Apple shareholders overwhelmingly supported company recommendations during Thursday's virtual annual meeting. Investors rejected proposals that would have eliminated diversity initiatives and required additional AI risk reporting.
Led by CEO Tim Cook and General Counsel Kate Adams, the meeting saw shareholders vote down measures targeting Apple's DEI efforts, AI work, CSAM reporting policies, and charitable giving practices. This follows the typical pattern of investor loyalty to Apple's board recommendations.
Investors kept the board intact, gave a green light to Apple's accountants, and backed the executive pay structure. Tim Cook's paycheck swelled 18% last year. The CEO pocketed $74.6 million total - a $3 million base salary, $58.1 million in stock grants, and another $13.5 million in perks and bonuses. Business as usual in Cupertino.
The rejected anti-DEI proposal, backed by the self-described conservative think tank National Center for Public Policy Research, argued that diversity initiatives posed "litigation, reputational and financial risks." Apple countered that the proposal interfered with legitimate business practices and defended its non-discriminatory policies.
This show of shareholder solidarity with management continues a strong trend. The last time investors broke ranks with Apple's recommendations was in 2022 on proposals related to employment agreements and civil rights audits.
The vote comes at a time when other tech giants like Meta and Google have begun scaling back their diversity programs, making Apple's continued commitment more notable in the industry landscape.
Why this matters:
- Apple maintains investor confidence despite growing industry pressure to abandon DEI initiatives
- The rejection of additional AI risk reporting suggests shareholders trust Apple's existing oversight mechanisms
- Cook's leadership position remains unchallenged, even with his substantial compensation package in a challenging economic climate
