The plan gives the company more shares to issue to its workers, mainly in "those positions deemed critical to the company's future success, individuals whose personal performance makes them highly valuable to the company, and essential new hires," Apple said in its proxy filing. Apple estimates the new plan will last through 2017. Blank Check Shareholders voted to approve a proposal backed by Apple to eliminate the board's "blank check" authority to issue preferred stock. The proposal stems from last year, when the company fought hedge-fund manager David Einhorn's effort to get a new class of preferred shares that paid a regular dividend. Anne Simpson, director of corporate governance for the California Public Employees' Retirement System, praised Apple's support of majority voting for directors and for rolling back its ability to issue preferred stock without a shareholder vote. She said Apple is now "on the forefront of corporate governance."