Apple shareholders will be asked to vote on a proposal to increase the diversity of executives and board members at the company’s annual meeting this month.
“Shareholders are concerned that low levels of diversity at the company’s senior management and board level, as well as painstakingly slow improvements, are a business risk,” according to the proposal from Zevin Asset Management and individual investor Tony Maldonado, which cites USA TODAY analysis.
Maldonado promoted a similar measure last year. Boston-based Zevin Asset Management describes itself as a “pioneer in socially responsible investing.”
Apple’s eight-member board has two women and one black man. Three out of Apple’s 107 executives are black and two are Latino, according to a 2016 filing with the Equal Employment Opportunity Commission.
Apple recommended that shareholders vote against the proposal, citing diversity initiatives the company is already taking.
“Our ongoing efforts to increase diversity are much broader than the ‘accelerated recruitment policy’ requested by this proposal, which is focused only on Apple’s senior management and board,” the company said in its proxy filing. Apple also said it was had made “steady progress” over the last three years in attracting more women and under-represented minorities.
Source: USA Today | Jessica Guynn