14 DAY TRIAL // Billionaire investor Carl Icahn wants Apple to buy back a lot more of its own stock, after the wealthy businessman took a $4B/€2.9B position in the company. However, the ISS advises shareholders to just say “no.”
Reuters has obtained a report from Proxy advisory firm ISS, of which it offers this interesting excerpt below.
“[The Apple board] has returned the bulk of its U.S.-generated cash to shareholders via aggressive stock buybacks and dividends payouts. In light of these good-faith efforts and its past stewardship, the board's latitude should not be constricted by a shareholder resolution that would micromanage the company's capital allocation process.”
Advisory firm Egan-Jones sided with ISS in advising shareholders to vote against Icahn's plan. AAPL stock holders will be permitted to vote on the proposal on February 28, at a shareholder meeting at Apple’s headquarters.