Apple is holding its annual shareholders meeting today, giving shareholders the opportunity to vote on various proposals. This year, shareholders rejected an outside proposal asking for an audit on Apple’s relationship with China and approved all other proposals.
Apple annual shareholders meeting details
The so-called “China Entanglement Audit” was put forth by the conservative think tank National Center for Public Policy Research. The proposal called for Apple to conduct an “evaluation assessing risks and costs associated with the company’s continued entanglement with the People’s Republic of China.”
Apple argued that the report was unnecessary as it already provides “extensive information on our international operations.” The company also said the proposal was “highly prescriptive and attempts to inappropriately restrict Apple’s ability to manage its own ordinary business operations and business strategies.”
As is almost always the case, Apple shareholders followed the company’s guidance and voted against the proposal.
Meanwhile, Apple shareholders also followed the company’s guidance and voted in favor of the following Apple proposals:
- Election of Board of Directors
- Ratification of Ernst & Young LLP as Apple’s independent accounting firm
- Advisory vote to approve executive compensation
- Approval of non-employee director stock plan
This means Apple’s board of directors is unchanged. Historically, Apple’s guideline is that members of the board may not stand for re-election after turning 75 years old. Two of Apple’s board members, however, have crossed that threshold: Ron Sugar (77) and board chairman Art Levinson (75).
Apple, however, is waiving this guidance for Sugar and Levinson. This is particularly notable given speculation around Tim Cook’s retirement and that he will assume the chairman position once stepping down as Apple CEO.
Whether or not anything else of interest emerges from Apple’s annual shareholders meeting remains to be seen. We’ll keep this story updated as the meeting progresses today.
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