You're watching...
FBN's Adam Shapiro breaks down details of Apple's first shareholder meeting since the death of Steve Jobs.
Also in this playlist...
Auto-advance: ON
Auto-advance
This transcript is automatically generated
We have breaking news now from the apple shareholder meeting apple Adam Shapiro is inside and joins us live from Apple's headquarters in Cupertino California -- and I know you're inside the meeting the headlines that I'm seeing from you you sending them into our entire team no dividend.
No stock split but changes to its voting structure or its voting standards.
For its board starting at their next annual meeting.
That's correct it will be a majority vote and last year Shibani as you'll call -- they voluntarily agreed.
They would go to a majority vote now they're going to go.
Once they met their by laws to a majority vote and then if a board member fails to receive a majority that person -- stand -- you also brought up the issue of the dividend.
The first question after the formal meeting came to an -- Was from a shareholder who ask specific questions about the roughly 98 billion dollars in cash up to the side.
And Tim Cook this CEO responded first by pointing out that the revenue growth if apple last year.
Was of more than Microsoft.
HP.
Nokia and rim and a few other companies combined that's how great their revenue growth was last here.
He went on and responding to this question about a possible preferred dividend as opposed to not doing a common stock dividend Tim Cook said in this is a quote.
We've been thinking deeply the borders an active discussion over the years we have been deliberate in the moves we have made he went on to say we spent a lot.
But still have a lot and it's more than we need to run the company he concluded his response to this question about dividend by saying the board.
-- think we're thinking about this very deeply and we will do what we believe is best in the best interest.
Of the shareholders.
So no confirmation either way but clearly the board is considering all of this.
Us.
Out of -- some of the more controversial topics.
EU said that he heat basically shot down the possibility of a big dividend something investors -- here at this meeting today.
What about the worker conditions in China just the overall topic that's right -- because we know that there's been back and forth about the iPad being sold there.
-- -- -- -- I don't think he shot down the idea of a dividend he said they have more than enough cash on the side to run the company everyone knows that.
And the board is in discussions that's what he was saying about that.
In regards to China there was no discussion about the issues that there were few protesters here.
About some of the working conditions at the apple factories the supply -- the supplier run factories.
-- there was no formal discussion about that but during the Q&A which is continuing now that -- left the meeting.
It is sure that that might be one of the questions because there are protesters in the audience they are shareholders.
All right thanks -- Shapiro shooting it down at least for the day and that's when investors are reacting to in the stock is down ever so fractionally but investors were hoping.
To get hold of that news today not.
Happening at the.
