Shareholder proposal on a China entanglement audit

The matter

A shareholder proposal from the National Center for Public Policy Research asks the board to evaluate and report within the next year, at reasonable cost and excluding confidential information, on the risks and costs tied to Apple's continued business entanglement with the People's Republic of China. The proponent cites tariff exposure, supply chain concentration and Greater China revenue. The board recommends a vote against, saying it already discloses extensive information on international operations.

Standard at the meeting

Majority of the shares present or represented by proxy and voting, and a majority of the shares required to constitute a quorum

An abstention

has no effect

A broker non-vote

has no effect

Routine for brokers

no

Read from that filing/where the two differ, the filing governs/the board recommendation is context and changes no record

Intent, not a shareholder vote/weights are re-read at the cutoff, and can only fall