ISS recommends ‘no’ vote on Icahn’s plan for Apple

Home Forums ISS recommends ‘no’ vote on Icahn’s plan for Apple

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    Anonymous

    Technology News

    File photograph of Investor Carl Icahn speaking at the Wall Street Journal Deals & Deal Makers conference at the New York Stock Exchange(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.


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