“Furthermore, such motions are often framed to embarrass the company or directors, and it’s not unknown for people to buy small parcels of shares primarily to gain the right to propose motions or otherwise speak at annual meetings,” Withers reports.
Apple (AAPL) shareholder proposals:
• Twice-yearly report from the company on its direct and indirect political contributions and expenditures. (Proposal by International Brotherhood of Teamsters General Fund, holds 2659 AAPL shares)
• Adopt principles for health care reform based upon principles reported by the Institute of Medicine. (Proposal by: AFL-CIO Reserve Fund, holds 500 AAPL shares)
• A sustainability report from directors “describing corporate strategies regarding climate change, specifically to reduce greenhouse gas emissions and addressing other environmental and social impacts such as toxics and recycling, as well as employee and product safety.” (Proposal made on behalf of an individual that owns 84 shares, but co-sponsored by the New York City Office of the Comptroller (over 2 million shares) and the Green Century Equity Fund (7950 shares))
• Shareholders’ advisory vote on executive compensation. (Proposal by AFSCME (American Federation of State, County and Municipal Employees) Employees Pension Plan, holds over 21,000 shares)
“Shareholder resolutions rarely get across the line, often because large institutional investors typically follow board recommendations,” Withers reports. “If any of the four is to get up, it is perhaps most likely to the one regarding executive compensation, which was supported by the majority of the shares voted at the 2008 meeting but failed the additional hurdle of support by the majority of voting power required to constitute the quorum.”
Full article, which contains Apple’s Board of Directors’ opposition to each proposal, here.
[Thanks to MacDailyNews Reader "Fred Mertz" for the heads up.]
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