In response to investor demands, Apple told shareholders at the company’s annual meeting today that the board has agreed to adopt majority voting in director elections, according to news reports.

The technology company originally opposed a majority voting resolution filed by the California Public Employees’ Retirement System. A similar CalPERS proposal received 73.6 percent support at Apple in 2011.

“Apple has honored the wishes of its shareowners with this decision,” Anne Simpson, CalPERS senior portfolio manager, said in a press release. “We strongly commend the Board for adopting this good governance measure and for giving its shareowners a voice in the election process.”

CalPERS, which has been an active proponent of majority voting, has called on 17 other large-cap firms to implement this reform, according to the Financial Times.

Overall, 79 percent of S&P 500 companies have adopted a majority vote standard for uncontested board elections, usually in conjunction with a director resignation policy, according to ISS’ new 2012 Board Practices study, which includes data through June 30, 2011. There has been a nine percentage point increase in majority voting among large-cap firms since 2010. However, this practice remains far less common at smaller companies. As of June 30, 2011, 34 percent of S&P Mid Cap companies and 15 percent of S&P Small Cap firms had adopted a majority vote standard (with or without a director resignation policy), according to the ISS study. 

The 2012 Board Practices study is available for purchase on the ISS Bookstore.