Apple and Disney had argued that the proposal should be excluded from the shareholder voting ballots as they concern "ordinary business operations." However, the SEC disagreed, stating that the proposal "transcends ordinary business matters and does not seek to micromanage the Company." The date for Apple's 2024 shareholders meeting, where this issue is expected to be discussed, is yet to be announced.
Key takeaways:
- The Securities and Exchange Commission (SEC) has denied requests from Apple and Disney to exclude discussions on AI from their upcoming annual shareholders meetings.
- AFL-CIO, the American labor union federation, had filed a request with both companies to report on their use of AI and disclose any ethical guidelines they have adopted.
- Apple and Disney had argued that the proposal should be excluded from the shareholder voting ballets as they concern "ordinary business operations."
- The SEC responded by stating that the proposal "transcends ordinary business matters and does not seek to micromanage the Company."