Firm to AAPL Investors: Bump Gore

March 3rd, 2008 at 2:00 PM - Apple Stock Watch by Jeff Gamet

The Proxy advisory firm Glass Lewis & Co. is advising Apple shareholders to withhold votes for board members Al Gore, Arthur Levinson, and Jerome York. Shareholders are scheduled to vote for on Apple board of directors nominees on Tuesday.

According to the Forbes, the firm claimed that more than 25 percent of AAPL shareholders withheld votes for the three board members last year, raising concerns over their nominations. Glass Lewis also raised concerns over their involvement in the companyis backdated stock option grant scandal from last year.

While the firm is advising against retaining former U.S. Vice President Gore, Mr. Levinson, and Mr. York, it says investors should keep the other board members. That list includes Chief Executive Steve Jobs, William Campbell, Millard Drexler, Andrea Jung, and Eric Schmidt.

Glass Lewis is also throwing its support behind a proposal that would allow shareholders to ratify executive compensation every year. Apple, however, is against the proposal.