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Our Blogs Core Dump Apple shareholders propose, directors oppose
Our Blogs Core Dump Apple shareholders propose, directors oppose | Apple shareholders propose, directors oppose |
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| by Stephen Withers | |
| Friday, 09 January 2009 | |
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Page 2 of 4 The first shareholder proposal comes from the International Brotherhood of Teamsters General Fund and calls for a twice-yearly report from the company on its direct and indirect political contributions and expenditures.Featured Whitepaper
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The Teamsters General Fund holds 2659 Apple shares, currently worth almost a quarter of a million dollars. The Apple board argues that the preparation of such reports would be "unnecessary and unproductive" and that it could be detrimental to the company's interest as it could reveal to competitors exactly what membership rates Apple has managed to negotiate with various trade associations. THe second shareholder proposal also comes from the union sector. The AFL-CIO Reserve Fund, owner of 500 Apple shares, wants the board "to adopt principles for health care reform based upon principles reported by the Institute of Medicine". The board's position is that health care reform is a matter for Congress and the President, and that "this proposal will not provide better health care solutions for the Company or its employees and will not benefit the Company or its shareholders". Please read on for the last two proposals and the board's response to them. |
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