Calpers, the California Public Employees’ Retirement System, the largest US public pension fund, has called for the largest US company by market capitalisation to allow directors to be elected by majority voting.

At present, Apple shareholders can only withhold their vote on an election of a director, rather than vote against. If a director is unopposed he only requires one vote in favour to retain the post, irrespective of how many votes are withheld.

 

“Apple needs a governance upgrade,” said Anne Simpson, head of corporate governance for Calpers.