U.S. boards face tough CEO health questions

(Martha Graybow is a Reuters columnist. The opinions expressed are her own)

By Martha Graybow

NEW YORK (Reuters) - Investor concern about the health of Apple Inc chief Steve Jobs is spurring questions about how far companies must go in telling shareholders about a top executive's medical condition.

There is typically no legal responsibility on the part of publicly traded companies to disclose an executive's health issues, legal and corporate governance experts say.

They say it is up to boards to decide how much to disclose, with some being much more forthcoming than others. In contrast, politicians are often pushed into making early disclosures about health problems.

"There is the law, but then there is the practical investor and public relations aspects," said Claudia Allen, an attorney at law firm Neal Gerber & Eisenberg who advises boards of directors. "Different companies have chosen to deal with these issues in different ways."

Apple has been dogged for the past six weeks about questions over the health of Jobs, considered a visionary CEO who has been a major influence on the maker of the iPod, iPhone and Macintosh computer. For many investors, the idea of Apple without Jobs at the helm is a major worry.

Jobs had successful surgery to treat pancreatic cancer four years ago, but he looked thin at a recent conference, when Apple said he was recovering from a "common bug."

The company was asked about Jobs' health in a conference call with analysts on Monday following quarterly results, though it did not provide much new information. Chief Financial Officer Peter Oppenheimer said Jobs served as CEO "at the pleasure of Apple's board and has no plans to leave Apple" though his health is "a private matter."