Apple 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 the company 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. Zevin has submitted similar proposals this year at Amazon.com and Google parent Alphabet, Tomaino said.
From: Bloomberg News
Copyright 2018 Bloomberg. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Complete your profile to continue reading and get FREE access to Treasury & Risk, part of your ALM digital membership.
Your access to unlimited Treasury & Risk content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Thought leadership on regulatory changes, economic trends, corporate success stories, and tactical solutions for treasurers, CFOs, risk managers, controllers, and other finance professionals
- Informative weekly newsletter featuring news, analysis, real-world case studies, and other critical content
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the employee benefits and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
