Berkeley Repertory Theatre

Apple meets shareholders; yawns all around

February 23, 2011: 6:20 PM ET

Apple shareholder meetings are, contrary to their sleek gadgets and product launch spectaculars (see: iPad2, hoped-for on March 2nd), designed to underwhelm.

CUPERTINO, Calif.--Annual shareholders meetings are designed to be yawnfests. Bylaws require a meeting, so companies work hard to comply with the letter of the law--and little more. Apple (AAPL), such a master at jazzing up events to release new products, ably jazzes down its annual meeting.

The usual collection of blue-haired ladies and their gents, plus press from near and far, showed up Wednesday morning on the Apple campus anyway. Undoubtedly they hoped for a Steve Jobs sighting. They had no such luck. Chief Operating Officer Tim Cook presided in the absence of the CEO, who is on an indefinite medical leave.

There were no surprises. A shareholder resolution to require Apple's board to craft a succession plan lost. Votes to election directors won. Then Cook reviewed some already disclosed performance metrics before taking questions from the audience.

And there were some good ones. More

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