Apple shareholders file lawsuit over anti-poaching agreements, claim gross mismanagement and more

Photo: mashable.com

Photo: mashable.com

Apple shareholders are the latest to jump into the fray of a lawsuit against Apple over its anti-poaching agreements with a number of other tech companies. As we’ve previously reported, Apple, Google, Intel, Adobe, and a laundry list of other companies allegedly created illegal pacts to avoid hiring each others’ engineers, allowing each employer to keep its wages low without running the risk of a competitor snatching up its competition with a better deal.

Now, a little over a week after a class action settlement was rejected by the court for being too low, Apple shareholder R. Andre Klein has filed a derivitive complaint on behalf of all Apple shareholders (embedded below) accusing the company of “breach of fiduciary duty, gross mismanagement, waste of corporate assets, and breach of the duty of honest services.”

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Cook talks Apple TV, iMessage, innovation at shareholders meeting as all management proposals approved

This morning, Apple is holding its 2014 official shareholders meeting from its Infinite Loop campus in Cupertino, California. The proceedings are just beginning, and Apple executives are expected (per usual) to field questions from attending shareholders.

One of the orders of business at this meeting is voting to approve or reject both proposals from Apple’s management and shareholders. Bloomberg‘s Jon Erlichman reports that shareholders have rejected every proposal created by other shareholders while all proposals from Apple management have been approved…

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Icahn says Apple “doing great disservice to shareholders,” increases AAPL investment to $3B

Following a precatory proposal from billionaire investor and Apple shareholder Carl Icahn urging Apple to vote on a larger buyback, Icahn today announced on Twitter that he thinks Apple “is doing great disservice to shareholders by not having markedly increased its buyback.” He also said that he would soon send Apple another in-depth letter regarding his proposals and confirmed that he has purchased another $500 million in Apple shares bringing his total investment to $3 billion.  Read more

Apple’s SEC filing reveals Feb. 27 annual shareholder meeting, Cook’s 2012 compensation, and Human Rights committee proposal

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Apple filed documents today with the U.S. Securities and Exchange Commission to announce the next annual shareholder meeting held at the company’s headquarters on Feb. 27, 2013.

The proxy statement revealed CEO Tim Cook’s compensation in 2012 equaled less than $4.2 million, but it also detailed six proposals shareholders would vote on at the meeting. The notable proposals include the election of the company’s board and whether Apple should have a “Board Committee on Human Rights”.

Cook’s 2012 compensation included $1.36 million in salary with no stock awards and a $2.8 million incentive plan, where as his 2011 compensation totaled $378 million. However, last year’s mammoth figure included $376.2 million in stock awards that he’ll earn over a decade.

As for the board, Apple seeks to re-elect Cook, Chairman Arthur Levinson, and directors Al Gore, William Campbell, Millard Drexler, Robert Iger, Andrea Jung, and Ronald Sugar. Apple’s board decidely recommended in the filing that shareholders vote against a proposal to have a Human Rights committee.

The proposal originated from common stock owner John Harrington, who owns at least $2,000 in market value stock, and he wishes to create a separate board committee on Human Rights that would “review the implications of company policies, above and beyond matters of legal compliance, for the human rights of individuals in the US and worldwide.”

The board said the committee isn’t necessary, because Apple is “committed to the highest standards of social responsibility and human rights wherever we do business.”

As for details on the executives’ salaries, check out the table below from the SEC filing:

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