Nothing to see. That’s what Apple investors discovered as they turned out in full force at the shareholder meeting.
Perhaps they were curious to get a glimpse of CEO Steve Jobs — who is on a leave of absence — or a peek at the iPad 2, which may be unveiled early next month — but neither made an appearance.
The meeting, held at Apple headquarters in Cupertino, Calif., had higher turnout than normal, with the main conference room “crammed,” in the words of one attendee. Anne Simpson, head of corporate governance for California Public Employees’ Retirement System, attributed some of the turnout to “the tragic situation with Steve Jobs and his illness.”
Jobs’ devoted followers were hoping to catch a glimpse of him and wish him well, she said.
As expected, Apple shareholders voted down a measure that would have forced the company to make its succession plans public, an issue that has intensified since Jobs took a leave of absence last month, citing health issues.
The company said it has leadership plans in place, but doesn’t want to disclose them for competitive reasons. Another measure put forth by CalPERS generated widespread support, against Apple’s advice. It seeks to ensure shareholders have the right to oust unopposed directors. Under the current rules, directors can only be forced out if they lose in a contested race.
An astonishing three-quarters of shareowners backed the proposal, Simpson said. “It’s a clear message. The shareowners have spoken,” said Simpson. “We have to hold the board accountable.”