Re: Backdating FUD
[quote author=“sleepygeek”](the story is that Board and committee minutes from 1997 to the present day are to be released to a shareholder pension fund by court order).
I think that’s totally outrageous that a single shareholder should get access to all board and committee meetings from 1997 to the present day. This is like justice by lynch mob. It’s surely the SEC’s role to deal with such things.
The shareholder should be be banned from trading Apple stock or derivatives for five years, and not be permitted to retain copies of anything; only to have designated individual review the documents in the presence of a witness. The only possible “benefit” is insider information to enable dealing in the stock. The only possible nonzero outcome is that they discover, or think they discover, a bad thing, and then damage the interests of all other shareholders by using it to damage Apple’s reputation.
I’m almost convinced this is a scam by Apple’s competitors to get inside information. It is deeply undesirable, in that if it happens, companies will even more make decisions outside the formal committees. Formally made decisions could come back to bite them up to ten years later. Nothing by email; nothing by committee will make things worse for shareholders everywhere.
This may not be anything to worry about. I cannot speak to Apple practices, but we always assumed that anything in our company’s board minutes would one day be read by litigants, competitors, or the government.
As an aside, The San Jose Mercury News has devolved to a poorly written, ill-diguised Microsoft shill, yellow in color.