Breaking News
Get Actionable Insights with InvestingPro+: Start 7 Day FREE Trial Register here
Investing Pro 0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

U.S. SEC rejects Apple bid to block shareholder proposal on forced labour -letter

Stock MarketsDec 22, 2021 08:55PM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: The Apple Inc logo is seen outside the company's 2016 Worldwide Developers Conference in San Francisco, California, U.S. June 13, 2016. REUTERS/Stephen Lam/File Photo/File Photo

By Stephen Nellis

(Reuters) - The U.S. Securities and Exchange Commission has declined an effort by Apple Inc (NASDAQ:AAPL) to skip a shareholder proposal asking the iPhone maker to provide greater transparency in its efforts to keep forced labour out of its supply chain.

A group of shareholders earlier this year asked Apple's board to prepare a report on how the company protects workers in its supply chain from forced labour. The request for information covered the extent to which Apple has identified suppliers and sub-suppliers that are a risk for forced labour, and how many suppliers Apple has taken action against.

In a letter from the SEC reviewed by Reuters on Wednesday, regulators denied Apple's move to block the proposal, saying that "it does not appear that the essential objectives of the proposal have been implemented" so far.

The letter means that Apple will have to face a vote on the proposal at its annual shareholder meeting next year, barring a deal with the shareholders who made it.

Apple did not immediately respond to a request for comment.

American lawmakers last week passed a bill banning imports from China's Xinjiang region over concerns about forced labour.

"There's rightfully growing concern at all levels of government about the concentration camp-like conditions for Uyghurs and other Turkic Muslims living under Chinese government rule," Vicky Wyatt, campaign director for SumOfUs, a group supporting the shareholder proposal, said in a statement on Wednesday.

Apple routinely asks the SEC to skip shareholder proposals, and the requests are granted about half the time.

The SEC also denied Apple's request to skip a shareholder proposal that would give investors more information about the company's use of non-disclosure agreements.

U.S. SEC rejects Apple bid to block shareholder proposal on forced labour -letter
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
Comments (4)
Wilks Campbell
Wilks Campbell Dec 23, 2021 12:18AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Tim paid huge money to CCP cultivating two local chips foundries, hoping to keep the forced labour !
Wilks Campbell
Wilks Campbell Dec 23, 2021 12:17AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
CCP said dont let Mr Kok running away !
Wilks Campbell
Wilks Campbell Dec 23, 2021 12:16AM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
HTC already smelling the crisis, thinking hard to escape from CCP to india.
Matt Brackley
Matt Brackley Dec 22, 2021 9:00PM ET
Saved. See Saved Items.
This comment has already been saved in your Saved Items
Hey the kids in the Congo would like a chat Tim.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email