Apple shareholders reelect board, reject outside proposals on stock retention & human rights committ
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.
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.
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.
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
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.
Quote:
Originally Posted by anantksundaram
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.
Quote:
Originally Posted by Rogifan
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
Quote:
Originally Posted by zoetmb
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.
Quote:
Originally Posted by anantksundaram
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?
Quote:
Originally Posted by Rogifan
God I'd love it if Apple could go private some day.
As though that has a chance of happening.....
Quote:
Originally Posted by Rogifan
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.
Quote:
Originally Posted by anantksundaram
As though that has a chance of happening.....
I did say "some day"
Quote:
Originally Posted by zoetmb
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.
so where was the projected stock split? That guy lost all credibility....
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.
AppleInsider never keeps score. That's why they keep citing DigiTimes.
Quote:
Originally Posted by geekdad
so where was the projected stock split? That guy lost all credibility....
Kass lost cred when he stated Apple had "topped" at $90.
Quote:
Originally Posted by geekdad
so where was the projected stock split? That guy lost all credibility....
Quote:
Originally Posted by jfc1138
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.
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