A new letter from Apple Inc. seeks to block a request by a group of shareholders for the company to study its diversity metrics and to tie CEO compensation to racial and gender diversity achievements. The move comes as Apple and other tech companies have come under increasing scrutiny for failing to improve racial and gender diversity.
A new report by the Kapor Center for Social Impact puts a $16 billion price tag on widespread systemic bias and mistreatment in the tech industry.
A new report released by Open MIC today finds that the lack of racial diversity in the tech industry undermines financial performance, demanding investors’ attention. The report titled, “Breaking the Mold: Investing in Racial Diversity in Tech,” highlights existing data showing that black, Latino, and Native Americans are unrepresented in the tech industry by 16-to-18 percentage points compared to their presence in the U.S. labor force overall. The report provides recommendations intended to address significant shortcomings with respect to workforce data transparency as well as increasing diversity at all levels of the industry.
Shareholders of Apple Inc. are calling on the company to “adopt an accelerated recruitment policy” to increase diversity of its senior management and board of directors. In a proposal intended to be voted on at Apple’s 2017 annual meeting, the investors say the company’s senior management and board “presently fail to adequately represent diversity and inclusion (particularly Hispanic, African American, Native American and other people of color).”
Also in 2016, investment advisor Trillium Asset Management, which manages over $2 billion in assets for clients, filed shareholder proposals at two companies: software giant Adobe Systems Incorporated and Citrix Systems, which offers the GoToMeeting and GoToWebinar services.
In 2016, Open MIC worked with an Apple investor who submitted the first-ever shareholder proposal addressing racial diversity in the tech industry.