Apple shareholders reelect board, reject outside proposals on stock retention & human rights committ

Posted:
in AAPL Investors edited January 2014
The voting portion of Apple's shareholder meeting went as expected on Wednesday, with investors opting to reelect the company's board of directors, while also rejecting outside proposals related to executive stock retention and the forming of a human rights committee.



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.

But two outside proposals from shareholders ??both of which were not supported by Apple ? were rejected. One of them would have required Apple executives to retain 33 percent of their company shares until they retire.

Shareholders also rejected a proposal that would have created a board committee on human rights. Apple argued against the plan, noting that its supplier code of conduct already serves that need.

Shareholder
The line outside Apple's shareholder meeting on Tuesday. Photo by AppleInsider's Daniel Eran Dilger.


Not voted on at Wednesday's meeting was "Prop 2," an item that was contested by hedge fund manager David Einhorn of Greenlight Capital. Apple opted to pull the proposal from its annual meeting after a judge ruled in favor of Einhorn as part of his lawsuit against the company.

Proposition 2 would have revoked the ability of Apple's board members to issue preferred stock. Instead, that power would be put in the hands of shareholders.

For its part, Apple has called the lawsuit a "silly sideshow," and argued that Greenlight's agenda is not in shareholders' best interest.

AppleInsider is live at Wednesday's shareholder meeting, and will have more full, in-depth coverage of the proceedings.

Comments

  • Reply 1 of 17


    So far, nothing of consequence. HUGE blah.


     


    Hope there's a 'one more thing....'


     


    One thing's for sure: every time Cook speaks, the stock price takes a dive.

  • Reply 2 of 17
    zoetmbzoetmb Posts: 2,398member
    Well the stock was up to about 452 at around noon and is now backing off and is currently (12:52 EST) at 444. Guess the market was expecting a new dividend announcement and they didn't get it.

  • Reply 3 of 17
    rogifanrogifan Posts: 10,669member

    Quote:

    Originally Posted by anantksundaram View Post


    So far, nothing of consequence. HUGE blah.


     


    Hope there's a 'one more thing....'


     


    One thing's for sure: every time Cook speaks, the stock price takes a dive.



    What exactly were you expecting?  Apple never makes news at their shareholders meetings.

  • Reply 4 of 17

    Quote:

    Originally Posted by Rogifan View Post


    What exactly were you expecting?  Apple never makes news at their shareholders meetings.



    Sorry, I must have missed it: is there something in the company's bylaws that says they can't start to?


     


    /s

  • Reply 5 of 17
    rogifanrogifan Posts: 10,669member

    Quote:

    Originally Posted by zoetmb View Post



    Well the stock was up to about 452 at around noon and is now backing off and is currently (12:52 EST) at 444. Guess the market was expecting a new dividend announcement and they didn't get it.

     


    So basically the market was expecting something even though they knew they weren't going to get anything as Apple rarely if ever makes news at its shareholders meeting an now they're selling off because of it....on a day when the market is up overall.  What a bunch of BS.  God I'd love it if Apple could go private some day.

  • Reply 6 of 17
    rogifanrogifan Posts: 10,669member

    Quote:

    Originally Posted by anantksundaram View Post


    Sorry, I must have missed it: is there something in the company's bylaws that says they can't start to?


     


    /s



    Of course not.  But what exactly did you want them to do?  Announce more share buy backs?  A bigger dividend?  Stock split? Cheap iPhone for China?  Or what Jim Cramer wants - Apple to buy Netflix or Twitter?

  • Reply 7 of 17

    Quote:

    Originally Posted by Rogifan View Post


    God I'd love it if Apple could go private some day.


    As though that has a chance of happening.....

  • Reply 8 of 17

    Quote:

    Originally Posted by Rogifan View Post


    Announce more share buy backs?  A bigger dividend?  Stock split? Cheap iPhone for China?  Or what Jim Cramer wants - Apple to buy Netflix or Twitter?



    Yes.


    Mixed feelings.


    Yes.


    No.


    No.

  • Reply 9 of 17
    rogifanrogifan Posts: 10,669member

    Quote:

    Originally Posted by anantksundaram View Post


    As though that has a chance of happening.....



    I did say "some day" image

  • Reply 10 of 17

    Quote:

    Originally Posted by zoetmb View Post



    Well the stock was up to about 452 at around noon and is now backing off and is currently (12:52 EST) at 444. Guess the market was expecting a new dividend announcement and they didn't get it.

     


    Interestingly Tim quipped that doesn't like the falling stock - but  went on to say it's about the long term. This makes sense for the most part except stock options make good Silicon Valley compensation packages, especially for the highly coveted people. It looks less appealing when it's falling.


     


    More interestingly to me he made a comment to say they don't have their heads in the sand on Samscum, that there are things they could do, but it wouldn't be good for Apple. ...Maybe that kills the cheap big iPhone rumor for now.

  • Reply 11 of 17
    geekdadgeekdad Posts: 1,131member


    so where was the projected stock split? That guy lost all credibility....

  • Reply 12 of 17
    rogifanrogifan Posts: 10,669member


    What's interesting is one of the reasons given for making Cook CEO was that Wall Street would be comfortable with it.  Yet it seems every time Cook speaks the stock drops.  Today the market overall is up and yet Apple is down $6.  When the market has a bad day Apple goes down with it and when the market has a good as Apple goes down anyway.

  • Reply 13 of 17
    geekdad wrote: »
    so where was the projected stock split? That guy lost all credibility....

    AppleInsider never keeps score. That's why they keep citing DigiTimes.
  • Reply 14 of 17
    majjomajjo Posts: 574member
    With "prop2" pulled, when will those issues be decided?
  • Reply 15 of 17
    jfc1138jfc1138 Posts: 3,090member

    Quote:

    Originally Posted by geekdad View Post


    so where was the projected stock split? That guy lost all credibility....



    Kass lost cred when he stated Apple had "topped" at $90.

  • Reply 16 of 17

    Quote:

    Originally Posted by geekdad View Post


    so where was the projected stock split? That guy lost all credibility....



     


    Quote:

    Originally Posted by jfc1138 View Post


    Kass lost cred when he stated Apple had "topped" at $90.





    Maybe he lost cred. But he gained a profit. Kass fanned the stock split rumor, sold shares when $AAPL went up, and then claimed that the rumor was unfounded.

  • Reply 17 of 17
    macrulezmacrulez Posts: 2,455member


    deleted

Sign In or Register to comment.