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Apple Investors Vote Down Key Proposal

February 28, 2017

Apple CEO Tim CookApple CEO Tim Cook
Apple CEO Tim CookPhotograph by Getty Images

Apple shareholders defeated a proxy proposal on Tuesday at the iPhone maker’s annual shareholder meeting that would have let them nominate two directors on the company’s board.

Apple held its annual shareholders meeting as its stock trades at record highs on expectations of improved iPhone demand this year following a decline in sales in 2016.

The proposal to let shareholders nominate directors won 31.9% of votes at the meeting at Apple’s headquarters in Cupertino, Calif.

Shareholders also defeated a proposal to require Apple executives to retain their shares until they retire. That vote won 24.2-%support.

An advisory vote to approve executive pay won 95.2% support.

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Apple’s stock (AAPL) has surged 41% over the past 12 months. On Tuesday, it was up 0.07% at $137.02, just short of its record high close of $137.11 last Wednesday.