Apple said yesterday “in regulatory filings that it was informed that Central Laborers’ Pension Fund, which owns over 11,000 shares of Apple stock, plans to submit a proposal at Apple’s annual shareholder’s meeting on February 23, that if passed would require Apple to “adopt and disclose a written and detailed succession planning policy,'” Greg Sandoval reports for CNET.
“Apple’s board of directors said in the filings that it has recommended shareholders vote against the proposal,” Sandoval reports. “They say they have already established a succession plan and disclosing it publicly would only hurt the company’s ability to retain and recruit top executive talent.”
MacDailyNews Take: Obviously.
Sandoval reports, “Apple wrote that competitors could poach top Apple execs who learn they aren’t in line for the top jobs or those execs might leave voluntarily.
Read more in the full article here.
It’s none of their business. If they don’t like it they are free to sell their shares. You understand how it works with Apple when you buy shares. They don’t reveal information and they hoard cash for strategic reasons. Deal with it.
I mean what’s next? They want to know release dates for iPad 2.0 and 3.0 because it might affect their stock value? How about information if Apple is developing a standalone TV or other future products.
11000 Shares only? STFU
I wonder who is funding this? If this is allowed, American industry will be severely damaged as its global competitors might engage in subterfuge by distracting the future leaders of industry either via bribes or honey traps.
Whoever thought of and executed this obviously did not think of how this would boomerang back to them.
Ps hope Dracula gets staked pretty soon.
Macromancer and One Guy:
Exactly! Well said! If they think AAPL’s too risky a company to own shares in, then sell and get out!
I don’t blame them for wanting to know who’s replacing Jobs, but this is dumb, they should give him a little more credit.
“Central Laborers’ Pension Fund”
What country are they from?
Maybe the CLPF can cash out and go somewhere else. It’s a free market (for now, anyway), or they can sit back, stfu and enjoy the free market capitalistic marketplace an continue to do well…then again, maybe that doesn’t tickle the fancy of the Central Laborer’s market position of control via demanding corporate secrets be published…hmmm, sounds a bit – oh, what’s that word for it again? – STUPID – that’s it.
I can see why they want to know.
But I don’t see a point in Apple actually releasing this information. It’s really nobody’s business.
I think it’s as likely that SJ will call it quits one day as it’s likely that he will simply die at his desk (with my personal tendency being the later, 60/40-ish).
That day, this question becomes relevant. Not now.
You have to wonder if the people in those funds have no serious work to do or how else would one come up with and actually make public such a ridiculous and useless proposal.
Macromancer got it right, take your measly 11,000 shares and stick it where the sun don’t shine if you want to second guess Apple . I know private investors that have more shares than that.
When you invest in Apple, you invest and trust in a company that marches to it’s own drummer with the full support of the rest of it’s investors. Don’t like it- don’t invest.
Not really bad Apple… But you can’t blame shareholders for being a little concerned. Apple has always failed sans-Jobs. But with his health leave last year, the ship did seem well steered.
This isn’t just the tail trying to wag the dog, it’s a flea on the tail.
How about they sell Apple shares and buy Dell or microsoft.
HERE is a great example of major worker’s union Tardiness. Idiots at work.
Sadly, with psychopathic corporations on the rampage these days, unions remain a viable means for employees to be treated like human beings. But when the union leaders go psychopathic, you get bullshite like this. Way to go Central Laborers’ Pension Fund “leaders”. Fracking dimwits. Abuse Apple AND abuse your members by damaging Apple stock value. Just shoot yourselves and put us out of your misery.
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Laborers! Shut the fsck up and get back to cleaning those Cupertino toilets. Ask Pelosi to pitch in.
They should threaten to bring back Gil Amelio!
Dear Apple,
Use a pittance of your liquid holdings to buy Central Laborers’ Pension Fund held Apple shares and tell them to invest elsewhere.
<3, :-Derek
11000 shares??? LOL…
That might be allot for a private person but FAR FROM ENOUGH for any one to have any saying power.
Next they want Scully on top of the list. lol
all of us other share holders don’t want you and your pittly share amount fucking up the company. Sell your APPL and buy MSFT.
You’ll have exponentially more shares then. I’m sure you’ll get a succession plan for post Ballmer.. chuckle.
sometimes I wonder if the commenters here haven’t been recently dragged from a Jerry Springer show!
How about asking for an independent audit firm to gauge the appropriateness of the succession plan? I think that would keep everyone happy, without disclosing the information.
@rooboosh
Your comment really made my day. I had coffee spraying out of my nose from laughter.
@ rooboosh,
So, what was your secret for getting on the Oprah Winfrey Show, Cupcake?
Like no other company in the world, Apple has been, for the past 12 years or so, perceived as pretty much a one-man show. Most of us here know that is extremely wrong perception, but nonetheless, it is prevalent across the whole Wall Street sector. Many quite reputable investment firms and analysts tend to associate the entirety of Apple’s success of last 12 years with Jobs and nothing else.
From that perspective, you can easily understand how someone whose portfolio contains a sizable AAPL share gets increasingly worried about the fate of that share once Jobs is no longer CEO. As always, every public company is primarily responsible to their share holders. Apple has obviously doing a stellar job with that respect and I have no doubt they will continue to do that, regardless of who is CEO. However, when many shareholders think the way everyone thinks, for them, it doesn’t matter how Apple performs presently, if they are not convinced that Apple will continue to perform beyond Jobs. If this opinion gets re-validated right and left, by “qualified” analysts, you really can’t blame them for their ignorance.
Ok, go ahead and do it.
Shows how much the Central whatever knows.
You can publish all the plans you want. Life changes plans as soon as the black ink hits the white paper.
Will be just as worthless as the thousands of plans I have seen over the years and read every day in my work.
If it makes them feel good, do it. Unions are just another layer of management, but the leaders are elected in a popularity contest , just like high school student council presidents, and they have no more competence and experience than the high school kids do.
Let those who learned how to manage by the school of hard knocks do their job.
Who are the Central Laborers’ and what is their history vis-avis shareholder activism?