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The California Public Employees’ Retirement System (CalPERS) today issued the following statement in response to a rally by shareholders to support good governance practices:
“The fact that Proposal No. 2 received 98 percent approval from more than 55 percent of shareholders is a ringing endorsement of Apple's plans,” said Anne Simpson, CalPERS director of global governance. “A message was sent and it’s one of emphatic support for shareholder rights. CalPERS will continue to support the elements of this proposal and encourage shareholders to approve them when the company introduces them again.
“While we appreciate Mr. Einhorn introducing new ideas regarding Apple’s capital allocation structure, the issuance of new shares should be a matter for all shareholders, not just one investor or the Board. We look forward to providing feedback to any future proposals and trust that management’s allocation proposals will take a long-term view,” Simpson stated.
CalPERS is the largest public pension fund in the U.S. with approximately $255 billion in assets. The retirement system administers retirement benefits for more than 1.6 million current and retired California State, public school, and local public agency employees and their families on behalf of more than 3,000 public employers in the state, and health benefits for 1.3 million enrollees. For more information about CalPERS, visit www.calpers.ca.gov.
