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Apple Shareholders Reject Outside Proposals, Reelect Board Members

Apple Shareholders Reject Outside Proposals, Reelect Board Members

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.

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