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Apple Releases Preliminary Proxy Statement and 2014 Shareholder Meeting Proposals

Apple Releases Preliminary Proxy Statement and 2014 Shareholder Meeting Proposals

Apple has released its preliminary proxy statement via a filing to the SEC. The filing serves as an announcement for the 2014 annual stockholders meeting, as well as lists proposals that will be voted on at the meeting and provides details of executive compensation arrangements.

1980 Apple Stock Certificate

MacRumors:

Among other things, the filing details a forthcoming vote on investor Carl Icahn’s proposed $50 billion share repurchase program that was filed for earlier this month. If approved, the proposal would still be on a non-binding “advisory” basis, and would specifically call for the company to commit to fulfilling no less than $50 billion of share repurchases during Apple’s fiscal year ending on September 27, 2014.

Apple’s Board of Directors has recommended shareholders vote against Icahn’s buyback program, saying they are still “considering options” for how best to return cash to shareholders.

Icahn has been vocal about getting the company to increase its stock buyback ever since disclosing his increased position in the company this year.

The company also details a proposal on establishing a separate entitled committee that would oversee human rights issues, such as previous accusations of labor violations at company suppliers such as Pegatron and Biel Crystal, and the welfare of Apple’s own employees.

Apple also recommended a vote against that proposal, saying its Supplier Responsibility team already audits suppliers effectively, and such a committee would be “redundant” and add little value to its existing commitment to human rights.

The shareholders meeting is scheduled to hold votes on eleven proposals related to director reelection, compensation, and more.

The 2014 Annual Meeting of Shareholders will occur at Apple’s headquarters at 1 Infinite Loop in Cupertino, CA on February 28, 2014 at 9:00AM Pacific Time.

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