Shareholders of Apple (AAPL) have voted to retain the company’s diversity, equity, and inclusion (DEI) programs and policies, rejecting a proposal that would have eliminated them.
The National Center for Public Policy Research put forth the proposal, which was voted down at Apple’s annual shareholder meeting. The proposed change would have forced Apple to terminate all its company-wide DEI efforts.
This decision to keep Apple’s DEI programs goes against a shift observed in Silicon Valley, where other large technology companies like Alphabet (GOOGL), Meta Platforms (META), and Microsoft (MSFT) have scaled back their DEI initiatives. This shift has been observed in the wake of changes in the political landscape.
Stephen Padfield, Executive Director of the National Center for Public Policy Research, speaking at Apple’s shareholder meeting, argued that DEI programs are inherently discriminatory. “The vibe shift is clear. DEI is out and merit is in,” Padfield said.
However, Apple’s shareholders disagreed, and the measure was rejected.
Apple stated that it already complies with U.S. employment laws and that the proposal sought to micromanage the company’s internal affairs.
Apple’s DEI programs include internal support groups, accessibility features for people with disabilities, and research efforts to ensure their products and services are free of racial bias, according to their public website.
“Our strength has always come from hiring the very best people and then providing a culture of collaboration, one where people with diverse backgrounds and perspectives come together to innovate and create,” Apple CEO Tim Cook said at the shareholder meeting.
AAPL stock has decreased by roughly 1% over the previous 12 months.
Analysts currently rate AAPL stock as a Moderate Buy. This consensus is drawn from 33 Wall Street analysts who have issued ratings, including 18 Buy, 11 Hold, and four Sell recommendations within the last three months. The average AAPL price target is $250.95, which suggests a 1.02% increase from the current levels.
