[masklinn]

> Because the board members have a fiduciary duty towards their shareholders.

Which isn't an issue if the board believes this cash pile is a good tool to maximize long-term shareholder value in the long run, they're in the clear.

> If the company literally has more cash than it knows what to do with

You're deeply misreading Cook's statement. He said Apple does not need its cash reserves for its operations, meaning for day-to-day expenses and management.

That does not even remotely come close to meaning they have more cash than they know what to do with.

[anigbrowl]

Past a certain point, the reasonableness of the board's belief is open to question, and that's what's going on here. The cash pile has been building long enough that some investors and commentators are skeptical about whether Apple has a long-term plan, or is suffering from a lack of imagination.