U.S. SEC denies Apple’s bid to dismiss shareholder proposal on concealment clauses
The Hindu
The move means that Apple will have to face a vote on the proposal at its annual shareholder meeting next year, barring a deal with the activist.
The U.S. Securities and Exchange Commission has denied Apple Inc's bid to exclude a shareholder proposal that would require the company to inform investors about its use of non-disclosure agreements and other concealment clauses, according to a document viewed by Reuters.
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The move means that Apple will have to face a vote on the proposal at its annual shareholder meeting next year, barring a deal with the activist. Apple has said its policy is not to use concealment clauses, but at least one former employee has disputed that and filed a whistleblower complaint with the securities regulator.
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