American activist investor Carl Icahn has submitted an advisory proposal asking tech giant Apple Inc. to increase the size of its stock buyback program in 2014 to $50 billion.
According to Los Angeles Times, the details of the proposal were included in a proxy statement that Apple filed Friday afternoon with the US Securities and Exchange Commission. The proxy revealed that Apple's annual shareholder meeting will be held on February 28. It also contains details of 11 proposals that Apple investors will be asked to vote on.
Most of the proposals are mundane, but Icahn's proposal probably will stir discussion about how much money Apple should return to shareholders, the report said.
This year, Apple increased the size of its dividend and stock buyback program to $100 billion. But over the summer, Icahn revealed he had bought shares in Apple. Icahn later discussed with Apple chief executive Tim Cook his desire to see the size of the buyback increased, LA Times said.
Apple has not officially said how much it will spend buying back its stock in fiscal year 2014, the report said.
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