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

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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