Succession plan nixed
CUPERTINO, (Reuters) Apple Inc shareholders rejected demands that the company disclose a succession plan for ailing CEO Steve Jobs but approved a proposal it adopt majority votes for board directors.With co-founder and chief executive Jobs sidelined indefinitely with an undisclosed medical condition, increasingly restive investors have demanded more information about the company’s future.At its annual meeting yesterday, shareholders of the world’s most valuable technology company voted down a proposal to outline its plan for who will succeed Jobs. However, they passed a requirement for a majority vote before appointing unopposed board directors, in a key victory for influential shareholder Calpers.Influential investor advisory firm Institutional Shareholder Services had thrown its weight behind a shareholder proposal to force Apple to disclose a succession plan.