Apple board re-election threat

US pension fund Calpers (The California Public Employees' Retirement System) has announced that it will withhold votes for the re-election of Apple's entire board of directors in protest at the company's failure to implement a shareholder-approved proposal to treat stock options as an expense. Calpers is withholding votes for Apple board members William Campbell, Millard Drexler, former US Vice President Al Gore, Jobs, Arthur Levinson and Jerome York, all of whom are standing for re-election.

It is not only Apple's failure to implement a shareholder-approved proposal to treat stock options as an expense that has angered Calpers. The organization has also criticized Apple's board for authorizing Apple's auditor, KPMG LLP, to perform nonauditing, or consulting services, for the maker of Macintosh computers and the iPod digital music players. Calpers also noted that York, chairman of the audit committee, is the former chairman, president and chief executive of MicroWarehouse, a major reseller and a buyer of Apple's wares.

News source: MacWorld | UK

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