Apple Offers 'Proxy Access', Making it Easier for Shareholders to Nominate Board of Directors

Apple LogoIn a recent securities filing, Apple announced that it plans to offer "proxy access", which allows longtime shareholders or a group of shareholders to nominate a member for its board of directors, reports the Wall Street Journal.
In a securities filing, Apple said its board of directors had adopted amended bylaws Monday that allow a shareholder, or a group of up to 20 shareholders, holding 3% of its shares continuously for three years to include board nominees in the company’s annual proxy statement.
The new bylaws allow shareholders to nominate up to 20 percent of Apple's board of directors. Since Apple has 8 directors, shareholders would be allowed to nominate one director. Proxy access is a recent push by activist investors that seek to make changes on company boards, giving shareholders greater influence on company strategy and the ability to oust directors. Other prominent companies to adopt proxy access include McDonald's, Goldman Sachs and Coca-Cola.

In March at Apple's most recent annual meeting, a shareholder proposal that asked the Cupertino company to adopt proxy access garnered 39 percent support.

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54 months ago

rest in pepperonis apple


Maybe if all macrumors members who are shareholders band together, we can nominate one of our own! Such a macrumors director will be instructed to:
- bring back the quad core mac mini
- bring back a 4" iphone model
- add one more port to the retina macbook
- add a file system to the ipad pro
- release the powerbook g5
Rating: 16 Votes
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54 months ago
For all of the members here who post about Apple losing its magic Post-Steve, THIS is what you really need to pay attention to. I witnessed it with The Walt Disney Company after the Disney family sold off their majority stake. (I realize this is different)

Not many good things can come when a company is solely focused on growth, stock price, and appeasing shareholders. While I realize those things all have a certain level of importance, once they become the majority focus, other parts of the company suffer.
Rating: 13 Votes
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54 months ago
Apple didn't even provide a dividend until Tim Cook took over. Tim Cook also took a meeting with Carl Ican, perhaps the biggest institutional investor of them all, whose main objective is to line his own pockets as quickly as possible, not the long term health of the company.

It's naive to say that Apple has not gotten more cozy with Wall Street, and their expectations, since Jobs died, because they undoubtedly have. What Cook failed to realize, I think, is that once you open that door, there is no going back. Apple would have been better off ignoring the demands of the market, and letting investors decide whether it would be prudent to invest based on the results of the company. Surely not much would have changed in that regard, since the Market has continued to hold Apple to a different standard even though Cook has given them at least some concessions as to their demands. Now Apple seems to have a strategy that must appease the market, rather than allowing the market to make money off of be spectacular performances Apple has each quarter. Now it seems, no matter what, it will never be good enough, and the institutional investors will demand and a bigger and bigger say, all while looking out for their own best interests. I think it was a mistake to crack that door open at all, even if only slightly. In that regard Tim Cook is nothing like Steve Jobs, who let the products speak for themselves and if you didn't like it, then you could take a hike.
Rating: 8 Votes
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54 months ago
Now let's unite guys and bring Scott Forstall to the board. He will bring Apple back on track.
Rating: 8 Votes
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54 months ago
Apple, go private, pls.

Wall Street is too dumb.
Rating: 7 Votes
Avatar
54 months ago

For all of the members here who post about Apple losing its magic Post-Steve, THIS is what you really need to pay attention to. I witnessed it with The Walt Disney Company after the Disney family sold off their majority stake. (I realize this is different)

Not many good things can come when a company is solely focused on growth, stock price, and appeasing shareholders. While I realize those things all have a certain level of importance, once they become the majority focus, other parts of the company suffer.


I'm the opposite regarding this loss of "magic", all my current Mac products are the best I've ever had.

My real issues were in the Steve era, OG iPhone with no apps or 3G. The mess that was Mobile Me. The first few OS X releases which were not even close to consumer ready, OG MacBook Air which was also not ready for prime time (remember the little flap for the extra ports - yuck). etc.

Luckily they learnt from their shortcomings and successor products in these lines have gotten better and better (yet as always there is still room for improvement).

