Rainbow_Apple_Logo_100X100

Apple Shareholders Reject Outside Proposals, Reelect Board Members

Posted in Apple, News on 27/02/2013 by Chris Hauk

0

The voting at Wednesday’s Apple shareholder meeting went as expected, as investors reelected the board of directors, and rejected outside proposals relating to executive stock retention and the forming of a human rights committee.

1980 Apple Stock Certificate

AppleInsider:

In addition to reelecting the board, shareholders also ratified Ernst & Young as Apple’s independent accounting firm. A proposal supported by Apple executives granting an advisory “say on pay” was also approved.

Two outside proposals, neither of which were supported by Apple, were rejected. The first would have required Apple executives to retain 33% of their company stock until they retire. The second proposal would have created a board committee on human rights. Apple had advised against this plan, saying its supplier code of conduct already fills that need.

“Prop 2″ was not voted on. The heavily contested item was pulled from the agenda after a judge ruled in favor of hedge fund manager David Einhorn of Greenlight Capital as part of his lawsuit against the company.

The proposition would have revoked the ability of Apple’s board members to issue preferred stock, putting that power in the hands of shareholders.



Author

Chris Hauk

MacTrast Senior Editor, and self-described "magnificent bastard," Chris Hauk owns Phoenix Rising Services and writes for everyone's favorite "bad movie" website, Big Bad Drive-In.

His first Apple product was an iPod Classic 5 years ago, and he has since added a MacBook Pro, iPad, iPhone, and 2 Apple TVs to his collection.

He lives somewhere in the deep Southern part of America. Yes, he has to pump in both sunshine, and the Internet.

Don't forget to check out Chris' two latest endeavors, as the "Apple Expert" at Answers.com, and his own personal tech blog at chrishauk.com