November 8, 2016
Shareholder Proposals: Apple Must Include “Hire Multiple Comp Consultants” Proposal
– Broc Romanek
Recently, Corp Fin posted this no-action response to Apple about “engage multiple outside independent experts or resources from the general public to reform its executive compensation principles and practices.” The retail investor proponent – Jing Zhao – appears to have represented himself in rebutting the company’s (i)(3), (i)(6) and (i)(7) arguments. Corp Fin’s response to the ordinary business argument is that “the proposal focuses on senior executive compensation.”
The proponent’s supporting statement cites Professor Thomas Piketty of France, the darling of the income inequality movement. There likely will be more income inequality-oriented proposals in the coming years…
In this no-action letter, Apple also lost its battle to exclude a proxy access shareholder proposal from Jim McRitchie…
Poll: How Many Comp Consultants Should Apple Hire?
Keying off the shareholder proposal mentioned above, please participate in this anonymous poll: