This week Apple made a small but important change that directly affects its board of directors, as reported by Wall Street Journal.
Through a financial document, Ma said that a shareholder or a group of up to 20 shareholders who will hold 3% of the company's shares for three years will now be able to appoint directors. This nomination covers 20% of Apple's board, so, as we are talking about eight people in total, shareholders will be able to nominate one person.
Known as “Proxy access”, this measure adopted by companies like Coca-Cola, McDonalds and Goldman Sachs had gained 39% approval in the last shareholder meeting held by Apple, in March.
Apple's move was applauded by investors like James McRitchie. However, he recalled that the limitation of naming 20% of the board is still disappointing as this board member could easily be ignored / silenced by others.