Apple wants to come in the good books of the environmentalists by becoming a more environmentally friendly company. Tim Cook has plans to power all the company’s facilities through renewable energy which did not sit well with the shareholders. A proposal from an Apple shareholder came forward indicating that the group is concerned about the company focus on social causes rather than shareholders goals.
Tim Cook wants a greener Apple
Apple claims that 75% of its facilities are powered by renewable energy. In the company’s eighth annual Supplier Responsibility Report, Apple has tightened environmental guidelines for its suppliers. While renewable energy is good for the environment but it certainly affects the profitability of a company. The higher costs of renewable energy is the only reason big corporations such as Apple refrain from using it.
Tim Cook has taken an initiative and he will not back down so easily. During Apple’s annual shareholders meeting’s Q&A session a reporter asked the CEO about these policies. Since the proposal was rejected, Tim Cook was expected to give a harsh statement. “If you want me to do things only for [return on investment] reasons,” he explained, “you should get out of this stock.”
It shows that he is definitely not happen with shareholders’ decision. Though if we look from a shareholder’s point of view they do have a point since Apple’s stock has declined over years despite high sales and revenue.
Source: The Verge