A share holder of the Apple Incorporation made a proposal to the company about disclosing a plan of succession of the Chief Executive Officer (CEO) Mr. Steve Jobs. The proposal made by the share holder gained the backing of the Institutional Shareholder Services. The Institutional Shareholder Services is a proxy advising service and they lent their support towards the proposal. The Institutional Shareholder Services provides help to the investors of the institution in taking decisions like the way of voting on share holder propositions. According to a report released by the ISS (Institutional Shareholder Services) the firm wanted the board of Directors of Apple to disclose a succession plan of Chief Executive Officer every year. The proposal is also said to have received the backing of Laborers ‘International Union of North America. Steve Jobs had earlier taken leave of absence on the 17th of January.

This was the third time that the co founder of Apple had to go on a leave from the company since the year 2004. He had to take the leave due to some health hazards. In the meanwhile Mr. Tim Cook who is the Chief Operating Officer of Apple had taken the charge as long as Mr. Jobs is away. But still there has been no declaration or notification of any kind as to who will take over the charges in case Steve Jobs failed to make his return. It has been known that the proposal of CEO succession plan would be considered at the annual shareholder meeting of Apple which is scheduled on the 23rd of February. According to a report by Rockville, an ISS based at Maryland, it is certain that the vote for the proposal (made by the shareholder) of adopting a policy for succession plan of CEO will be warranted, mainly because of the concerns in the market regarding the CEO succession and also Apple’s limited revelation about this issue.