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Apple: Majority Vote Now a Requirement for Board Members, No Stock Buyback, Split or Dividends in Sight

by Todd Haselton | February 23, 2012February 23, 2012 12:02 pm PST

Apple Store

During Apple’s annual shareholder meeting on Thursday CEO Tim Cook said that Apple’s board members will now be subject to a majority vote from shareholders before they earn a seat on the company’s board. As MacRumors explains, Apple previously only required that board members had a plurality of the votes that were cast. The change means that shareholders who didn’t vote previously did not count. If a board member does not get a majority vote, the board member will be required to voluntarily step down. Despite the policy changes, Apple’s board remains unchanged. All board members were re-elected.

Apple will also not issue a dividend and said there are no plans for a stock split or buyback. Tim Cook was also asked about the highly rumored Apple TV during the meeting but, as expected, he did not offer a comment on those rumors.

[via MacRumors]

Todd Haselton

Todd Haselton has been writing professionally since 2006 during his undergraduate days at Lehigh University. He started out as an intern with...