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FBN’s Adam Shapiro speaks with CalPERS Director of Global Governance Anne Simpson on the drive to get Apple’s board to relinquish say on preferred...
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Says the company is committed to making the best products but also says that they are keeping a close eye on the competition.
-- -- Shapiro is live outside the company's headquarters in Cupertino California with -- Adam.
-- as mr.
cook addressed issues from shareholders he talked about the drop in the stock price from 705 dollars down to.
449.
Dollars was -- yesterday he talked about the need to keep an eye on Samsung but that Apple's not interested as you said in making the most but making the best and of course he talked about the 137.
Billion dollars.
That -- seats on and how to appropriately return that to shareholders and how not to return that in the form of the lawsuit that was brought forth by David Einhorn and the preferred shares.
And it talk about all of that is someone who knows first -- why this issue -- sound.
And Simpson is the director of global governance for calpers she's a mother of three might say your mother of one point six million that so many people are enrolled in -- You your organization it was behind the drive to get the board of directors at apple.
Two -- some would say relinquish final say on preferred shares to shareholders eventually as mr.
-- said you're gonna get that vote why is that important.
Beaches shareholders.
-- in the company.
We provide -- kaput so quick going to be -- for the long term.
We do not lie to wend directs -- reserve the right to issue want to cold blank check summing would you do that.
Invested in the company would you want in the company -- to hand and I -- money without coming back as prosecute.
What do you think about -- Shares of apple have fallen almost 40%.
In the last 52 weeks mr.
Einhorn raises a legitimate point that would -- issuing preferred shares.
Raise the value of -- even for common shareholders.
I think our view is that -- not looking at short term volatility in the cent price.
We're not small consent to get good governance and planes -- -- -- -- -- so strong and whether you ought to be.
And then the bulletin really focus and -- reits to -- creates value which is guessing the best possible products developed.
And -- a -- question so you -- something out of nothing you can't pull a -- sense of a hat and magic the -- prize back cap.
What will support to set prices good long time strategy by the company and an efficient.
After.
-- social structure but this have quick.
Quick deals on the side unit -- in haste repent at leisure so.
We're delighted that our view was backed by a -- 98 cents as of knives which could not be cost today and that's not -- -- isn't.
We have to -- -- ms.
Simpson appreciate you joining us just say -- did put this all in perspective apple 137 billion in cash calpers.
255.
Billion under management.
Apple it's peanuts to calpers back to you -- -- -- Adam Shapiro thank you so much and take a look at the -- intraday chart as the shareholders meeting is going on as you can save us.
Stock again down more than five bucks about that one and a quarter percent to 443 -- get across 700 bucks back in September so -- it went up.
