Online reported that Dell formally rejected a shareholder proposal that would have required Bitcoin to be included in the company's treasury. Dell said in a May 9 reply that proposals that "delve into complex matters that deprive shareholders of wise judgment and inappropriately micromanage the company" could be ruled out. The proposal's support statement exposed the sponsors 'intention to micromanage management's discretion in managing the company's cash and building an investment structure. It argued that Dell should consider replacing some cash and bonds with assets such as Bitcoin that can outperform inflation. However, staff have previously pointed out that stipulating the company's investment form would unduly limit management's discretion in ordinary business matters. Whether it requires investment in cryptocurrency assets or divest such assets, the proposal unduly limits the autonomy of management and the board of directors in managing the company.