What to expect at Apple’s Annual Meeting of Shareholders

Apple will host the 2024 Annual Meeting of Shareholders on February 28, 2024 at 9:00 am P.T. in a virtual format. Apple’s proxy contains eight proposals. Three are from management, asking investors to elect Apple’s directors, to ratify its accounting firm appointment, and to approve executive compensation.
Leslie P. Norton for Morningstar:
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You might expect some pushback on Apple’s high compensation. Morningstar Sustainalytics rates Apple as an “outperformer” on corporate governance, yet notes: “The long service of all members of the remuneration committee together with Apple CEO Timothy Cook’s long tenure may raise concerns over the committee’s ability to independently fulfill its role in the oversight of executive compensation.”
The remaining five proposals are from shareholders.
• A proposal by the AFL-CIO Equity Index Funds asks Apple to prepare a transparency report on its use of AI in its business operations and disclose any ethical guidelines Apple has adopted regarding the use of AI.
Apple advises investors to vote against the proposal, claiming the report is extremely broad and could hurt its competitive position by forcing it to disclose strategic plans.
• Racial and pay equity. A proposal by Anmol Mehra and Arjuna Capital asks Apple to report on median pay gaps across race and gender, “including associated policy, reputational, competitive, and operational risks.”
Apple recommends that shareholders vote against the proposal, asserting that “we already have a comprehensive approach to promoting pay equity and diverse representation at every level of the company” and that it has achieved different kinds of pay equity.

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MacDailyNews Note: Read more about shareholders’ proposals, including three termed “Anti-ESG,” in the full article here.
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