Shareholders of #Microsoft reject the proposal to include Bitcoin in its balance.
At the annual meeting of Microsoft (NASDAQ:MSFT), shareholders voted against a proposal that would have urged the company to consider adding Bitcoin to its balance sheet. The proposal, presented by the National Center for Public Policy Research, suggested that, in light of rampant inflation, corporations have a duty to protect their profits from devaluation by diversifying their investments, potentially including assets like Bitcoin.
The proposal highlighted the poor performance of traditional assets such as U.S. government securities and corporate bonds compared to the significant appreciation of Bitcoin. It cited the increase in Bitcoin's price of 99.7% in the last year and 414% over five years, far surpassing corporate bonds. The recommendation was to evaluate the inclusion of Bitcoin to safeguard value for shareholders against inflation.
The Microsoft board opposed the proposal, explaining that the company's management already conducts thorough assessments of investable assets, including cryptocurrencies, to ensure liquidity and operational funding. The board emphasized the importance of stable and predictable investments for corporate treasury applications, given the volatility of cryptocurrencies.
Furthermore, the board stated that Microsoft’s Global Treasury and Investment Services team continuously monitors trends and developments in cryptocurrencies to inform future decisions. According to the board, Microsoft has robust processes in place to manage and diversify its treasury, aiming to benefit shareholders in the long term, making the proposed public evaluation unnecessary.