ISS Recommends Shareholders Vote 'No' on Icahn's Buyback Proposal

ISS Recommends Shareholders Vote 'No' on Icahn's Buyback Proposal

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Proxy advisory firm ISS recommends shareholders vote 'No' on Carl Icahn's proposal to increase Apple's share buyback program, reports Reuters.

"(The Apple board) has returned the bulk of its U.S.-generated cash to shareholders via aggressive stock buybacks and dividends payouts," the ISS report said. "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."

Icahn is trying to get shareholders to approve a proposal that would see Apple increase its buyback by $50 billion.

The proposal will be voted on at a February 28th meeting.

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ISS Recommends Shareholders Vote 'No' on Icahn's Buyback Proposal
Wee Willy Spunker - February 10, 2014 at 3:34pm
Good luck. <3
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