The California Public Employees' Retirement System said Apple
Inc. (AAPL) should require majority voting for board members, The
Financial Times reported.
A Calpers proposal set for a vote at Apple's annual meeting Feb.
23 has the support of Institutional Shareholder Services, the FT
said.
According to a report in Pensions & Investments, Calpers
said in a statement that Apple "needs a governance upgrade" and
said majority voting is "a hallmark of accountability."
Apple's board opposes the plan. "The unusual mechanics of
California law create the risk that directors who enjoy
overwhelming shareholder support may fail to be elected because an
insufficient number of shareholders voted in the election," Apple
said in a statement, adding that "shareholders have always had the
ability to remove directors," Pensions & Investments
reported.
Full story at
http://www.ft.com/intl/cms/s/2/0db95410-4e8f-11e1-ada2-00144feabdc0.html#axzz1lcJKxoXY
and
http://www.pionline.com/article/20120203/DAILYREG/120209941/calpers-wants-apple-directors-elected-by-majority-vote-of-shareholders
-Dow Jones Newswires; 212-416-2900