14 DAY TRIAL // Apple has updated its press room with a report saying that it has filed an amendment to correct the Form 10-Q it submitted to the Securities and Exchange Commission. The company reportedly later discovered that the filing incorrectly reported the voting percentages for shareholder-submitted proposals.
The company had initially (and incorrectly) counted abstentions as "No" votes because of a human error. Apple also added in today's report that the advisory vote on compensation, known as a "Say on Pay" vote, was approved with a majority of votes cast, following the correction. Below is a piece of the report in question, available on Apple's Press Info section.
Apple today filed an amendment to correct the Form 10-Q it submitted to the Securities and Exchange Commission on Thursday, April 23. Last week’s filing incorrectly reported the voting percentages for shareholder-submitted proposals because abstentions were counted as “No” votes. Very shortly after the original filing, the company learned that these votes had been incorrectly tallied and an internal investigation confirmed the mistake was due to human error, which Apple regrets. Today’s amendment correctly reports the voting results.
As a result of the corrected vote count, Shareholder Proposal No. 5 Regarding Advisory Vote on Compensation, known as “Say on Pay,” was approved with a majority of votes cast. The Compensation Committee of Apple’s Board of Directors has been closely following the Say on Pay issue, and anticipates that new laws or regulations will require some form of Say on Pay vote at all public companies in the near future. Even if that does not occur, Apple is committed to implementing an advisory Say on Pay vote next year.
In other Apple & SEC-related news, Apple has reportedly let go some 1,600 retail employees between Q1 and Q2 2009. According to recent SEC filings, retail locations had 14,000 full-time employees at the end of Q2 2009. The figures now show a 1,600 drop from the previous quarter, with the average revenue per store declining by 17%, falling to $5.9 million from $7.1 million in 2008. More on this, here.