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Technology Stocks : Apple Inc.
AAPL 266.38-0.8%3:59 PM EST
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To: Phillip C. Lee who wrote (2004)4/2/1997 1:44:00 PM
From: Scott Simpson   of 213173
 
<The postponement on this event does not affect the efforts made by CalPERS to influence the decisions made by Apple's executives, just the timing is not appropriate during this period of speculations.>

I agree with your sumation and, I realize it may be wishful thinking on my part to read more into the situation than this.

But, I must disagree with point #4 where you stated "Probably, CalPERS managers are satisfied with what Apple's changes and its new future trends about products and management;" It is my understanding that CalPERS is more concerned about the makeup of the board of directors rather than its recent decisions. They were concerned with:

1. The lack of experience current board members have in high tech industries.

2. The closeness of their relations with CEO Gil Amelio and the ability each side has to be objective in evaluating individual as well as company-wide performance.

3. Board members pay not being tied to stock performace.

4. The fact that certain board members sit on numerous other boards, severly impacting their duties at Apple.

I have not heard or read any recent changes in any of these areas, so I can only deduce that there is some other reason to delay the meeting; possibly the impending removal of the board without CalPERS intervention.

Maybe it is because some of their other holdings are getting hammered in the current stock downdraft, and Apple is no longer public enemy number one. :-)
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