Apple Adopts Majority Vote

Bows to pressure from institutional investors on board-election method.

Apple Inc., bowing to pressure from the California Public Employees’ Retirement System and other shareholders, agreed to start electing its directors by majority votes rather than a plurality.

Chief Executive Officer Tim Cook, speaking today at an annual investor meeting, also said Apple was continuing “active discussions” about what to do with its $97.6 billion in cash and investments, saying the cash hoard was “more than we need to run a company.”

Main Liaison

The meeting was the first since the death of Jobs. Even before Cook’s promotion to the top job in August, Cook served as Apple’s main liaison to shareholders, a role Jobs avoided.

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