"(The Apple board) has returned the bulk of its
U.S.-generated cash to shareholders via aggressive stock
buybacks and dividends payouts," the ISS report said. "In light
of these good-faith efforts and its past stewardship, the
board's latitude should not be constricted by a shareholder
resolution that would micromanage the company's capital
Icahn is waging a campaign to get Apple to return more cash to
shareholders and has filed a resolution proposing that it give
back $50 billion more through share buybacks. Apple shareholders
will vote on the proposal at a February 28 meeting.
Proxy advisory firm Egan-Jones also advised shareholders on
Friday to vote against Icahn's plan.
(Reporting by Olivia Oran; editing
by Meredith Mazzilli)
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