In a significant show of support, Apple shareholders voted down an outside investor proposal challenging the company’s diversity, equity, and inclusion (DEI) policies at an annual meeting on Tuesday.
This decision marks a major win for the tech giant as opposition against such initiatives gains momentum across the United States.
The vote served as a crucial test of shareholder sentiment regarding the value of DEI programs, which many companies implemented or expanded starting in 2020 amid the Black Lives Matter movement.
This shareholder decision arrives as a growing conservative backlash has prompted several major US companies, including Meta and Alphabet, to scale back DEI efforts, ahead of and following Donald Trump’s return to the US presidency.
Trump has voiced criticism of corporate diversity programs, even suggesting that the US Department of Justice could investigate their legality.
Apple shareholders also rejected a separate proposal requesting the company to prepare a report assessing the risks of its work with AI.
A preliminary tally revealed that all management proposals were approved.
Earlier this month, proxy advisory firm Institutional Shareholder Services (ISS) recommended that investors support Apple’s DEI policies, stating that the company already provides ample information about its efforts and that there have been no controversies or indications of discrimination against employee groups.
Apple shareholders have previously rejected proposals that would have required the company to disclose more information about racial and gender pay gaps.
On Tuesday, CEO Tim Cook reiterated that Apple has never employed 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 stated.
The proposal challenging Apple’s diversity policies was submitted by the National Center for Public Policy Research, which describes itself as a free-market think tank.
This same group had previously urged Costco Wholesale to report on the risks of maintaining its diversity and inclusion initiatives.
However, Costco’s shareholders resoundingly rejected the proposal at a meeting in January.
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