At shareholder's meeting, Jobs defends Apple's cash stockpile
At Thursday's Apple shareholder meeting, CEO Steve Jobs defended the company's large cash stockpile of about US$40 billion. And two environmental proposals were rejected.
He said he prefers having cash for investments to paying dividends or doing stock buybacks, notes "Bloomberg" (http://www.bloomberg.com/apps/news?pid=conewsstory&tkr=AAPL%3AUS&sid=aJg...). Apple is holding onto cash to take “big, bold” risks, he said.
"When you take risks, it's like jumping in the air," Jobs said. "When they don't work out, it's nice to know the ground is always there."
Also, during the meeting, shareholders rejected two proposals that sought to force the company to do more to analyze its impact on the environment, notes the "Associated Press" (http://finance.yahoo.com/news/Apple-shareholders-reject-apf-120261537.ht...).. One proposal would have asked Apple to produce a detailed environmental sustainability report. The other called for a board committee focused on sustainability. Apple, which had opposed the measures, said investors rejected the proposals but did not give voting percentages.
Also, at today's meeting, all seven members of the Apple Board of Directors were re-elected. Shareholders also approved the company's executive compensation plan and director stock option plan.