🚀 AI-picked stocks soar in May. PRFT is +55%—in just 16 days! Don’t miss June’s top picks.Unlock full list

Apple shareholders reject proposals from conservative groups

Published 03/10/2023, 12:49 PM
Updated 03/10/2023, 05:00 PM
© Reuters. FILE PHOTO: The logo of U.S. technology company Apple is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo
AAPL
-

By Stephen Nellis

(Reuters) -Apple Inc shareholders on Friday rejected two proposals put forth by conservative U.S. groups focused on scrutinizing the iPhone maker's inclusion and diversity policies and its ties to China.

Shareholders meanwhile approved the company's executive pay packages, with 89% of votes cast in favor. In January, Apple (NASDAQ:AAPL) reduced Chief Executive Officer Tim Cook's pay and made it more dependent on stock performance.

The unsuccessful diversity proposal, brought by the National Center for Public Policy Research, would have required Apple to consult right-leaning public interest groups in examining its diversity, equity and inclusion (DEI) policies.

"DEI is overtly bigoted against men, white people and straight people by falsely assuming that they are inherently — and irredeemably — racist and sexist oppressors," Ethan Peck, who presented the proposal, said in a statement.

Apple argued that the proposal mischaracterized its policies and said such an examination would be redundant because it is already conducting a civil rights audit. The proposal lost with 98.5% of shareholders who cast votes opposing it.

The National Legal and Policy Center, another conservative group, asked Apple to scrutinize its dependence on, and vulnerability to China. Apple recommended against the measure, saying that the iPhone maker already discloses a list of suppliers in China and information about human rights in an annual report. More than 95% of shareholders who cast votes opposed the measure.

While both those measures failed, shareholders re-elected Apple's board of directors and approved its use of Ernst & Young as its independent audit firm.

© Reuters. FILE PHOTO: The logo of U.S. technology company Apple is seen at a branch office in Basel, Switzerland March 2, 2020. REUTERS/Arnd Wiegmann/File Photo

During a question-and-answer session with shareholders, Cook said that Apple continued to plan for dividend increases. On how Apple plans to respond to changing economic conditions, Cook noted that the company's operating expenses came in below its forecast during its most recently-reported quarter.

"But most important, and I can't stress this enough, we're continuing to invest in innovation, whatever the near-term economic picture looks like," Cook said during the meeting.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.