“Apple will face fresh shareholder pressure at its annual meeting this month to change the way it elects directors,” Dan McCrum reports for The Financial Times.
“Calpers, the California Public Employees’ Retirement System, the largest US public pension fund, has called for the largest US company by market capitalisation to allow directors to be elected by majority voting,” McCrum reports. “At present, Apple shareholders can only withhold their vote on an election of a director, rather than vote against. If a director is unopposed he only requires one vote in favour to retain the post, irrespective of how many votes are withheld.”
McCrum reports, “At the February 23 meeting, Apple faces additional shareholder proposals asking for greater disclosure of political donations, and an advisory vote on directors pay. The National Center for Public Policy Research has also proposed that Apple publish a ‘conflict of interest report’ detailing possible conflicts of interest between the company and its board members. The group is concerned that ‘Apple’s policy on greenhouse gas regulations was developed to personally benefit a board member’: Al Gore, the former US vice-president, a global warming activist whom the NCPPR says has ‘personal financial interests in companies that would profit from government regulation of greenhouse gases.’ A spokesman for Mr Gore did not respond to a request for comment.”
Read more in the full article here.
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