Apple (NASDAQ:AAPL) shareholders voted against a proposal to terminate the company's diversity, equity, and inclusion (DEI) efforts, but CEO Tim Cook acknowledged that some policy adjustments may be needed, Bloomberg reported.
The proposal, backed by the National Center for Public Policy Research, argued that Apple's DEI initiatives posed legal and financial risks. However, Apple defended its position, stating that it does not discriminate in hiring, training, or promotions based on protected characteristics.
As the legal landscape around these issues evolves, we may need to make some changes to comply, Cook said, while reaffirming Apple's commitment to fostering a culture of belonging.
At the virtual annual shareholder meeting, investors also rejected proposals related to AI risks, child sex abuse material (CSAM) policies, and charitable givingall in line with Apple's recommendations. Stockholders re-elected the board, approved executive compensation, and ratified Apple's accounting firm.
Meanwhile, the AI-related proposal raised concerns over ethical data collection, citing OpenAI, a Microsoft (NASDAQ:MSFT)-backed company that has partnered with Apple for AI features. Apple countered that its privacy policies already address these concerns.
The DEI proposal came amid broader industry shifts, with Meta (NASDAQ:META) and Google (NASDAQ:GOOG) recently scaling back their own diversity programs.
This article first appeared on GuruFocus.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.