The Wall Street Journal reports this evening that Apple has amended its bylaws to make it easier for long-time shareholders to nominate to the company’s board of directors. This makes Apple the latest company to adopt what is commonly referred to as “proxy access.”
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Apple revealed the change in a securities filing. Details include that a shareholder of 3% shares for 3 years, or a group of up to 20 shareholders, can now nominate to the board in the company’s annual proxy statement. Shareholders can nominate up to 20% of Apple’s directors, which with Apple’s 8 member board, comes out to one director position that is controlled by the shareholders.
In a securities filing, Apple said its board of directors had adopted amended bylaws Monday that allow a shareholder, or a group of up to 20 shareholders, holding 3% of its shares continuously for three years to include board nominees in the company’s annual proxy statement.
The bylaw allows shareholders to nominate up to 20% of Apple’s directors. Apple’s board currently has eight members, so shareholders could nominate one director.