Recently, Apple announced that it would be holding its annual shareholder meeting for 2022 in a virtual format. The Cupertino-based company will host its 2022 annual meeting of shareholders at 9 a.m. PST (12 p.m. EST) on March 4, 2022. A number of business points are scheduled for the meeting, and proxy voting is available now.
Vote on Proposals at Annual Meeting of Shareholders
The most interesting aspect of the announcement is the proxy voting recommendations. Cupertino invites shareholders to vote in favor of the election of its board of directors. He is also asking shareholders to approve the renewal of the mandate of his independent accounting firm and to approve executive compensation. He also wants shareholders to approve the 2022 employee stock ownership plan.
Five shareholder proposals, yet Apple recommends voting against. In the cover page of its announcement, Apple refers to it only as “Shareholder proposals if properly presented.” In fact, several of these proposals address a number of growing concerns that Apple employees have brought to light.
One such proposal calls on Apple to be more transparent in its app removals and response to government requests. The proposal acknowledges that Apple reported 46 requests from the Chinese government in 2021 to remove 152 apps from the App Store. However, the 2021 Transparency Report does not explain why the apps were taken down.
Several of the proposals address growing concerns about Apple’s labor practices. A proposal addresses better reporting on forced labor within Apple’s supply chain, including issues such as substandard living and working conditions at Foxconn in India. Other proposals call on Apple to do better on pay equity for women and minorities and conduct a company-wide civil rights audit at all levels.
Finally, and most controversially, a shareholder proposal from Nia Impact Capital calls “that the board of directors prepare a public report assessing the potential risks to the company associated with its use of covenants in the context of harassment, discrimination and other unlawful acts”. . These questions have been at the heart of Apple employee activists trying to shed light on workplace issues.
Election of directors and appointment of a registered independent public accounting firm
Other items on the announcement’s agenda include electing people to Apple’s board of directors, which takes place every year. Apple is listing James Bell, Tim Cook, Al Gore, Alex Gorky, Andrea Jung, Art Levinson, Monica Lozano, Ron Sugar and Sue Wagner for election to the board.
In addition, the company is seeking to ratify Ernst & Young LLP’s reappointment as an independent registered public accounting firm. The company will also audit Apple’s 2022 consolidated financial statements. Cupertino expects to pay Ernst & Young $22,183,900 for its services in 2022. That’s just over $1 million less than what it said. he paid for these services last year.
Read the full file before voting
While it’s important to exercise your right as an Apple shareholder to vote on these issues, it’s more important to do so after thorough research and education. Don’t just rely on Cupertino’s voting recommendations.
As you would before any political election, read the filing that Apple has filed with the Securities and Exchange Commission, then research the issues. Read the news, here and elsewhere, to find out exactly what is at stake in these proposals.
