Apple Shareholders Demand Say on Executive Pay

Union proposal OK'd at annual meeting
By Rob Quinn,  Newser Staff
Posted Mar 5, 2008 4:03 AM CST
Apple CEO Steve Jobs holds up the new MacBook Air after giving the keynote address at the Apple MacWorld Conference in San Francisco, Tuesday, Jan. 15, 2008. At the company's shareholder meeting yesterday,...   (Associated Press)
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(Newser) – Apple shareholders have approved a motion giving them some input into executive pay levels, the San Francisco Chronicle reports. "I hope it will help me with my $1 a year salary," quipped CEO Steve Jobs after the vote at the company's annual meeting—though Jobs bags millions of dollars worth of stock options and other perks on top of his token salary.

The support for the "Say on Pay" proposal created by the AFL-CIO union comes at a time of rising concern over executive pay levels. Jobs himself publicly apologized to Apple shareholders after a 2006 stock options scandal. As for the future, Jobs told shareholders after the meeting that he hadn't picked a successor, but believes any of the firm's top executives could fill his shoes if he's "run over by a bus."