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.