Apple Shareholder Meeting Update

Apple AAPL is holding its shareholder meeting on Thursday afternoon. All of the company's directors have been re-elected at the meeting. Apple said that it will adopt a majority voting standard at its next annual meeting whereby directors will voluntarily resign if they do not receive a majority vote. At the meeting, the company's compensation passed a vote, but a conflict of interest proposal and a political action proposal were not approved. The company said that it has over 550,000 Apps in its Mobile App Store and now has over 360 retail stores. The company's CEO Tim Cook also addressed the cash issue at Apple. He said that the company is in active discussions about what to do with its mountain of cash and that it is more than needed to run the company. He also made some comments about Facebook, saying that Apple could do more with the social-networking service.