Apple Corrects 10-Q SEC Filing, Announces Shareholder Approval of 'Say on Pay' Proposal

Apple today announced that it has filed an amended Form 10-Q with the U.S. Securities and Exchange Commission, correcting errors in the reported vote totals for shareholder-submitted proposals at its most recent annual shareholder meeting.

Last week's filing incorrectly reported the voting percentages for shareholder-submitted proposals because abstentions were counted as "No" votes. Very shortly after the original filing, the company learned that these votes had been incorrectly tallied and an internal investigation confirmed the mistake was due to human error, which Apple regrets. Today's amendment correctly reports the voting results.

The correction affected the outcome of one shareholder-submitted proposal, known as "Say on Pay," which successfully passed with approximately 51.63% of votes cast under corrected counting procedures.

As a result of the corrected vote count, Shareholder Proposal No. 5 Regarding Advisory Vote on Compensation, known as "Say on Pay," was approved with a majority of votes cast. The Compensation Committee of Apple's Board of Directors has been closely following the Say on Pay issue, and anticipates that new laws or regulations will require some form of Say on Pay vote at all public companies in the near future. Even if that does not occur, Apple is committed to implementing an advisory Say on Pay vote next year.

As noted in shareholder materials for the annual meeting, the "Say on Pay" proposal will allow shareholders to cast advisory votes regarding compensation for Apple's senior management at each annual meeting. The referendums would be non-binding, but would allow shareholders a greater voice in communicating with Apple management. Apple had formally opposed the proposal as an ineffective means of offering shareholder input.

Executive compensation has become a popular topic among shareholders throughout the corporate world, with several countries recently passing laws requiring such opportunities for shareholders and the U.S. considering similar legislation.

Popular Stories

maxresdefault

Can't Get an iPhone 14 Pro? Here's Why You Should Wait for the iPhone 15 Ultra

Monday December 5, 2022 11:44 am PST by
Due to production issues at Apple supplier factories in China, the iPhone 14 Pro and iPhone 14 Pro Max are backordered and basically out of stock at every store. If you were planning to gift or receive an iPhone 14 Pro model for the holidays and didn't already get one, you're basically out of luck because they're gone until late December. Subscribe to the MacRumors YouTube channel for more ...
iPhone Measure Height

Newer iPhones Allow You to Measure Someone's Height Instantly — Here's How

Saturday December 3, 2022 10:23 am PST by
iPhone 12 Pro and Pro Max, iPhone 13 Pro and Pro Max, and iPhone 14 Pro and Pro Max models feature a LiDAR Scanner next to the rear camera that can be used to measure a person's height instantly in Apple's preinstalled Measure app. To measure a person's height, simply open the Measure app, point your iPhone at the person you want to measure, and make sure they are visible on the screen from...
General iOS 16 Feature Yellow

iOS 16.2 for iPhone Launching This Month With These 8 New Features

Thursday December 1, 2022 8:44 am PST by
Apple plans to publicly release iOS 16.2 for the iPhone in mid-December, according to Bloomberg's Mark Gurman. The update remains in beta testing for now, with at least eight new features and changes already uncovered so far. iOS 16.2 introduces a number of new features, including Apple's new whiteboard app Freeform, two new Lock Screen widgets for Sleep and Medications, the ability to hide...
14 vs 16 inch mbp m2 pro and max feature 1

Major RAM Upgrade Coming to Next-Generation MacBook Pro

Friday December 2, 2022 2:03 am PST by
The next-generation MacBook Pro models could feature faster RAM, according to a recent report from a reliable source. MacRumors Forums member "Amethyst," who accurately revealed details about the Mac Studio and Studio Display before those products were announced, recently provided information about Apple's upcoming 14- and 16-inch MacBook Pro models. The new machines are expected to feature...
iOS 16

When Will iOS 16.2 Be Released?

Friday December 2, 2022 2:13 pm PST by
Apple in late October began testing iOS 16.2 and iPadOS 16.2 updates, providing betas to both developers and public beta testers. As of now, we've had four total betas, with the fourth beta having been released earlier this week. iOS 16.2 and iPadOS 16.2 are expected before the end of the year, and we thought we'd try to narrow down the launch timeline. With only four betas released since...
apple ar headset concept 1

Kuo: Apple Headset Shipments Potentially Delayed Until Second Half of 2023

Sunday December 4, 2022 7:38 am PST by
Mass shipments of Apple's long-rumored AR/VR headset may be delayed until the second half of 2023 due to unspecified "software-related issues," according to the latest information shared today by tech analyst Ming-Chi Kuo. Apple headset render by Ian Zelbo Kuo said mass shipments of components for the headset are still likely to begin in the first half of 2023, but he believes that mass...
iPhone 14 Pro Purple Side Perspective Feature Purple

iPhone 15 Pro Rumored to Have These 5 Exclusive Features

Saturday December 3, 2022 10:55 am PST by
While we're still around nine months away from Apple unveiling the iPhone 15 lineup, rumors already suggest that the higher-end Pro models will have even more exclusive features than usual compared to the standard models next year. There are currently at least five features rumored to be exclusive to iPhone 15 Pro models:A17 chip: iPhone 15 Pro models will be equipped with an A17 Bionic...
nothing phone 2

Nothing Plans to Launch Smartphone in US to Take on Apple's iPhone

Monday December 5, 2022 12:38 am PST by
UK-based tech company Nothing plans to launch a smartphone in the US to directly compete with Apple's iPhone, according to a new report out today. In an interview with CNBC, Nothing CEO Carl Pei said the startup is in "early conversations" with American cellular carriers about launching a new phone in the US, but he stopped short of naming any of the carriers or the phone model. Nothing...
introducing apple music sing

Apple Music Adding a Karaoke Experience With Apple Music Sing

Tuesday December 6, 2022 7:09 am PST by
Apple today announced Apple Music Sing, a new feature in Apple Music that lets users sing their favorite songs with adjustable vocals and more. Apple Music Sing will utilize Apple Music's real-time lyrics to allow users to sing to their favorite songs using adjustable vocals, background vocals, and duet view to allow more than one singer.Apple Music Sing includes: Adjustable vocals: Users...