The board of directors of Apple advised shareholders to vote against Carl Icahn's $50 billion buyback proposal, according to a proxy statement filed with the Securities and Exchange Commission on Friday afternoon.

"The board and management team are thoughtfully considering options for returning additional cash to shareholders. …" Apple said in the filing. The global marketplace imposes a "dynamic competitive landscape, and the company's rapid pace of innovation requires unprecedented investment, flexibility and access to resources," it added.

"While the board and management oppose this shareholder proposal, they are fully committed to returning cash to shareholders," the company said in the filing.