Apple will give shareholders more control over Board of Directors


Moscow. December 23. Apple has announced significant changes to corporate documents: shareholders of the company will now be easier to nominate candidates for positions on the Board of Directors.

According to The Wall Street Journal, Apple has sent the amended documents to the Commission on securities and stock exchanges (SEC) the USA.

Now the shareholder or group of shareholders (up to 20 participants) owning 3% of shares for at least three years, will be able to include their candidates in the materials containing the essential facts for annual meeting of shareholders (proxy access is a new trend in corporate governance is growing in recent years).

Similar opportunities to its shareholders is already offered by Goldman Sachs, McDonald’s, Coca-Cola and several other major companies. According to Instutional Shareholder Services, this trend adhere to almost 10% of the companies in the index Standard & Poor’s 500.

In total, shareholders have the right to call the candidates 20% of directorships Apple. Now the Apple Board of Directors consists of 8 persons, so while we are talking about only one candidate, writes the WSJ.