“Calpers, the biggest U.S. pension fund, said on Thursday it would withhold votes for Apple Computer Inc.’s entire board of directors after it failed to implement a shareholder-approved proposal to treat stock options as an expense,” Reuters reports.
“The California Public Employees’ Retirement System, which has assets of about $167 billion, also criticized Apple’s board for authorizing Apple’s auditor, KPMG LLP, to perform nonauditing, or consulting services, for the maker of Macintosh computers and the iPod digital music players,” Reuters reports. “Calpers said it would withhold voting its 1.48 million shares from the entire board, vote them against ratifying Apple’s auditor, and against a shareholder proposal limiting executive compensation, saying the ‘proposal is too restrictive.’ An Apple spokesman was not immediately available to comment.”
“Calpers is withholding votes for Apple board members William Campbell, Millard Drexler, former U.S. Vice President Al Gore, Jobs, Arthur Levinson and Jerome York, all of whom are standing for reelection,” according to Reuters.
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