The California Public Employees' Retirement System said Apple Inc. (AAPL) should require majority voting for board members, The Financial Times reported.
A Calpers proposal set for a vote at Apple's annual meeting Feb. 23 has the support of Institutional Shareholder Services, the FT said.
According to a report in Pensions & Investments, Calpers said in a statement that Apple "needs a governance upgrade" and said majority voting is "a hallmark of accountability."
Apple's board opposes the plan. "The unusual mechanics of California law create the risk that directors who enjoy overwhelming shareholder support may fail to be elected because an insufficient number of shareholders voted in the election," Apple said in a statement, adding that "shareholders have always had the ability to remove directors," Pensions & Investments reported.
Full story at http://www.ft.com/intl/cms/s/2/0db95410-4e8f-11e1-ada2-00144feabdc0.html#axzz1lcJKxoXY and http://www.pionline.com/article/20120203/DAILYREG/120209941/calpers-wants-apple-directors-elected-by-majority-vote-of-shareholders
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