Copyright Jack Taylor, Getty Images
Industryweek 13016 Apple Logo G Jacktaylor

Apple Asks to Exclude Proposal Tying Diversity to Executive Pay

Oct. 27, 2017
The SEC rebuffed a similar request in 2015.

Apple Inc. asked U.S. securities regulators if it can exclude a shareholder proposal that pushes the iPhone maker to explore linking executive pay to performance on diversity and sustainability.

In an Oct. 9 letter made public this week by the Securities and Exchange Commission, Apple attorneys asked if it could exclude the proposal, from Zevin Asset Management, because similar initiatives haven’t garnered the minimum 6% of shareholder support required for re-submission. The SEC rebuffed a similar request in 2015.

Apple investors want to know how diversity and sustainability “relate to C-suite accountability” on issues “where the tech sector’s in crisis,” Pat Tomaino, associate director of socially responsible investing at Zevin, said Thursday in an interview. Zevin owned 36,782 shares of Apple as of June 30, according to data compiled by Bloomberg.

Technology firms lag behind other industries in linking executive pay to environmental and social metrics, according to data compiled by Bloomberg. Boston-based Zevin has submitted similar proposals this year at Inc. and Google parent Alphabet Inc., Tomaino said.

By Emily Chasan and Meghan Genovese

Popular Sponsored Recommendations

3D Printing a More Efficient Factory Floor

Nov. 16, 2023
Today’s additive manufacturing platforms make it simple to print a wide range of high-performing industrial parts as soon as possible and right where you need them — unlocking...

How to Build Zero-Cost On-Site Solar and Storage Projects

Nov. 25, 2023
The Inflation Reduction Act offers tax credits, incentives, and financing that enable no-cost projects. In Enel’s eBook, discover the critical role that incentives play in your...

Moving Sustainability Forward in Manufacturing

Aug. 9, 2023
This paper presents results of a survey of industrial end users. Respondents provided feedback on a range of topics including their company’s sustainability priorities, current...

Beat the odds. Optimize product costs. Mitigate supply chain issues.

Sept. 12, 2023
Leverage fact-based supplier negotiations. Enhance design. Get to market faster. Our comprehensive Should Cost Analysis guide shows you how.

Voice your opinion!

To join the conversation, and become an exclusive member of IndustryWeek, create an account today!