Apple Shareholder Meeting: As expected, there were no major voting surprises at today’s Apple Inc. (NASDAQ:AAPL) shareholder meeting. While there is a lot more to discuss, this portion of the meeting went off pretty much as planned.
Apple is actually the smart money’s second favorite publicly traded company (see why it’s important to pay attention to hedge fund activity).
AppleInsider has the inside scoop on how things played out. They said, “the voting portion of Apple’s shareholder meeting went as expected on Wednesday, with investors opting to reelect the company’s board of directors, while also rejecting outside proposals related to executive stock retention and the forming of a human rights committee.”
It is good to see that the Apple Inc. (NASDAQ:AAPL) board of directors is staying in place, as this goes a long way in giving the company stability.
Along with the above, the meeting also “ratified Ernst & Young as Apple’s independent accounting firm.”
Now that we have taken a closer look at the approvals, it is important to note that there were some rejections along the way. In fact, there were two proposals from shareholders that were turned down.
“One of them would have required Apple executives to retain 33 percent of their company shares until they retire.”
“Shareholders also rejected a proposal that would have created a board committee on human rights. Apple argued against the plan, noting that its supplier code of conduct already serves that need.”
What about discussions surrounding David Einhorn of Greenlight Capital and his “Prop 2” agenda. Since a judge ruled in favor of Einhorn, the Cupertino-based company decided to avoid this proposal for the time being. In short, Prop 2 “would have revoked the ability of Apple’s board members to issue preferred stock. Instead, that power would be put in the hands of shareholders.”
At this point, this is all the information that is available on the voting portion of the Apple Inc. (NASDAQ:AAPL) shareholder meeting. There may be more information released in the near future, and if this is the case we will definitely keep you updated. In the meantime, feel free to share your thoughts on the events.
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DISCLOSURE: I have no positions in any stock mentioned.
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