Steve Jobs succession planning at Apple: shareholders keep up pressure
Apple shareholders have rejected a plan for public, detailed plans for Steve Jobs’ successor, but a Union is keeping the pressure on
Published 24/02/2011 | 13:34
Proposals from shareholders on how Apple should plan for coping without Steve Jobs were rejected at the company’s AGM, but the Laborers' International Union of North America has vowed to keep up the pressure.
In a subsequent press release, the Union cited its members’ pensions as a need for Apple to do all it can to guarantee good stock prices.
Detailing its commitment to continue to push Apple to release its CEO succession plan, LIUNA General President Terry O’Sullivan said that “the men and women who invest in these plans do back-breaking work all day building this country – they deserve to have their retirement savings invested in stable, responsible companies”.
“We’ll continue to demand Apple’s board behaves responsibly and does right by its shareholders. It’s good for the company, investors and the economy for Apple to demonstrate that it’s prepared,” said Mr O’Sullivan.
Despite Steve Jobs’s key role at Apple, recent market reaction to his need to take sick leave was however less extreme than some analysts had suggested it might be.
The company had publicly opposed the shareholder proposal, which was initiated by the Central Laborers' Pension Fund. Apple claims that disclosing detailed plans would give competitors "an unfair advantage" and "undermine (Apple's) efforts to recruit and retain executives."
Investment advisory firm ISS, however, supported LIUNA and the proposal earlier this month.