New York City Retirement Systemsalong with four organizations representing investors and union members, filed a shareholder proposal with Apple Inc., calling on the company to commission an independent review of its employment practices, such as bargaining rights collective.
“Shareholders are increasingly concerned that Apple’s actions regarding the rights of its workers are inconsistent with the company’s stated commitment to respect freedom of association,” said Brad Lander, city comptroller and trustee of the city’s five independent pension funds. billion dollars from the pension system, in a press release on Wednesday.
“Reports of Apple’s ongoing interference with the ability of workers to exercise their basic rights to unionize are deeply troubling,” Lander said, noting that each of the city’s five pension funds supports the proposal. The city’s retirement system held a total of 24.6 million Apple shares worth $3.4 billion as of June 30.
The independent review “should apply to Apple’s direct and licensed operations and address non-interference by management when employees exercise their right to form or join a union, as well as steps to remedy to any practice inconsistent with Apple’s stated commitments,” the proposal reads.
“The assessment, prepared at reasonable cost and omitting any confidential, proprietary, or legally privileged information, is expected to be publicly available on Apple’s website by September 5, 2023,” the proposal reads.
The proposal accuses the company of an “apparent misalignment between Apple’s public commitments and its reported conduct,” adding that it “represents significant reputational, legal, and operational risks, and may adversely impact its value at long term”.