The annual meeting of shareholders in Apple Inc. (NASDAQ: AAPL) could be a bit livelier than usual this year. The February 23rd meeting includes four shareholder proposals, all of which are opposed by the company.
Perhaps the most important of these proposals is being pushed by Calpers, the California Public Employees Retirement System. Calpers wants Apple allow for majority voting for the company’s directors, rather than the current system under which shareholders may not vote against any director, but only withhold their vote. Election to the board requires just a single positive vote.
Calpers, with an investment portfolio of some $230 billion, has succeeded in getting many other public companies to switch to the majority voting system being proposed for Apple. Institutional Shareholder Services supports the Calpers proposal.
The Apple proxy materials are available here.
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