Apple notified the U.S. Securities and Exchange Commission yesterday that it will be holding its annual shareholder meeting on February 27, and boy do they have a lot talk about.
The meeting will be held at Apple’s 1 Infinite Loop campus in Cupertino, where stock holders (as of January 2, 2013) will be able to attend and vote on a variety of proposed measures…
AppleInsider [1] has all of the proposals that will be up for vote:
“In a letter addressed to shareholders, Apple Senior Vice President and General Counsel Bruce Sewell offered a brief summary of the proposals up for vote, including the election of Apple’s board of directors, ratification of Ernst & Young as its independent accounting firm, an advisory vote for executive compensation and two shareholder proposals.
One important measure up for vote is an amendment to the company’s articles of incorporation that will eliminate language from the document to facilitate the adoption of majority voting for directors. The move is connected to an announcement at the 2012 annual meeting in which Apple informed shareholders that it would be implementing majority voting in its Articles and bylaws.â€
Additionally, the board is also looking to eliminate preferred stock, which is a form of financing that allows a company to issue debt to a shareholder that can be paid off in payments.
Apple has not issued such shares since 1997 and the board does not intend to do so in the future. If the amendment passes, future preferred stock purchases would have to get approval.
Shareholders will also get to present proposals. And as aforementioned, they’ll likely have some questions for the company, such as “what are you going to do to stop the bleeding?â€
Since hitting its all-time high last September, Apple’s stock price has dropped 30% . And on the back of rumors of weak iPhone 5 demand , it’s dipped below $500 for the first time in a year.
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