Apple (AAPL+0.07%) shareholders on Tuesday voted to keep the iPhone maker’s diversity policies, shutting down a conservative think tank’s proposal.
The technology giant had defended its diversity, equity, and inclusion (DEI) practices ahead of its annual meeting. In a prepared statement, Apple cited its established compliance program and a desire to create a “culture of belonging where everyone can do their best work.”
Apple said its practices have been instrumental to its success over the years. The tech giant’s market capitalization is $3.7 trillion, making it the most valuable company in the world.
“We believe that how we conduct ourselves is as critical to Apple’s success as making the best products in the world,” Apple said in a statement.
The company is one of a few targeted by the self-described conservative think tank the National Center for Public Policy Research, which claimed that DEI ‘poses litigation, reputational and financial risks” to companies and their shareholders. The group estimated that “likely over 50,000″ workers were potentially discriminated against because of Apple’s policies, according to a proxy filing.
Investors took Apple’s side in the fight over DEI. They also followed the company’s lead on the other six proposals brought forward at the meeting.
The push against DEI programs comes as President Donald Trump’s administration and conservative activists have taken a hard-line stance against such programs. In January, the president directed federal agencies to identify up to nine potential civil compliance investigations of public groups and attempted to ban contracts for implementing “illegal DEI” programs.
About 20% of companies in the S&P 100 have retreated from DEI commitments, Bloomberg News reported. Amazon (AMZN-0.10%), Google-parent (GOOGL-2.03%) Alphabet, Target (TGT+0.86%), McDonald’s (MCD+0.85%), Walmart (WMT+3.80%), Boeing (BA-1.25%), Walt Disney Co. (DIS-0.63%), and several others have made such commitments, sometimes for fear of a boycott from conservative consumers.
Apple joins the ranks of a handful of other companies that have continued to defend their diversity policies.
Costco (COST+1.31%) shareholders overwhelmingly voted against a measure by the National Center for Public Policy Research last month requesting a report on the risks of maintaining DEI initiatives. Deutsche Bank AG (DB+3.83%) CEO Christian Sewing recently said his firm is “firmly behind” diversity programs, while McKinsey & Co. said it would prioritize diversity.
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