No doubt there have been more small software blips (particularly on iOS), but I also understand complexity is up (my devices do a lot more than they did 3+ years ago), not to mention knit better with each other than previously too. iOS 9.2 and OS X 10.11.2 have been pretty solid so far for me, hoping that continues.
Rating: 6 Votes
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54 months ago

There is a certain irony in your post because you complain about the software complexity of old Apple devices-


I didn't mention anything about the complexity of older Apple software. My point was the old (original) versions of OS X were absolutely atrocious. Some of the worst consumer OSes I've ever used (a list which includes Win ME and Vista). Crashes, hangs, panics, it was a rough time for us Apple users back then.

Anyways the New Macbook has one of the worst feeling keyboards ever.


Completely subjective. Some like it. Others don't. No right or wrong.

I quite like it, but I also like the Surface Keyboard and the iPad Pro Keyboard, the short key travel works well with my touch typing. I actually prefer it to my Late 2011 MacBook where the keys feel squidgy now when I don't strike them in the middle.

The iPhone still comes with 16GB base space which is pitiful given the 4K camera.


The usefulness of a 16GB device depends on your use case. My other half gets on fine with her 16GB 6s. (I get on fine with my work issued 8GB 5c).

I read a report recently from a developer that said around 83% of 16GB iPhone owners have more than 1Gb free. Therefore the majority (looking at available data) are just dandy with their 16GB. Unless you have actual data other than it's "pitiful".

Let's face it most people here want 32GB base as it will save them money, not because it's a smart business decision from Apple.

For my personal device I can't live with 16GB or 32GB, so I pony up for the 64GB as I find enough value in the upgrade. If I didn't I'd buy from a different company.

The Apple Watch was a failure (like every other smartwatch).


Kind of kill your credibility with this.

Pretty much every company on the planet would like a "failure" product line as valuable as the Apple Watch.

If Apple Watch meets your definition of failure then a lot of products also do.

It's pretty obvious that going forward Apple won't be the innovative company.


Compared to which company? The sad part is you can't see that things like Touch ID, Research Kit, Swift, Metal, 3D Touch, class leading 64-bit SoCs etc. are very innovative.

Who in your mind is innovative in the consumer space then?
Rating: 4 Votes
Avatar
54 months ago
For everyone who thinks this is a good thing for the products, its not.

Apple is like already said more in the shareholder -pleasing mode. Look at the last products. The shareholders heard all the rumors about big ipads and watches that people want them, then apple made them. They dont look ready etc, the functionality isnt there etc..

And why? Because Apple already has too many people to please and cant make just the thing a person envisions.

Now you have al lot of employees who need their instructions what to make and the board is just wanting everything, then nobody thinks really about features and usability because management wants to keep the board happy.

Now everyone is confused and all together make an ipad pro.
..
The data said people wanted a bigger ipad!


And you want to throw more different poeple in a mix?
Rating: 4 Votes
Avatar
54 months ago

I'm the opposite regarding this loss of "magic", all my current Mac products are the best I've ever had.

My real issues were in the Steve era, OG iPhone with no apps or 3G. The mess that was Mobile Me. The first few OS X releases which were not even close to consumer ready, OG MacBook Air which was also not ready for prime time (remember the little flap for the extra ports - yuck). etc.

Luckily they learnt from their shortcomings and successor products in these lines have gotten better and better (yet as always there is still room for improvement).

No doubt there have been more small software blips (particularly on iOS), but I also understand complexity is up (my devices do a lot more than they did 3+ years ago), not to mention knit better with each other than previously too. iOS 9.2 and OS X 10.11.2 have been pretty solid so far for me, hoping that continues.

There is a certain irony in your post because you complain about the software complexity of old Apple devices--where they were building products from the ground up--but are fine with the software bugs in modern products which are essentially just polished versions of the old software.

Anyways the New Macbook has one of the worst feeling keyboards ever. The iPhone still comes with 16GB base space which is pitiful given the 4K camera. The Apple Watch was a failure (like every other smartwatch). iCloud is trash compared to Google Drive. It's pretty obvious that going forward Apple won't be the innovative company.
Rating: 3 Votes
Avatar
54 months ago

Maybe if all macrumors members who are shareholders band together, we can nominate one of our own! Such a macrumors director will be instructed to:
- bring back the quad core mac mini
- bring back a 4" iphone model
- add one more port to the retina macbook
- add a file system to the ipad pro
- release the powerbook g5


Some of these are making sense. I would love that to happen beside PowerBook G5. Definitely file system to the iPad Pro and one more poet to the retina MacBook
Rating: 3 Votes
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