Apple amended its bylaws to allow long-term shareholders to nominate members to its board. In practice this means that if you own three percent of its outstanding shares continuously for at least three years you can nominate directors.
Laws like this have traditionally resulted in pension funds putting up lots of resolutions and it will give the bigger shareholders more say in the way the company has run.
Big shareholders have been becoming increasingly more vocal in the running of tech companies of late sometimes suggesting things, such as the case of Qualcomm, getting out of the chipmaking business and living off patent licencing. Apple might be requested to bring more of its cash to the US or return more of its cash pile to shareholders.
Under Apple’s new bylaws, a group of up to 20 shareholders are eligible to nominate up to a fifth of the board.
The Apple board currently has eight members, including Chief Executive Tim Cook and Walt Disney CEO Bob Iger.