Register FAQ / Rules Forum Spy Search Today's Posts Mark Forums Read
Go Back   MacRumors Forums > News and Article Discussion > MacRumors.com News Discussion

Reply
 
Thread Tools Search this Thread Display Modes
Old Dec 27, 2013, 07:42 PM   #1
MacRumors
macrumors bot
 
Join Date: Apr 2001
Highlights from Apple's Preliminary Proxy Statement, 2014 Shareholders Meeting Proposals




Apple has released its preliminary proxy statement in a filing to the SEC. The filing is an announcement of the 2014 annual stockholders meeting, as well as proposals that will be voted on at the meeting and details of executive compensation arrangements.

Among other things, the filing details a forthcoming vote on investor Carl Icahn's proposed $50 billion share repurchase program that was filed for earlier this month. If approved, the proposal would still be on a non-binding "advisory" basis, and would specifically call for the company to commit to fulfilling no less than $50 billion of share repurchases during Apple's fiscal year ending on September 27, 2014.

However, Apple's Board of Directors has recommended a vote against Icahn's buyback program, stating that it is still "considering options" for how to return cash to shareholders:
Quote:
The Board and management team are thoughtfully considering options for returning additional cash to shareholders and are currently seeking input from shareholders as part of the Company's regular review.

With breakthrough products and services such as the Mac, iPod, iPhone, iPad and App Store, the Company has created huge market opportunities, and the Board and management team believe the opportunities that lie ahead are just as exciting. Given such large and global markets, the Company competes with large companies around the world, many with their own significant technical capabilities and significant capital. This dynamic competitive landscape and the Company's rapid pace of innovation require unprecedented investment, flexibility and access to resources.

...The Company is updating perspectives on its capital return program for 2014 and beyond. The Company is collecting input from a very broad base of shareholders, believing that the input of all shareholders is important and should be considered holistically. The evaluation of the capital return program continues to be thoughtful, deliberate, and consistent with a conservative financial policy that supports risk-taking and innovation. Consistent with its pattern for the last two years, the Company is on track to complete its regular review and thorough analysis and to announce any changes to the current program by March or April of 2014.
Since first disclosing his position in Apple back in August, Icahn has been vocal about asking the company to increase its buyback as he has dramatically increased his stake in the company. Apple, for its part, announced a significant increase in its capital return program back in April of 2013, and management pledged to reexamine its share repurchase and dividend programs in the first half of 2014.

Also detailed is a proposal on establishing a separate entitled committee that would oversee human rights issues raised by the company's activities, such as the recent accusations of labor violations at primary suppliers like Pegatron and Biel Crystal and the welfare of its own employees.

Apple also recommended a vote against the proposal, stating that its Supplier Responsibility team and report already audits suppliers to an effective extent and that establishing a committee would be "redundant" and add little value to its existing commitment to human rights and social responsibility.

The preliminary proxy statement also noted the earnings of CEO Tim Cook's total compensation for 2013. While Cook saw an increase in his salary this year to $1,400,006 from $1,357,718 last year, the CEO gave up about 7,100 shares tied to his bonus stock award that was changed in June to be more performance based. At the stock's current price of $560.09, this would mean that Cook lost out on $3,976,639 in bonus earnings.

Overall, the shareholders meeting will hold votes on eleven proposals related to director reelection, compensation, and more.

The 2014 Annual Meeting of Shareholders will occur at Apple's 1 Infinite Loop headquarters on February 28, 2014 at 9:00 AM Pacific Time.

Article Link: Highlights from Apple's Preliminary Proxy Statement, 2014 Shareholders Meeting Proposals
MacRumors is offline   1 Reply With Quote
Old Dec 27, 2013, 07:44 PM   #2
WorldTravelBro
macrumors member
 
Join Date: Nov 2012
He looks like me lol


Last edited by WorldTravelBro; Dec 27, 2013 at 07:54 PM.
WorldTravelBro is offline   2 Reply With Quote
Old Dec 27, 2013, 07:50 PM   #3
Shrink
macrumors Demi-God
 
Shrink's Avatar
 
Join Date: Feb 2011
Location: New England, USA
Quote:
Originally Posted by WorldTravelBro View Post
He looks like me lol
I was going to say that he looks like Mel Brooks...but maybe I shouldn't!
__________________
Two things are infinite, the universe and human stupidity; and I'm not sure about the universe. -- Albert Einstein
Shrink is offline   4 Reply With Quote
Old Dec 27, 2013, 07:50 PM   #4
notjustjay
macrumors 603
 
notjustjay's Avatar
 
Join Date: Sep 2003
Location: Canada, eh?
I can't get over how much that man looks like Tony Amendola.
__________________
.
notjustjay is offline   2 Reply With Quote
Old Dec 27, 2013, 07:53 PM   #5
AFDoc
macrumors 68000
 
Join Date: Jun 2012
Location: Colorado Springs USA for now
I was going to say.... that has got to be up there with one of the "fruitiest" pictures I've ever seen. I hate these type of portrait pictures.... WTH is he looking at?

