December 27, 2013 |
Investor activist Carl Icahn has submitted an advisory proposal asking Apple to increase the size of its stock buyback program in 2014 to $50 billion. The details of the proposal were included in a proxy statement that Apple filed Friday afternoon with the U.S. Securities and Exchange Commission. The proxy revealed that Apple's annual shareholder meeting will be held Feb. 28, and it contains details of 11 proposals that investors will be asked to vote on. Most of the proposals are mundane, such as reappointing board members or an auditing firm. However, Icahn's proposal (No. 10)
December 4, 2013 |
Shareholder activist Carl Icahn said Wednesday he had informed Apple that he has submitted a proposal to let shareholders vote on a larger stock buyback. In a tweet Wednesday, Icahn wrote: "Gave $AAPL notice we'll be making a precatory proposal to call for vote to increase buyback program, although not at $150 billion level. " A "precatory" proposal is one that is considered an advisory measure, but not necessarily legally binding. Apple's annual shareholder meeting typically takes place in February. Icahn revealed his large stake in Apple this summer and said he would begin pressing the company to increase the size of the stock buyback.
October 30, 2013 |
Anticipating the Securities and Exchange Commission's actions can feel like waiting for Godot. The SEC has been sitting on a petition for a new rule requiring publicly traded companies to disclose to shareholders what corporate funds are spent on political activities. The petition was filed in August 2011 by 10 corporate law professors, yet the formal rule-making process on it still has not begun. More than 640,000 people - including senators, representatives, state treasurers, comptrollers, former Vanguard Chief Executive John Bogle, investors and me - have filed public comments endorsing the need for such a rule.
October 3, 2013 |
SAN FRANCISCO -- As Twitter made public its stealth filing for an initial public offering, it parted with some of its Silicon Valley brethren by saying it would only issue one class of shares, meaning it plans to give all shareholders a vote. Unlike Facebook, Groupon and LinkedIn, Twitter will not have two classes of stock. (Or three classes of stock, like Google and Zynga). Shareholder activists and corporate governance experts have heaped scorn on the practice that they say disenfranchises investors.
August 2, 2013 |
So much for "best and final proposal. " A little over a week after Michael Dell warned that he wouldn't sweeten his bid for Dell Inc., the company founder -- on the brink of losing a shareholder vote to take the company private -- has done just that. On the morning of a special shareholders meeting at headquarters in Round Rock, Texas, the company announced that Michael Dell, along with investment firm Silver Lake, had increased the purchase price by a dime to $13.75 a share.
July 28, 2013 |
Emulex Corp. in Costa Mesa designs and makes chips that help data move faster through computer servers and storage networks. The company's Ethernet and Fibre Channel products have been built into the server and storage products of such well-known companies as Dell Inc., Intel Corp., Cisco Systems Inc., Hewlett-Packard Co., Oracle Corp. and IBM Corp. Fibre Channel is a rival networking standard to Ethernet for transmitting data between computer devices. The company, founded in 1979, said in its fiscal third-quarter financial report that its products can be found somewhere in the data centers "of nearly all of the Fortune 1000" companies.