CalPERS Withholds Vote on Apple Computer

April 15, 2004 ( - The California Public Employees' Retirement System (CalPERS), said on Thursday that it would withhold votes for Apple Computer Inc.'s entire board of directors.

The $167-billion fund cited the board’s failure to implement a shareholder-approved proposal on treating stock options as an expense.

CalPERS also criticized the board for authorizing Apple’s auditor to perform nonauditing, or consulting services, for the maker of Macintosh computers and the iPod digital music players.

CalPERS said it would withhold voting its 1.48 million shares from the entire board, vote them against ratifying Apple’s auditor, and against a shareholder proposal limiting executive compensation, saying the “proposal is too restrictive.” The fund recently announced similar votes on 12 companies (See  CalPERS Targets a Dozen Proxy Targets ).