SAN FRANCISCO – Apple is making environmental and social values factors that it will weigh when calculating bonuses for top executives, according to a regulatory filing yesterday.
The change taking effect this year is intended to motivate Apple executives “to meet exceptionally high standards of values-driven leadership in addition to delivering strong financial results”, the Silicon Valley technology titan said in proxy documents filed with the Securities and Exchange Commission.
The iPhone maker said financial targets and thresholds for executive bonuses at Apple will not change.
“Beginning this year, an environmental, social and governance modifier based on Apple values and other key community initiatives will be incorporated into our annual cash incentive programme,” it said in the filing.
According to the company, living up to Apple’s stated values regarding sustainable energy, workplace diversity and other environmental and social issues will be among factors considered when deciding whether bonuses should be increased or decreased by as much as 10%.
“We have led the industry in reducing our environmental footprint for years and are committed to one day sourcing 100% recycled and renewable materials across all of our products and packaging,” it said in a section of the filing outlining its values.
“We believe diversity drives innovation, and is key to our success.”
Apple is to report its earnings for the final three months of last year on January 27, and has a virtual annual shareholders meeting slated for February 23. – AFP, January 6, 2021
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