February 26, 2025 – Apple Inc. held its annual shareholder meeting today, where investors cast votes on various proposals and received updates from CEO Tim Cook on the company’s progress. Among the proposals, one that stood out was an external motion urging Apple to terminate its Diversity, Equity, and Inclusion (DEI) program, which was ultimately rejected by the shareholders.
Last month, the conservative think tank National Center for Public Policy Research submitted a shareholder proposal demanding Apple discontinue its DEI initiatives. The proposal argued that the DEI program “exposes the Company to litigation, reputational, and financial risks, which in turn pose a threat to shareholders’ financial interests and further expose the Company to risk of breach of fiduciary duties.” The think tank viewed Apple’s “inclusion and diversity” policies as “aligning with, and even more aggressive than, most corporate DEI programs.”
However, in its annual proxy statement, Apple advised shareholders to oppose the proposal, stating, “At Apple, we believe that how we conduct ourselves is as important to Apple’s success as making the best products in the world. We are committed to conducting business ethically, with integrity, and in compliance with applicable laws and regulations, and our Business Conduct and Compliance policies are fundamental to how we do business. We strive to create a culture of belonging where everyone can do their best work.”
According to Bloomberg, investors followed Apple’s recommendation and rejected the proposal during today’s meeting. This decision ensures that Apple’s “inclusion and diversity” efforts will remain intact.
Apple is among the few companies that have maintained their DEI programs. Last month, Meta announced it would scale back its DEI initiatives, following similar decisions by Google, Amazon, Walmart, Ford, and others.
Reporter Mark Gurman noted that during the shareholder meeting, Apple CEO Tim Cook acknowledged that the company might need to adjust its DEI program as the legal environment evolves. However, he emphasized that Apple remains committed to preserving its “culture of belonging.”
In addition to the DEI proposal, investors also sided with Apple’s recommendations and rejected three other external proposals, which included:
Reporting on the acquisition and use of ethical artificial intelligence data.
Reporting on the costs and benefits of software used to identify child sexual abuse materials and user privacy.
Reporting on charitable donations.
It’s worth noting that Apple shareholders rarely deviate from the company’s recommendations when voting on external proposals. The last time shareholders defied Apple’s advice was in 2022 when they voted for an audit of Apple’s civil rights impacts and confidentiality clauses in employee contracts.
During the meeting, Cook also highlighted that Apple plans to continue increasing its dividend payments annually.
