This excerpt taken from the AAPL DEF 14A filed Apr 16, 2007.
Committee meetings. Each year, the Committee develops a quarterly agenda for the coming year. The Chair reports the Committees actions and recommendations to the full Board following each Committee meeting. The Committee held seven formal meetings during fiscal year 2006. Each meeting included time for a private session, during which only the independent directors and their advisors, if invited, were present. The executive officers, with the exception of the CEO, play no role and provide no recommendations with respect to the Companys compensation programs, practices and packages for executives, other employees or directors. The CEO is consulted when the Committee reviews performance of other executive officers. Further, the Committee discusses the CEOs compensation package with him but he is not present when pay decisions regarding his own compensation are made.