Why Apple is against Carl Icahn's stock buyback proposal
Washington: Apple has recommended its shareholders to vote against Carl Icahn's proposal to increase the size of its stock buyback program in 2014 to 50 billion dollars, as the company is already fully committed to returning cash to its investors.
The company's board of directors believes that the stewardship over Apple's finances should be handled with care, and that capital should be returned to shareholders on an efficient and sustained basis, AllThingsD reports.
The company increased its share buyback authorization from 45 billion dollars in 2012 to 60 billion dollars in 2013, and has executed aggressively against the program, spending 23 billion dollars repurchasing stock.
Icahn's proposal is still on the ballot for Apple's annual shareholders meeting, which, according to the documents, is scheduled for February 28th.