Dell Rejects Proposal to Include Bitcoin in Corporate Treasury

According to PANews, Dell has officially rejected a shareholder proposal to incorporate Bitcoin into its corporate treasury. In a response letter dated May 9, the company stated that proposals which delve into complex matters, preventing shareholders from making informed judgments and leading to improper micromanagement, can be excluded. The supporting statement for the proposal revealed an attempt by the proponent to micromanage the management's discretion in handling company cash and investment structures. The proposal suggested that Dell should consider replacing some cash and bonds with assets like Bitcoin that could outperform inflation. However, staff previously noted that mandating specific investment forms would unduly restrict management's discretion in ordinary business affairs. Whether requiring investment in cryptocurrency assets or divesting from them, the proposal improperly limited the autonomy of management and the board in company governance.