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CalPERS has over $500 BILLION in unfunded liabilities–just took a $250 million real estate write-off. They are telling Apple, which has $90 BILLION is cash, to change its Board of Directors.
No this is not a joke. This is a failed government agency telling a successful company how to become as corrupt and bankrupt as government.
““Apple needs a governance upgrade. An overwhelming 73 percent of shareowners supported this same proposal a year ago, and we’re once again calling on Apple to listen to its shareowners and adopt a voting standard that is widely considered a basic mark of good governance,” said Anne Simpson, senior portfolio manager, in a statement. Simpson leads the CalPERS Corporate Governance program.”
Looks to me like Apple’s governance is great–while the administrators of CalPERS should not be allowed to run the corner doughnut shop.
This is why government can not be trusted and is not respected. Those who failed Economics 1 telling people with Doctorates in economics how to run their business. If CalPERS is successful, the value of YOUR retirement fund will decline.
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CalPERS wants Apple to change selection of board
Sacramento Business Journal by Mark Anderson, 2/3/12
California’s huge public pension fund wants to put pressure on Apple Inc. change the way it elects candidates to its board of directors.
The California Public Employees’ Retirement System is trying to drum up shareholder support for its proposal to have unopposed board candidates elected by majority vote.
As of Dec. 27, CalPERS owned 2.8 million shares of Apple (NASDAQ: APPL) stock, which at $459 a share is worth $1.29 billion. That means Apple shares account for more than 0.55 percent of CalPERS total current value. With $231 billion in assets, Sacramento-based CalPERS is the nation’s largest public pension fund. And Apple, based in Cupertino, has about 1,200 employees working in Elk Grove.
“Apple needs a governance upgrade. An overwhelming 73 percent of shareowners supported this same proposal a year ago, and we’re once again calling on Apple to listen to its shareowners and adopt a voting standard that is widely considered a basic mark of good governance,” said Anne Simpson, senior portfolio manager, in a statement. Simpson leads the CalPERS Corporate Governance program.
“Nearly 80 percent of the companies in the S&P 500 and 60 percent in the Russell 1000 have some form of majority voting standard, and for good reason. It’s a hallmark of accountability,” she said.
Apple’s current board vote rule allows directors to be elected by a single vote, which CalPERS argues gives shareholders no ability to oppose a candidate because their “Withheld” votes don’t count.
The CalPERS proposal seeks a majority vote, and it is going to be presented at Apple’s February 23 annual meeting.
“We urge Apple to take the necessary steps to institute a majority vote standard that allows those of us who are owners of the company to have a voice,” Simpson said.
California’s huge public pension fund wants to put pressure on Apple Inc. change the way it elects candidates to its board of directors.
The California Public Employees’ Retirement System is trying to drum up shareholder support for its proposal to have unopposed board candidates elected by majority vote.
As of Dec. 27, CalPERS owned 2.8 million shares of Apple (NASDAQ: APPL) stock, which at $459 a share is worth $1.29 billion. That means Apple shares account for more than 0.55 percent of CalPERS total current value. With $231 billion in assets, Sacramento-based CalPERS is the nation’s largest public pension fund. And Apple, based in Cupertino, has about 1,200 employees working in Elk Grove.
“Apple needs a governance upgrade. An overwhelming 73 percent of shareowners supported this same proposal a year ago, and we’re once again calling on Apple to listen to its shareowners and adopt a voting standard that is widely considered a basic mark of good governance,” said Anne Simpson, senior portfolio manager, in a statement. Simpson leads the CalPERS Corporate Governance program.
“Nearly 80 percent of the companies in the S&P 500 and 60 percent in the Russell 1000 have some form of majority voting standard, and for good reason. It’s a hallmark of accountability,” she said.
Apple’s current board vote rule allows directors to be elected by a single vote, which CalPERS argues gives shareholders no ability to oppose a candidate because their “Withheld” votes don’t count.
The CalPERS proposal seeks a majority vote, and it is going to be presented at Apple’s February 23 annual meeting.
“We urge Apple to take the necessary steps to institute a majority vote standard that allows those of us who are owners of the company to have a voice,” Simpson said.
