Feb 9 Proxy advisory firm ISS said it recommends
shareholders vote against activist investor Carl Icahn's share
buyback proposal for Apple Inc, according to a report
obtained by Reuters on Sunday.
"(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
Icahn is waging a campaign to get Apple to return more cash
to shareholders and has filed a resolution proposing that it
give back $50 billion more through share buybacks. Apple
shareholders will vote on the proposal at a Feb. 28 meeting.
Proxy advisory firm Egan-Jones also advised shareholders on
Friday to vote against Icahn's plan.