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 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.
In response to a shareholder proposal, Apple Inc. has amended its Board’s Audit and Finance Committee charter to include responsibility for privacy and data security risks that confront the company.