Apple Shareholders Want Jobs Succession Plan
A proposal from Apple shareholders has been backed by the influential US investor advisory firm, Institutional Shareholder Services (ISS). The proposal wants Apple to lay out a succession plan for the company post-Jobs.
Supremo Steve Jobs took an indeterminate leave of absence last month for medical reasons, leaving Tim Cook in charge of the day to day running of the company. Shareholders though want to see a more formal plan for what would happen should Jobs not be well enough to return to work.
According to a report by PC Pro, "ISS believes that shareholders would benefit by having a report on the company's succession plans disclosed annually," ISS said, according to a release from the Laborers' International Union of North America.
"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 have not as yet commented on the matter though the company is recommending that its shareholders vote against the proposal when its raised at the company's annual meeting on February 23rd.
Last month in a regulatory filing, Apple said it had a "comprehensive succession plan" but divulging it would give its rivals an unfair advantage, undermine the efforts to recruit and retain executives and constrain its board.