Apple shareholder proposals rejected, Cook Q&A

Apple held its annual shareholder meeting today in Cupertino, California, tabulating votes on corporate governance proposals and taking a limited number of questions from the audience. A majority of shareholders notably voted against proposals to establish a board committee on human rights, as well as a requirement that Apple executives retain 33 percent of their company shares until retirement; both proposals were opposed by Apple. The company’s existing board of directors was re-elected. Rumored announcements of a 2-for-1 stock split or an increased dividend did not materialize.

Apple CEO Tim Cook also took questions. Cook was asked if he still thought David Einhorn’s lawsuit was silly, to which Cook replied, “I absolutely do.” He still believes it was a “silly sideshow” despite a recent court ruling blocking Apple’s proxy proposal to issue preferred stock without investor approval. As for Apple’s falling stock price, Cook said, “I don’t like it either,” but mentioned that the board and management are “focused on the long term.” Cook acknowledged that Apple was looking at new categories of products, without providing any further specifics. [via CNBC]

Latest News