commission filed nocharges against Jobs or Apple, it did file a civil suit against two formersenior executives.
Approval of the pay proposalsshows that shareholders have not forgotten the company’s stock-options woes,said Scott Adams, a representative for the AFL-CIO. Despite their overwhelmingaffection for the company, shareholders “still want a say on pay,”