In response to Trillium’s recent shareholder proposal regarding privacy issues, Apple Inc. (NASDAQ: AAPL) has updated its Board’s Audit and Finance Committee charter to include responsibility regarding regulatory, legislative, and reputational privacy risks that confront the company.
Trillium’s proposal, which highlighted the business and social privacy risk and impacts that come with handling personal information, sought more clarity regarding Board oversight of these issues. The improvements to Apple Inc.’s governance will help the company protect the privacy of its customers and the wellbeing of the company. Accordingly, Trillium is pleased to withdraw the shareholder proposal.
“We very much appreciated having a productive dialogue with the company which resulted in a fundamental improvement to the company’s critically important governance structure. By incorporating privacy into its committee charter Apple’s board of directors has acted in the best interests of the company, its shareholders and society”, said Jonas Kron, Trillium’s Director of Shareholder Advocacy & Corporate Engagement. “This kind of positive dialogue between a company and its shareholders is a great example how active investors can benefit the company and its stakeholders”, Kron continued.
Trillium’s original shareholder proposal can be found here.
Apple’s new committee charter can be found here.
An overview of Trillium’s corporate engagement with Apple can be viewed here.
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