Proposals to conduct a third-party civil rights audit against the wishes of the board and to pay CEO Tim Cook’s yearly remuneration have been approved by Apple shareholders.
During the company’s virtual annual shareholders meeting, shareholders supported the civil rights audit proposal. An audit of Apple’s policies and practises by a third-party auditor is proposed as a means of reducing inequality and addressing damage to vulnerable populations.
According to the first suggestion, an audit of Apple’s civil rights might assist the company “identify, redress, and minimise unfavourable consequences on its stakeholders,” which have been highlighted by the company’s workers.
All shareholder recommendations, including a civil rights audit, were strongly opposed by Apple’s Board of Directors prior to the meeting. Investors in Apple tend to accept the advice of the company’s board of directors.
After conducting a thorough review of its own policies and practises, Apple claims that its Cupertino, California-based corporation has already met the goals of the civil rights audit.
In a letter to shareholders, Apple’s board said, “We think our present structure for the execution and supervision of our human rights obligations is more successful than the wide”
This is the first time in recent Apple history that shareholders have voted in favour of a motion put forward by shareholders. Others, including those aimed at improving supply chain transparency and tackling gender and racial pay inequities, were rejected during the conference.
Shareholders approved Apple CEO Tim Cook’s $99 million pay package in addition to the civil rights audit. Shareholders dismissed concerns, including those presented by Institutional Shareholder Services, a shareholder consulting group.
A long-term equity plan included Cook’s remuneration package, which was delivered to him in the form of an equity grant. In his first award since 2011, Apple CEO Tim Cook earned 333,987 restricted stock units in 2021.
After Steve Jobs stepped down as CEO of Apple in 2011, Tim Cook took over the reins. Since then, the firm has enjoyed tremendous development. Shares of Apple have increased by almost 1,100% since Cook was appointed CEO. Source
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