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AAPL » Topics » Shareholder Proposal Regarding Political Contributions and Expenditures Report

This excerpt taken from the AAPL DEF 14A filed Jan 7, 2009.

Shareholder Proposal Regarding Political Contributions and Expenditures Report

The Company has been advised that the International Brotherhood of Teamsters General Fund, 25 Louisiana Avenue, NW, Washington, DC 20001, a beneficial owner of 2,659 shares of the Company’s common stock, intends to submit the proposal set forth below at the Annual Meeting.

RESOLVED: That the shareholders of Apple Inc., (“Company”) hereby request that the Company provide a report, updated semi-annually, disclosing the Company’s:

 

  1. Policies and procedures for political contributions and expenditures (both direct and indirect) made with corporate funds.

 

  2. Monetary and non-monetary political contributions and expenditures not deductible under section 162 (e)(1)(B) of the Internal Revenue Code, including but not limited to contributions to or expenditures on behalf of political candidates, political parties, political committees and other political entities organized and operating under 26 USC Sec. 527 of the Internal Revenue Code and any portion of any dues or similar payments made to any tax exempt organization that is used for an expenditure or contribution that, if made directly by the corporation, would not be deductible under section 162 (e)(1)(B) of the Internal Revenue Code. The report shall include the following:

 

  a. An accounting of the Company’s funds that are used for political contributions or expenditures as described above;

 

  b. Identification of the person or persons in the Company who participated in making the decisions to make the political contribution or expenditure; and,

 

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  c. The internal guidelines or policies, if any, governing the Company’s political contributions and expenditures.

The report shall be presented to the Board of Directors’ audit committee or other relevant oversight committee and posted on the Company’s website to reduce costs to shareholders.

SUPPORTING STATEMENT: As long-term shareholders of Apple, we support policies that apply transparency and accountability to corporate political spending.

Absent a system of accountability, Company assets can be used for policy objectives that may be inimical to the long-term interests of Apple and its shareholders.

Based on available public records, the Center for Political Accountability estimates that Apple has contributed at least $460,000 in corporate funds since the 2002 election cycle.

However, relying on publicly available data does not provide a complete picture of the Company’s political expenditures. For example, the Company’s payments to trade associations used for political activities are undisclosed and unknown.

Adoption of this proposal would bring our Company in line with a growing number of leading companies, including Hewlett-Packard, Aetna and American Electric Power that support political disclosure and accountability and present this information on their websites.

The Company’s Board and its shareholders need complete disclosure to be able to fully evaluate the political use of corporate assets.

We urge your support FOR this critical governance reform.

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