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very nice open. let's hope it holds.
Amen. Merry Christmas everyone.
Campaigners hail Apple shareholder move
Stephen Foley in New York
3 Hours Ago
Financial Times
Apple's decision to give long-term shareholders a greater say in boardroom appointments is the most significant victory in an almost decade-long push to improve corporate accountability in the US, campaigners have said.
On Tuesday, the country's largest company amended its bylaws to allow its investors to nominate directors, and shareholder rights groups claimed the move would make it harder for other companies to resist pressure to follow suit.
iPhone cases are pictured on a wall Apple store in the Manhattan borough of New York.
Carlo Allegri | Reuters
iPhone cases are pictured on a wall Apple store in the Manhattan borough of New York.
Apple's decision in favour of so-called proxy access — named after the ballot paper, or proxy, that is sent to shareholders ahead of annual meetings — takes to 129 the number of US companies to have adopted the practice. In recent weeks, Pfizer, AT&T and Wells Fargo have introduced similar measures.
Scott Stringer, New York City comptroller, who has led a group of public pension funds pushing for proxy access, called the Apple decision a "tipping point".
He said: "Corporate resistance to proxy access is crumbling as more and more boards are coming to the table and working with investors to provide greater accountability that will drive long-term value."
Patrick McGurn, special counsel at ISS, which advises investors on corporate governance issues, said his organisation had advised clients to support proxy access, as a means of tackling "chronic problems related to performance or governance" when they arise at companies. "Companies like Apple tend to be bellwethers and other boards are likely to look to such respected companies and are likely to examine this issue now," Mr McGurn said.
But while many hailed the move, opponents warned that proxy access could be used by special interest groups to push political, social or environmental agendas unsupported by a majority of shareholders.
Steve Balet of FTI Consulting, which defends companies against activists, said the powers could be hijacked by shareholder groups.
"There is already a way for shareholders to nominate directors, but it does require them to spend money, which in turn requires them to believe that they will add value by doing so," he said. "Proxy access is a free pass for activism by special interest groups."
Apple's decision comes as the deadline approaches for shareholders to submit proposals to next spring's annual meetings, where campaigners are likely to unleash another round of votes on the issue.
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In 2015, Mr Stringer's pension fund group targeted 75 companies with governance records that it regarded as poor, winning majority support for proxy access at more than half. It is yet to announce its targets for 2016, but they are likely to focus on energy companies.
The Securities and Exchange Commission repeatedly debated making proxy access compulsory a decade ago, but the rule it eventually proposed in 2009 was struck down two years later after a legal challenge by the US Chamber of Commerce.
The proxy access rules being adopted voluntarily by companies typically grant the right to nominate a quarter of the board to shareholders who have, collectively, held at least 3 per cent of the company for at least three years.
It remains unclear how often proxy access will be used and by whom. Some large institutional shareholders regard it as an emergency option, to be used only if a board is failing to hold an underperforming management to account. Others, however, see a more active role for long-term shareholders.
At present, shareholders who want to nominate their own directors must launch an expensive proxy contest, complete with their own separate ballot papers. Costs for administering such contests can run to more than $10m, so they are typically only undertaken by specialist activist hedge funds — such as Daniel Loeb's Third Point or Bill Ackman's Pershing Square — rather than longer-term shareholders.
News for 'IDCC' - (*DJ InterDigital Announces Convertibility Window Period Prior To Maturity Of 2.50% Senior Convertible Notes Due 2016)
Agree completely. But I'm getting very tired of waiting.
Mick, i've been in this stock for 15 yrs. if they take it i won't be hurting. if it goes up there are different
strategies that can be used.
Mickey, it's a covered call. I'm not worried about it. I hope it does run to 55. if it goes down any further I'll
be able to collect all the premium by tomorrow.
if that happens I would just roll to a higher option out further. not much risk.
i was able to sell 51 at that price. the bid was at 40-50 0r 55. They wouldn't give me the higher price so i
took the bid price. seemed like a no brainer.
sell the Dec. 50 calls for .40. Not a bad return for 4 days of risk.
It definitely looks that way.
Nice price manipulation at the open.
500@51.50.
way to go mickey. stay well.
Wow 100m 68c.
Mickey, my thoughts and prayers are with you.
Mickey, all the best. You're in my prayers.
Loop,maybe you should email that to the BOD. They need all the help they can get.
Unfortunately that's a good possibility with futures down 300+. Ugh.
89 cents.
not happening.
strip out the cash and now you're talking 60.
If BM picks up the phone I would be glad to.
My proxy was sent via email. I was unaware I would need a control # to ask a question.
if I had a control number i would have asked more then 2 questions. Foxconn needed to be addressed.
two questions? terrible.
Fish,are you still in this stock?
Sheesh.
good news coming? has that feel to it.
thanks Loop.
So does think or swim and scotttrade.
Why would you even care when you sold all your shares?
Loop, you're still the best. Appreciate everything you do for us.
they took us down real quick.
delete.
Nice open.
good point. I forgot about the weeklies.
because the shorts need to cover. They'll keep the price in check until that happens.
M3s, agree completely, we would have been down 8-10 bucks if we lost. On the bright side it allowed me to get back half the premium on the puts I bought.
they're giving the shorts a great opportunity to cover.
how are we down on that news?