Apple Shareholders Overwhelmingly Reject Diversity Proposal

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Apple shareholders rejected a proposal yesterday that would have required the company to improve the diversity of its top ranks. This is the second year in a row that Apple shareholders have shot down the proposal, with just over 95 percent of the vote opposing it this time around — slightly more than last year. The proposal, submitted by shareholders Tony Maldonado and Zevin Asset Management, asked Apple to “adopt an accelerated recruitment policy ... to increase the diversity of senior management and its board of directors." Maldonado and Zevin had argued that Apple’s upper ranks were responding too slowly to the company’s own diversity initiatives and that it would ultimately come back to bite them, be it through missing talent or new opportunities. “THIS IS JUST THE BEGINNING OF A LONG BATTLE.” Though Maldonado didn’t expect the initiative to pass, he was looking to hit at least 6 percent of the vote this year, which would have allowed him to try again in 2018. He missed the target — and one reason why may be that Apple itself encouraged shareholders to reject the proposal. “Apple basically duped the investors, to be quite honest,” Maldonado told The Verge in a phone call today. “They conned ’em to say, ‘Look, we're on top of it. Don’t worry about it. Everything’s fine.’ However, I believe that shareholders don’t have all information as to the background of the issue.”

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