Central Laborers’ Pension Fund wants Apple to reveal CEO succession plans

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.

63 Comments

  1. 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.

  2. 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.

  3. 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.

  4. 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.

  5. 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.

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