Apple conducted its yearly shareholders meeting today, allowing shareholders to cast their votes on various proposals. A significant result was the dismissal of an external proposal for an audit concerning Apple’s connection with China, while all other proposals gained approval.
The proposal, known as the “China Entanglement Audit,” was put forth by the National Center for Public Policy Research, a conservative think tank. Its purpose was to evaluate the risks and costs linked to Apple’s activities in China. Apple argued that the proposal was unwarranted, stating that it already supplies extensive information about its global operations. The company described the proposal as excessively detailed, claiming it would inappropriately restrict Apple’s capacity to handle its business strategies.
Following Apple’s recommendations, shareholders voted against the audit proposal. Furthermore, they approved several significant proposals, including:
– Election of the Board of Directors
– Ratification of Ernst & Young LLP as Apple’s independent accounting firm
– An advisory vote to approve executive compensation
– Approval of a non-employee director stock plan
Consequently, Apple’s board of directors remains the same. Traditionally, Apple has a rule that board members cannot run for re-election after turning 75. However, two board members, Ron Sugar (77) and chairman Art Levinson (75), have exceeded this age limit. Apple has opted to overlook this rule for both individuals, which is noteworthy amid ongoing speculation regarding CEO Tim Cook’s potential retirement and his future position as chairman.
The annual shareholders meeting is still in progress, and additional updates may emerge as the day continues.