As long-term shareholders, we recognize that Apple’s continued success depends on strong oversight of workplace safety, privacy, and harassment issues, as its people remain the company’s most vital asset. A healthy, inclusive workplace culture and a reputation as an employer of choice are essential to sustaining innovation and long-term value creation, with employees viewed as critical assets deserving of care, respect, and investment—not costs to be minimized. Neglecting human capital management risks eroding Apple’s competitive edge, while proactive management fuels the intellectual capital that drives must-have products and attractive profit margins.

Strong human capital management is not ancillary; it is central to Apple’s ability to lead and to deliver strong performance over time.

Moreover, reputational risk arising from allegations of a toxic workplace, discrimination, and privacy violations directly impacts Apple’s brand equity, customer trust, and ultimately shareholder value. For a company whose strength is closely tied to consumer loyalty and global talent competitiveness, any damage to Apple’s reputation as a responsible employer can have long-term financial and strategic consequences. As investors, we are focused on ensuring that Apple takes proactive and transparent steps to address these risks, safeguard its reputation, and protect shareholder interests.