24 February 2012 Last updated at 09:59 ET

Apple investors win greater say over board of directors

Apple chief executive Tim Cook is "thinking very deeply" about cash reserve

Apple shareholders are to be given a greater say in selecting the firm's board of directors.

It comes after the company agreed to change its governance rules. In future directors will have to win the backing of the majority of shareholders to win a seat on the board.

Previously investors could only object by withholding their vote.

The change of policy came after a campaign by Calpers, the largest US public-sector pension fund.

Almost 80% of firms in the S&P 500 stock index now operate a similar policy.

Apple announced the change at the first annual gathering of shareholders since the death of co-founder Steve Jobs.

Chief executive Tim Cook also repeated that he had been "thinking very deeply" about what to do with the company's large reserve of funds.

Shareholders are keen for Apple to deploy some of the $98bn (£62bn) it holds in cash and shares.