Apple’s 2012 Proxy Statement Released

Apple has announced that its 2012 proxy materials are now available online in accordance with the US Securities and Exchange Commission’s Notice and Access rules.

The documentation reveals that CEO Tim Cook earned almost $377 million in 2011, Scott Forstall - $700,000 (up from $600,000 in 2010), and Eddy Cue - $444,000, the lowest base salary for a member of Apple’s executive team. Steve Jobs was paid his usual $1 salary last year.

The Proxy Statement bears a few proposals by which Apple will elect eight board directors (unchanged), hold an advisory vote on executive compensation, and consider four others from shareholders, including “Conflict of Interest Report,” “Shareholder Say on Director Pay,” “Report on Political Contributions and Expenditures,” and “Adopt a Majority Voting Standard for Director Elections.”

Shareholders are pressuring Apple’s board of directors to submit a report by November 2012 on “board compliance with Apple’s Business Conduct Policy.”

According to the request, Apple will have to:

1. Disclose the investments of board members that could reasonably be viewed as a financial conflict of interest;
2. Describe the role board members play in the development of the Company’s policies and the process by which Apple determines if board member participation violates its Business Conduct Policy;
3. Disclose policies that could financially benefit board members.

Upon request, Apple shareholders can receive a printed copy of the proxy materials free of charge by following the instructions provided at www.apple.com/investor.

Apple also has a copy of its 2011 Form 10-K (filed on October 26, 2011) featured on the Investor section of its web site.

The company headquartered at 1 Infinite Loop, Cupertino, California plans to conduct a conference call to discuss financial results of its first fiscal quarter on Tuesday, January 24, 2012 at 2:00 p.m. PT.