Sponsored by: Investment Center

Something new in your business?  Click here to submit your business press release

Chamber Corner | Main Street News | Job Hunt | Classifieds | Calendar | Illinois Lottery 

ISS recommends 'no' vote on Icahn's plan for Apple

Send a link to a friend 

[February 10, 2014]  (Reuters)  Proxy advisory firm ISS said it recommends shareholders vote against activist investor Carl Icahn's share buyback proposal for Apple Inc, according to a report obtained by Reuters on Sunday.

"(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 allocation process."

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)

[ 2014 Thomson Reuters. All rights reserved.]

Copyright 2014 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

< Top Stories index

Back to top