Quote:
Originally Posted by notjustjay View Post
I can't get over how much that man looks like Tony Amendola.
Maybe we're looking at 2 different pics..... Link me to both and I'll judge the likeness.
AFDoc is offline   3 Reply With Quote
Old Dec 27, 2013, 07:55 PM   #6
iHamish
macrumors newbie
 
Join Date: Jun 2007
Location: The Beautiful California Central Coast
He looks like someone I don't want giving advice to Apple...
iHamish is offline   30 Reply With Quote
Old Dec 27, 2013, 07:56 PM   #7
Sy7ygy
macrumors regular
 
Join Date: Nov 2012
He look's exactly as he is: Corrupt.
__________________
11" MacBook Air, 2.0GHz Core i7-3667U w/ 8Gb DDR3, 128GB SSD | Awaiting 64GB Space Grey Retina iPad Mini | 64Gb Space Grey iPhone 5S.
Sy7ygy is offline   21 Reply With Quote
Old Dec 27, 2013, 07:58 PM   #8
notjustjay
macrumors 603
 
notjustjay's Avatar
 
Join Date: Sep 2003
Location: Canada, eh?
Quote:
Originally Posted by AFDoc View Post
Maybe we're looking at 2 different pics..... Link me to both and I'll judge the likeness.


Argh. Couldn't get the below image to show up in-line.

http://ia.media-imdb.com/images/M/MV...0,214,317_.jpg
__________________
.
notjustjay is offline   0 Reply With Quote
Old Dec 27, 2013, 07:59 PM   #9
WorldTravelBro
macrumors member
 
Join Date: Nov 2012
It looks like he is thinking "I should buy more stocks and make the price rise after I buy them, then sell them lolol"
WorldTravelBro is offline   5 Reply With Quote
Old Dec 27, 2013, 08:10 PM   #10
AdonisSMU
macrumors 65816
 
Join Date: Oct 2010
I wish Carl would let Apple run their business and quit meddling.
AdonisSMU is offline   9 Reply With Quote
Old Dec 27, 2013, 08:10 PM   #11
Rogifan
macrumors 604
 
Rogifan's Avatar
 
Join Date: Nov 2011
Screw Icahn. He doesn't give a crap about Apple. All he cares about is himself.

How does Ive get away with never having to disclose his salary or stock options? Unless he doesn't earn as much as the other SVPs?
__________________
"Liberals claim to want to give a hearing to other views, but then are shocked and offended to discover that there are other views." - William F. Buckley, Jr.
Rogifan is offline   5 Reply With Quote
Old Dec 27, 2013, 08:11 PM   #12
AdonisSMU
macrumors 65816
 
Join Date: Oct 2010
Quote:
Originally Posted by notjustjay View Post
I can't get over how much that man looks like Tony Amendola.
I cant get over how much of a slime ball this guy is.
AdonisSMU is offline   7 Reply With Quote
Old Dec 27, 2013, 08:12 PM   #13
patohi
macrumors member
 
Join Date: Sep 2009


lel
patohi is offline   21 Reply With Quote
Old Dec 27, 2013, 08:21 PM   #14
mpantone
Banned
 
Join Date: Mar 2009
Carl sucks.

I will joyfully vote against his impotent little "advisory" proposal.

I'm glad this little douche got his clock cleaned out by his Yahoo investment debacle. He's too skilled of an old-school corporate raider to fail completely, however he deserves every single disappointment that fate can throw at him.

Last edited by mpantone; Dec 27, 2013 at 08:30 PM.
mpantone is offline   5 Reply With Quote
Old Dec 27, 2013, 08:49 PM   #15
tbrand7
macrumors regular
 
Join Date: Feb 2013
Location: New York
Apple should buy iCahn Enterprises and dump it into the Atlantic just to show that greedy Santa who's in charge of Apple.
__________________
15-inch Retina MacBook Pro- 2.6GHz, 8GB, 512GB Flash Storage
iPhone 5 S⃣- 64GB
Apple TV- 3rd Generation
iPad Air- 128 GB, Celluar
tbrand7 is offline   8 Reply With Quote
Old Dec 27, 2013, 08:51 PM   #16
FloatingBones
macrumors 65816
 
FloatingBones's Avatar
 
Join Date: Jul 2006
How about a binding proposal to vote Ichan off the island?
FloatingBones is offline   6 Reply With Quote
Old Dec 27, 2013, 09:00 PM   #17
mbh
macrumors 6502
 
Join Date: Jul 2002
Einhorn, Icahn, who's next?

Maybe if Carl has his proposal rejected that will make other big investor types think twice before trying to coerce Apple. Carl already had to drop his demand from $150B to $50B in order to avoid looking completely ridiculous.
mbh is offline   0 Reply With Quote
Old Dec 27, 2013, 09:36 PM   #18
JayLenochiniMac
macrumors 601
 
Join Date: Nov 2007
Location: New Sanfrakota
Quote:
Originally Posted by Sy7ygy View Post
He look's exactly as he is: Corrupt.
Yes, looks like Iranian ex-president Mahmoud Ahmadinejad.

