Apple Adds Antitrust Risk Section to Annual Proxy Statement
Tech giant Apple has added a new passage on antitrust issues to its annual proxy statement to investors as Silicon Valley giants face further scrutiny over anti-competitive practices.
CNBC reports that tech giant Apple has added a section on antitrust to its annual proxy statement. In an annual filing, Apple’s board of directors repeatedly discuss the issue of antitrust and highlight how regulatory pressure and antitrust issues have become a significant risk for the company as government bodies scrutinize big tech.
The below section was added to the company’s annual proxy statement:
The Audit Committee and Board regularly review and discuss with management Apple’s antitrust risks. Apple’s Antitrust Compliance Officer is responsible for the development, review, and execution of Apple’s Antitrust Compliance Program and regularly reports to the Audit Committee. These reports cover, among other matters, the alignment of the program with Apple’s potential antitrust risks, and the effectiveness of the program’s design in detecting and preventing antitrust issues and promoting compliance with laws and Apple policies.
Apple’s proxy report from last year only mentioned antitrust once in relation to evaluating new board members and did not state that Apple’s audit committee oversees antitrust concerns. The tech giant is required to publish its proxy report ahead of its annual shareholder’s meeting.
Apple has faced scrutiny recently over its control of the iOS App Store, resulting in a lawsuit with Epic Games in relation to the popular Fortnite video game. Read more at Breitbart News here.
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