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The vital bullet points from today’s Apple’s shareholder meeting



Apple had its annual shareholders meeting today, a valuable ticket given, among other things, that it was held at the new Steve Jobs Theater a few hundred yards from the Spaceship, aka Apple Park, in Cupertino today. Here are the main items from the proceedings:

    • Lots of boring stuff (Ernst & Young was named as accounting firm of record for 2018! Proxy votes!)
    • The meeting started with a video about the Apple Watch. CEO Tim Cook said the Watch business is now approaching the size of a Fortune 300 company. He had previously said it was the size of a Fortune 500 company. The smart money is that next year he’ll say Fortune 100.
    • Cook said Apple Pay has not replaced cash payments as fast as he thought it would a few years ago. But he thinks paper money is dumb. (Apple is accepted at about half of U.S. retailers now.)
    • Shareholders proposed that Apple create a human rights committee to handle, among other things, the problem of smartphone addiction. Shockingly Apple management opposed the idea. It failed.
    • One shareholder complained about knowing who some of the board members are, or if they’re qualified, and asked for more information. Another asked why Apple’s board contained only two women.
    • Cook said Apple acquired 19 companies in 2017 and wants to eat more in 2018. Mmmmm. The company spent $12 billion on research and development last year, and expects to add about 20,000 new employees in 2018.

Adjourned.MS





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