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Article

11 Dec 2017

Author:
Ross Kerber, Reuters

Apple aims to block climate rights proposals with quick use of SEC guidance

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Apple...is pushing back on shareholder proposals on climate issue and human rights concerns, an effort activists worry could sharply restrict investor rights...In letters to the U.S. Securities and Exchange Commission...an attorney for the California computer maker argued at least four shareholder proposals relate to “ordinary business” and therefore can be left off the proxy Apple is expected to publish early next year, ahead of its annual meeting...The attorney...cited guidance issued by the SEC...saying that company boards are generally best positioned to decide if a resolution raises significant policy issues worth putting to a vote...

While companies routinely seek permission to skip shareholder proposals, Apple’s application of the new SEC guidance shows how it could be used to ignore many investor proposals by claiming boards routinely review those areas...An Apple spokesman declined to comment beyond its letters to the SEC...An SEC spokeswoman declined to comment...

...[S]hareholder measures have taken on new significance as big asset managers increasingly back those on areas like climate change or board diversity...In the case of the measure on greenhouse gas emissions, filed by Jantz Management of Boston...Apple argues it already has taken many steps to improve the sustainability of its operations...