Apple isn’t typically one to admit a mistake, but when it comes to their Form 10-Q, they don’t really have a choice. Apple issued a press release this morning stating that they have filed an amendment to correct the Form 10-Q they submitted to the Securities and Exchange Commission on Thursday. The filing last week incorrectly reported the voting percentage for shareholder-submitted proposals because abstentions were counted as “No” votes.
I know, really riveting stuff.
You can read the full press release after the jump.
CUPERTINO, Calif., April 27 /PRNewswire-FirstCall/ — AppleÂ® 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.
Apple ignited the personal computer revolution in the 1970s with the Apple II and reinvented the personal computer in the 1980s with the Macintosh. Today, Apple continues to lead the industry in innovation with its award-winning computers, OS X operating system and iLife and professional applications. Apple is also spearheading the digital media revolution with its iPod portable music and video players and iTunes online store, and has entered the mobile phone market with its revolutionary iPhone.
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