BOSTON (Reuters) – Apple Inc was allowed to disregard one activist shareholder proposal on greenhouse gas emissions but told to hold a vote on another concerning human rights issues, in closely watched securities rulings that tested new guidance from U.S regulators.
The split decision in December left investor activists with questions about how the U.S. Securities and Exchange Commission is applying the guidance that Apple cited as it sought to skip both proposals.
Shareholders - Christine - Jantz - President - Boston
“It’s confusing to shareholders,” said Christine Jantz, president of a Boston asset management firm, of the SEC’s reasoning. Jantz submitted the unsuccessful proposal on emissions and said it was similar to one the SEC allowed elsewhere last year.
SEC staff on Nov. 1 gave companies potentially more room to disregard shareholder proposals related to “ordinary business,” so that investors are not micro-managing executives. Apple quickly cited the new guidance.
SEC - Spokeswoman - Apple - Decisions
An SEC spokeswoman declined to comment on the Apple decisions.
Apple representatives did not immediately comment.
World - Consumer - Technology - Company - Filing
The world’s largest consumer technology company released a proxy filing on Dec. 27 which included the human rights vote. It set its annual shareholder meeting for Feb. 13.
Jantz had asked Apple’s board to report on how it could cut greenhouse...
Wake Up To Breaking News!