Further Notes From Apple Shareholders Meeting
As journalists are not officially allowed to enter the shareholders meeting and attendees are not permitted to have communication devices details of the meeting often trickle through several hours after the close of the meeting.
According to a detailed account by Prince McLean both a shareholder and blogger for AppleInsider the meeting was dominated by politics but also gave way to a happy birthday rendition and some questions for the executive team.
Both McLean and the Associated Press are reporting that Tim Cook fielded a question on Steve Jobs’ plans in which Cook assured investors, and shareholders that Steve Jobs plans to return to the company in June.
The investor had pressed for details about when the board of directors knew Jobs planned to step away from his daily duties. Apple director Arthur Levinson responded only by saying that since Jobs announced Jan. 14 that he needed to go on leave, “nothing has changed.”
Here’s what they filed (all times EST):
12:04 Cheddarmuff: Just waiting to go in to the meeting. Hanging out with idannyb in the hall. Another solid apple shareholder.
No sign of Goldman yet… more to come later.
12:21 idannyb: Cheddarmuff and I are in the meeting now … Music playing and shareholders filing in. Reuters cornered us to ask a few questions. Apple rep tried to give the reporter the bums rush.
12:46 Cheddarmuff: They separated the media from the shareholders. Not sure who we will and won’t see at this point.
1 welcome and intro’s
2 admin (quorum, etc)
3 present board nominees
4 stmts to shareholders and presentation of shareholder proposals
7 q and a
Mgmt team just came in. Phil, johnny, tim
Gore is here.
12:51 Cheddarmuff: Andrea Jung from Avon is here
Looks like most of the mgmt team is here (no Steve of course).
About to begin.
12:54 idannyb: The BOD have taken seats
Gore and Andre Jung (Avon) + full Apple ex mgmt team (sans SJ) -TC, PO, jonny Ive, Ron J., Phil S.
12:54 Cheddarmuff: Tim talking
Dan cooperman general counsel.
Whole board is here. Tim said no jobs due to medical leave.
1:05 Cheddarmuff: “I am not a crook ” Shelton is not a fan of al gore. Already some drama and comedy (cracking jokes about this being like the academy awards…board election)
1:08 idannyb: Environmental activist now railing about Apple environmental sustainability. Calling out Gore
1:10 Cheddarmuff: Talking about political spending proposal. UAW rep talking
Hp, dell are better than apple at disclosing information.
1:21 Cheddarmuff: Starting to interesting…I like Sheldon, keeps it interesting. Just called the people proposing socialists.
Now talking about climate change.
There was one attempt to talk about jobs health that was shot down quick. Bet there will be more in the Q&A
1:23 idannyb: AFLCIO made a speech on universal health care … Tried to bring up SJ health. Cooperman cut him off
Another shareholder railed over “socialist” AFLCIO… Used profanity and then left the mtg.
Another environment activist took tv mike blasted Gore… Wants AAPL to get greener
1:32 Cheddarmuff: About to move toward q and a. Should be interesting.
1:40 idannyb: Proxy stuff over
TC PO and DC now on stage
Apple has increase rev 4xs in 4 yrs
$8 billio to $32 billion… Income growth even better
Mac and iPod share growing
iPhone 13.7 million iphone’s in 2008
Macbooks very green
iTunes team sold more of something than Walmart
iPhone in 70 countries
App Store success is staggering
Retail opened a store per week
Top notebook provider to education in US
T Cook is on a roll!
1:44 idannyb: AFLCIO hitting hard on SJ health
Art Levenson responding.. Nothing new disclosed
We have met all disclosure
1:46 Cheddarmuff: First question about disclosure of Jobs health quoting 10b-5 rules. Saying company should correct bad data
Arthur levinsom responding…jobs still involved. Succession plan has regularly discussed. No disclosure about health or plan.
Next person is complimenting company for beautiful products. Wishes Steve well. Singing happy birthhday to Steve..EVERYONE singing.
[1:51 Reuters is reporting that the shareholders voted to re-elect the company's slate of directors and voted down several shareholder-sponsored resolutions regarding executive pay, sustainability and healthcare reform. (link)]
1:52 Cheddarmuff: Next person asking why there isn’t more diversity in exec team.
Tim- we take diversity very seriously.
Next person… Long preamble and complaining that apple is getting out of macworld.
Tim- I have very fond memories of Macworld. Where we are now with retail investment blows macworld out of the water. Also we can announce press conferences whenever we want now which is better for the company.
1:57 idannyb: TC responding to “keep macworld” speech… Spoke eloquently about Apple stores, Apple reaching so many customer and platform build of iphone and app store
1:59 idannyb: Far more responses being delivered by BOD members
2:04 idannyb: Too many soap box agenda driven questions this year…
No core shareholder vaule Qs
Tempted to grab a mic but mtg winding down
2:22 Cheddarmuff: Meeting over. I got to talk with Tim Cook after the meeting…a very nice guy. We overheard a discussion with Peter as well.
Got to talk with Jim Goldman on the way out. Nice guy.
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