shareholder meeting
Latest
Google thwarts shareholder challenge to its China search plans
If investors and employees were hoping to prompt cultural change at Alphabet during the company's shareholder meeting, they were likely disappointed. Voters at the meeting rejected all shareholder proposals, including a resolution that would have required a human rights impact assessment before Google went forward with a censored Chinese search engine. Backers like Azzad Asset Management were concerned China could "weaponize" search data to expand mass surveillance and other human rights abuses.
Apple files Preliminary Proxy Statement with SEC, urges shareholders to oppose Carl Icahn's share buyback proposal
Apple on Friday posted its Preliminary Proxy Statement with the SEC. The statement provides notice that Apple's annual shareholders meeting is scheduled to take place in 2014 on Friday, February 28. The meeting will see shareholders consider five proposals, one of which is activist investor Carl Icahn's proposal that Apple increase its stock buyback program by a minimum of US$50 billion. Apple, though, is of the position that shareholders should vote against Ichan's proposal. Apple, in its proxy statement, makes a point of noting that, while it opposes this specific proposal, it remains intent on returning profits to shareholders and is open to shareholder input in this regard. But rather than jumping on board with Icahn's proposal, Apple writes that it prefers to take a more measured approach that sees cash returned to shareholders "on an efficient and sustained basis." That said, Apple notes that it will continue to evaluate the state of its capital return program and will adjust it as need be in order to maximize the long-term interests of its shareholders. Apple further adds that because it operates in an extremely competitive and fast-moving industry, it's imperative that it maintains enough cash on hand to be able to take advantage of opportunities as they arise. The proxy statement reads in part: With breakthrough products and services such as the Mac, iPod, iPhone, iPad and App Store, the Company has created huge market opportunities, and the Board and management team believe the opportunities that lie ahead are just as exciting. Given such large and global markets, the Company competes with large companies around the world, many with their own significant technical capabilities and significant capital. This dynamic competitive landscape and the Company's rapid pace of innovation require unprecedented investment, flexibility and access to resources. Successfully innovating and executing against these large opportunities also requires careful stewardship by the Board and management team, and the Company's evaluation of capital return is conducted in the context of supporting the Company's continued business success and desire to deliver attractive returns to long-term shareholders If history is any indication, investors should be confident that Apple won't be shy about increasing its capital return program. If you recall, Apple first announced a quarterly dividend and share repurchase program of $45 billion in March of 2012 and subsequently more than doubled the program to $100 billion just one year later. That said, the proxy statement indicates that any changes to the program will be announced by March or April of 2014. As a point of interest, Apple notes that it has, to date, spent $23 billion on share buybacks and $43 billion in quarterly dividend payouts. Another shareholder proposal on the docket is whether or not Apple should create a new committee to keep tabs on human rights issues in Apple's supply chain. On this topic, Apple also urges shareholders to vote no. Apple relays that it's already doing a whole lot in this regard and that creating a new committee would be duplicative. Specifically, Apple emphasizes that it is "committed to the highest standards of social responsibility and human rights wherever we do business." The proxy statement reads in part: In addition to monitoring and driving improvements for workers in the supply chain, the Company places strong emphasis on education and worker empowerment initiatives. The Company has established a training program for new employees at the Company's suppliers to inform them of their individual rights, local laws and the Company's Supplier Code of Conduct. Millions of workers have participated in this training program. The Company also partners with educational institutions to offer free college-level courses to workers who make the Company's products. Hundreds of thousands of workers have attended these classes since 2008, and many have gone on to earn associate's degrees. The Company recently expanded this educational program to offer more opportunities for participants to work toward a bachelor's degree. ... In December 2013 the Company was awarded its 12th consecutive perfect rating from the Human Rights Campaign's annual Corporate Equality Index, which scores businesses based on lesbian, gay, bisexual and transgender workplace policies, and won the title of "Best Places to Work for LGBT Equality." The Board does not believe that establishing a committee is an effective way for the Company's practices and goals to continually evolve and improve in response to changing conditions. Instead, such an additional and redundant committee would distract the Board from its other responsibilities to the Company and its shareholders, while adding little value to the Company's existing commitment to human rights and social responsibility. The Company's existing governance framework has produced a strong commitment to human rights and progress that is evident in the Company's practices and policies.
RIM CEO hints at future BBM video chat feature
During today's shareholder meeting RIM CEO Thorsten Heins hinted that BBM, the companies celebrated group messaging service, might be getting some significant upgrades with the debut of BB10. In particular, the words "video chat" were tossed out as an example of how it planned to keep pace with the evolving mobile landscape. In response to a shareholder question, Heins said: "BBM is a very, strong platform... With upgrading it into a new experience, think about adding features on BB10 such as video chat, for example, within BBM. There's many other features to come with BB10 that will really level this BBM experience... which will upgrade that experience to a whole new social networking experience based on BBM... we want to use this to build a BlackBerry-driven social networking platform." So, does that mean BlackBerry is getting ready to take on Skype and Google? Perhaps. It would certainly make sense, but we'd stop short calling it a sure shot. What is clear, is that Heins really wants to push BlackBerry as the "social" platform focused on "experience" and seems content to let those other mobile OSes win the apps race.
