Wednesday, February 27, 2013, 12:45 pm
Apple shareholders reelect board, reject outside proposals on stock retention & human rights committeeThe 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.
In addition to reelecting the board, shareholders also ratified Ernst & Young as Apple's independent accounting firm. A proposal supported by Apple executives granting an advisory "say on pay" was also approved.
But two outside proposals from shareholders both of which were not supported by Apple were rejected. 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.
The line outside Apple's shareholder meeting on Tuesday. Photo by AppleInsider's Daniel Eran Dilger.
Not voted on at Wednesday's meeting was "Prop 2," an item that was contested by hedge fund manager David Einhorn of Greenlight Capital. Apple opted to pull the proposal from its annual meeting after a judge ruled in favor of Einhorn as part of his lawsuit against the company.
Proposition 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.
For its part, Apple has called the lawsuit a "silly sideshow," and argued that Greenlight's agenda is not in shareholders' best interest.
AppleInsider is live at Wednesday's shareholder meeting, and will have more full, in-depth coverage of the proceedings.
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