In its proxy filing for its February 28th annual meeting, Apple urges shareholders vote against Carl Icahn’s Proposal 10, a “non-binding advisory resolution” calling for Apple to spend at least an additional $50 billion on buybacks in FY14 (ends September 2014).
The Board recommends that you vote your shares: “AGAINST” the shareholder proposal by Carl Icahn of a non-binding advisory resolution that the Company commit to completing not less than $50 billion of share repurchases during its 2014 fiscal year (and increase the authorization under its capital return program accordingly) (Proposal No. 10).
Apple’s Preliminary Proxy Statement is here.