Apple Asks its Shareholders to Vote "No" on Four Proposals
Posted 01/12/2009 at 5:41pm
| by Florence Ion
Apple investors are being asked to vote on a number of proposals relating to political contributions, health care, climate change, and executive pay before the official meeting takes place on February 25th.
Apple’s board of directors advise its investors to vote against four of the proposals filed by certain shareholders. The only action they do suggest is a confirmation vote approving the directors.
Several shareholders outline their own proposals in an effort to advance their own causes or bring attention certain issues. Shareholder proposals not recommended by Apple’s board of directors don’t usually pass because investors typically vote according to the board’s suggestions.
Here’s a look at the proposals:
- The first proposal, from Teamsters union, asks Apple to report all of the company’s direct and indirect political contributions and expenditures. Apple directors call this unnecessary and counterproductive.
- The second, from AFL-CIO union, asks the board to adopt health care reform principles outlines by the Institute of Medicine. Apple’s directors say this wouldn’t benefit the company or anyone involved and that such an issue should remain in the hands of the US government.
- A third proposal, cosponsored by the New York City Office of the comptroller and Green Century Equity Fund, asks the company to deliver a report on all corporate strategies related to climate change. Apple’s directors say the company already reports most of this information and that any more would be unnecessary.
- The fourth, from AFSCME Employees Pension Plan, requests that Apple issues a shareholders’ advisory vote on executive compensation. The board of directors says that setting executive compensation is the job of the board itself
In the past, Apple’s shareholder meeting has drawn a lot of attention from the tech press. The meeting also gives investors an opportunity to present their own inquiries to Apple’s directors and executives