Apple shareholders defeat two proposals at annual meeting

By ReutersReuters

Feb 13 (Reuters) - Apple Inc shareholders defeated two shareholder proposals at an annual meeting on Tuesday, one asking that rules allowing shareholders to nominate directors to the board be eased, and another asking for a human rights committee at Apple.

The proxy access measure asked Apple to reconsider its rules for shareholders to nominate directors; the rules say that a group of no more than 20 shareholders must hold 3 percent of Apple's stock in order to nominate a director for one of the eight director positions. The proposal did not pass, with 67.8 percent of shareholders voting against it.

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Another proposal urged Apple to create a human rights panel to oversee issues such as workplace conditions and censorship in China and to report results back to the public. The proposal was defeated, with 94.4 percent of shareholders voting against it.

Apple had recommended that shareholders vote against both of the measures.

Shareholders approved four measures put forth by the company, including a required "say on pay" vote to approve pay for executives and a measure on re-electing the current directors.

Shares of Apple were up 0.1 percent at $162.84. (Reporting by Stephen Nellis; Editing by Bernadette Baum)