The California Public Employee’s Retirement System (CalPERS) thinks that Apple needs to upgrade their board election process. According to the group, Apple’s board members should have to receive a majority vote to keep their seat on Apple’s board.
Apparently the biggest U.S. public pension fund has their panties in a bunch because board directors are a little too difficult to oust during board reorganizations. Apple hasn’t responded to their request, and we don’t expect them to either. Why would Apple care what CalPERS thinks or wants? It’s not the Apple way, is it?
In response to Apple’s opposition, CalPERS has submitted an advisory shareholder resolution that will receive a vote in February during the company’s annual meeting.
Apple isn’t the only company to be pressured from the group. According to MacNN, CalPERS has also requested that 58 other companies make similar changes to their board election process, and only 20 replied.
Article Via MacNN
December 22, 2010
Misc. News