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Apple urges shareholders to vote against Icahn's proposal

2014-03-21  |  Comebuy News

Apple urges its shareholders to vote against a proposal by Carl Icahn. The multi-billionaire asks Apple to put at least $50 billion in stock buybacks in the year 2014. At the upcoming annual shareholder meeting, moreover - and about ten other proposals by shareholders - will be voted.

Icahns proposal is a non-binding advisory resolution, which means that Apple also then not should decide to take such a step, if an overwhelming majority of shareholders were him right. But Icahn has the pressure on this issue on Apple over months, why the Supervisory Board now recommends via Exchange message Friday to vote against the proposal.

The vote is on February 28. Apple assured its shareholders that it was "determined to return cash to shareholders" - albeit without increase of the share buy-back programme.

Apple had announced in April, exploit its huge cash reserves, dividend $100 billion and to buy back shares worth $ 60 billion until the end of 2015. Icahn but too little, this seems as he first noted on Twitter.

The annual stock statement in which Apple's recommendation to shareholders is, contains also information about the remuneration of members of the Supervisory Board and the Management Board. Therefore CEO Tim Cook 2013 has received a bonus of $2.8 million. That brought his salary to $4.25 million - slightly more than the $4.2 million the previous year.

[with material by Donna Tam,]

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