Dell rejects shareholder proposal to add Bitcoin to company coffers

Odaily News Dell has formally rejected a shareholder proposal to include Bitcoin in the company's treasury. In a May 9 response letter, Dell said proposals that "dig into complex matters, make it impossible for shareholders to make wise judgments, and improperly micromanage the company" can be excluded. The proposal's support statement exposed the proposer's intention to micromanage management's discretion in managing the company's cash and structuring investments, arguing that Dell should consider replacing some of its cash and bonds with assets such as Bitcoin that can outperform inflation. But staff have previously pointed out that stipulating the form of corporate investments would improperly limit management's discretion in ordinary business affairs. Whether it is requiring investment in cryptocurrency assets or divesting such assets, the proposal improperly limits the autonomy of management and the board of directors in the management of the company.