Shareholder Proposals Could Rock Apple’s Boat (AAPL)
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…
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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Paul Ausick has been writing for 247Wallst.com for more than a decade. He has written extensively on investing in the energy, defense, and technology sectors. In a previous life, he wrote technical documentation and managed a marketing communications group in Silicon Valley.
He has a bachelor's degree in English from the University of Chicago and now lives in Montana, where he fishes for trout in the summer and stays inside during the winter.
