During yesterday the board of directors of Apple Lossless Audio CODEC (ALAC), approved a change in the way its members are elected, so that starting next year shareholders will be able to propose people to be part of this internal body of Apple.
According to the new rules, shareholders who have more than 3% of the shares and have held them for more than 3 years, or groups of up to 20 shareholders can nominate people to be part of the board of directors, this option not being possible until the moment currently according to the old statute of the company.
Regardless of the type of shareholder or shareholders who make the proposals, they are given the opportunity to have only one member on the board of directors of the Apple company, which has 8 members, so we are not talking about a measure that will change the representation of powers in the board.
This change was made public by the Apple company in a fiscal document sent to the US authorities, so we are not talking about any rumor or information unconfirmed by those in Cupertino, the change being a very important one for those in Cupertino.
In a securities filing, Apple said its board of directors had adopted amended bylaws Monday that allow a shareholder, or a group of up to 20 shareholders, holding 3% of its shares continuously for three years to include board nominees in the company's annual proxy statement . The bylaw allows shareholders to nominate up to 20% of Apple's directors. Apple's board currently has eight members, so shareholders could nominate one director.
Apple was one of the few large companies in the US that did not allow shareholders to nominate one of the members of its board of directors, so starting from 2016 things are changing and it will be interesting to see when we will see a new member of the shareholders.
