SEC Says Apple Must Allow Vote On Executive Pay Study

Law360, New York (October 31, 2016, 3:35 PM EDT) -- Apple Inc. should let shareholders vote on a proposal that would require the company to hire multiple independent experts to overhaul its executive compensation policies, the U.S. Securities and Exchange Commission said in a letter.

Investor Jing Zhao in June requested that Apple include in its 2017 proxy materials a proposal that if approved by shareholders would require the company to use multiple independent experts or other outside resources to revamp how it pays its top brass. Apple reached out to the SEC for permission to exclude the proposal, saying it was vague, overreaching and concerned ordinary business operations, but the...

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