Feb 25 (Reuters) - Apple ( AAPL ) shareholders rejected an
outside investor proposal against its diversity, equity and
inclusion policies at an annual meeting on Tuesday, handing a
major victory to the tech giant as opposition against such
efforts gains traction in the U.S.
The vote was a test of shareholder views about the value of
DEI programs, which many companies added or beefed up starting
in 2020 amid the Black Lives Matter movement.
A growing conservative backlash has pushed major U.S.
companies, including Meta and Alphabet, to
drop DEI initiatives ahead of and following Donald Trump's
return to the U.S. presidency. Trump has criticized corporate
diversity programs, suggesting the U.S. Department of Justice
could investigate whether they violate the law.
Apple ( AAPL ) shareholders also voted against a proposal
asking the company to prepare a report assessing the risks of
its work with AI, while all management proposals were approved,
a preliminary tally of the vote count showed.
Earlier this month, proxy advisory firm Institutional
Shareholder Services recommended that investors back Apple's ( AAPL ) DEI
policies, saying the company already offers sufficient
information about them and that there have been no controversies
or signs of discrimination against employee groups.
Apple ( AAPL ) shareholders in the past have rejected proposals that
would have required the company to disclose more about racial
and gender pay gaps. On Tuesday, CEO Tim Cook said Apple ( AAPL ) has
never had quotas or targets in its diversity programs.
"As the legal landscape around these issues evolves, we may
need to make some changes to comply, but our North Star of
dignity and respect for everyone and our work to that end will
never waver," Cook said.
The proposal against Apple's ( AAPL ) diversity policies was
submitted by the National Center for Public Policy Research,
which describes itself as a free-market think-tank.
The same group had asked Costco Wholesale to report on the
risks of maintaining its diversity and inclusion initiatives.
The membership-only retailer's shareholders voted strongly
against the proposal at a meeting in January.