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Apple succession plan proposal gains supportBy Hanleigh Daniels 4 February 2011 | Categories: news
Following in the wake of Apple’s charismatic co-founder and CEO, Steve Jobs taking medical leave from the company for the third timed since 2004, some investors have called on the company to consider a future without its enigmatic leader.
The Cupertino-based company’s chief operating officer Tim Cook took over responsibility for all of Apple’s day-to-day operations from Jobs, who took leave to focus on his health following a liver transplant surgery he underwent last year.
According to Cnet, the prominent investor advisory group, Institutional Shareholder Services (ISS), has backed a proposal for the iPhone- and iPad maker’s board of directors to report annually on the state of its succession plan. This nonbinding proposal was originally put forward by the Central Laborers’ Pension Fund, which is an Apple investor holding around 11 500 shares that amount to a thousandth of 1% of outstanding shares. This proposal also carries the support of the Laborers’ International Union of North America.
“All companies should have succession planning policies and succession plans in place, and boards should periodically review and update them. ISS believes that shareholders would benefit by having a report on the company’s succession plans disclosed annually,” an ISS analysis read. “Such a report would enable shareholders to judge the board on its readiness and willingness to meet the demands of succession planning based on the circumstances at that time.”
Apple’s shareholders are likely to vote on this proposal during the next shareholder meeting, which is taking place on 23 February.
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