Apple shareholder meeting scheduled for February 23
The luckiest (or smartest) people on Earth should be receiving their invitations soon -- shareholders in Apple, Inc. who have shares registered in their names can attend the annual shareholder meeting on Wednesday, February 23, 2011. The event is scheduled to begin at 10 AM PT at the company's offices in Cupertino, CA. As with most events of this type, Apple's executive team will not only reiterate any glowing financial news that should come out of the financial call (possibly next week), but there will be business to take care of. Among the items on the agenda are a vote for the company's board of directors (nominees include current board members Steve Jobs, Al Gore, Millard Drexler, William Campbell, Arthur Levinson, Andrea Jung and Ronald Sugar), a vote on whether accounting giant Ernst & Young should be the company's independent accounting firm, and shareholder proposals considering majority voting on director elections and succession planning. The company is recommending that shareholders vote against both of the shareholder proposals. If you have AAPL shares registered in your name, you may attend. If the shares are held by a brokerage firm or other organization, you're out of luck. (Photo: Wikimedia CC | Nurmib)
No Apple stock split...for now.
Thursday, Briefings.com, CNBC and a passel of other market analysts predicted that a 4 for 1 stock split would be announced at the Apple Shareholder Meeting. This rumor moved the market, but there are conflicting opinions to why. First, for the uninitiated, a stock split is a zero sum game. One interpretation is that a firm considers its stock too highly priced for the average consumer and decides to split. For example, let's say that Apple is trading for $200 and you have one share. If a 4 for 1 stock split takes place, you will wind up 4 shares, instead of 1, but each share will be valued at $50. Did you gain or lose any money? No. It's all on paper. However, to those not familiar with the Buttonwood tree, and that's a lot of us, it sounds like 'quick buy Apple and you'll be getting 4 times as much'. The case for this sort of stupidity is well made by Barrons. Stock splits are nothing new to AAPL. They've split 2 for 1 three time in the past, in June 1987, June 2000 and February 2005. There are two general schools of thought on the reason behind stock splits, and they are total opposites. The first theory is that a company will split a stock if it is in trouble to allow lower dollar investors to buy their shares at half the price and thus incur less risk. The other school of thought is that a good company realizes their stock is just too expensive for the small trader who has some cash on the sidelines. It is meant to give the small guy an easier way to buy some stock without needing to commit the $200 for a share. Both sides have their points and, to an extent, both points are based on smoke and mirrors since they do not effect the worth of the company or the aggregate value of the stock by one penny.
Activision shareholders to vote on Activision-Blizzard merger
In Blizzard company news, another major milestone for the planned Blizzard-Activision merger is now set for July 8th, when a special meeting of Activision's shareholders will vote on their merger with Vivendi Games, Inc., the parent company of Blizzard. The meeting will take place in Beverly Hills, CA. So far, Activision's been clearing the hurdles to the merger nicely, and executives from both companies seem pretty excited about the deal, so It seems unlikely that the shareholders will balk too much (then again, there is that lawsuit). The timing of this meeting is apparently later than expected according to sister site Big Download, but it is worth noting that it still beats out E3, which will take place on July 11th-13th. You'll recall that Blizzard and Activision dropped out of E3. Rumor has it that they are also planning to hold a press conference during E3, on the first day, and being able to reveal final details of when, where, and how the merger will complete during that press conference would be quite a coup, for sure. [Via Big Download]
Jobs chided, answers questions at shareholder meeting
Yeah, we tend to think things like shareholder meetings are as boring as the next guy (well, the next guy who's not a stock broker, anyway), but Steve really took and dished out some heat at yesterday's get together.On Leopard's delay: "Leopard will be worth the wait. I wish developing great products was as easy as writing a check. If so, then Microsoft would have great products." (Snap!)On the iPhone: "A few of us have been using the iPhone a lot and if you wanted it back, you would have to pry it from our dead hands."On iTunes movie rentals: "One never knows."After being grilled by AFL/CIO on stock backdating: "I actually got my options at a higher price, but I didn't ask the company to reimburse me"On Anderson's comments: "I've worked with Fred for many years and I think he's an awfully good guy, but I thought his comments were a little wrong."Despite being lauded by Greenpeace reps for "A Greener Apple", he opined: "I think [Greenpeace] particularly depends too much on principle and not enough on fact. You guys rate people based on what people say their plans are in the distant future, not what they are doing today. I think you put way too much weight on these glorified principles and way too little weight on science and engineering. It would be very helpful if your organization hired a few more engineers and actually entered into dialog with companies to find out what they are really doing and not just listen to all the flowery language when in reality most of them aren't doing anything. That's my opinion."It ain't easy being Steve.
