LIUNA Welcomes ISS Support of Shareholder Proposal on Apple CEO Succession Planning

WASHINGTON--(BUSINESS WIRE)--Today LIUNA – the Laborers’ International Union of North America – announced that a shareholder proposal to require Apple to disclose a CEO succession plan, submitted by the Central Laborers’ Pension Fund, had won the support of Institutional Shareholder Services, the country’s largest proxy voting service.

“ISS believes that shareholders would benefit by having a report on the company's succession plans disclosed annually. Such a report would enable shareholders to judge the board on its readiness and willingness to meet the demands of succession planning based on the circumstances at that time.”

“All companies should have succession planning policies and succession plans in place, and boards should periodically review and update them,” ISS reported in its analysis of the proposal. “ISS believes that shareholders would benefit by having a report on the company's succession plans disclosed annually. Such a report would enable shareholders to judge the board on its readiness and willingness to meet the demands of succession planning based on the circumstances at that time.”

Support from ISS has the potential to sway the votes of large, institutional shareholders in favor of the Central Laborers’ Pension Fund’s proposal, which was submitted in August. The organization has supported similar proposals offered by LIUNA member pension funds in the past. CEO succession proposals made by LIUNA pension funds have been adopted by several Fortune 500 companies, including Hewlett-Packard, Verizon and American Express.

Apple shareholders will have the opportunity to support the CEO succession proposal at the February 23 shareholders’ meeting.

The half-million members of LIUNA – the Laborers’ International Union of North America – are on the forefront of the construction industry, a powerhouse of workers who are proud to build America.