Apple’s annual shareholder meeting isn’t usually the source of much news, and this year isn’t much different. With a judge recently granting Greenlight Capital’s motion to block a vote on a proposal that would require a shareholder vote before issuing preferred stock, many expected Apple would address what it plans to do with the cash hoard that Greenlight proposed freeing up. Unfortunately, we didn’t get much news about the proposal apart from CEO Tim Cook reiterating the company is “seriously considering” returning cash to shareholders.
One perhaps not so surprising comment from Cook was regarding new product categories (via CNBC):
“Obviously we’re looking at new categories — we don’t talk about them, but we’re looking at them,” Cook said.
As opposed to what? Not looking at new categories?
At the annual meeting, shareholders reelected all board members. They also voted against proposals for a human rights committee and an executive stock retention plan that would require 33 percent of stock to be held until retirement. According to CNBC, which live blogged the event, one shareholder made a comment about not reelecting Al Gore due to his sale of Current TV:
There is one comment about Al Gore, saying he should not be reelected. He is saying his sale of Current TV should disqualify him from serving on any “decent” company’s board.
Several board members also spoke out against Greenlight Capital in support of Apple. Cook made a comment about the company’s new Spaceship campus, noting that Apple is still on track to break ground this year and move in by 2016. Apple confirmed last year that it plans to open its new campus by mid-2016.
Cook on new campus: “We plan to bulldoze all the buildings on the new site, build one 2.8 million sq. foot building that will be the most collaborative work environment; I project that we will move in, in 2016.” Today, 80 percent of the site is covered in asphalt and concrete; when we’re finished only 20 percent will… Steve put a lot of work into this before he passed away and we’re continuing that …. We think we can get a third of our employees there by bus …. We hope to break ground later this year