Apple shareholders propose, directors oppose

Stephen Withers
Friday, 09 January 2009 07:20

Opinion and Analysis

Apple shareholders are putting four motions to the company's annual meeting on February 25, but the board of directors is opposing each and every one of them.

It's not unusual for shareholders - especially those of an activist bent - to use annual meetings to as vehicles to publicise issues they feel particularly strongly about.

Nor is it unusual for boards of directors to oppose such motions. Apart from anything else, there's probably an element of the Not Invented Here syndrome - if the ideas were any good, surely the board or executives would have already had them.

Furthermore, such motions are often framed to embarrass the company or directors, and it's not unknown for people to buy small parcels of shares primarily to gain the right to propose motions or otherwise speak at annual meetings.

So what's on the agenda for this year's annual meeting of Apple shareholders?

The first proposal comes from the board, which recommends that the eight existing directors (Bill Campbell, Millard Drexler, Al Gore, Steve Jobs, Andrea Jung, Arthur Levinson, Eric Schmidt and Jerome York) are re-elected

The average age of the board is a whisker under 60. That figure would be higher without the appointment of 50 year old Jung during the course of 2008.

What are the shareholder proposals? See page 2.