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The SEC is backing one small Shareholder who Believes that 'Apple's Board is a Little bit too Vanilla' for his Liking
According to Antonio Avian Maldonado II, the creative director for Insignia Entertainment, a music company who owns 645 Apple shares, Apple's board is "a little bit too vanilla," for his liking. So he submitted a resolution to require Apple to put more "people of color" in high-profile roles to increase diversity. Apple told the Securities and Exchange Commission that it believes it doesn't have to include the proposal in its proxy materials, contending it's an attempt to 'micromanage' recruitment. Apple also said that while it's trying to attract minorities, "the company has no power to ensure that its recruits will accept offers."
BloombergBusiness further noted that "The SEC's Division of Corporation Finance said in a Dec. 11 letter that the agency didn't agree with the company. But it's up to Apple whether to bring the matter to a vote at the 2016 annual meeting, which hasn't been scheduled. The company could decide not to include the matter in its proxy. That could bring an enforcement action by the SEC. The agency declined to comment on the possibility, and Apple didn't respond to e-mails and phone calls."
Of course Jesse Jackson couldn't pass on jumping in on the subject by stating that "There's a lack of outreach," though it makes financial sense for companies like Apple to "look like the marketplace for their products."
Jesse Jackson made a big push back in March 2014 to force the issue of diversity with Apple. He met again with Apple's Tim Cook in December 2014 over diversity issues in the workplace. That meeting likely didn't go to Jackson's liking because days later he whipped his supporters into a frenzy to storm Apple's Silicon Valley campus to disrupt the campus and deliver a petition signed by 20,000 people. The protesters waved signs that read: "Apple dodges taxes, we pay the price."
Todays' lullaby side of the report stated that Antonio Avian Maldonado II was spurred to act against Apple after looking at photos of the directors with his teenage son, who asked him why nearly everyone was white." Yes, what father doesn't sit down with their son every year to review photos of Apple's directors? It's such a natural thing to do. C'mon, give me a break!
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Posted by Jack Purcher on December 31, 2015 at 03:27 AM | Permalink
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