February 11, 2011 / 8:28 PM / 9 years ago

UPDATE 1-Calpers gets backing for Apple proposal

* Majority vote standard back by proxy advisers

* Apple annual meeting held Feb. 23

SAN FRANCISCO, Feb 11 (Reuters) - Pension fund Calpers’ proposal to require a majority vote to elect unopposed candidates to the board of Apple Inc (AAPL.O) has been endorsed by three prominent proxy advisory services.

Egan-Jones Proxy Services, Glass, Lewis & Co and ISS Proxy Advisory Services are supporting the proposal, Calpers said on Friday. Calpers is the biggest U.S. public pension fund.

Apple will host its shareholder meeting on Feb. 23.

Calpers’ non-binding proposal asks Apple to replace its plurality vote rule in uncontested elections, and require election by a majority of total shares. [ID:nN03245395]

Apple’s board is opposing the proposal.

The proposal is part of a broader push for majority-vote corporate board elections by Calpers, the $226 billion California Public Employees’ Retirement System.

Shares of Cupertino, California-based Apple rose 0.8 percent to $357.20 in afternoon trading on the Nasdaq. (Reporting by Gabriel Madway, editing by Gerald E. McCormick)

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