Apple’s new boss, Tim Cook, is expected to face a corporate governance revolt from the computer company’s shareholders at his first annual meeting as chief executive. Calpers, the influential US pension fund, opposes the system for electing directors and is expected to keep the pressure on the revamped board at February’s meeting. Mr Cook was promoted to run Apple last week when founder Steve Jobs resigned because of ill health. Mr Cook had been deputising for his absent boss since January.
Investors were critical of the company’s failure to spell out its succession plans while Mr Jobs was absent and are concerned about the voting process. Anne Simpson, the senior portfolio manager at Calpers, had already complained to the founder, who recommended Mr Cook as his successor at last week’s board meeting. Ms Simpson wants directors to be elected by a majority of investors, but Apple says that this could mean they could be rejected if too few shareholders vote.
