Apple has refused to disclose its succession plans regarding its co-founder and CEO Steve Jobs at the company's annual general meeting in San Francisco.
A group of shareholders who were looking for clarification of Steve Job's health status and the company's plans for replacing him, were disappointed when Apple's board voted against their motion.
Jobs is responsible for re-shaping the financial position of the company and turning it into the second most valuable company in the world. The CEO has guided the company through several successful product launches like the iPhone, iPod and the iPad.
The motion to reveal a succession plan was backed by the Institutional Shareholder Services (ISS), which gives advise on pension fund plans.
The ISS said in a statement “ISS believes that shareholders would benefit by having a report on the company's succession plans disclosed annually. Such a report would enable shareholders to judge the board on its readiness and willingness to meet the demands of succession planning based on the circumstances at that time.”
Apple on the other hand has claimed succession-plan disclosure may reveal confidential information, isolate current executives who were not in the running for the top position or enable competitors to entice away the potential successor from the organisation.