The California Public Employees' Retirement System, the biggest
U.S. pension fund, has won the backing of three proxy advisers for
its proposal that Apple Inc. (AAPL) require a majority vote when
electing unopposed directors, Reuters reported Friday.
Calpers said its push for majority voting is supported by
Egan-Jones Proxy Services; Glass, Lewis & Co.; and ISS Proxy
Advisory Services.
Currently, an Apple director can keep a board seat with a single
"yes" vote in an uncontested election. Calpers wants Apple and
other U.S. companies it invests in to adopt rules requiring
directors to win a majority -- rather than a plurality -- of the
vote, saying that would make board members more accountable to
shareholders.
Apple's board opposes the proposal. The Cupertino, Calif.,
company will host its annual shareholders meeting on Feb. 23.
Full story at
http://www.reuters.com/article/2011/02/11/apple-calpers-idUSN1129930020110211
-Dow Jones Newswires; 212-416-2900