Apple cuts its employee gagging clause
In response to activist and shareholder pressure, Apple has agreed to drop all employee gagging clauses that relate to workplace harassment, reports the FT.
This comes after an independent investigation found instances where Apple may have restricted employees from speaking out on sensitive issues relating to discrimination and abuse at work. Apple said this week it was committed to “a safe, inclusive and respective work environment” and that “employees have the right to speak freely about their workplace conditions”.
Kristin Hull, CEO of Nia Capital, led a petition alongside the Minderoo Foundation that received more than 50% shareholder support last March. Kristin said that this concession from Apple was a victory for activists:
“Apple has agreed to remove concealment clauses from employee contracts, both for full-time employees, as well as for contract workers,” she said. “That is huge in itself. Then the fact that this commitment spans for US as well as international workers is also groundbreaking and should set the trend for the rest of US-based companies.”
Clearly a cores for celebration.
Shareholder shake up at Tremor
Sky News has revealed that Tremor International, a London-listed advertising tech provider has “caved” under shareholder pressure ahead of its AGM next week, withdrawing two executive-pay resolutions that were set to be voted upon.
The votes related to a repricing of share options, and upping the amount of stock that could be awarded as part of compensation. But it is rumoured that leading shareholders warned Tremor that those two resolutions would almost certainly be rejected given the company’s shares diving more than 40% in the past year.
While Tremor hasn’t yet commented, it’s likely its actions will reverberate through the industry.
HSBC takes its foot off the oil & gas
HSBC will stop financing new oil and gas fields in an effort to drive down global greenhouse gas emissions.
While the bank says it’s made the decision off the back of advice from international energy experts, HSBC has faced criticism from shareholders in recent years for funding oil and gas projects despite its “green” pledges.
In 2020, HSBC made a pledge to become “net zero” [by not adding to greenhouse gases already in the atmosphere] and invest up to $1 trillion (£806 billion) in clean energy. But the bank came under fire from activists when it was revealed that it had invested roughly $8.7 billion (£6.4 billion) into new oil and gas in 2021, according to ShareAction.
This latest move from HSBC is likely to ease tensions with shareholders after last year’s revolt over fossil-fuel financing. Amundi, Man Group and 13 other large investors filed a resolution for HSBC’s May AGM calling for the bank to cease its financing of fossil fuels.
Looks like they’ve received a fueltide blessing.
