Apple Shareholders Meeting
April 27, 2006 - The first time I visited a shareholders meeting
-Apple Computer Inc. held a meeting for all company shareholders at its Cupertino, Calif. campus at their Town Hall on their famous Infinite Loop. Before entering the meeting there was heavy security, it was a bit like boarding a plane: Metal detectors, bag inspection, no laptops no mobile phones no pda's. A round of applause started the meeting as Steve Jobs walked on stage in his usual attire of blue jeans and turtle neck black shirt. The formal part of the meeting was much shorter than I has expected. It was almost like a regular AGM: There was a quorum, I was surprised to see that 80% of the shares were represented at the meeting. The election of the board of directors of which a few where present and other proposals were accepted with the exception of a proposal from an environmental group. The proxy voting results indicated that all would pass, despite the Board's recommendation against the passage of the fifth proposal.
Now the interesting part of the meeting began with a the question and answer session shareholders began lining up at two microphones placed in the aisles of the auditorium.
- A shareholder asked whether the sale of Pixar animation studio to Disney would mean that Jobs would now become the next Michael Eisner? No on the contrary he said, he will spend more time in Cupertino than in Tinseltown!
- A specific question about the Apple recycling program was asked and it was announced that Apple would start in June recycling computers with the purchase of a new Mac.
- A shareholder manager of KCSM a Jazz radio station in the Bay Area wondered why it is not listed on iTunes, Jobs replied that after the meeting he would direct him to the right person to get that fixed.
The meeting continued on similar notes all in a very relaxed atmosphere. We are not waiting impatiently for new products which are in the pipeline and as Jobs said "the best I've seen in my life"
-Apple Computer Inc. held a meeting for all company shareholders at its Cupertino, Calif. campus at their Town Hall on their famous Infinite Loop. Before entering the meeting there was heavy security, it was a bit like boarding a plane: Metal detectors, bag inspection, no laptops no mobile phones no pda's. A round of applause started the meeting as Steve Jobs walked on stage in his usual attire of blue jeans and turtle neck black shirt. The formal part of the meeting was much shorter than I has expected. It was almost like a regular AGM: There was a quorum, I was surprised to see that 80% of the shares were represented at the meeting. The election of the board of directors of which a few where present and other proposals were accepted with the exception of a proposal from an environmental group. The proxy voting results indicated that all would pass, despite the Board's recommendation against the passage of the fifth proposal.
Now the interesting part of the meeting began with a the question and answer session shareholders began lining up at two microphones placed in the aisles of the auditorium.
- A shareholder asked whether the sale of Pixar animation studio to Disney would mean that Jobs would now become the next Michael Eisner? No on the contrary he said, he will spend more time in Cupertino than in Tinseltown!
- A specific question about the Apple recycling program was asked and it was announced that Apple would start in June recycling computers with the purchase of a new Mac.
- A shareholder manager of KCSM a Jazz radio station in the Bay Area wondered why it is not listed on iTunes, Jobs replied that after the meeting he would direct him to the right person to get that fixed.
The meeting continued on similar notes all in a very relaxed atmosphere. We are not waiting impatiently for new products which are in the pipeline and as Jobs said "the best I've seen in my life"
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