Apple Shareholders Reject Two Proposals On Human Rights And Stock Retention

51091983tim-cook

Apple hosted its annual shareholder meeting today at Apple HQ in Cupertino. There were some big rumors yesterday that Tim Cook would announce a stock split during the meeting, but that never actually happened.

At this years shareholder’s meeting, all the board members were re-elected, and Tim Cook got 99.1% of investor approval. There were two proposals put to vote that Apple did not support, but both of those were struck down too.

The first proposal requested that all of Apple’s top executives retain 33 percent of their company share until they retire. The proposal failed after Apple recommended a ‘no’ vote.

The second proposal sought to require that Apple create a Human Rights Committee on the Apple board. Apple recommended a ‘no’ vote on that proposal as well because its new supplier code of conduct already serves that purpose.

The shareholders meeting was more notable for a proposal that wasn’t voted on. Prop 2 was supposed to be voted on by Apple shareholders, but a judge ruled in favor of Greenlight Capital’s David Einhorn notion that the proposal be tabled, so Apple pulled it from the meeting.

Prop 2 would have allowed shareholders to vote to revoke the ability of Apple’s board members to issue preferred stock and transfer that power over to shareholders. During the shareholders meeting Tim Cook reiterated again that he thinks Einhorn’s lawsuit against Apple is absolutely silly.

Related

About the author

Buster HeinBuster Hein is Cult of Mac's Senior News Editor and lives in Phoenix, Arizona. Twitter: @bst3r.

(sorry, you need Javascript to see this e-mail address)| Read more posts by .

Posted in News | Tagged: , |