Proxy advisory firm Institutional Shareholder Services (ISS) has recommended that shareholders vote against Carl Icahn’s share buyback proposal for Apple.
According to the ISS report, “[The Apple board] has returned the bulk of its U.S.-generated cash to shareholders via aggressive stock buybacks and dividends payouts. In light of these good-faith efforts and its past stewardship, the board’s latitude should not be constricted by a shareholder resolution that would micromanage the company’s capital allocation process.”
