(Reuters) – Proxy advisory firm ISS said it recommends shareholders vote against activist investor Carl Icahns share buyback proposal for Apple Inc, according to a report obtained by Reuters on Sunday. (The Apple board) has returned the bulk of its U.S.-generated cash to shareholders via aggressive stock buybacks and dividends payouts, the ISS report said. In light of these good-faith efforts and its past stewardship, the boards latitude should not be constricted by a shareholder resolution that would micromanage the companys capital allocation process. Icahn is waging a campaign to get Apple to return more cash to shareholders and has filed a resolution proposing that it give back $50 billion more through share buybacks. Apple shareholders will vote on the proposal at a February 28 meeting.
ISS recommends ‘no’ vote on Icahn’s plan for Apple
10
Feb
2014
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