This excerpt taken from the AAPL DEF 14A filed Apr 16, 2007.
The Company has been advised that the AFSCME Employees Pension Plan, 1625 L Street, N.W., Washington, D.C. 20036, a beneficial owner of approximately 5,618 shares of the Companys common stock, intends to submit the following proposal at the meeting:
Resolved, that shareholders of Apple Computer, Inc. (Apple) urge the Compensation Committee of the Board of Directors (the Committee) to adopt a policy requiring that senior executives retain a significant percentage of shares acquired through equity compensation programs during their employment, and to report to shareholders regarding the policy before Apples 2008 annual meeting of shareholders. The Committee should define significant (and provide for exceptions in extraordinary circumstances) by taking into account the needs and constraints of Apple and its senior executives; however, the shareholders recommend that the Committee not adopt a percentage lower than 75% of net after tax shares. The policy
should address the permissibility of transactions such as hedging transactions which are not sales but reduce the risk of loss to the executive.