__________________
Home iMac 27" 2.9GHz Intel Core i5
Work iMac 24" 2.8GHz Core 2 Extreme
Mobile iPad (4th gen) & iPhone 5 S⃣
JayLenochiniMac is offline   4 Reply With Quote
Old Dec 27, 2013, 10:04 PM   #19
notjustjay
macrumors 603
 
notjustjay's Avatar
 
Join Date: Sep 2003
Location: Canada, eh?
Quote:
Originally Posted by AdonisSMU View Post
I cant get over how much of a slime ball this guy is.
Yeah. Well, there are two kinds of investors I guess, the kind that truly believes in the future of a company, its vision, its technology, etc. and wants to see it succeed in the long run (with a financial reward for the investor, of course) -- and the kind that just wants to make a buck as quickly as possible, no matter how.
__________________
.
notjustjay is offline   0 Reply With Quote
Old Dec 27, 2013, 10:12 PM   #20
usarioclave
macrumors regular
 
Join Date: Sep 2003
What's with the Carl Icahn choir boy shot? It would be more realistic to show him rending the flesh from some beast that his assistant killed with his bare hands.
usarioclave is offline   4 Reply With Quote
Old Dec 27, 2013, 10:24 PM   #21
mozumder
macrumors 6502
 
Join Date: Mar 2009
I like this.

It looks like Apple wants to invest more in technical capabilities.

There's quite a bit you can do with $100 billion, with insane amount of potential for future growth.

Manufacturing is given, to help Apple reduce expenses as they mass produce. Maybe their own factories instead of contractors. Even a semiconductor fab would only be a few billion.

Probably a bigger item would be for Apple to develop their own IP networks, which would work well with their focus on hardware sales. I don't think Apple wants their products to be reliant on Verizon/Comcast/etc.. for Internet connectivity, and they can control that aspect of the user interface directly. This would cost a good chunk of that $100 billion.
mozumder is offline   2 Reply With Quote
Old Dec 27, 2013, 10:27 PM   #22
jav6454
macrumors G5
 
jav6454's Avatar
 
Join Date: Nov 2007
Location: 1 Geostationary Tower Plaza
Carl Icahn is nothing more than a looter. Yes, in free market his strategy of buying stock, forcing a company too increase buyback to therefor raise the price of said stock, then selling it at higher prices is a fair game.

However, what about the implications of such buyback? To use $50 Billion, Apple would have to either:
  • Go into debt
  • Repatriate overseas cash

Both options which suck because they will leave Apple in a vulnerable position and without economic leverage to continue buying/acquiring valuable IP/infrastructure.

I've always been a keen supporter of keeping Wall Street out of Silicon Valley. If Wall St mongols what to play in Silicone Valley, they should invest and then just shut the f* up about running the company. The financial and engineering/electronics world are so much different. They know nothing of the latter.
__________________
Al MacBook 2.4GHz Late '08 | 5 S⃣ | Macross Click Me
jav6454 is offline   10 Reply With Quote
Old Dec 27, 2013, 10:32 PM   #23
PracticalMac
macrumors 68020
 
Join Date: Jan 2009
Quote:
Originally Posted by notjustjay View Post
I can't get over how much that man looks like Tony Amendola.
Suggesting Carl Icahn is controlled by some alien?
__________________
FireWire 1394 Intelligent network guaranteed data transfer, 1500mA power, Ethernet compatible
Read: 160 files, 650MB total, FW400 70% faster then USB2
Write: 160 files, 650MB total, FW400 48% faster
PracticalMac is offline   1 Reply With Quote
Old Dec 27, 2013, 10:45 PM   #24
springsup
macrumors 6502
 
Join Date: Feb 2013
Quote:
Originally Posted by MacRumors View Post
While Cook saw an increase in his salary this year to $1,400,006 from $1,357,718 last year, the CEO gave up about 7,100 shares tied to his bonus stock award that was changed in June to be more performance based. At the stock's current price of $560.09, this would mean that Cook lost out on $3,976,639 in bonus earnings.
Yeah, I know he was down with the whole performance-based stock award thing, but still...

__________________
Sterling - the budget planner
Other apps only track your history; only Sterling helps you plan your future!
springsup is offline   2 Reply With Quote
Old Dec 27, 2013, 11:35 PM   #25
suprakc
macrumors member
 
Join Date: Jun 2013
Location: Salt Lake City
Icahn is an idiot. Anybody remember the days of John Sculley? ..........


Let's not cause that crap again.
suprakc is offline   2 Reply With Quote

Reply
MacRumors Forums > News and Article Discussion > MacRumors.com News Discussion

Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT -5. The time now is 01:53 AM.

Mac Rumors | Mac | iPhone | iPhone Game Reviews | iPhone Apps

Mobile Version | Fixed | Fluid | Fluid HD
Copyright 2002-2013, MacRumors.com, LLC