Apple starts offering proxy access to give shareholders more power over board of directors
The Wall Street Journal reports this evening that Apple has amended its bylaws to make it easier for long-time shareholders to nominate to the company’s board of directors. This makes Apple the latest company to adopt what is commonly referred to as “proxy access.”
Apple revealed the change in a securities filing. Details include that a shareholder of 3% shares for 3 years, or a group of up to 20 shareholders, can now nominate to the board in the company’s annual proxy statement. Shareholders can nominate up to 20% of Apple’s directors, which with Apple’s 8 member board, comes out to one director position that is controlled by the shareholders.
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 bylaw allows shareholders to nominate up to 20% of Apple’s directors. Apple’s board currently has eight members, so shareholders could nominate one director.
Filed under: AAPL Company Tagged: Apple, Board of directors, executive, sec