SEC denies third Apple bid to block shareholder proposals

Posted:
in General Discussion
Following a third refusal to allow Apple to block a shareholder proposal, the company will have to address issues with the App Store in China at its annual meeting in March.

Credit: Apple
Credit: Apple


The questioning about the App Store in China joins previous shareholder proposals to discuss issues of forced labor, and employee non-disclosure agreements.

According to the UK's Financial Times, Apple had asked the Securities and Exchange Commission for permission to block a total of six shareholder petitions. This is reportedly the highest number of such proposals Apple has had in five years.

In each of the six cases, Apple is said to have argued that it has already "substantially implemented" what shareholders intend to press for at the next annual meeting. One of the petitions concerned the right to repair, which the company has now addressed with the announcement of its Self Repair service.

Including that petition and two other unknown ones, the SEC has allowed Apple to block three proposals by shareholders. However, the Commission has now reportedly told Apple that its current policies and procedures "do not compare favorably" with the remaining shareholder petitions.

The Apple annual shareholders meeting will be held on March 4, 2022. It will include the petitions concerning forced labor, NDAs, and now the China App Store.

That App Store petition was filed by Joshua Brockwell on behalf of Azzad Asset Management. Apple is said to have claimed that its annual transparency report answered all questions about how many apps were removed in China.

Brockwell said in the filing that these Apple reports are "woefully lacking," and that it could "boggle the mind," why Bible or Koran apps would be deleted.

"They love to aggregate numbers, but what does that mean?" he said. "There's not enough insight if you're an investor motivated by human rights values."

Read on AppleInsider

Comments

  • Reply 1 of 6
    At the end of the day China forces Apple to go against their own values. Either Apple needs to update their shareholders of what the company values are ($$$) or abide by them and leave China (not gonna happen).
    dope_ahminemuthuk_vanalingam
  • Reply 2 of 6
    harrykatsarosharrykatsaros Posts: 50unconfirmed, member
    Jkz but can somebody petition them buy Netflix, Disney, Viacom and Warner Discovery so I can pay a flat $10 for all my content. Cutting the cord has become more expensive than my cable ever was. Selfish, unimportant and impossible but that’s what I want lol. 
    edited January 7 waveparticleviclauyyc
  • Reply 3 of 6
    The forced labor accusation is a lie. The accusers are not able to provide any verifiable evidence. The innocent until proven guilty principle held by American judicial system does not apply to international affairs. 
  • Reply 4 of 6
    crowleycrowley Posts: 10,034member
    The forced labor accusation is a lie. The accusers are not able to provide any verifiable evidence. The innocent until proven guilty principle held by American judicial system does not apply to international affairs. 
    Weird thing for you to point out.  That means the shareholders can vote however they want.  Which is a good job, since the PRC are very good at suppressing international inspections of their crimes.  Fortunately the journalism speaks where other voices are silenced.  That's why the CCP hate the free press so much.
    JWSCdarkvader
  • Reply 5 of 6
    This issue with China is something Apple (and numerous other companies) need to clean up.  It's no secret to the entire world the abuses that are taking place in China. But Apple, the NBA, and many others turn a blind eye to it.
    dope_ahminedarkvader
  • Reply 6 of 6
    The forced labor accusation is a lie. The accusers are not able to provide any verifiable evidence. The innocent until proven guilty principle held by American judicial system does not apply to international affairs. 


    Lots of people tried to deny what the Nazis were doing too.  China is a fascist state currently engaged in genocide.  Denial will not be looked upon kindly by history.
Sign In or Register to comment.