Apple releases 2009 proxy statement

08.01.2009

an advisory vote on compensation

The board's recommendations are to vote for on the first matter, and against the rest--all of which are shareholder initiatives. Also interesting is that abstentions don't have an effect on the voting for the first proposal, but they count as "against" votes for the rest. Additionally, the first proposal can be passed without a quorum, which isn't true for the rest. Essentially, the rules are stacked against the shareholder proposals.

Proposal 2 is, at its core, a requirement to provide a semi-annual report that describes how any and all corporate assets are being used for political purposes. Being brought to the floor by International Brotherhood of Teamsters General Fund, the real meat of the proposal is looking for contributions to groups like the Teamsters that, while not directly a political organization, have clout and influence in the political sphere.

Proposal 3 is a suggestion from the AFL-CIO that Apple adopt health care coverage guidelines provided by the Institute of Medicine.

Naturally, Apple's board is hesitant because the guidelines are sweeping and nebulous, but constrain Apple's options for employees.